Elektroimportøren AS — Earnings Release 2022

May 4, 2022

Q1 Reporting Elektroimportøren

Q1 Reporting Elektroimportøren

Highlights of the first quarter 2022.

Elektroimportøren continues to grow even though facing tough comparable sales figures from Q1 2021. The sales growth is still driven by B2B customers. On the 3rd of March Elektroimportøren completed the acquisition of Elbutik Scandinavia and from this date figures from Elbutik are included in the reported figures. Store number 26 in Kristiansund is opened during Q1.

Key financials;

•Revenue of 367.3 MNOK (345.7 MNOK) up 6.3%.

•Like-for-like sales have been reduced with 1.2% compared to Q1 2021

•Online share of total sales (excluding pick up in store) 14.9% (14.8%) including sales from Elbutik as

online sales

•B2B sales have increased with 16% compared to last year. while B2C sales had a decrease of 3%. B2B share of

total sales in Q1 was 51.6% (47.3%).

•Sale of Electrical Vehicle chargers have continued to increase significantly compared to last year, total

sales Q1 of 41 MNOK (25 MNOK).

•Sale of full service product offer Spoton continues with positive development with 6.1 MNOK (1.6 MNOK)

•The overall gross margin percentage of 37.3% is at same level as in Q1 2021. Margin percentage is lower

than for full year 2021. Key drivers for margin percentage development are;

o Share of sales in B2B versus B2C

o Sales mix (EV chargers. Spoton)

o Share of sales Namron products

o Increase of freight costs

•As we have three more stores compared to last year and a small negative like-for-like sales growth we see an

increase in opex to sales ratio 25.3% (24.0%).

•Adjusted EBITDA of 43.9 MNOK (45.8 MNOK). Adjusted EBITDA margin percentage is 12.0% (13.2%).

•Net cash as of March 2022 is 23.9 MNOK (59.4 MNOK). In addition. we have an overdraft facility of 120 MNOK not

utilized. Main reasons for decrease in cash from year end is increase in inventory. We expect a reduction in

inventory in the coming months

Q1 report and presentation is also available at www.elektroimportoren.no/investor.

You can also join live webcast at 09.00 4 May. Link to webcast is available at www.elektroimportoren.no/investor.