Elektroimportøren AS — Earnings Release 2022

May 4, 2022

Elektroimportøren

1st quarter presentation May 4 2022

Andreas Niss CEO Petter Bjørnstad CFO

Operational update

• We finalized our acquistion of Elbutik on the 3rd of March. Integration have started and is going well
• For the first time in two years we held a physical store manager gathering
• In January we opened store number 26 in Kristiansund
• We started our replenishment project, impementing replenishment and space management in all stores
• We have increased our stock levels of Namron products to secure availability for the next 3-4 months

Elbutik Scandinavia

• Q1 sales at 34.3 MSEK (35.8)
• In Q1 Elbutik figures are included from 3rd of March with 10.9 MNOK in sales and 0.9 MNOK EBITDA
• January being the most challenging month
• Introduction of Namron on elbutik.se
• Searching for new logistic facilities and new store locations
• Starting to set up new ways of working and hiring key management employees
• Long term investments in people, stores and logistic facilities will be made throughout 2022.

EV chargers

• Sales of EV chargers continues to grow (64%) despite very high growth last year.
• Good supply of chargers and so far we do not foresee any major delivery disruptions
• Easee remains our top seller but we are also offering other type of chargers
• 10% of chargers sold to consumers are sold with installation/Spoton

Namron

• Namron SOB continues to be at good levels, 32,5% in Q1.
• We have increased inventory of Namron products to secure availability in the coming months
• Continuous new product development in all major categories
• New product launches coming in Q2 and rest of the year

• Extended the team with a new product development manager

• More than 700 installations made in Q1

• Total sales in Q1 MNOK 6.1 (1.6)
• Continuous offer development and joint marketing activities with Elektroimportøren
• Increasing number of installation partners

Summary of key financials Q1

• 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 with 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 with 41 MNOK (25 MNOK)
• Sale of full service product offer Spoton continues with positive development with 6.1 MNOK (1.6 MNOK)
• Gross margin percentage of 37.3%, same level as Q1 2021
• 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). Major reason for decrease vs. last year is stock build up

• Shift in sales from online to physical stores due to Covid situation last year

• Still strong sales growth on B2B
• As expected tough comparables from Q1 last year

Gross margin for Q1

Margin percentage for group figures including Elbutik is at same level as Q1 2022

Margin percentage for Norway 37,6% small improvement from 2021 (37,3%)

OPEX Q1

Adj. EBITDA Q1

Events after the period and outlook

• We expect the trend from the last quarters to continue, and we do expect moderately higher growth in Q2 than we saw in Q1.
• Cost of freight, shift in SOB to B2B and growth in EV chargers put pressure on GM %. To balance growth and gross margin will be of the greatest importance in Q2
• There continues to be some uncertainty around availability of products but we have secured availability of Namron products for the coming months and do not foresee any major supplychain challenges
• We continue to integrate the Swedish operation in our business. Investments in management and logistics is ongoing. Search for store locations continues and we believe to sign first contracts in Q2.