Cambi ASA

Investor Presentation • Mar 8, 2022

Cambi ASA Q4 2021

8 March 2022

Eirik Fadnes, Cambi Group

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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.

Full year 2021 | Cambi ASA

• 25% revenue growth
  • ‣ Equipment up 45%
  • ‣ Services up 11%
  • ‣ Grønn Vekst down 2%
• 50% EBITDA growth
• Gross margin lowered to 49% from 52% due to changes in product mix and increased material costs
• SG&A increase of 13% compared to last year

Full year 2021 | Cambi Group

• 35% revenue growth
• FX headwinds of 5.2- 8.5% in main currencies
• 127% EBITDA growth
• Higher activity and continued investments in product development, total SG&A up 12%

Full year 2021 | Cambi Invest

• Revenue 2% below 2020
• EBITDA down versus 2020 due to
  • DBO project development costs
  • Negative product mix effect and lower activity in Grønn Vekst

Strong sales pipeline development

Active projects up 20% in 2021

Quotations

High activity YTD

78 project quotes submitted 5.7 billion NOK total quote value

Contract (Q4)

Aquafin, for a complete sludge processing facility in Antwerp, Belgium

Order intake and backlog

• 5% backlog growth
• Order intake (full year) down 18%
• Several larger contracts coming closer to award
• Lviv, Ukraine project included in distribution after 2022

Q4 2021 | Cambi ASA

• Revenue down 8% versus Q4 2020
• EBITDA decrease due to
  • ‣ Lower turnover and increased material costs
  • ‣ Higher SG&A from sales and business development activities

In NOK million EBITDA: before non-recurring items

Q4 2021 | Cambi Group

• Revenue down 10% compared to Q4 2020
  • Customer delays at site
  • Increased lead times for raw material deliveries
• EBITDA impact driven by
  • Lower revenue
  • Increased SG&A due to investments in sales and project development
  • High-margin sales in the same quarter last year

Q4 2021 | Cambi Invest

• Revenue 2% lower than last year due to decreased activity in the construction industry
• Lower EBITDA due to
  • Higher demand for low margin products
  • Reduced revenue for soil sales
  • Investment in more employees for sales, business development, and innovation

In NOK million EBITDA: before non-recurring items

	onatuunted, III nova million
04	Q4	Year
2021	2020	2020
45.2	45.4	45.4
19 9	20 2	20 2
23	2.1	2.1
67.3	67.7	67.7
45.1	27.3	273
136.7	141 6	141 6
200 9
70-1	46.0	46.0
452.8	214.8	214.8
520.2	282.6	282.6
	Haasaaraasaasaasaayyaa kaasaayyaa kaasaasaayyaa kaasaasaanay waxaanay waxaanaan aanaan aa

Total equity	446.1	138.4	138.4
Equity	2021	2020	2020
	Q4	Q4	Year

Liabilities	04 2021	04 2020	Year 2020
Non-current liabilities	24	14.7	14.7
Current liabilities	71.6	129.5	129.5
Total liabilities	74.0	144.2	144.2
Total equity and liabilities	520.2	282.6	282.6

Thank you

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