Crayon Q2 2024: All time high working capital performance and continued profitability improvement

29 Aug 2024 07:00 CEST

Crayon Group Holding ASA (OSE: CRAYN) today reported its second-quarter results,
Net working capital ended at a record setting NOK 1,403m while Gross Profit grew
13% and Adjusted EBITDA ended at NOK 412m, corresponding to a margin of 24%.

“I am very pleased to present another strong set of results for Crayon. We
entered 2024 with a clear set of objectives and are progressing well towards
delivering on our commitment. We remain growth focused and continue to see
strong demand across our markets. Improving profitability in the Consulting
business was a key priority, and the measures we have taken are materializing.
Lastly, across the global organization, working capital has been a focus area
and we are now seeing consistently strong performance, delivering an all-time
high working capital result in the quarter,” said CEO Melissa Mulholland.

Financial highlights: Q2 2024
Gross Profit NOK 1 737m Up 13%
Adjusted EBITDA NOK 412m Up 17%
Cash flow from Operations NOK 599m Up 265%

Adjusted EBITDA ended at NOK 412m, reflecting a margin of 24%. Measures to
improve profitability within Consulting, implemented in Q124, are yielding
results and margin ended at 11%, supporting the company’s Adjusted EBITDA
Outlook of 18-20% for the full year.

Cash flow from operations ended at NOK 599m. Net Working Capital ended at NOK
-1.4 billion, an improvement of NOK 1,3 billion compared to the same quarter the
previous year. As a result of the strong performance year to date, Crayon
upgrades its full year outlook to -5.0% to -12.5% from the initial -2,5% to
-10%.

The financial report and presentation for Q2 2024 are enclosed and available at
https://www.crayon.com/investor-relations. CEO Melissa Mulholland and CFO Brede
Huser will present the results in a live webcast at 8:30 am CET that can be
accessed at www.crayon.com/investor-relations.

It will be possible to submit questions online. A recording of the webcast will
be available on-demand after the live event has concluded.

Investor contact:
Kjell Arne Hansen
Head of Investor Relations and Corporate Finance
ir@crayon.com
+47 950 40 372

About Crayon: Crayon is a customer-centric innovation and IT services company
with over 4,000 team members across 46 countries. We optimize businesses’ IT
estate to help them innovate with expertise they can trust. Our services create
value for companies to thrive today, and scale for tomorrow. For more
information, visit www.crayon.com.

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626485_Crayon Group Q2 24 Earnings presentation.pdf
626485_Crayon Group Q2 24 Financial report.pdf