Cambi ASA

Earnings Release • May 9, 2023

Cambi ASA Q1 2023

9 May 2023

Eirik Fadnes, CEO Mats Tristan Tjemsland, CFO

Disclaimer

The presentation is for information purposes only, and it is expressly noted that no representation or warranty, expressed or implied, as to the accuracy or completeness of any information included herein is given by the Cambi ASA and that no information, including projections, estimates, targets and opinions, contained in this presentation is or can be relied upon as a promise or representation by Cambi ASA.

This presentation contains information obtained from third parties. Such information has been accurately reproduced, and as far as Cambi ASA is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. While all steps have been taken to ensure the accuracy of this presentation, Cambi ASA does not accept any responsibility for any errors or resulting loss or damage whatsoever caused, and readers have the responsibility to check these aspects for themselves thoroughly. Enquiries about the reproduction of content from this publication should be directed to Cambi ASA.

This presentation contains forward-looking statements related to the current plans, objectives, forecasts and estimates of Cambi ASA. These statements only consider available information up to the date that this presentation was prepared. Cambi ASA makes no guarantee that these forward-looking statements will prove right. The future development of Cambi ASA and its subsidiaries and the achieved results are subject to a variety of risks and uncertainties, which could cause actual events or results to differ significantly from those reflected in the forward-looking statements. Many of these factors are beyond the control of Cambi ASA and its subsidiaries and, therefore, cannot be precisely predicted.

First quarter highlights and outlook

Our global presence

Order Intake Q1

In operation Project execution

1

2

Key financial summary

Cambi Invest

• § Conditional DBFO contract has been awarded in the US, with the parties entering exclusive negotiations
• § Award conditional on:
  • ‣ the successful completion of contract negotiations with the municipality, and
  • ‣ receiving the necessary permits
• § Negotiations with the municipality are ongoing, and engineering and permitting process started

Other developments

§ High activity in US, several tender processes in early phases. Procurement processes in UK progressing slowly.

DBO Recycling

• § All existing biosolids handling contracts were executed as planned, and there were no major tender awards in the first quarter
• § Soil sales in the quarter ended up at 18.5k tonnes, just below 19.2k the year before, due to prolonged winter weather in Norway
• § Establishment of the peat-free soil packaging plant entered its final stages during the quarter, with the first pallets being packed and shipped to garden centres before Easter.

Outlook

§ We expect strong growth in revenue and profits § Supportive market conditions with high barriers to entry § Strong order backlog § Order intake target 2023-2024 of NOK 1.2 billion § Maturing project pipeline and continued high tender activity § Conditional DBFO contract awarded in the US

Financial results

Cambi ASA – revenue and EBITDA

Q1 2023

§ Revenue

• ‣ Increase driven by higher progress on several Equipment projects
• ‣ A weaker NOK has had a positive impact on project revenues in foreign currencies

§ EBITDA

• ‣ Increase driven by revenue uplift
• ‣ Gross margins improved from 43% to 61%
• ‣ Offset by higher sales, general and administrative expenses

Cambi Group segment – revenue and EBITDA Q1 2023

§ Revenue

• ‣ Increase primarily driven by reaching delivery milestones in several Equipment projects
• ‣ Services revenue ended the quarter at NOK 18 million, slightly up from NOK 16 million in the same quarter of 2022
• ‣ Equipment sales accounted for 91% of the segment revenue
• § EBITDA
  • ‣ Up NOK 80 million from the same quarter last year

Cambi Invest segment – revenue and EBITDA Q1 2023

§ Revenue

‣ Segment revenue from the Recycling subsegment, slightly below last year due to late spring

§ EBITDA

‣ Lower EBITDA driven by increased activity for developing DBO projects.

in million NOK

Cambi ASA – order intake and order backlog Q1 2023

§ Order intake

‣ A contract for a project in Fredrikstad, Norway was signed, and the upgrade project in Dublin moved forward

§ Order backlog

‣ All-time high order backlog by the end of the first quarter, ending at NOK 1,079 million

in million NOK

Order backlog distribution over the next years provides a solid financial foundation

Backlog distribution

Backlog by currency

in million NOK

Cambi has set a new target to sign NOK 1.2 billion of new equipment contracts for the two-year period 2023-2024

Equipment order intake 246 246 Q1 2023 YTD 2023 1,200 Signed in Q2 0 Target 2023-2024 in million NOK

• § In Q1 Cambi reached its NOK 1.0 billion target for the two-year period 2022-2023
• § Cambi has set a new target to sign NOK 1.2 billion of new equipment contracts for the twoyear period 2023-2024.
• § As of end of Q1, Cambi had signed NOK 246 million of equipment contracts

Cambi maintains a solid financial position

Q1 2023

Assets	Q1 2023	Q1 2022
Intangible assets	76.8	43.4
Tangible assets Goodwill	20.3	20.2
Financial assets	1.1	2.3
Total non-current assets	98.1	65.9
Inventories	60.2	48.9
Debtors	176.1	161.5
Financial assets	101.7	150.8
Bank deposits	198.8	70.1
Total current assets	536.7	431.3
Total assets	634.8	497.1

equity

Liabilities	01 2023	01 2022
Non-current liabilities	0.8	21
Current liabilities	169 7	76.8
Total liabilities	170.5	78.9
Total equity and liabilities	634.8	497.2

Thank you

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