Reported fourth quarter Oct – Dec 2023 (compared to Oct – Dec 2022)

• Net sales were KSEK 185,801 (71,239).
• Adjusted EBITDA was KSEK -16,526* (8,584).
• EBITA was KSEK -23,985* (147).
• Net financial debt / Adjusted EBITDA was N/A (3.6).
• Cash flow from operating activities was KSEK -42,119 (27,052).
• ROCE was -1.5% (0.0%).

In the fourth quarter of 2023, Go North Group AB continued its strategic evolution towards organic growth and profitability, prioritizing operational efficiency over fundraising and acquisitions. This shift in focus, coupled with market challenges and strategic initiatives, is reflected in the company's Q4 interim report.

Key Points of Interest:

• Strategic Transformation: Throughout the quarter, Go North intensified its efforts to pivot toward organic growth and profitability. This included accelerating the sunsetting and liquidation of slower-moving inventory and prioritizing successful product lines. Additionally, the company continued its reorganization to achieve greater operational efficiency and lower overhead costs.

• Sales Performance: Despite financial headwinds, Go North reported robust net sales of KSEK 185,801 compared to KSEK 71,239 in Q4 2022. No acquisitions were made during the quarter, with stronger sales performance related to acquisitions made earlier in 2023.

• Market Dynamics: While the Amazon market remained strong, challenges persisted in the aggregator space, with several entities facing financial difficulties. Despite these challenges, Go North remains focused on positioning itself as a resilient and innovative operator in the Amazon marketplace.

• Post-Reporting Period Developments: After the reporting period, Go North announced a written procedure for its outstanding bonds, which was approved on February 16th. This initiative is expected to improve the company's debt profile and provide greater financial flexibility.

• Future Outlook: Despite the current challenges, Go North is confident in its ability to achieve sustainable operational and financial performance in 2024. The company remains committed to driving growth, optimizing operations, and delivering value to stakeholders.

Go North acknowledges the deviation from previously stated guidance issued in a press release on November 2nd, 2023. While the pro forma adjusted EBITDA for the full year 2023 fell short of expectations at SEK 23m, the pro forma net sales reached the target range at SEK 717m. This is mainly due to inventory adjustments, higher Amazon fees, and price pressure in some market segments. The company remains committed to addressing this variance through its restructuring program and organizational changes.

"2023 has been a challenging year for Go North, but Q4 2023 was our best quarter ever in terms of sales and gross profit from our brands. We are also on track in reducing our overhead to secure overall profitability in 2024" Johan Hallenby, CEO/Founder Go North Group AB

The full report is published on Go North’s website at https://gonorth.co/investor-relations/