CEO Comments:

At Consolis, we had a solid start to the year in the first quarter 2021. The increased building and construction activity has become visible in our order intake which improved gradually during the first quarter. The orderbook amounted to € 711 million, compared to € 651 million at end of 2020 and the book-to-bill ratio was 1.25. This means that we now have built back an orderbook which is just above the level we had pre-Covid.

Net sales in the first quarter amounted to € 252 million (262). During the first quarter of last year, Consolis net sales were relatively unaffected by Covid-19. Adjusted EBITDA amounted to € 18.0 million (19.6) and the adjusted EBITDA-margin came in at 7.1 percent (7.5).

Consolis continues to implement its strategy to focus on its core building business with a market leading position in Europe. During the first quarter, the divestment of the Rail division was finalized and after the first quarter, we announced the divestment of the CWF business, with expected completion during H2 2021.

We continue to see significant market opportunities within both residential and non-residential building solutions across all our markets. Rising commodity prices are likely to have an increasing impact on the quarters to come, partly offset by pricing and indexation.

Highlights of the first quarter 2021:

• Net sales amounted to € 252 million (262), corresponding to sales growth of -3.6 percent. Currency effects had a positive impact of 0.5 percent.
• Operating profit (EBIT) came in at € 33.1 million (6.6), the increase driven by the disposal of Rail operations with a net result of € 26 million.
• Adjusted EBITDA came in at € 18.0 million (19.6), corresponding to a margin of 7.1 percent (7.5).
• Order book amounted to € 711 million, compared to € 651 million at the beginning of the quarter. Order intake in the quarter totaled € 315 million, and the book to bill ratio corresponded to 1.25.
• Free cash flow in the quarter amounted to € -10.1 million (7.8). Changes in NWC had a negative impact on cash flow in the quarter.
• LTM cash conversion was 96 percent.

Significant events in and after the first quarter:

• On March 31, 2021, Consolis completed the transaction regarding the sale of the Rail division. The total initial consideration amounted to € 192 million, fully cash-settled on the transaction date.
• On April 14, 2021, Consolis received a binding offer for the Civil Works France business (Drainage and Tunnel activities) and the SPA was signed on June 10th. Consolis expect to complete the disposal in H2 2021.
• On May 7, 2021, Consolis issued € 300 million senior secured notes. The Notes will accrue interest at an annual rate of 5.75% and will mature on May 1, 2026. As part of the refinancing, Consolis also entered into a revolving credit facility, which provides for € 75 million of available drawings.

Telephone conference:

Consolis will host a presentation with the possibility to attend through a telephone conference at 10.00 CEST today. The presentation will be held in English and will also be available as a recorded webcast on: https://edge.media-server.com/mmc/p/vzs8qitm.

Dial-in details:
To ensure that you are connected to the conference call, please dial in at least five minutes before the conference call starts to register your attendance and enter the participation code 94604570#.

UK: +44 33 33 00 08 04
US: +1 63 19 13 14 22
Sweden: +46 8 56 64 26 51
Denmark: +45 35445577
France: +33 170750711
Germany: +49 6913803430

The Interim Report and the presentation are available on consolis.com.