Goodtech — Interim / Quarterly Report 2022

May 13, 2022

Significant EBITDA-improvement in the quarter following several improvement initiatives and solid order backlog margins. Successful onboarding of the acquired Avanti Engineering AS

Experiencing increasing demand within our core business, supported by continuing strong order intake

Strengthened strategic focus on automation, digitalization and robotics. Goodtech continues to execute its strategic roadmap and continues to invest in the future

Growth strategy supported by new company profile and marketing strategy – new homepage launched

Management team ready to drive strategic repositioning Injury statistics trending down Employee base of domain experts continuing to grow

Key figures Q1 2022 | Financial development

Highlights

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High activity level in all regions – reflected in highest quarterly revenue since Q2 2018 this period

Improvement initiatives and order intake contributes to strong EBITDA-growth (75%), seen against the same period last year (+4 MNOK)

Solid order backlog combined with high tendering activity and demand for Goodtech's services in the quarter

Webcast Q1 2022 Consolidated balance sheet (non-audited)

(NOK 1.000)	Note	Q1 22	Q1 21	2021
Fixed assets		48 485	45 594	47 275
Right of use assets		49 183	53 384	47 404
Intangible assets		163 755	147 775	164 386
Deferred tax asset		39 344	39 973	40 014
Total fixed assets		300 766	286 726	299 078
Inventory		7 986	6 108	9 059
Trade receivables		114 812	113 248	109 773
Other short term receivables		12 121	9 434	10 481
Cash & cash equivalents		103 599	99 413	88 717
Total current assets		238 518	228 203	218 030
Sum assets		539 284	514 929	517 109
Paid in equity	10	482 936	478 297	482 935
Retained earnings		-220 752	-206 034	-222 717
Non-controlling interest		1 292	2 064	1 522
Total shareholders equity		263 476	274 327	261 741
Non interest-bearing long-term debt		3 251	0	2 758
Interest-bearing long-term debt		6 377	1 696	6 576
Long-term lease liabilities		39 172	43 618	36 898
Total long-term liabilities		48 799	45 314	46 232
Non interest-bearing short-term debt		168 798	147 596	151 234
Interest-bearing short-term debt		45 280	35 294	44 351
Short-term lease liabilities		12 932	12 398	13 552
Total current liabilities		227 009	195 287	209 137
Total liabilities		275 809	240 602	255 369
Total equity and liabilities		539 284	514 929	517 109

Goodtech strengthens its position as a leading supplier of industrial efficiency

Sales activity and order backlog

Development in order backlog in the quarter

The order backlog is at 278,4 MNOK at the end of Q1 2022, compared to 295,8 MNOK at the end of last quarter (-5,9%), and 225,1 MNOK at the end of Q1 2021 (23,7%). Order intake in Q1 2022 ended at 143,8 MNOK, and is dominated by order intake within Goodtech's core competencies within industrial robotics, automation and digitalization.

The business at Åland – which continues to maintain a strong order reserve, is now less than 30% of the groups total order backlog per Q1 2022.

Milestones in Norway

Won a total of 30 MNOK in frame agreements with a key O&G client.

Milestones in Sweden

Market still awaiting to rebound after COVID19, expected increased order intake from Q2 2022.

Milestones in Finland (Åland)

Goodtech Environmental Solutions AB in Åland signed a contract with Veidekke Entreprenad AB for the construction of new a chemical system at Himmerfjärdverket sewage treatment facility south of Stockholm. The contract is part of a larger re-build project ongoing at Himmerfjärdsverket, and will contribute to increased capacity and water quality in the facility.

The contract value for Goodtech's contribution to the project is around 16 MSEK, and the project is expected to be finished towards the end of 2023.

- Goodtech has a solid position in this segment, and we are proud to assist Veidekke Entreprenad AB in this project – where water quality is a prioritized and valuable resource, says CEO Margrethe Hauge

Goodtech strengthens its position as a leading supplier of industrial efficiency

Strategic platform

• 1. Strategic re-positioning
• 1. Sustainable growth
• 1. Innovation, digitalization and creativity
• 1. Efficiency in project, delivery and organization

Outlook Goodtech strengthens its position as a leading supplier of industrial efficiency

Key points

• Well positioned in a growing market within all segments of industrial digitalization in the Nordics
• Further strategic focus towards the core areas; robotization, automation and digitalization
• Strong order backlog and high activity in all regions of the group
• Ongoing investment processes in innovation and development continues as planned – expected to improve Goodtech's value proposition towards key customers