SoftwareONE Holding AG — Report Publication Announcement 2021

Nov 19, 2021

Ørn Software Holding AS (ORN) - Third quarter 2021 financial results: Continued strong growth

Ørn Software Holding AS (ORN) - Third quarter 2021 financial results: Continued strong growth

19.11.2021 07:00:00 CET | Ørn Software Holding AS | Half yearly financial

reports and audit reports / limited reviews

Trondheim, November 19, 2021 - Ørn Software Holding AS today reported its

results for the third quarter 2021, showing NOK 214.2 million in annual

recurring revenue (ARR), a growth of 197 percent year-on-year. Operating revenue

in the third quarter was NOK 59.5 million, 208 percent higher than in the same

period last year. Adjusted EBITDA increased with 269 percent to NOK 18.2

million, implying an EBITDA margin of 30.7 percent. Reported EBITDA was NOK 12.5

million, affected by 5.8 million in special items related to acquisitions.

"The third quarter of 2021 was another strong quarter for Ørn Software. With our

Software-as-a-Service (SaaS) based business model, annual recurring revenue

(ARR) is an essential performance indicator, and the growth of close to 200

percent is driven by successful execution of our aggressive expansion strategy

driven by both active M&A and organic growth. During the third quarter we closed

the acquisition of Rapal, which is the largest acquisition in Ørn's history.

Rapal represents a highly attractive addition to our portfolio, as well as our

first step into the Finnish market." said CEO of Ørn Software Sten-Roger

Karlsen.

Ørn is continuing to strengthen its position as a leading Nordic

Software-as-a-Service (SaaS) company and is supporting a wide range of

industries with value creation through a comprehensive suite of best-of-breed

worksite management software. In Q3 2021 year-on-year organic growth in ARR was

12.2 percent.

"We are highly committed to continuing the growth story and delivering on our

long-term targets. The target is to grow ARR organically to NOK 430 million, and

to reach EBITDA margin above 40 percent by the end of 2025. Continued focus on

value-creating M&A is a high priority. At any given time, we are considering

multiple acquisitions in the Nordics, and we believe there is significant room

for growth. The Nordic market is estimated at NOK 12 billion, of which only

around NOK 2.6 billion is currently being served. Over time, we will seek to

expand beyond the Nordics. Our ambition is to be recognized as a dominant

European SaaS company with best-of-breed solutions for worksite management."

said Sten-Roger Karlsen.

Ørn Software's reported Net result in Q3 2021 was negative with 19.9 million

(-0.1 million in Q3 2020). This was affected negatively by interest expenses

related to increased net debt and by NOK 18.5 million of increased depreciations

and amortizations related to acquisitions, according to NGAAP.

WEBCAST PRESENTATION

In connection with the results, Ørn Software will hold an English language

webcast presentation today November 19, 2021 at 09:00 (CEST), followed by a live

Q&A session. Viewers are welcome to post written questions through the webcast

player.

Representatives from Ørn Software will be CEO Sten-Roger Karlsen and CFO Vidar

André Løken.

The webcast will be available live and as a recording on the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20211119_1/

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act. The stock exchange

announcement was published by the contact person, at the date and time as set

out above.

DISCLOSURE REGULATION

?This information is such that Ørn Software Holding AS is required to disclose

in accordance with the EU Market Abuse Regulation.

?This information was submitted for publication by the Company's CFO, Vidar

Andre Løken.

CONTACTS

* Sten-Roger Karlsen, CEO Ørn Software, +47 922 62 321, srk@ornsoftware.com

* Vidar Andre Løken, CFO Ørn Software, +47 952 60 926, val@ornsoftware.com

ABOUT ØRN SOFTWARE HOLDING AS

Ørn Software is a Nordic provider of SaaS solutions enabling efficient

operations and maintenance across a wide range of asset-heavy industries,

including real estate, manufacturing, food & beverages, and aquaculture.

The Group's software provides customers with improved insight through

data-driven operations and contributes to increased efficiency and reduced costs

through digitalization of rental processes, data-driven maintenance scheduling

and energy optimization. All of the above contribute to the lengthening of

property and equipment lifespan, a key component of Ørn Software's value

proposition. Furthermore, the Group's offering enables customers to reduce their

environmental footprint and provides digital tools to meet reporting and

regulatory requirements.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847696/997/1321/Download%20announcement%

20as%20PDF.pdf

Orn_Software_Q3_2021_presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847696/997/1318/Orn_Software_Q3_2021_pre

sentation.pdf

Orn_Software_Q3_2021_report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847696/997/1320/Orn_Software_Q3_2021_rep

ort.pdf