Otovo ASA

Investor Presentation • Oct 2, 2025

OTOVO EVOLUTION

New phase of growth

Oct 3, 2025

02 October 2025

1	Background
2	Strategic evolution
3	Organizational redesign
4	Outlook

Amid challenging solar market, Otovo sees big growth potential in two new solutions, addressing key industry challenges

Volatile customer demand

Rapid energy price and regulatory changes make it risky and costly to balance marketing and sales capacity

Challenging European Solar Market Grow two solutions with high traction

Expand distribution, targeting the local installer's direct sales (80% of EU market), enabling PV + battery leasing for their customers

Marketing risks

Online marketing accounts for 50% of Otovo leads and is becoming more expensive with market oversupply

Service

Otovo Service solution ("Care") will monetize millions of installed PV systems in Europe, with 24/7 diagnostics, service and repairs

Challenging European Solar Market

Otovo unconstrained: Opening up Otovo products through a new distribution channel from October 6th

Offer Otovo's unique leasing and service contracts to rest of market

Turbocharging distribution and scale through Otovo's installer network

Note: *Pricing of installation and hardware. Otovo controls interest rate element on leasing, and terms of Service product

Agenda

1	Background
2	Strategic evolution
3	Organizational redesign
4	Outlook

New Otovo: Cash sales, Leasing and Service now distributed both through In-house Sales, and external sales channels

			Distribution Channels
	Solutions	Description	In-house Sales	External Sales
1	OTOVO DIRECT "Cash Sales"	Customer makes a purchase and pays Otovo in full at delivery
2	OTOVO LEASING "Leasing"	Customer makes a purchase and pays a monthly fee for 20 years	Otovo salesperson or website	NEW Installers
3	OTOVO CARE "Service"	Customer pays Otovo a monthly fee for service and customer support

OTOVO DIRECT: Otovo sells directly to the customer through In-house sales 1

OTOVO DIRECT: Changing In-house sales model to freelance, reducing fixed cost base & risk 1

Otovo is reducing fixed costs, switching spend from input-based to output-based. In Jan 2026 Otovo will be de-risked, with sales agents being on commission-only schemes

Data Sources: 1. Grand View Research (EU+IT), Mordor Intelligence (PL); 2. CAGR includes every end-user (not only residential)

OTOVO LEASING: Now installers will be able to sell leasing on behalf of Otovo, leveraging our infrastructure 2

Business rationale

• ● High market share: local installers perform >80% of PV-installations in EU
• ● Complexity of leasing: limited resources restricts installers outreach

The only pan-european leasing solution

• ● Simplicity for installers: Otovo supports with standardized contracts, financing and operational support
• ● Highly profitable: Otovo shares a cut of installer with no CAC and the installers double their volume

OTOVO CARE: Membership providing access to fast and reliable customer support and remote monitoring for €9 per month 3

Otovo care is live across four markets Otovo Care for European PV owners

The problem

Millions of PV-systems in Europe struggle to keep their power on, with systems breaking and needing maintenance.

What Otovo Care does

Otovo Care is a subscription for customers offering fast response times, support on warranty claims, remote diagnosis and discounted repairs

Why it matters

Customers want fast, dependable service. The membership plans guarantee a fix through 24/7 monitoring and quick response repair service

OTOVO CARE: 3,300 members have signed up for Otovo Care since July - will expand to rest of Europe by end-of-year 3

Big market opportunity

Market volume

Otovo Care aims to capture the €1b market opportunity through over 3m orphaned homes in Europe

Number of homes in Europe

Why is this great for Otovo…

• High-margin ARR unlocks potential for aggressive scalability
• Optimal cash flow profile through upfront payments
• Installer enthusiasm through additional revenue realization

Monthly Otovo care

The only one-stop solution

Less competitive landscape and rapid growth

Already 3,300+ members in only 3 months, acquired Zolar portfolio and ready to expand to the rest of EU

On a mission to put batteries in every home and solar panels on every roof in Europe

Home Energy Management System

Heat

Solar

PV

Pump

Agenda

1	Background
2	Strategic evolution
3	Organizational redesign
4	Outlook

Significantly smaller organization required to operate new Otovo

Comments

• Removed executive management layer
• Outsourcing sales and marketing costs
• The cost and personnel efficiency program entails:
  • Cut approximately 90 full-time positions from payroll
  • Reduced average cost per FTE
  • Moving Sales org. to one where we pay per sale, rather than per hour
• The Madrid hub continues as the central platform for accounting, marketing, collections, and operations, delivering efficiency at scale for Otovo's 10 markets

A delayered, simplified, and reduced organization set up to execute on strategic pivot

Note: Forward-looking figures are indicative and for illustration only

Note: 1) Number of permanent full-time employees, excluding those on leave or in notice period. CEO Counted in "Otovo ASA". FTE numbers and distribution in Dec'25 are estimates, and should be read as a rough approximations

Expecting annualized cost reductions to total NOK 110-120m

Note: Forward-looking figures, from Q3 25, are indicative and for illustration only

• Q4 will have one-off cost related to downsizing, before the full P&L effect is visible during Q1 2026 (included in historical and forecast figures)
• Payroll figure includes sales commission for full-time employees, but not freelancers (which is in Other opex)

50 ^{42 44} Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -20 (40%) ~30 Q1 26

• Marketing cost reduced drastically outside of Italy and Poland
• Most of the favourable effect of reductions in P&L in Q4 2025, with cash effect lagging by ~1 month

27

Marketing cost (NOKm)

22 23

Payroll Marketing Other opex

• Other opex figure includes all payments to freelancers, which will increase over the next quarters
• Office costs, and other FTE-driven opex will decrease as a result of the organizational change. Gradual effect over next few quarters

~20

-3 (-15%)

Reorganization will reduce costs and improve cash flow from Q1, after NOK ~20m one-off costs in Q4

One-off (adverse) P&L effect related to downsizing of NOK ~20m, will largely be reflected in the P&L in Q4'25.

Cash effect (favourable) of savings from Q1'26

One-off (favorable) cash effect from installing pipeline of already sold projects, while marketing expenditure drops in Q4

Ongoing annual savings of ~NOK 80m from payroll cost cut (-40%), and 30-40 from other reductions

Agenda

1	Background
2	Strategic evolution
3	Organizational redesign
4	Outlook

New Otovo: Pivoting towards recurring, high-margin business areas

Business areas	Distribution	Description	Type	% of business	Gross margin
Cash Sales	In-house Sales	Customers buy products on Otovo's website or salesperson, and pay lump sum	One-time revenue	Today 2026	Expected ~25%
	In-house Sales	Customers buy from Otovo's website or salesperson and pay over 20 years	One-time revenue		~30%
Leasing	External Sales	Customers buy from one of Otovo's partners, and get financing from Otovo	One-time revenue		>50%
	In-house Sales	Customers sign up for Otovo Care during or after In-house sales process	Recurring revenue		>50%
Service	External Sales	A partner's customers sign up for Otovo Care	Recurring revenue		>50%

New Otovo

• RECURRING REVENUE from Service, while transforming operations to a profit center
• EXPANDING LEASING PLATFORM through more distribution channels
• IMPROVING RISK/REWARD on direct sales, with more outsourced sales activity
• ACCELERATED PROFITABILITY path, with lighter organization and cost base

Contact

Andreas Thorsheim CEO +47 93 06 51 78 at@otovo.com