Ending the year in line with expectations

14 Feb 2025 08:00 CET

Following the recently announced exit transaction of subsidiary Goodtech
Solutions AB to Lazarus Industriförvaltning AB, Goodtech ends 2024 in line with
expectations delivering 9.9 MNOK EBITDA from continued operations.

Net revenue after external project costs came in at 125.3 MNOK (118.2 MNOK) and
EBITDA ended at 9.9 MNOK (13.4 MNOK). The majority of the nominal fall in EBITDA
from 2023 to 2024 is explained by lower procurement share in the revenue mix.
Salaries and payroll costs rose in line with growth in the employee base, and
other operating expenses were higher in full year 2024 vs. full-year 2023 due to
higher office and consultant costs.

Goodtech reports an order backlog growth of 66% since Q4 2023, with a
book-to-bill ratio of 1.1x in the quarter. The order backlog is 359 MNOK per Q4
2024. Several key projects have longer duration times (1-2 years) compared to
traditional Goodtech deliveries (6-12 months). Number of employees grew from 266
in Q4 2023 to 306 in Q4 2024.

Goodtech’s capital structure remains strong and robust, where equity ratio ended
at 49% in the quarter, and cash and cash equivalents ended at 110,7 MNOK.

On the 10th of February 2025 Goodtech announced the sale of 100% of its shares
in Goodtech Solutions AB (GSAB), which thus have been re-classified as held for
sale and discontinued operations in the group’s financial statements. GSABs
reported revenue of 142 MNOK, and EBITDA of -17.4 MNOK in FY 2024.

CEO Margrethe Hauge comments:

«Our core business areas are where we see the highest returns on time and
investments, and thus we were glad to sign the agreement to sell GSAB after the
quarter closed. The continued business ended the year with a quarter in line
with expectations, and with a strong order intake and backlog for the coming
periods».

The quarterly report and presentation for Q4 2024 is attached to this press
release.

See also the company's results for Q4 2024 in our webcast -
https://youtu.be/7uFljtKfd3U

Do you have any questions? Feel free to contact CEO Margrethe Hauge or CFO
Anders Engelsen:
Margrethe Hauge
CEO, Goodtech ASA
Tlf.: +47 95 79 69 20
E-post: margrethe.hauge@goodtech.no

Anders Engelsen
CFO, Goodtech ASA
Tlf.: +47 93 20 79 01
E-post: anders.engelsen@goodtech.no

More information:
Access the news on Oslo Bors NewsWeb site

638754_Quarterly Report Q4 2024.pdf
638754_Webcast Q4 2024.pdf