Goodtech — Investor Presentation 2025

Feb 14, 2025

goodtech.no

Industry reinvented

Quarterly report Q4 2024 | Goodtech ASA

Quarterly report Goodtech ASA - Q4 2024

Summary

Revenue and order backlog:

• Net operating revenue after external project cost slightly higher than the same period last year (+6%)
• 66% growth in order backlog compared to the same quarter in 2023

Profitability:

d

d

- 3.4 MNOK nominal reduction in EBITDA compared to the same quarter in 2023 partly caused by lower procurement share in the revenue mix as well as several non recurring effects Personell costs increased by 6% to 93 MNOK in Q4 2024

• Other operating expenses increased to by MNOK 5.2 compared to same quarter last year

Health and safety:

• The H1 value (number of lost-time injuries per million hours worked, calculated on a rolling last 12-months basis) remained at 0
• Sick leave in the quarter ended at 3.9%

Capital structure:

Robustly capitalized with a 49% equity share and NOK 111 million in cash and cash equivalents

After the quarter, Goodtech announced the sale of its assembly line business and workshop in Karlstad (Sweden). The transaction will be completed in February 2025, and is therefore classified as held for sale in the balance sheet and as discontinued operations in the profit & loss statement for Q4 2024

The share purchase agreement was signed and closed on 10.02.2025, with an undisclosed transaction value

Quarterly report Goodtech ASA - Q4 2024 Announcements in the quarter | Q4 2024

11.8 MNOK

Quarterly report Goodtech ASA - Q4 2024 Recap | Goodtech's strategic repositioning journey 2021-2025

Quarterly report Goodtech ASA - Q4 2024

Exit of non-core business unit in Sweden after the quarter After the quarter, Goodtech announced the sale of its assemblyy line business and workshop in Karlstad (Sweden). The transaction will be completed in

Quarterly report Goodtech ASA -
	Q4 2024
	Exit of non-core business unit in Sweden after the quarter After the quarter, Goodtech announced the sale of its assemblyy line business and workshop in Karlstad (Sweden). The transaction will be completed in
	February 2025, and is therefore classified as held for sale in the balance sheet and as discontinued operations in the profit & loss statement for Q4 2024
	• Sale of 100% of Goodtech Solutions AB (GSAB) to investment group Lazarus Industriförvaltning AB – owner of AH Automation AB
The	• The share purchase agreement was signed and closed on 10.02.2025, with an undisclosed transaction value
deal	s "We are very happy to have found a solution with Lazarus to grow GSAB further. This deal will benefit the customers, the GSAB employees and Goodtech, and marks yet another significant milestone in Goodtech's strategic repositioning" says Margrethe Hauge CEO at Goodtech
Effects on Q4	• This transaction means that Goodtech – in accordance with the guidelines in IFRS 5, will disclose GSABs financials as held for sale in the balance sheet and as discontinued operations in the P&L statement for Q4 2024
	• GSABs unaudited financial statement for 2024 currently indicates revenue of 142 MNOK, and EBITDA of -17.3 MNOK
	• At the balance sheet date, the carrying value of the subsidiary's assets and liabilities have been written down by 14 MNOK comprising primarily of deferred tax assets and goodwill
	• Goodtech will establish a new company in Sweden focusing on Goodtech's core strategic pillars within advanced control systems
Effects on	integration, production software and large plant transformation projects. The company will have a similar competency profile as Goodtech's Norwegian operations, and will not compete with GSAB – but may procure external project services from the same value chain layers as GSAB

.

Strategic focus on service and after sales continues

Quarterly report Goodtech ASA - Q4 2024 ensuring that Goodtech remains close to key customers also after any project is delivered

services from technical industries

• Software license procurement, upgrade / patching and administration
• OT infrastructure Managed Services (Goodtech own software)
• Through 2024 Goodtech has experienced a significant increase in the number of service agreements sold. This growth is a direct result of our targeted work in offering customized solutions that meet our customers' special needs for optimal and effective production

Our measures have led to even higher customer satisfaction, which confirms that our efforts in aftermarket and service are also meeting the intended demand in the market.

Quarterly report Goodtech ASA - Q4 2024 Financial performance*

Comments

Total revenue came in 19% lower than in Q4 2023

1. In Q4 2023 Goodtech had several projects with high procurement share in the project mix - defined as "external project costs" in Goodtech's P&L. In Q4 2024 the total external project costs were 53 MNOK compared to 103 MNOK in Q4 2023, which explains the fall in total revenue. 1. In the same quarter last year, the revenue was impacted by 2. Personnel costs increased from 87 MNOK in Q4 2023 to 93 3. The Groups has supported projects in discontinued operation

Net operating revenue after external project costs in line (+6%) with same period last year

2024 3.5 MNOK lower EBITDA from Q4 2023 to Q4 2024

• high procurement share and the group had consequently lower margin contribution from external project cost in Q4 2024
• MNOK in Q4 2024 (+6%)
• which impacts EBITDA negatively in the quarter

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

Quarterly report Goodtech ASA - Q4 2024 Sales and order backlog*

Order backlog | MNOK

Order intake | MNOK

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

Comments

Order backlog grew 66% from 216 MNOK in Q4 2023 to 359 MNOK in Q4 2024

• The mix in Goodtech's order backlog has in 2024 shifted to containing a larger share of projects that span across several years. Typically, a project at Goodtech will be completed in 6-12 months, whereas the recent wins with Wacker Chemicals Holla (high double digit MNOK size announced in Q2 2024) and the Empire Wind projects (50 MNOK announced in Q2 2024) are expected to last until mid 2026. . The order backlog in Norway is divided between small and medium-sized projects
• The order backlog reflects the operations in Oslo, Tønsberg, Porsgrunn, Fredrikstad, Moss, Bergen, Førde, Trondheim and Mo i Rana in Norway
• In the quarter, a new contract with Wacker Chemicals (11 MNOK) was signed
• 188 spread over framework agreements, consultancy assignments, service agreements and studies, as well as fixed-price projects with industrial players who are digitizing their industrial and production operations
  • The order backlog in the group is diversified across a wide range of customers and market segments in the Nordic industry

Robust capital structure

Quarterly report Goodtech ASA - Q4 2024 Summary and outlook

Q4 2024 | Goodtech ASA

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