ECIT AS — Investor Presentation 2024

May 8, 2024

2024 highlights

• Division performance
• Acquisitions
• Financial review

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Peter Lauring CEO

Mads Skovgaard CFO

Highlights

• 15.8% revenue growth / 3.8% organic
• Macroeconomic and political conditions - affect the IT-Division – the F&A Division is doing well
• Easter timing
• Cost savings program – progress according to plan
• EBITDA 112m – Easter effect +15m – normalised in H1 2024

Q1 2024 results

Revenue: 999m (15,8%)

Organic growth: 3.8%

EBITDA: 112m (11.2%)

EBIT: 49m (4.9%)

EPS: 0.05 NOK (0.07)

Free cash flow: 70m (111)

10 largest companies: ~60% (% Total Group)

Mcap: 3.3bn

shares: 465m

Divisions

F&A division

Financial overview – Q1 2024
(NOKm)	Q1 2024	Q1 2023
Revenue EBITDA	573 90	509 86
Total growth revenue EBITDA-margin	12 5% 15 7%	30 8% 16 9%

EBITDA and margin development

• Nearshoring – focus area.

IT division

Financial overview – Q1 2024
(NOKm)	Q1 2024	Q1 2023
Revenue EBITDA	404 30	355 42
Total growth revenue EBITDA-margin	13 7% 5% 7	18 7% 11 8%

Revenue development Comments 15.0% 18.7%

EBITDA and margin development

• Macroeconomic and political conditions.

• Easter effect.
• Consolidation and mergers

Tech division

Financial overview – Q1 2024
(NOKm)	Q1 2024	Q1 2023
Revenue EBITDA	54 -1	35 2
Total growth revenue EBITDA-margin	55 9% -1 7%	23 6% 5 7%

Annual recurring revenue (core software) Comments

• Reasonable growth.

• Core software revenue – growth driven by Intect and ECIT Digital.

Revenue development

Acquisitions in 2024

Notes:

All figures presented are according to the latest published annual report EBITDA, including IFRS16 lease accounting impact *Associated company – ownership share ~25% **Including acquired customer portfolios

Financial review

Financial review

Profit & loss summarized Comments

	Q1	Q1
(NOKm)	2024	2023	Growth
Revenue	999	862	15.8%
EBITDA	112	115	-2.9%
EBITA	77	86	-9.9%
EBIT	49	65	-24.1%
Profit for the period	28	49	-42.4%
Adj . profit for the period	33	50	-33.6%
P&L items:
Retructuring & transaction costs	-5	-1	397.2%
Financial income	8	8	-1.3%
Financial expenses	-16	-10	63.7%
KPIs
Total growth revenue	15 8%	25 9%	-10.1 p.p.
Organic growth revenue	3 8%	10 8%	-7 p.p.
M&A growth revenue	10 5%	12 1%	-1.6 p.p.
Currency impact	1 5%	2 9%	-1.4 p.p.
EBITDA-margin	11 2%	13 4%	-2.2 p.p.
EBIT-margin	4 9%	7 5%	-2.6 p.p.
Adj diluted EPS	0 05	0 07	-32.3%

• Total revenue 15.8% (25.9%) organic revenue growth of 3.8% (10.8%)
• Easter timing fewer working days were impacting the result for Q1 2024 on most metrics.
• Cost-saving program limited impact on the Q1 result.
• Increased financial expenses increased debt and higher interest rates (comparable period).

Cash Flow & financial position

	Q1	Q1
(NOKm)	2024	2023
EBITDA	112	115
Restructuring & transaction costs	-5	-1
Corporation tax, paid	-25	-22
Change in NWC	20	48
Cash flow from operations	102	140
Cash flow from investing	-72	-36
Cash flow from financing	-65	-70
Cash flow for the period	-35	34
Cash flow from operations	102	140
Restructuring & transaction costs	5	1
Net investments in tangible assets	-9	-6
Repayment of lease liabilities	-28	-24
Free cash flow	70	111

Cash Flow Statement Free cash flow (NOK million) Comments

Financial position (NOK million)

(NOKm)	Q1 2024	Q1 2023
NIBD debt	396	42
leasing ex. Leverage ratio	1 3x	0 6x
NIBD	658	260
Undrawn revolving facility	138	448

• Easter timing impact and change in NWC (timing LY) - explaining the lower cash flow from operation compared to last year.
• NIBD ex. Leasing debt of NOK 396 million (42).
• Increase in debt completed acquisitions in the last 12 months and strategic decision to increase ownership share in subsidiaries.
• Increase of credit facility in April NOK 250 million (in total NOK 1 billion.)

Overall evaluation