Otovo Q1 2025 Results: Return to sales growth and improved financial strength

06 May 2025 07:00 CEST

(1) Return to sales growth
Strong growth in order intake, both in value (+30%) and in number of customers
(+34%). Backlog building back to growth, up 27% from previous quarter.
Profitability per project is strong.

(2) Cash buffer strengthened
Cash flow fundamentally improved, with return to growth and new leasing
structure. Cash and receivables available at the start of Q2 is above NOK 200
million - a comfortable buffer given the improved cash flow profile.

(3) Cost structure reset
Cost improvements clearly visible on marketing (down 39%) and personnel cost
(down 41%). Strong efficiency gains and confidence in ability to improve
further, even as volumes grow, which will improve operating cash flow going
forward.

(4) Consumer outlook improving
Consumers triggered by shorter payback times on solar and batteries, while
resilience and backup demand is likely to get boosted in quarters ahead.

KEY FIGURES (change QoQ)
Order intake: NOK 154m (+30%)
Revenue: NOK 125m (-13%)
Backlog: NOK 195m (+27%)
Gross profit: NOK 31m (-8%)
Gross margin: 25% (+2%p)
EBITDA: NOK -65m (-9m)

Andreas Thorsheim, CEO, remarks on the quarter:
- This quarter was a big turning point for Otovo. Order intake grew 30% and the
backlog added 27%, as we were able to attract more customers and sell more
products.

The company ended Q1 with NOK 215 million in available funds as combined cash
and portfolio sale receivables. The efficiency and cost cutting measures have
essentially been implemented, reducing marketing and payroll costs. In
combination with the uptick in order intake and a more upbeat look on the
European consumer’s interest in solar and battery solutions, Otovo is looking to
bridge the gap to profitability.

– We’ve cut costs, sold the portfolio and improved margin per project through
our new setup for the leasing segment. These things add up, and we are going to
move our operational losses into the rearview mirror.


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Please find attached the quarterly report and quarterly presentation. Andreas
Thorsheim (CEO) and Petter Ulset (CFO) will present the material at a webcast at
09:00 CET on 06 May, that can be viewed through the following link:
https://www.investorweb.no/ir-channel/OTOVO/event/fadae76d-7810-46db-866a-4779e4
21c591


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Disclosure Regulation

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Metrics used in this notice are defined in the attached financial report.


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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organizes hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyze the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.

More information:
Access the news on Oslo Bors NewsWeb site

645336_Otovo - Q1 2025 Presentation.pdf
645336_Otovo - Q1 2025 Report.pdf