Goodtech

Earnings Release • May 5, 2023

Control and information in all layers

The preferred partner for industrial efficiency

Margrethe Hauge CEO

Øyvind Osjord

CFO

Webcast Goodtech ASA Q1 2023

			Webcast Goodtech ASA Q1 2023 Summary
1	Finance	Solid growth in revenues and margins in the quarter	174,6 MNOK 14,8 MNOK Q1 2023 Revenues Q1 2023 EBITDA
2	Market	Significant growth in order backlog through the quarter	282 MNOK Order backlog
3	Strategy	Focus on automation, robotisation and digital solutions	Ready for growth in an exciting and growing market
4	Innovation	Investing to increase the competitiveness of Nordic industries	Continuing to invest in solutions improving the competitiveness of Nordic industries
5	The people	Increasing number of employees – and organisational efficiency	Looking for new colleagues and partners – and a more effective working day

Webcast Goodtech ASA Q1 2023

Strategic re-positioning | 2021 and 2022 focused on restructuring is behind us

** Includes the groups stock incentive program for all employees for 2021 (announced in 2021) and 2022 (announced in 2023), as well as the incentive program with matching-shares for leading employees rounds 1 and 2 (Q3 2022 and Q1 2023). Values are summes based on the value of the shares at time of purchase * The core business is defined as the groups continuing operations per Q1 2023, which thus excludes the switchboard workshop at Os (sold in January 2022), the CNC-machining workshop in Arvika (sold in august 2022), and the biogas-, water and sanitation business at Åland (organisation sold in December 2022)

Webcast Goodtech ASA Q1 2023 Key financial figures*

Revenue* | kNOK

EBITDA | kNOK

EBITDA-margin

Highlights

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2

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• 32% growth in revenues from the same quarter in 2022. Q1 2023 was a quarter of high activity in all the regions of the group – highest recorded revenues in a quarter since Q4 2017, in spite of macro-economic and political instability in Europe
• For the past years Goodtech has invested in competency enhancement and innovation, brining several new solutions to commercialisation now in 2023
• Through 2022 the group has narrowed its focus towards industrial automation, robotisation, digitalisation and electrification – going in to 2023 with a clean focus on core business

• 5,3 MNOK nominal improvement EBITDA compared to the same quarter in 2022 (+56%)

• The profitability growth quarter-on-quarter continues 18% improvement in EBITDA-margins compared to thesame quarter in 2022

• Highest recorded EBITDA-margins in the group since Q1 2019

* All values contain Goodtech Solutions Manufacturing AB up until (and including) the transfer date to new owners at 31.08.2022.

The group has classified the business at Åland as held for sale in accordance with the guidelines in IFRS 5. Revenues and EBITDA related to the business in Åland for the entire 2022 is thus excluded in the figures above

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Kvartalsrapport Goodtech ASA Q1 2023 Sales and order backlog*

Order backlog* | kNOK

Order intake* | kNOK

Book-to-bill* (order intake / revenue)

Development in order backlog | Continued operations

• Goodtech's Swedish operations has increased its order backlog by 247% from Q1 2022 to Q1 2023 (42 MNOK)

• The Swedish market are expected to continue investing in 2023, after a halt in investment decisions during the COVID19 pandemic

• 123 719 204 908 ^{187 721 182 112 183 574} 221 921 223 396 Q3 2022 Q3 2021 Q1 2023 Q4 2021 Q1 2022 Q2 2022 Q4 2022 +19%
• Goodtech's Norwegian operations increased its order backlog by 19% from Q1 2022 to Q1 2023
• The order backlog in Norway is split between small and mediumsized automation and digitization projects – mostly formalized through framework agreements, consulting assignments and FEED studies, and larger fixed-price projects in partnership with industry players
• The group's order backlog is considered to represent a balanced mix of fixed price and frame agreement projects, spread across a broad range of customers and market segments in Nordic industry

The order backlog for the group's discontinued operations at Åland was 9,5 MEUR by the end of Q1 2023

Interim Report Goodtech ASA Q4 2022

Consolidated balance sheet (non-audited)

(NOK 1.000) Note		Q1 23	Q1 22
Fixed assets		17 408	48 485
Right of uses assets		45 551	49 183
Intangible assets		165 287	163 755
Investments in associated companies		1 855	-
Deferred tax asset		34 628	39 344
Total fixed assets	264 729	300 766
Inventory		2 635	7 986
Trade receivables		133 170	114 812
Other short-term receivables		12 688	12 121
Cash and cash equivalents		76 454	103 599
Total current assets		224 947	238 518
Assets held for sale		84 596	-
Total assets	574 273	539 284
Paid-in equity	10	488 045	482 936
Retained earnings		-217 655	-220 752
Non-controlling interest		-	1 292
Total shareholders equity		270 389	263 476
Non-interest-bearing long-term debt		436	3 251
Interest-bearing long-term debt		-	6 377
Long-term lease liabilities		33 961	39 172
Total long-term liabilities		34 397	48 799
Non-interest-bearing short-term debt		143 463	168 798
Interest-bearing short-term debt		63 909	45 280
Short-term lease liabilities		14 376	12 932
Total current liabilities		221 748	227 009
Total liabilities		256 145	275 809
Liabilities held for sale		47 738	-
Total equity and liabilities		574 273	539 284

Webcast Goodtech ASA Q1 2023

Outlook

Well positioned in a growing market within all

segments of industrial digitalisation in the Nordics

Ready for growth in our core business areas; automation,

robotisation and digitalisation

Strong order backlog and high activity in all of the groups business areas

Investments and development progressing according to plan

An attractive employer with exciting projects

Thank you!

Margrethe Hauge CEO

Øyvind Osjord CFO