Cambi ASA — Investor Presentation 2021

May 27, 2021

Cambi ASA Q1 2021

27 May 2021

Eirik Fadnes, CEO Cambi Group

Disclaimer

This Presentation is strictly confidential and may not be reproduced or distributed, in whole or in part, to any other person. This 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 to be 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 thoroughly check these aspects for themselves. Enquiries about reproduction of content from this publication should be directed to CAMBI ASA.

This Presentation contains forward-looking statements that relate to the current plans, objectives, forecasts and estimates of CAMBI ASA. These statements only take into account information that was available up to and including the date that this Presentation was prepared. CAMBI ASA makes no guarantee that these forward-looking statements will prove to be right. The future development of CAMBI ASA and its subsidiaries and the results that are actually achieved 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.

Q1 2021 | Cambi ASA

Highlights

• Revenue growth 42%
• EBITDA margin before non-recurring items 5% (4.9%)
• Order intake growth 4.9%, underlying 18.7%*
• Order backlog growth 44%, underlying 66%*

*Based on constant currency using 2020 foreign exchange rates

Key numbers in NOK million, Cambi ASA. EBITDA: before non-recurring items

Strong order backlog Q1 2021

Backlog by segment Backlog distribution Backlog by currency

in million NOK Equivalent at Q1 2021 FX

Segment Performance

Segment Performance Cambi Group

Cambi Group Unaudited, in NOK million			Cambi Invest
	Q1 2021	Q1 2020	Q1 2021	Q1 2020
Operating income	90.3	57.0	18.0	19.2
Costs of goods sold	41.9	16.6	11.8	11.2
Payroll expenses	29.0	25.5	4.6	4.6
Depreciation & amoritsation expenses	1.7	1.4	0.6	0.3
Other operating expenses	13.8	12.3	3.5	2.4
Operating expenses	86.3	55.7	20.5	18.5
Operating profit	4.0	1.3	-2.6	0.8
Net financial items	-3.4	-13.9	-0.3	-0.7
Profit (loss) before tax	0.5	-12.7	-2.8	0.1
EBITDA	5.7	2.6	-2	1.1
Non-recurring items	1.8	-	-	-
EBITDA before non-recurring items	7.5	2.6	-2	1.1

Cambi Group

• Revenue
• ‣ Strong revenue growth in Equipment
• ‣ Services down 33% due to fewer ongoing upgrade projects
• ‣ Spare parts and annual shutdowns revenue in line with 2020

EBITDA

• ‣ In line with expectations before non-recurring items
• ‣ Non-recurring costs of NOK 1.8 million related to Euronext Growth listing
• Order Intake
• ‣ Book-to-bill of 1.6x
• ‣ Growth of 27%, underlying 45% compared to 2020

Segment Performance Cambi Invest

Cambi Group Unaudited, in NOK million			Cambi Invest
	Q1 2021	Q1 2020	Q1 2021	Q1 2020
Operating income	90.3	57.0	18.0	19.2
Costs of goods sold	41.9	16.6	11.8	11.2
Payroll expenses	29.0	25.5	4.6	4.6
Depreciation & amoritsation expenses	1.7	1.4	0.6	0.3
Other operating expenses	13.8	12.3	3.5	2.4
Operating expenses	86.3	55.7	20.5	18.5
Operating profit	4.0	1.3	-2.6	0.8
Net financial items	-3.4	-13.9	-0.3	-0.7
Profit (loss) before tax	0.5	-12.7	-2.8	0.1
EBITDA	5.7	2.6	-2	1.1
Non-recurring items	1.8	-	-	-
EBITDA before non-recurring items	7.5	2.6	-2	1.1

Cambi Invest

• Revenue
• ‣ As expected, lower than 2020, when the winter was milder

EBITDA

• ‣ Exceeding low-season expectations
• ‣ Investing in DBO developments

Order Intake

‣ No major customer awards in the market during the quarter

Cambi holds a solid financial position

Assets		Unaudited, in NOK million
	Q1 2021	Q1 2020	Year 2020
Total intangible assets	47.9	47.0	45.4
Total tangible fixed assets	20.4	17.5	20.2
Total financial assets	1.9	2.4	2.1
Total non-current assets	70.2	67.0	67.7
Inventories	28.8	24.9	27.3
Total debtors	138.9	113.1	141.6
Bank deposits	348.0	41.4	46.0
Total current assets	515.7	179.4	214.8
Total assets	586.0	246.4	282.6

Equity			Unaudited, in NOK million
	Q1 2021	Q1 2020	Year 2020
Total equity	425.5	136.2	138.4
Liabilities			Unaudited, in NOK million
	Q1 2021	Q1 2020	Year 2020
Non-current liabilities	14.5	19.9	14.7
Current liabilities	146.1	90.3	129.5
Total liabilities	160.5	110.2	144.2
Total equity and liabilities	586.0	246.4	282.6

Recent Developments and Outlook

Market and outlook

Tenders Market Outlook

• Growing interest in both the Equipment and the DBO subsegments

• High activity, 50% more price submissions vs. last year

• Increasing stakeholder engagement through webinars

• Two contracts signed, both in Poland

• LOI signed with Charlotte Water in NC, USA

• Full year 2021 revenue expected to be between NOK 480 and 510 million

• Full year 2021 EBITDA margin expected to be in the lower end of the previously communicated range of 12 to 14%.

Thank you

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