Q3 2021 business update

mintra.com

Highlights – Maintaining profitability

Q3 Revenue at 57.7 MNOK up from 49.2 MNOK in Q3 2020
Q3 EBITDA at 15.8 MNOK vs 13.6 MNOK in Q3 2020
EBITDA margin at 27.3%
Strong cash position of 176 MNOK
Significant contract wins in the maritime market with seven new maritime clients based across Europe and Asia
Strategic partnerships were secured with VIRSEC® and Bureau Veritas Solutions Maritime Offshore
Awarded gold standard accreditation with the Learning Performance Institute (LPI)
Strengthened our leadership team with two new strategic appointments as CFO and CCO.

We're experts in e learning and human capital management software for safety critical industries.

We service over 2.2 million system users and 4,000 companies operating in some of the worlds most challenging environments.

Disruptive business model

One -stop -shop to help customers develop and deploy their workforce

Develop : e -learning products for delivering key knowledge regarding regulations, HSE , safe working and any company - specific regulations

Deploy: HCM software that allows worldwide workforce management to ensure safe, compliant, reliable and efficient operations

COMMERCIAL IN CONFIDENCE

ENERGY 40%

COMMERCIAL IN CONFIDENCE

Strong position in digital training

ELEARNING CONTENT

53%

HUMAN CAPITAL MANAGEMENT SYSTEMS

32%

CONSULTING SERVICES

15%

Significant contract wins in the maritime market

Maritime library more than doubled

• 234 titles in 2021

100 new in-house built technical and compliance courses
Covering the full scope of seafarers' training needs
Superior functionality and connectivity solutions

Addressable market of 54,000 vessels

Aiming to expand current portfolio from ~1,800 to ~3,400 vessels by end of next year
Contracts secured with seven new maritime clients based across Europe and Asia

Cross-selling through Safebridge

• 650 additional customers

New strategic partnerships

US Coast Guard approved provider
STCW compliant courses
190 years experience in marine and offshore energy
Suite of compliance and technical eLearning
MCA approved training provider
Specialists in regulatory and accredited maritime security courses

Comprehensive course library

2,258* COURSES & 62 TRAINING PARTNERS

* Total of all courses available to purchase from Mintra

Number of available courses*

Course format & ownership

Expanding our unique offering

Identity verification - Fully automated, anti-fraud,

• Biometric face matching technology

New hourly shift planning module for OCS HR

Secured three customer contracts in Q3
Implementation underway with five key operators in the Norwegian ferry market

DNV certification for the expanded maritime library

• First tranche approved and available

**Safebridge's ECDIS* course conversions**

• Migration to Trainingportal well underway

Awarded LPI gold standard accreditation

"…..AN EXCEPTIONAL LEARNING TECHNOLOGY PROVIDER."

"..a superb achievement and puts Mintra right at the forefront of business excellence as a technology provider and is an endorsement of its continued dedication to quality of service and innovation.

Ed Monk, LPI CEO

Business KPIs

ELEARNING	HCM SOFTWARE	MINTRA GROUP
2,258 AVAILABLE COURSES1	264,632 USER ACCESS LTM	97% SHARE OF PREDICTABLE REVENUES2
34% MARKETPLACE SHARE OF ELEARNING REVENUES3	259,262 USER LICENCES	MNOK 108 ANNUAL RECURRING REVENUE4

1 : Includes all courses available to purchase from Mintra

2 : Based on Q3 2021 with 47% Annual recurring, and 51% Reoeat purchase

3 :Excluding Safebridge revenue

4 : Contracted recurring revenue per end-Q3 2021

Q3 financial results shows YOY growth

Revenue up YOY

MNOK 57,7 up 17.6%
MNOK 179 17 YTD up 10.6%

EBITDA remains healthy

27% for Q3
28% YTD EBITDA

Successful Safebridge transformation continue to deliver results

• Continued expansion in the Maritime market and business synergies realized

REVENUE & EBITDA

*Excluding MNOK 6.2 in Safebridge acquisition cost

Continued growth YOY in eLearning

31 MNOK in Q3 up from 19 MNOK last year
94 MNOK YTD up from 63 MNOK
Maritime market expansion, but growth in market on hold

HCM software

18 MNOK in Q3 vs 19 MNOK last year
57 MNOK YTD vs 65 MNOK last year
Trainingportal in the UK challenging
OSC HR with some significant wins towards end quarter

Consulting services

7 MNOK in Q3 vs 11 MNOK last year
23 MNOK YTD vs 30 MNOK Last year
Lower demand for bespoke service
OSC HR Contract wins expected to increase utilization for implementation in Q4

Stable gross margins across the main business segments

OCS HR & TRAININGPORTAL REVENUE & GROSS PROFIT

Positive cash flow for the quarter

Cash flow from operations (CFFO)

MNOK 7.1 for Q3 vs MNOK 9 Last year
MNOK 28.4 YTD

R&D spend at

MNOK 5.2 in Q3
MNOK 13.3 YTD

Working capital change

Increase MNOK 3.8 for Q3
Increase MNOK 1.5 YTD

Well-funded to pursue growth opportunities

Strong cash position at MNOK 176

Equity ratio improved to 78 %

Loan facilities lasting to Q2 2023

At the crossroads of four megatrends

Increasing digital adoption in maritime

Travelling to college to attend a refresher course is no longer a practical option.

…..granting extensions to seafarers' certificates can only ever be a stopgap measure.

Thetius - Inmarsat research Programme

…..technology is altering traditional maritime jobs and changing the types of skills that are needed,

Singapore Maritime Foundation (SMF),

Thetius - Inmarsat research Programme

Upskilling for the energy transition

A lack of education and training is the leading reason for skills shortages in energy.

Deloitte Renewable Energy Transition Survey

Companies are prioritising the retraining of the existing energy workforce.

77,000 more offshore wind workers will be needed across six leading markets by 2024'

GWEC

Outlook remains attractive

•

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