Investor presentation

March 2021

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Today's presenters

Sten-Roger Karlsen

CEO

CEO Since 2018

Started in 2017 as VP Customer Success

Experience from top management in Technology and Software companies

Vidar André Løken

CFO

CFO Since 2016

Former Consulting and Audit partner at PwC

Ørn Software – digitizing asset-heavy industries

Most companies have fixed assets that need to be efficiently managed where Ørn provides industry-leading digital tools

Capture available data

Digitize workflow

Create field-apps for onsite maintenance & operations

Provide analytics and optimization

Ørn Software – an industry leading software portfolio

Helping all owners of facilities or industrial assets improve operational efficiency and lift sustainability performance…

5 1) Including pro forma adjustment for recent acquisition of Facilit (ARR 2020A of NOK 15m and revenue 2020A of NOK 17m). See page 64 in appendix for Facilit financials

2) Excluding adjustments for recent acquisition of Facilit

Clear value proposition

Best-of-breed solutions covering customers' full needs

Gold illustrates extent of functionality covered – narrower lines indicate restricted functionality

Gold illustrates Ørn's offering with deep FM/AM functionality and select aspects of other categories

A, B and C represent example niche functionality providers with limited breadth of offering

Competitive edge over ERP/generalists

Ørn provides solutions that are specifically designed for customer workflow and needs – while ERP systems have more generic solutions

Best-of-breed solutions are more user-friendly than ERP systems, because they don't rely on the broader ERP framework

The pace of development and implementation of state-of-the-art functionality is higher for best-of-breed solutions, due to fewer dependencies across software suite

Competitive edge over single-purpose players

Ørn is a one-stop-shop for its customers, where a number of single-purpose players would have to be implemented in parallel to cover the same functionality

With several integration layers, Ørn can easy connect to external systems an tools – whereof single-purpose players is restricted to individual tools

Compared to a small single-purpose player, Ørn can offer far better customer support, implementation and training

Investment highlights

Software offering: Complementary best-of-breed solutions

Market dynamics: Large and underpenetrated target market

Business model: SaaS with strong upselling and cross-selling potential

Financials: Proven ability to grow delivering strong SaaS-metrics

Growth plan: Scalable platform positioned for growth

Complementary product offering

Providing a user-friendly and agile, yet powerful, suite of process optimization tools

Suite of complementary best-of-breed solutions covering key customer needs

8 1) Including pro forma adjustment for recent acquisition of Facilit (ARR 2020A of NOK 15m and revenue 2020A of NOK 17m). See page 64 in appendix for Facilit financials

Ørn meets the today's customer needs

Underlying market growth supported by growth in enabling technologies

Enabling technology

European expansion provides NOK ~48bn upside

With NOK 12bn in the Nordics

§ Ørn Software is positioned to take part of a large untapped potential market within Europe and the Nordics
§ The addressable market is the theoretical amount that should be spent on the software solutions
§ Share addressed is the current spend on specialized software, ERP modules & in-house solutions
§ The remainder is untapped potential, from companies yet to adopt software tools, though they ought to. This is today partially spent on analogue substitutes

SaaS model with strong upselling and cross-selling potential

Revenue growth as activity increases over time

Time

Real Estate Management

Pricing based on functionality and square meter of floor space under management (business) or number of apartments (housing)

Industrial maintenance and quality control

Pricing based on functionality and number of maintenance objects in the system, partly also the number of locations

Energy and sustainability management

Pricing based on number of buildings or number of energy meter - price per building decrease with volume

12 months up-front payment

3 months notice for termination

Free number of users for majority of products

Diversified revenue base 1 2 3 4 5

With high customer and sector diversification

growth

Customers increase ARR over time

Increased need for offerings driving efficiency, quality and environmental performance

"It was a very smart move of Ørn to buy Optima. Integrating the energy monitoring system with a FM software is great. It provides a better opportunity to detect and correct errors quickly if you use a lot of energy"

"Maintenance has contributed to better planning and higher quality of maintenance, which has resulted in fewer lift stops and our machines spend less time out of service"

We are really happy with the functionalities Ørn offers. Both our company leaders and operators use Ørn Maintenance daily"

Strong and consistent long-term ARR growth

Driven by very high net retention (117% average '18A - '20A) and acquisitions

1) Net upsales include upsales, price increases and contraction

2) ARR CAGR '17A-'20A of 80% including Facilit

3) See page 64 in appendix for Facilit financials

4) BoP = beginning of period

M&A value creation example

Ørn has almost doubled Uni's ARR since the acquisition in mid 2018

Scalable and strong platform for growth

Several attractive underlying drivers and initiatives to fuel continued growth journey

Proven story of acquiring and integrating companies

Pre acquisition		During acquisition		Post merger integration	Long term
§ Screening for companies that can help Ørn to provide complementary offerings and/or new geographical footprint Integration progress		§ Ørn has a track-record of acquiring companies of 2-3x ARR § The management at Ørn build relationship with management and stakeholders	§ Established & streamlined implementation template to	§ integrate acquired companies and achieve maximum value §	Ørn seeks a value uplift from the acquired customers, which implicit reduce the ARR multiple This is done by price increase, upselling and cross-selling
	Acquired in 2015
	Acquired in 2018
	Acquired in 2018	sc
	Acquired in 2020
	Acquired in 2020
	Acquired in 2020
	Acquired in 2020
	Acquired in 2021

Extensive M&A pipeline with several ongoing dialogues

ü	Increase ARR
ü		Geographical market expansion
ü	Strengthen product portfolio with complementary product offering
ü		Utilize best in class sales capabilities to upsell
	-	Existing products to new customers

New products to existing customers

High-level financial and strategic targets for 2025

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