Oslo, 28 May 2026 - Otovo ASA (Oslo Børs: OTOVO) today published its results for
Q1 2026.

Q1 2026 - A Deliberate Transition
Q1 2026 reflects a quarter of intentional strategic repositioning. The company
continued to de-emphasise capital-intensive newbuild installations in favour of
higher-margin service-led revenues, including recurring services, field services
and upgrade sales, while simultaneously integrating newly acquired businesses
and rolling out the proprietary Endurance® AI platform across the group.
Total revenue was $9.0m (Q1 2025: $12.8m), as the newbuild segment was
de-emphasised in line with strategy. Service and Recurring revenues, the core of
the service-led model and complemented by upgrade sales, grew from zero in Q1
2025 to $1.6m combined in Q1 2026, and continue to build week-over-week.
Adjusted EBITDA improved to -$5.5m from -$5.9m in Q1 2025, despite the lower
revenue base, reflecting a $2.2m lower opex base year-on-year (-23%) as $3.7m
lower European payroll and Marketing cost more than offset the cost base
consolidated from Onvis.
The Q1 financials do not include EnergyAid (consolidated from Q2 2026),
SunSystem Technologies (SST), or the revenue and operating benefits expected
from the Green Panel strategic relationship; these contributions are expected to
commence from Q2 2026 and onwards.

CEO Comment
"Q1 was exactly what we said it would be, a transitional quarter as we
de-emphasise newbuild while ramping the service revenues, membership base and
upgrade sales that will define this company going forward. The underlying
numbers tell the right story: costs down 23%, service revenues growing every
week, and unit economics improving. What matters most, however, is what comes
next.
We enter Q2 with a string of catalysts that are expected to fundamentally change
the financial profile of the company. EnergyAid consolidates from this quarter,
expected to bring nearly $19m in annualized revenue. The strategic relationship
with Green Panel becomes operational. Organic sales are accelerating across
service, memberships and upgrades, with strong w/w momentum, and our commercial
business with meaningfully higher ARPU is gaining traction. And with the
company-wide Endurance® rollout to complete by Q3, we expect to capture $4m in
annualized savings against our Q1 pro forma base.
Our M&A pipeline remains highly active. In addition to those already closed and
underway, we continue to evaluate several potential targets for a strategic fit,
accretion and integration potential. This is a platform designed for
consolidation, and we are executing that strategy at pace."
William J. (John) Berger, Chief Executive Officer

Business Highlights Q1 and to date
o	Delivered material organic cost reductions across the European business, with
European payroll down $2.3m and marketing spend down $1.5m year-on-year as
newbuild activity was de-emphasised in line with strategy
o	Membership base grew to approximately 20,000 (including EnergyAid), with
strong week-on-week momentum and contribution from the acquired customer
portfolios
o	Ramped Field Services operations through Q1 2026, growing the technician base
and supply chain capacity; COGS in the quarter reflects investment in training
and geographic density build-out, with unit economics expected to improve
through Q2 and Q3
o	Acquired three European customer portfolios (Zolar/Soly/Solcellespesialisten)
and completed integration of Onvis Inc., establishing the US platform
o	Acquired Solar Service Professionals (SSP) in California, entering the largest
US solar state
o	Acquired EnergyAid (CA, AZ, NV). $18.7m revenue in 2025, 30 service vehicles
and 29 technicians, for $11.5m enterprise value. EnergyAid is already integrated
ahead of schedule with $3m in identified annual cost savings
o	Signed LOI to acquire SunSystem Technology (SST). Complementing existing US
operations and adding $14m revenue, for $2.1m enterprise value including a
potential $1.3m earn-out based on net income targets
o	Established a strategic commercial relationship with Green Panel for
pan-European field service delivery
o	Endurance® platform rollout underway across all entities; $4m in annualised
run-rate savings identified for H2 2026, comprising $2.3m in SaaS cost avoidance
and $1.7m in associated staffing reductions

Outlook
Otovo today issues its 2026 full-year guidance, targeting revenue of $80-90m and
adjusted EBITDA of $2.5-7.5m. 
Year-end 2026 customer target is 60,000, net of churn.
The company expects the second half of 2026 to reflect a materially improved
financial profile as EnergyAid and SST consolidate, the Green Panel relationship
becomes operative across European markets, commercial customer activity and
upgrade sales ramp, and the full benefits of the Endurance® rollout are
realised.
Beyond closed acquisitions, Otovo continues to evaluate strategic opportunities
that could accelerate the service-led platform. Any acquisitions or strategic
transactions going forward would be additive to current guidance.

Results Presentation
The Q1 2026 results will be presented via webcast at 10:00 and can be viewed
through the following link:
www.investorweb.co/webcastdetail?id=69fc9658f012cc9d88ce59d2

For further information or questions please contact Investor Relations via
e-mail to ir@otovo.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements include, but are not
limited to, statements regarding the company's expectations, plans, objectives,
strategy, future operations, business performance, financial condition,
prospects, growth opportunities, market position, anticipated benefits of
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Forward-looking statements may be identified by words such as "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "target," "will," "would," and
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These forward-looking statements are based on current expectations, assumptions,
estimates, and projections and are subject to risks, uncertainties, and other
factors, many of which are beyond the company's control, that could cause actual
results, performance, or achievements to differ materially from those expressed
or implied by such forward-looking statements. Such risks and uncertainties
include, among others, market conditions, regulatory developments, competitive
pressures, customer demand, supply chain constraints, macroeconomic conditions,
execution risks, and other risks described in the Company's public filings or
other disclosures, if applicable.
The company undertakes no obligation to update or revise any forward-looking
statements contained in this press release, whether as a result of new
information, future events, or otherwise, except as required by applicable law.
Readers should not place undue reliance on forward-looking statements, which
speak only as of the date of this press release.
of new\
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Readers should not place undue reliance on forward-looking statements\, which\
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