Goodtech

Earnings Release • Feb 14, 2025

Ending the year in line with expectations

Ending the year in line with expectations

Following the recently announced exit transaction of subsidiary Goodtech Solutions AB to Lazarus Industriförvaltning AB, Goodtech ends 2024 in line with expectations delivering 9.9 MNOK EBITDA from continued operations.

Net revenue after external project costs came in at 125.3 MNOK (118.2 MNOK) and EBITDA ended at 9.9 MNOK (13.4 MNOK). The majority of the nominal fall in EBITDA from 2023 to 2024 is explained by lower procurement share in the revenue mix. Salaries and payroll costs rose in line with growth in the employee base, and other operating expenses were higher in full year 2024 vs. full-year 2023 due to higher office and consultant costs.

Goodtech reports an order backlog growth of 66% since Q4 2023, with a book-to-bill ratio of 1.1x in the quarter. The order backlog is 359 MNOK per Q4 2024. Several key projects have longer duration times (1-2 years) compared to traditional Goodtech deliveries (6-12 months). Number of employees grew from 266 in Q4 2023 to 306 in Q4 2024.

Goodtech’s capital structure remains strong and robust, where equity ratio ended at 49% in the quarter, and cash and cash equivalents ended at 110,7 MNOK.

On the 10th of February 2025 Goodtech announced the sale of 100% of its shares in Goodtech Solutions AB (GSAB), which thus have been re-classified as held for sale and discontinued operations in the group’s financial statements. GSABs reported revenue of 142 MNOK, and EBITDA of -17.4 MNOK in FY 2024.

CEO Margrethe Hauge comments:

«Our core business areas are where we see the highest returns on time and investments, and thus we were glad to sign the agreement to sell GSAB after the quarter closed. The continued business ended the year with a quarter in line with expectations, and with a strong order intake and backlog for the coming periods».

The quarterly report and presentation for Q4 2024 is attached to this press release.

See also the company's results for Q4 2024 in our webcast - https://youtu.be/7uFljtKfd3U

Do you have any questions? Feel free to contact CEO Margrethe Hauge or CFO Anders Engelsen:

Margrethe Hauge

CEO, Goodtech ASA

Tlf.: +47 95 79 69 20

E-post: margrethe.hauge@goodtech.no

Anders Engelsen

CFO, Goodtech ASA

Tlf.: +47 93 20 79 01

E-post: anders.engelsen@goodtech.no