Techstep ASA — Earnings Release 2021

May 10, 2021

Techstep ASA: Q1 2021 results

Techstep ASA: Q1 2021 results

Highlights Q1 2021

· Revenue was NOK 306 million, up from NOK 293 million in the first quarter of

2020

· Gross profit was NOK 114 million, up from NOK 80 million in the first

quarter of 2020

· EBITDA adjusted of NOK 13 million in the quarter vs NOK 12 million in the

first quarter of 2020

· ARR increased to NOK 66 million, up from NOK 37 million in the first quarter

of 2020

· Signed eight new managed mobility service contracts, with an estimated value

of NOK 15 million and ~3,300 managed devices in the first quarter of 2021

· After the closing of the quarter:  Announced acquisition of software

provider Famoc S.A., strengthening Techstep's MMS capabilities and unlocking

European expansion

Commenting on the Q1 2021 report, Jens Haviken, CEO of Techstep says:

"During the first quarter, we continued to pursue our growth strategy and

progress our transformation into a leading Managed Mobility Services (MMS)

provider in the Nordics. Our ambitions are rooted in true mobility expertise and

capabilities. With ~300 employees and mobility experts based in Norway, Sweden

and Denmark, serving more than 550 enterprise customers and 200,000 managed

devices across industries in the private and public sector, we have a unique

platform for growth.

With market conditions still impacted by the Covid-19 pandemic effects, we did

see slower sales cycles, customer onboarding and implementation timelines in the

first quarter, and we continue to see this in the second quarter. We signed

eight new MMS contracts with a total estimated value of NOK 15 million and

~3,300 managed devices in the first quarter. Our ambition for the full year is

30 MMS contracts, and we have a sharp focus on addressing existing customers MMS

needs and onboarding new customers. Looking ahead, we see indications of

increasing activity as Covid-19 measures seem to be eased and we are happy to

see that our core enterprise customers increasingly adopt our MMS solutions",

says Jens Haviken, Techstep CEO.

Material

Please find the report and presentation for Q1 2021 enclosed.

Presentation and audiocast:The presentation will be held as an audiocast with

slides. The presentation, released today at 07:00 CET, is made in English by CEO

Jens Haviken and CFO Marius Drefvelin. The audiocast is available by this

link: https://youtu.be/NvGnj7BZUUY

A Q&A session will take place as a virtual event today at 10:00 CET. Please join

the session via the following link: https://techstep.zoom.us/j/82808508081

Questions for the Q&A session may be submitted in advance to ir@techstep.no, or

live during the session itself.

A recorded version of the Q&A session will be made available on

www.techstepasa.no shortly after the broadcast has been concluded.

Note: Famoc acquisition is not consolidated in Techstep's Q1 2021 results

Closing is subject to certain customary conditions and is expected to take place

during June 2021. The transaction is not subject to any regulatory approvals.

For more information:

Jens Haviken, CEO, Techstep ASA: +47 930 90 070

Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690

About Techstep ASA

Techstep is purpose-built to become a leading Managed Mobility Services provider

in the Nordics. Techstep combines device management, software, hardware and

connectivity into a managed service. This enables enterprises and their

employees to do their work across mobile devices and locations, with a high

degree of security and operational stability. Techstep has 300 employees based

in Norway, Sweden and Denmark, serving 550+ enterprise customers across various

industries in the private and public sectors. The company is listed on the Oslo

Stock Exchange. For more information, please visit www.techstepasa.no.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act. This stock exchange release was

published by Marius Drefvelin, CFO, on 10 May 2021 at 07:00.