Q-Free ASA — Earnings Release 2014

Oct 30, 2014

Q-FREE THIRD QUARTER 2014 RESULTS

Q-FREE THIRD QUARTER 2014 RESULTS

Q-Free reported revenues of NOK 176 million for the third quarter 2014,

slightly up from NOK 170 million in the same period last year. Operating

profit before depreciation and amortisation, (EBITDA) amounted to NOK 20

million compared to NOK 24 million for the corresponding period last

year. Pre-tax, the company achieved a break-even result, compared to a

profit of NOK 7 million in the third quarter 2013.

Product revenues ended of NOK 59 million in the period, compared to 84

million in the corresponding quarter last year. This is the main

explanation of the change of EBITDA from the third quarter 2013. Recent

two years the revenue composition has however reflected a substantial

increase in product revenues and lower project revenues.

-Q-Free will experience fluctuations in revenue composition from quarter

to quarter. We see weak tag revenues weakens the top and bottom line.

The ATMS revenues is again doubled compared to last quarter, and we see

a stronger order intake in and post quarter. Q-Free is after the

acquisition of Open Roads established in all targeted areas in ATMS. We

see that the ATMS business is developing to be an important contributor

to Q-Free, comments CEO in Q-Free, Thomas Falck.

Order intake during the quarter amounted to NOK 191 million, up from NOK

129 million in the second quarter 2014. The increase reflects a stable

quarter for Products, Service & Maintenance and a significant

improvement for ATMS. By the end of the period, the total order backlog

amounted to NOK 400 million, of which NOK 142 million relates to

contracts for delivery in 2014.

For the first nine months of the year, Q-Free generated revenues of NOK

531 million, up 16% from the corresponding period last year. EBITDA

amounted to NOK 59 million (2) and pre-tax profit ended at NOK 2 million

(-50).

Enclosures: presentation and report

For further information, please contact:

CEO Thomas Falck, mobil: +47 468 00 767

CFO Roar Østbø, mobil: +47 932 45 175

About Q-Free

Q-Free is a leading global supplier of products and solutions within

Road User Charging and Advanced Transportation Management Systems. The Q

-Free Group has approximately 440 employees with offices in 17 countries

and presence on all continents. The Q-Free head office is in Trondheim,

Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.

www.q-free.com

Twitter: @Q-FreeASA