Arribatec Group ASA

Investor Presentation • May 27, 2021

Quarterly report presentation Q1 - 2021

Introduction

• Arribatec Solution ASA listed in September last year
• 6 acquisitions
• Maksit | Innit | Qualisoft
• Facil | Microsky | IB Marine
• 2 acquisitions in process
• Integra (UK) | Grupo Hodei (Spain / LATAM)
• Experienced management team
• Integration / Cross-sell / Expansion
• "One Solution"
• Move to Cloud

More than 100 contracts signed during Q1 globally

Disrupting delivery and deployment of Business Solutions

Solid growth within all important KPI's

Q1 2021 vs Q1 2020

Revenue

+177%

Adj. EBITDA

+140%

NOK 99,2m vs 35,8m NOK 10,3m vs 4,3m NOK 31m vs 4,7m

ARR

+560%

Q1 2020 vs Q1 2021

Revenue

+196%

Adj. EBITDA

+165%

NOK 106m vs 35,8m NOK 11,4m vs 4,3m NOK 31m vs 4,7m

ARR

+560%

* Maksit & Qualisoft – January included

Geography – Revenue share & Growth

Q1 2021 vs Q1 2020

65m / 219% Revenue share / Growth

26m / 124% Revenue share / Growth

8m/ 100% Revenue share / Growth

73% Organic Growth 100% Organic Growth

Q1 performance

Revenue development +177% y/y

Balance sheet development

Cash flow

Arribatec has raised NOK 235m in gross proceed through share issues during Q4 20.

3 acquisitions closed in Q4-20 where NOK 65m was settled in cash. The targets had NOK 12m in cash at closing.

• In Q1-21 net working capital developed negatively by NOK 6m
• Arribatec closed 3 acquisitions in Q1-21 with NOK 101m in cash settlement, and NOK 21m in cash in targets at closing
• The company has capitalized NOK 8m in internal development cost for system development
• Interest payments and overdraft repayments in Q1 was NOK 3m

Equity development

Total equity

Arribatec books in 2020 and issued Q1-21.

• Shares for Qualisoft issued in May 21
• Maksit shares planned issued in June 21
• Merger between Arribatec AS and Arribatec Solutions ASA to be approved in OGM on June 29 and 124,790,135 shares will issued to remaining Arribatec AS shareholders medio August 2021

Arribatec Group

Business Areas

\ business services

• ERP
• BI & Analytics
• Research Management
• Software Development

\ ea & bpm

• Enterprise Architecture
• Business Process Management
• Process Automation
• Compliance & Security

\ cloud

\ marine \ hospitality

New Organization & management Team

Geographical expansion

Singapore | Dubai | France Netherlands | UK | Germany

Some new clients and partners domiciled in these new locations:

Current Global Presence

350 employees in 15 countries

Fueling organic growth

Strong team spirit within the entire company Solid potential in our "platform" for sustained organic growth Cross & Up selling

• keep focus moving forward
• further develop the organizational capabilities
• create market acceptance for our disruptive "One Solution" strategy

New contracts

More than 100 contracts signed during Q1 globally:

\ EA & BPM

• Aker BP, Vår Engeri, Gassco…

\ Marine

• MSC, Costa…

\ Business Services

• ERP Magellan, VEF, Nordbohus, FTI….
• BI & Analytics Arbeidstilsynet, Mørenett....
• DevOps Circle K, Norsk Tipping….

\ Cloud

• Innovation Norway, BraBank….
• \ Hospitality
• CIC Hospitality....

Investing to scale organically

• Business development & Sales to fuel cross- & up-selling
• Pre-sales team
• Refining and defining "Next Practice" delivered

"One Solution as a Service"

M&A Strategy

All acquisitors must be accretive to Arribatec's valuation

Solutions & Services Geography Technology

Enhance our presence in our verticals

Increase our geographical footprint

New and complementary solutions

Competence

… and always looking for smart people

Contribute to deliver on One Solution and sustainable profitable growth

Appendix

Profit & Loss

NOK thousand	for the quarter end
	31 March	31 March	Full year
	2021	2020	2020
Note	Unaudited	Unaudited
з Revenue	99 173	35 845	154024
Materials, software and services	(22729)	(3813)	(17609)
Salary and personnel costs	(56563)	(24264)	(99143)
Cost from reverse takeover		÷	(56822)
Other operating expenses	(10036)	(3474)	(25710)
EBITDA	9845	4 2 9 4	(45259)
Depreciations and amortizations	(6809)	(929)	(7240)
EBIT	3036	3365	(52, 499)
Finance income 4	1 1 9 6	20	1 2 4 7
4 Finance costs	(1657)	(360)	(2945)
Profit/(loss) before tax	2575	3025	(54197)
Tax expense	(1970)	(698)	(1424)
Profit after tax attributable to equity holders of the parent compa	606	2327	(55620)
Earnings per share: basic	0.001	0.899	(0, 18)
Earnings per share: diluted	0,001	0,899	(0, 18)

Balance Sheet

NOK thousand

		31 March 31 March 2021 2020		31 Dec 2020
Note		Unaudited	Unaudited
ASSETS
Non-current assets
Property, Plant and equipment		4 422	1 449	3 258
Right-of-use assets	6	20 754	9 154	20 768
Goodwill	5	182 730	2 577	93 827
Customer relations	5	35 919	5 950	13 145
Other Intangible assets	5	63 431	9 445	18 310
Other non-current assets		11 524	750	945
Deferred tax assets		2 628	2 449	2 436
Total non-current assets		321 407	31 774	152 689
Current assets
Trade receivables		67 041	32 805	32 956
Other receivables		2 001	8 203	22 090
Contract assets		19 577	8 730	12 387
Other current assets		23 209	435	2 746
Cash and cash equivalents		91 525	9 340	188 270
Total current assets		203 352	59 513	258 448
TOTAL ASSETS		524 758	91 286	411 137

