Goodtech — Investor Presentation 2024

Oct 25, 2024

goodtech.no

Industry reinvented

Quarterly report Q3 2024 | Goodtech ASA

Summary

53 % 106 MNOK

Equity ratio Cash & cash equivalents

Goodtech's investments in building a stronger presence in the aftermarket continues to drive growth

Revenue and order backlog:

• Net operating revenue after external project cost inline with same period last year (+1%)
• 5% growth in order backlog compared to the same quarter in 2023

Profitability:

• 5,6 MNOK nominal reduction in EBITDA primarily caused by loss-making projects in Swedish MES-roll-out
• Reduction in other operating expenses from 24 MNOK in Q3 2023 to 15 MNOK in Q3 2024

Health and safety:

• H1 value remained at 0, as in for the rest of 2024
• Sick leave in the quarter ended at 3,7%

Capital structure:

• Robustly capitalized with a 53% equity share and NOK 106 million in cash and cash equivalents
• Sold property and buildings at Åland for 1,8 MEUR in the quarter

The strategy is intended to grow the group's more stable and recurring revenue streams to complement the more lumpy nature of project-based revenue streams

Quarterly report Goodtech ASA - Q3 2024 Announcements in the quarter | Q3 2024

Vesterålen Marine Olje

26 MNOK 20 MNOK

Design, installation and commissioning

Avaldsnes biorefinery

Sold property plant and equipment at Åland

Proceeds reduced draw on group credit facility

Sale of Property at Åland

1,8 MEUR

Quarterly report Goodtech ASA - Q3 2024

Larger ongoing projects | Q3 2024

Goodtech continues to expand its offering in the aftermarket

	Consulting FEED / study	Large projects Industrial transformation	After sales Service, license sales, own software
Typical delivery	• Management consulting • Project detailing the factory's automation potential, payback time and return on investment for the customer • Digital transformation maturity assessment	• Complete digital transformation of factory • Automation and robotisation of production processes • Systems integration • Project management, procurement, commissioning, hypercare	• Service agreements and on-call team supporting your factory • Third-party OT software license management, renewals and upgrades • Goodtech's own internally developed software:
Business model	Paid per hour	Combination of payment per hour and procurement with agreed mark-up	Annual recurring revenue from service agreements and license sales Monthly recurring revenue from own software license sales
Typical length	1-5 months	9-15 months	10+ years

Quarterly report Goodtech ASA - Q3 2024 Financial performance

Comments

• Total revenue came in 31% lower than in Q3 2023
• Net operating revenue after external project costs in line (+1%) with same period last year
• 5,6 MNOK fall in EBITDA from Q3 2023 to Q3 2024
• EBITDA-margins reduced to 2% in Q3 2024
• Total number of employees grew from 300 to 350 from Q3 2023 to Q3 2024
• Other operating expenses reduced from 24 MNOK in Q3 2023 to 15 MNOK in Q3 2024

* EBITDA margin is calculated as EBITDA divided by net operating revenue after external project costs

Quarterly report Goodtech ASA - Q3 2024 Sales and order backlog

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 ²⁰²⁴ Q3 2024

Development in order backlog | Continued operations

7

Quarterly report Goodtech ASA - Q3 2024 Robust capital structure

continues to drive growth