Ørn Software Holding Q4 2021 presentation

4 March 2022

Disclaimer

This presentation (the "Presentation") has been produced by Ørn Software Holding AS (the "Company", and together with its subsidiaries the "Group") solely for information purposes. This Presentation is dated March 4, 2022. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation.

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AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH OUR BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION.

This Presentation is subject to Norwegian law and any dispute arising out of or in connection with this Presentation is subject to the exclusive jurisdiction of the ordinary Norwegian courts, with Oslo District Court as agreed legal venue.

This presentation includes the use of the following Alternative Performance Measures: Annual Recurring Revenue (ARR), Organic growth in ARR, Net retention, Adjusted EBITDA and Churn rate. These are defined in Ørn Software's Q4 2021 report.

Vidar André Løken CFO Sten-Roger Karlsen CEO

A leading Nordic Software-as-a-Service company

We offer software for sustainable use, development and management of assets

Employees Office locations Countries

Value creation through best -of -breed worksite management software

We enable stakeholders of facilities and assets to improve quality, operational efficiency and sustainability performance

Leading position within several segments

Real Estate Management Industrial Maintenance & Quality Control

Energy & Sustainability Management

The beauty of Software as a Service (SaaS)…

… Ørn performing excellent in 2021

2) Adjusted for FX effects

3) REM = Real estate management, IMQC = Industrial maintenance and quality control

4) Adjusted for FX effects and one specific Swedish customer

Key figures

Customers

38 000

280,000

Users

Components

Residents 38,000

Buildings 100,000

89,000,000

Sqm

Our growth journey

ARR increase 10x

80% 1)

CAGR (total)

CAGR (organic)

28%1)

Revenue and adj. EBITDA

Q4 highlights

Solid new sale and net upsale in Q4

ARR growth organic driven by net upsale and new sale in Q4
Q4 churn of 0.1%
The net retention rate 101.4% in Q4 negatively affected by currency differences
Net upsell is positively affected by seasonal contraction in volume-based ARR with NOK 1.6 million in Q4

Significant ARR and customer growth

Real Estate Management (ARR NOKm)

Industrial Maintenance & Quality Control (ARR NOKm)

Energy & Sustainability Management (ARR NOKm)

Growth reflecting acquisitions made in Q4-20, Q1-21 and Q3-21
Organic growth of 11.3% Y/Y Q4- 211)
Q2-21 growth driven by acquisition of Landax
Organic growth of 24.6% Y/Y Q4-21
New segment as of Q4-2020 as a result of acquisition
Organic growth of 4% Y/Y Q4-21

1) Adjusted for FX effects and one specific Swedish customer

Strong revenue growth and sustained high gross margin

Growth is primarily driven by acquisitions of MainManager, Entro IT, Facilit, Landax and Rapal
Gross margin decrease in Q4 as acquired companies have higher COGS related to non-recurring revenue

• Wrong accruals according to salaries in Q3 with NOK 3.5 million made Q3 OPEX figures lower than actual. Adjusted for this the adjusted OPEX level was around NOK 40 million in both Q3 and Q4

! Driven by acquisitions Ørn's adjusted EBITDA is doubled from 2020
! After corrections for wrong accruals in Q3 and Q4 our adjusted EBITDA level was around NOK 15 million and are suspected to increase

Profit and loss statement

Operating revenue growth in Q4 2021 compared to Q4 2020 driven by acquisitions and organic growth
Adjusted EBITDA +50%
Special items of NOK -1.6 million mainly related to changes in employer's contribution to the option scheme bonuses
Increased depreciations & amortizations mainly related to acquisitions
Net financial income in Q4 2021 was NOK -4.3 million. NOK -9.5 million reflecting interest expenses and other loan related expenses, and positive currency effects
Reported tax in Q4 2021 was NOK -3.7 million. The negative effect in Q4 2021 is a result of using the end of year tax calculation for 2021 instead of a flat 24% (used through the year) on profit before tax

NOKm	Q4 21	Q4 20	FY 21	FY20
Recurring revenue	53,844	18,631	164,511	71,414
Non-recurring revenue	11,639	4,387	29,460	10,531
Total revenue	65,483	23,017	193,918	81,945
COGS	-9,666	-1,306	-20,567	-5,900
Gross profit	55,817	21,711	173,351	76,045
Total Opex	-42,792	-17,694	-149,462	-58,153
EBITDA	13,025	4,017	23,889	17,892
Special items	1,555	-3,652	-21,776	3,652
Adjusted EBITDA	11,470	7,670	45,665	21,544
Depreciation and amortisation	-25,593	-5,913	-74,805	-20,925
Reported EBIT	-12,567	-1,896	-50,917	-3,033
Net financial income	-4,263	-1,627	-17,315	-2,855
Reported EBT	-16,829	-3,523	-68,232	-5,888
Tax	-3,711	422	8,626	1,685
Net income	-20,540	-3,101	-59,607	-4,203

Gross margin	85 %	94 %	89 %	93 %
Adjusted EBITDA margin	18 %	33 %	24 %	26 %

Cash flow and balance sheet

Cash flow bridge Non-current assets has decreased in Q4 2021 after depreciation and amortization

2021 highlights and achievements

IPO and capital raise
Executing on the M&A strategy, by acquiring Facilit, Landax and Rapal
Strengthening sales organization, to increase organic growth
Building sales pipeline for products with long sales cycles
Investments in technology platform strategy and microservice architecture to streamline product development and build foundation for future decrease in CAPEX/revenue ratio
ARR growth of 111 percent, revenue growth of 137 percent

2022 priorities

Take out revenue and cost synergies from the string of acquisitions in 2020 and 2021
Implement measures to significantly increase profitability and cash generation
Continuing to scale commercial organization to improve new business and exploit potential in cross sales

Foundation laid in 2021 allows for Ørn to take a step-change in profitability in 2022

Outlook full year 2022

Revenue around	Adj. EBITDA-margin	Target CAPEX/revenue
270 NOKm	28–30%	16%
Up from 194 NOKm in 2021	Up from 24% in 2021	Down from 17% in 2021
Software expects to be cash positive in FY2022 1) Ørn

High-level targets for 2025

Organic growth

430 NOKm ARR

Profitability

EBITDA

margin

40%

Dominant European player

Market recognition

AI assistant

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