NOK thousand
	31 March	31 March	31 Dec
	2021	2020	2020
Note	Unaudited	Unaudited
EQUITY AND LIABILITIES
Equity
Paid in capital
Issued capital	123 232	2589	117 203
Treasury shares	0	$-312$	0
Other paid in capital	229 432	16 28 6	194 510
Total paid in capital	352 663	18 5 63	311 713
Other equity
Other reserves	$-1004$	-37	8
Other equity	5 0 9 8	5618	4493
Total other equity	4 0 9 4	5 5 8 1	4501
			o
Total equity	356 757	24 144	316 214
Non-current liabilities
Interest bearing loans	11 377	1516	1 3 4 4
Lease liabilities 6	13 571	7 2 1 4	15 500
Other non-current financial liabilities	867	0	0
Contract liabilities	0	0	0
Deferred tax liabilities	8635	0	0
Provisions	16 53 6	o	o
Total non-current liabilities	50 987	8730	16843
Current liabilities
Short term financial liabilities	7050	9701	7046
Current lease liabilities 6	8 3 3 8	2779	7 1 2 5
Accounts payable and other current liabilities	17 688	9922	23 966
Contract liabilities	16 537	7325	1 2 8 3
Current tax payable	3 3 8 9	1894	3596
Other current liabilities	64 013	26 792	35 064
Total current liabilities	117 015	58 413	78 080
Total liabilities	168 001	67 142	94 923
÷.
TOTAL EQUITY AND LIABILITIES ٠	524 758	91 286	411 137

Cash Flow

NOK thousand		2021	2020	2020
		31 March	31 March	Full year
	Note
Operating actitvities
Profit before tax		2575	3025	(55620)
Taxes paid		(982)		(1196)
Adjustments for:
+ Calculated cost from reverse takeover				56822
+ Finance income and expense	4	461	340	1698
- (Increase)/decrease in trade receivables		(7593)	(8725)	1328
- (decrease)/increase in trade payables		(11443)	4566	6089
+ Depreciation and amortization	5,6	6808	929	7 240
Change in Working capital		4064	2 849	(17369)
Net cash flows operating activities		(6110)	2 984	(1009)
Investing actitvities
Cash received through business combination	7	20711		34 741
Cash consideration Investment in subsidiaries	7	(101 472)		(59942)
Capitalized development costs and tangible assets	5	(7543)	(3570)	(12548)
Interest received		398		236
Net cash flows investing activities		(87907)	(3570)	(37514)
Financing actitvities
Proceeds from borrowings				5472
Proceeds from overdrafts		(1.433)	3834	(3821)
Repayment of debt		(470)		(1179)
Interest paid		(546)	(29)	(755)
Calculated interest in leased assets		(280)
Proceeds from share issue				(1110)
Proceeds from non-controlling interests				234 954
Share issue costs				(12891)
Net cash flows financing activities		(2728)	3805	220 671
Net change in cash and cash equivalents		(96745)	3 2 1 9	182 149
Cash and cash equivalents at the beginning of period		188 270	6 1 2 1	6 1 2 1
Cash and cash equivalents at end of period		91 525	9340	188 270

Equity

NOK thousand	Equity related to the shareholders of the parent company
	Restricted
	Share capital	Treasury shares	Other paid in capital	Exchange differences	Retained earnings and profit for the year	Total Equity
Closing balance on 31 December 2019	2589	$-312$	16 28 6	$-52$	3 2 9 1	21 802
Balance on 1 January 2020	2589	$-312$	16 28 6	-52	3 2 9 1	21802
Result of the period					2 3 2 7	2 3 2 7
Comprehensive income for the period				15		15
Total comprehensive result for the period	0	0	0	15	2327	2 3 4 2
Closing balance on 31 March 2020	2589	$-312$	16 286	$-37$	5618	24 144
	2589	$-312$	16 286	-52	3 2 9 1
Balance on 1 January 2020 Result of the period					$-55620$	21802 $-55620$
Comprehensive income for the period				60		60
Total comprehensive result for the period	0	0	0	60	-55 620	$-55561$
Treasury shares acquired		$-276$				$-276$
Other equity transactions			$-834$			$-834$
Issue of share capital in Arribatec AS	847		83824			84 670
Reverse take over reclassification of Arribatec AS	$-3436$	588	2848			0
Reverse take over Arribatec Solutions ASA	91 204		$-64614$		56 822	83 412
Capital Increase employees offer, Nov	2800		6600			9400
Capital increase repair issue, Nov	9 1 9 9		21 684			30884
Capital increase, Private placement Dec	14 000		96 000			110 000
Cost of share issue			$-12891$			$-12891$
Share consideration relating business combinations - shares to be issued in 2021			45 607			45 607
Closing balance on 31 December 2020	117 203	0	194 510	8	4493	316 214
Balance on 1 January 2021	117 203	$\bf{0}$	194 510	8	4493	316 214
Allocation of result from discontinued operations *						O
Result of the period					606	606
Comprehensive income for the period Total comprehensive result for the period	0	$\bf{0}$	0	$-1012$ $-1012$	606	$-1012$ -406
Share consideration relating to business cobination
2020, registered below:			-45 607			-45 607
Capital increase related to the acq. of Facil, Jan	3478		21 368			24 846
Capital increase related to the acq. of Microsky, Feb	980		8680			9660
Capital increase related to the acq. of Innit, Mar	1570		9531			11 101
Share consideration relating business combinations in
Q1.2021 - shares to be issued next quarter in 2021			40 950			40 950
Closing balance on 31 March 2021	123 232	0	229 432	$-1004$	5098	356758