Q-Free ASA - Earnings Release 2015

Q-FREE - RESULTS FOR THE FIRST QUARTER 2015

Trondheim/Oslo 22 April 2015: Q-Free reported revenues of NOK 191 million for

the first quarter of 2015, up 13 percent from the corresponding quarter in 2014.

Growth is driven by higher activity within the ATMS segment following last

year's acquisitions.

Gross margin was 70.9 percent during the quarter, up from 59.6 percent in the

first quarter of 2014. The improvement is mainly driven by a higher share of

revenues generated within the ATMS segment, where margins traditionally are

somewhat higher than for the Products-segment.

Operating profit before depreciation and amortisation (EBITDA) ended at NOK 19.2

million compared to NOK 17.7 million in the first quarter 2014. EBIT ended at

negative NOK 2.9 million compared to positive NOK 1.6 million last year.

-Our efforts within the ATMS-segment is already showing positive results through

improved margins and improved stability in revenues and profitability. However,

we are still in an early phase of implementing our new strategy, and both the

present and next year will be marked by continued consolidation and growth,

comments CEO in Q-Free, Thomas Falck.

Order intake during the first quarter amounted to NOK 246 million up from NOK

238 million in the first quarter 2014. The signing of two major Autopass

contracts drove order intake, and by the end of the quarter Q-Free's total order

back log amounted to NOK 536 million, up from NOK 481 million by the end of

fourth quarter 2014. 60 percent of the order backlog by the end of the period is

due for delivery in 2015.

Enclosures: presentation and report

For further information, please contact:

CEO Thomas Falck: +47 468 00 767

CFO Roar Østbø: +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 400 employees with offices in 18 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

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