Q-Free ASA - Earnings Release 2019

Q-FREE - FIRST QUARTER RESULTS 2019

Order intake in the first quarter was very strong. Q-Free has now had six

consecutive quarters with order intake growth and a book-to-bill ratio above 1.

As a result of the strong order intake in previous quarters, the company

delivered 9 percent organic revenue growth in Q1-19. EBITDA was temporarily down

because of customer/product mix effects.

Highlights for Q1-19 include:

* 298 MNOK in order intake, up 47% from Q1-18

* 223 MNOK in revenues, up 9% YoY driven by 25% growth in non-tolling

businesses

* 9 MNOK in EBITDA, down from 16 MNOK in Q1-18. IFRS-16 positively impacted

EBITDA with 5 MNOK

* 1 192 MNOK in order backlog, up 16% from Q1-18

* 734 MNOK in FY 2019 revenues secured at the end of Q1-19, 29% above secured

FY2018 revenues end of Q1-18

- We are very satisfied with the continued strong order intake, which proves the

commercial attractiveness of our various offerings and supports our double-digit

revenue growth target. The EBITDA fluctuation in Q1-19 is temporary as we have a

high backlog that supports strong revenue growth and margin expansion in the

coming quarters, comments CEO in Q-Free, Håkon Volldal.

The live broadcast, starting at 9 AM CET, can be followed on

https://www.q-free.com/investor_relations/web-cast/

A recorded version will be available after the webcast has been concluded.

Enclosures: Q1-19 report, Q1-19 presentation

For further information, please contact:

President & CEO, Håkon Volldal: +47 977 19 973

CFO, Tor Eirik Knutsen: +47 950 50 062

About Q-Free

Q-Free is a leading global supplier of ITS (Intelligent Transportation Systems)

products and solutions. The company has approximately 383 employees, offices in

16 countries, and a presence on all continents. Headquartered in Trondheim,

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

www.q-free.com

Twitter:@QFreeASA

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