Otovo ASA — Earnings Release 2021

Jul 15, 2021

Results for Q2 2021

Results for Q2 2021

Highlights

Otovo delivers on its growth plan in the second quarter of the year and sees a significant increase in the project pipeline.

• Revenue up 51% YoY to NOK 64m

• Net sold projects up 148% YoY to 1183

• Pipeline value up 152% YoY to NOK 103m

• Gross profit up 49% YoY to NOK 10.3 (16.1% margin)

• Cash deployed on leasing assets NOK 31m out of Q2

• Leasing share of net sold projects 25% in Q2 and increasing

• Batteries with 35% attachment rate of sales in Italy in Q2

• New partnerships continue to broaden reach & awareness

• Launch in Germany planned for Q4

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Delivering on growth, Germany next

Entry into new markets and increasing activity in existing markets have secured growth in revenues, net unit sales, and pipeline compared with Q2 20. The growth is significant also compared with Q1 21. The leasing product gains traction, and the addition of batteries, new partners, and new countries provide a good foundation for future growth.

-- This quarter is our best ever in terms of sales. The top five months in Otovo’s history are the past five months. Our new countries are growing quickly and the ones where we have been present for more than a year are all growing at or above 100 percent year on year, says Otovo CEO, Andreas Thorsheim.

-- Building on our three recent country launch successes, we are planning to enter Germany in Q4 21. The German market is currently doing 150.000 installations per year and is expected to see strong growth. It’s the biggest prize in European residential solar, he adds.

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Please find attached the quarterly report, alongside the quarterly presentation that Andreas Thorsheim, CEO and Lars Ekeland, General Counsel and Acting CFO, will give at the webcast hosted by Arctic Securities at 09:00 15 July on the following link:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_MDhmYzMxZTEtZTNhZi00MDM5LTgxYjEtMWFhYjE2ODYzYTFh%40thread.v2/0?context=%7b%22Tid%22%3a%22d02701f9-3b23-4b3f-8fce-29ed54632bf8%22%2c%22Oid%22%3a%220e4769c3-7b47-4dbd-a752-df8039f73395%22%2c%22IsBroadcastMeeting%22%3atrue%7d

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Disclosure Regulation

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the roof. Otovo is a marketplace that organizes hundreds of local, high-quality, and qualified energy installers. The company uses its proprietary technology to analyze the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details, and more.