Goodtech — Earnings Release 2024

Jul 19, 2024

goodtech.no

Industry reinvented

Highlights from Q2 2024 | Goodtech ASA

Summary

Revenues and order backlog:

• 10% decrease in revenues from Q2 2023
• 41% growth in order backlog from Q2 2023

Profitability:

1,1 MNOK (+14%) nominal increase in EBITDA and 27% improvement in EBITDA-margins from Q2 2023

Safety:

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• H1-value remaining at 0 in Q2 2024
• Sickness absence down at 2,8% in Q2 2024

Capital structure:

• 50% equity ratio and 104 MNOK cash and cash equivalents in the quarter
• Implemented Global Cash Pool in the quarter

New Board of Directors elected in the quarter Events after the reporting period: - Sale of property, plant and equipment on Åland

Strategic re-posisioning showing good results

Webcast Goodtech ASA – Q2 2024 Important new contracts in Q2 2024

Webcast Goodtech ASA – Q2 2024 Sales and order backlog

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Development in order backlog | Continuing operations

• 18 MNOK decrease in order backlog from Q2 2023 to Q2 2024 due to several projects in final phase

• Several promising sales prospects in Sweden

• 243 304 216 276 386 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
• 59% increase in order backlog (143 MNOK) from Q2 2023 to Q2 2024
• Larger contracts won: Wacker Holla (high double digit MNOK), Equinor på Empire Wind 1 (50 MNOK) og Moelven Industrier (10-20 MNOK)

Webcast Goodtech ASA – Q2 2024 Larger ongoing contracts in Q2 2024

Selection of other customer projects with activity in the quarter

Webcast Goodtech ASA – Q2 2024 Key financials

Revenues | MNOK

EBITDA | MNOK

EBITDA-margin

Comments

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10% decrease in revenues from Q2 2023:

• 1. Q2 2023 impacted by high procurement share and associated COGS in Aker Solutions and REEtec
• 1. Several larger projects started in the quarter with expected procurement and COGS impact

1,1 MNOK (+14%) nominal increase in EBITDA from Q2 2023

Continued focus on margin-enhancing initiatives

EBITDA-margins increased from 3,8% in Q2 2023 to 4,8% in Q2 2024

Webcast Goodtech ASA – Q2 2024 Robust capital structure

Webcast Goodtech ASA – Q2 2024 Strategic re-positioning | Q4 2020 – Q2 2024

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Goodtech has been through a large strategic re-positioning the past years… …at the same time, employee satisfaction has increased…

goodtech.no

Thank you !

Q2 2024 | Goodtech ASA