Strong quarter for Goodtech’s core business - well positioned for margin growth

09 May 2025 08:00 CEST

Goodtech’s continuing business delivered a solid first quarter, driven by robust
performance in its Norwegian operations and strategic focus on its core
business. During the quarter, Goodtech completed its exit from non-core business
in Sweden and Finland, with a sharpened focus and is now well positioned to
drive margin growth.

Continuing operations
Net operating revenue after external project costs reached 136.8 MNOK, up from
120.3 MNOK (+14%) in Q1 2024. EBITDA ended at 15.2 MNOK, up from 11.9 MNOK in
the same quarter last year, reflecting improved staff utilization and
operational efficiency. EBIT increased by 45% relative to Q1 2024, ending at 9.0
MNOK.

The headcount increased from 291 to 307 employees from the corresponding quarter
last year, with consequently higher personnel costs. Other operating expenses
increased to 19.8 MNOK (from 14.5 MNOK), partly due to losses on receivables
linked to the discontinued business in Sweden.

Order backlog grew by 23% year-on-year, reaching 340 MNOK at the end of the
quarter, signaling sustained strong demand for Goodtech’s solutions. The
company’s capital structure remains robust, with an equity ratio of 51% and cash
and cash equivalents totaling 95.5 MNOK.

Discontinued operations
The sale and subsequent insolvency of Goodtech Solutions AB in Sweden resulted
in total recorded losses of 4.4 MNOK under discontinued operations.

The Finnish subsidiary Axges AB on Åland was declared insolvent on March 31,
2025. The insolvency led to additional losses of 4.5 MNOK, also recorded under
discontinued operations.

CEO Margrethe Hauge comments:
«Our core business in Norway delivered strong returns this quarter, with an
EBITDA margin exceeding 11%. By streamlining our operations and focusing on our
core strengths, we have entered a new chapter for Goodtech - one that is
centered on profitable growth and value creation. We are confident that this
stronger, more focused business will enable us to deliver continued margin
improvements.”

The quarterly report for Q1 2025 is attached to this press release.

See also the company's results for Q1 2025 in our webcast -
https://youtu.be/Lwr4cJCgLmI

For more information, please 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

645878_Quarterly report Q1 2025.pdf