ABAX GROUP AS Q3 INTERIM REPORT

29 Nov 2024 07:30 CET

STEADY GROWTH AND RESILIENT PERFORMANCE

29.11.2024, Larvik, Norway | ABAX Group AS, a leading provider of telematics and
smart mobility services,
today announced its financial results for the third quarter of 2024,
highlighting strong growth and improved
operational efficiency despite challenging market conditions. The Q3 report is
available at the company
website at https://www.abax.com.

Key Financial Highlights
• Revenue: 207.1 MNOK, a 5% year-over-year increase, and 10% growth outside
Sweden, which
experienced continued macroeconomic challenges.
• Annual Recurring Revenue (ARR): 812.4 MNOK, reflecting 4% year-over-year
growth.
• Average Revenue per Account (ARPA): Increased by 4% year-over-year, reflecting
higher customer
engagement and adoption of additional services.
• Adjusted EBITDA: 83.3 MNOK, up 8% from Q3 2023, with an improved EBITDA margin
of 40%.
• Adjusted Operating Free Cash Flow: Grew by 27% year-over-year

Operational and Strategic Developments

During Q3,ABAX effectively capitalized on cross-selling opportunities within its
existing customer base, driving
sustained growth in its Asset Tracking portfolio.This achievement is in line
with the company’s strategic
objectives to expand its presence in this sector and meet rising customer
demand.
The rebranding of its insurance platform to Mobylinq underscores ABAX commitment
to long-term
partnerships and delivering innovative solutions in the mobility data services
space.Furthermore,the
integration of key acquisitions, including RA Forsikring AS and Movolytics,
proceeded as planned,positively
contributing to both revenue and EBITDA.In addition,ABAX focused on implementing
operational efficiencies, successfully optimizing inventory management and
reducing SIM-related costs. These efforts helped the company maintain robust
gross margins, despite ongoing inflationary pressures.

CEO’s Statement
“Our solid performance in Q3 is a result of our increased focus on our asset
tracking solutions, creating
additional benefits for our customers and driving growth across multiple
markets,” said Emma Dyga, CEO of
ABAX. “Our ambitious product development roadmap ensures we continue to support
customers with innovative solutions that enhance efficiency and regulatory
compliance.”
Dyga continued: “While challenges persist in Sweden, we are optimistic about the
broader economic outlook
for 2025. Resilient growth in other markets highlights the strength of our
diversified portfolio and our ability to
navigate shifting economic landscapes.”

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

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 Q3 report is available on the company website www.abax.com

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 07:30 CEST on the 29th of November 2024

More information:
Access the news on Oslo Bors NewsWeb site

633473_Abax_FinancialReport_Q3 2024 Final.pdf