Techstep ASA: Q3 2024 results

15 Nov 2024 07:00 CET

Highlights from the third quarter 2024:

Profitability improving y/y, growth in both revenue and net gross profit for the
first time in two years

· Recurring revenue annualised up 6% y/y, driven by 12% in Own Software
· Net gross profit margin remains steady at 35%, in line with the same quarter
last year
· Positive cash flow from operations
· Positive EBITA adj. for the eight consecutive quarter, up 11% y/y

Commercial momentum picking up, several new signings and renewed contracts

· Frame agreement secured with the Norwegian procurement agency Tradebroker,
total contract value estimated to exceed NOK 600 million
· First new Tradebroker customers already signed and onboarded
· Improving market conditions across all three markets, with strong comeback
in Sweden and continued acceleration in Poland and Europe

Strategic partnerships progressing according to plan

· First devicenow customer successfully onboarded to Lifecycle platform
· Formalised commercial agreement with the Norwegian mobile operator ICE
covering Lifecycle platform and managed services (Early October)

"Over the past few months, Techstep has achieved several key milestones. Our
profitability keeps improving, and for the first time in two years, we are
witnessing growth in both revenues and net gross profit. We are very proud of
the growth in recurring revenue and particularly our own software, which is
record high as we move into the fourth quarter. Momentum in our business is
building, both in our partner channel and with key customers. We have several
new signings and renewed contracts, and our strategic partnerships are
progressing as planned. We are very satisfied with the progress, and optimistic
about our development towards becoming the leading mobile and circular
technology company in Europe", comments Morten Meier, CEO of Techstep.

Material

Please find the report and presentation for Q3 2024 enclosed.

Presentation and Q&A:

A live presentation and Q&A session will take place today at 8:00 am CET and can
be accessed by clicking and registering using the following link:

https://events.teams.microsoft.com/event/3c5f1890-6c41-4a43-a2a3
-e0dceff1df3a@56b3dd67-66b5-4d6a-9954-22469dfcf18b

Questions for the Q&A session may be submitted in advance to ir@techstep.no, or
live during the session itself. A recording of the Q&A session will be made
available on www.techstep.io after the session has concluded.

For more information:

Morten Meier, CEO, Techstep ASA: +47 970 57 717
Ellen Solum, CFO, Techstep ASA: +47 976 66 717

About Techstep

Techstep is a mobile & circular technology company, enabling organisations to
perform smartly, securely, and sustainably by combining mobile devices, software
and expertise to meet customers' business and ESG goals. We are a leading
provider of managed mobility services in Europe, serving more than 2 100
customers in Europe with an annual revenue of NOK 1.1 billion in 2023. The
company is listed on the Oslo Stock Exchange under the ticker TECH. To learn
more, please visit www.techstep.io.

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 the Norwegian Securities Trading Act. This stock exchange
release was published by Cathrine Birkenes, Head of Sustainability and
Compliance, Techstep ASA, on 15 November 2024 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

632326_Techstep_Q3_2024_Presentation.pdf
632326_Techstep_Q3_2024_Report.pdf