ABAX AS Q2 INTERIM REPORT 2024: STEADY GROWTH AMIDST ECONOMIC CHALLENGES

30 Aug 2024 12:00 CEST

30.08.2024, Larvik, Norway | ABAX AS, a European leader in telematics and Smart
Mobility, today announced
its financial results for the second quarter. The company reported revenue of
205.7 million NOK, a 1% increase
from 203.2 million NOK in the same period last year, reflecting resilience
amidst ongoing macroeconomic
challenges.

Key Financial Highlights:
• Total Revenue: 205.7 million NOK, up from 203.2 million NOK, with a
year-over-year growth of 1%.
• Revenue Growth Outside Sweden: Strong performance with a 7% increase
year-over-year, despite
Sweden's market being impacted by macroeconomic headwinds, particularly in the
construction
sector.
• Asset Tracking Solutions: Revenue in this segment grew by 7% year-over-year,
demonstrating our
commitment to innovation and market leadership.
• Adjusted EBITDA: 89,1 million NOK, down from 92,3 million NOK 2023, reflecting
a 3% year-over-year
decline, primarily due to strategic investments in future growth initiatives,
including Fair and
iSquared.
• Annual Recurring Revenue (ARR): 803.1 million NOK, marking a 2% increase
year-over-year,
reinforcing our strong subscription-based revenue model.
• Average Subscription per Customer: Grew by 4% year-over-year, indicating
increased customer
engagement with more or higher-tier services.
• Adjusted Gross Margin: 88%, up 1 percentage point year-over-year, reflecting
strong profitability
and efficient cost management.

Significant events during the quarter:
* ABAX successfully acquired RA Forsikring AS, a reputable independent insurance
intermediary in Norway,
which will enhance its service offerings and market reach.

* ABAX have achieved recertification for ISO 9001, 14001, and 27001,
underscoring its commitment to quality,
environmental management, and information security.

“Our Q2 results reflect our operational ability to navigate a complex economic
landscape while continuing to
invest in our future. We are particularly encouraged by the strong growth in our
asset tracking solutions and
our expanding ARR, which highlights the effectiveness of our strategic
initiatives”, says Emma Dyga, CEO.
Dyga continues; “Despite the challenges in the Swedish market, we remain
optimistic about our growth
trajectory outside Sweden and our ongoing investments in innovative solutions.
Our focus on enhancing our
asset tracking capabilities and expanding our recurring revenue streams
positions us well for sustainable
growth.”

About ABAX Group AS

ABAX Group AS is a leading European telematics IoT platform offering connected
mobility solutions for vehicle
tracking, tool tracking, and equipment control. Our mission is to provide
mobility data insights that help
customers optimize field operations, comply with regulations, and achieve
significant savings. With over
500,000 tracked assets and 40,000 customers, ABAX delivers reliable and powerful
solutions for businesses
relying on field workforces, logistics, and heavy equipment. Our advanced
platform transforms customer
needs into actionable insights and automated reporting, driving efficiency and
operational excellence.
The Q2 report is available on the company website www.abax.com.
For more information please contact:
Emma Dyga, CEO, ABAX
Email: emma.dyga@abax.com
Phone: +46 734390652

John Ole Moe, CFO, ABAX
Email: john.moe@abax.com
Mobile: +47 95 26 87 01

This information is information that ABAX Group AS is obliged to make public
pursuant to the EU Market
Abuse Regulation 596/2014. The information was submitted for publication, with
contact persons set out
above, at 12:00 CEST on the 30th of August 2024

More information:
Access the news on Oslo Bors NewsWeb site

626709_Abax_FinancialReport_Q2 2024 Final.pdf