Otovo Q2 2025 Results: Growth in revenues and continued growth in sales

11 Jul 2025 07:00 CEST

(1) Revenue Growth: Revenues rose 22% to NOK 152m, driven by the improved order
intake from Q1. Pipeline at quarter-end remained solid at NOK 221m, signaling
continued installation momentum into 2H. Gross margin remained stable at 24%,
confirming healthy underlying unit economics.
(2) Sales Momentum Continues: Order intake increased by 15% to NOK 178m from Q1.
The new customer intake expanded 9% to 1,535 during the quarter. Increases in
order intake value were partially helped by a weakening NOK. Enhanced sales
strategies drove increased sales, reflecting resilience in a challenging market.
(3) Positive Cash Flow: Cash expanding from NOK 75m to NOK 154m including
receivables from SLAM during the quarter after completing seminal portfolio
transaction and improved cash flow from operating activities.
(4) Improved Cost Efficiency: Significant cost reductions achieved in personnel
expenses (down 39% YoY), reflecting improved operational efficiency. Otovo
remains confident in achieving further cost optimizations even with growing
volumes, supporting improved future operating cash flows.
(5) Stable Short-term Market with Positive Long-term Outlook: The European
residential solar market is stable after multiple quarters of contraction.
Anticipated interest rate reductions, ongoing cost and technology advancements
in the hardware space, and supportive regulatory measures underpin robust market
expansion towards 2030.

KEY FIGURES (change QoQ)
Order intake: NOK 178m (+15%)
Revenue: NOK 152m (+22%)
Backlog: NOK 221m (+13%)
Gross profit: NOK 36m (+18%)
Gross margin: 23.9% (-0.7%p)
EBITDA: NOK -58m (+7m)

Andreas Thorsheim, CEO, remarks on the quarter:
- We're energized by our continued growth in sales. Otovo is taking market share
in a European market that has been struggling. Now we believe we are leading the
way in its recovery.

The company has shown the ability to grow consecutively in a slow market. Otovo
will now continue to roll out the new sales approach, while the cost structure
that was reset last year will allow the company to continue to grow with limited
incremental cost.


***

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 11 July, that can be viewed through the following link:
https://investorweb.no/ir-channel/OTOVO/event/19970356-5ef9-4e9c-a83c-0ca96f8fda
a9

***

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.

***

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

651085_Otovo - Q2 2025 Report - web.pdf
651085_Otovo - Q2 2025 Presentation - web.pdf