OTOVO: September 2026 Operational Update

Service Business Operating Update
Preliminary and unaudited
Overview. Otovo ASA ("Otovo") is providing preliminary, unaudited September 2026
service metrics as part of its series of monthly investor updates. Otovo will
continue to publish three service-business metrics monthly for the near future:
service work-order volume, average revenue per service work order and estimated
gross margin.

September and August service metrics (reflects only U.S. operations and uses
quote-based revenue estimates)

Metric	                                                      September
2026	August 2026
Estimated service work orders	                               3,137	        2,766
Estimated average revenue per service work order	       $753	        $656
Estimated gross margin	                                        49%	        46%


The number of estimated service work orders in the month of September was 3,137,
an increase of 13% compared to the prior month with an estimated average revenue
of $753, an increase of 15%. Estimated gross margin increased from 46% in August
to 49% in September.  

Estimated breakeven and profitability metrics
The breakeven estimate analysis presented in the August operational update
remains unchanged from the prior month. As a rough rule of thumb for investors,
management estimates two work orders per technician per working day. Work orders
per technician per month will vary with the mix of jobs. Work orders requiring
two technicians, such as those for commercial customers, typically generate more
revenue per work order but reduce the number of work orders each technician can
complete. This assumption provides a basis for assessing revenue potential and
profitability. As the average service revenue per work order increases or
decreases, the number of work orders required to reach this breakeven level will
decrease or increase, respectively.
The estimate excludes dual-listing costs, acquisition-related legal costs,
restructuring costs such as severance, and non-cash expenses such as bad debt.
It is a non-IFRS management measure and should not be interpreted as IFRS net
income or cash flow from operating activities as presented under IFRS.
September performance gives management confidence in the trajectory of the
business as we move into the fourth quarter.

Lower costs and growing demand
Cost-cutting efforts are ahead of the plans established on July 31, 2026, driven
primarily by Endurance's improved performance and expanded capabilities in the
third quarter. Management estimates that SG&A staffing, measured in full-time
employee equivalents (FTEs), was reduced by one third from August 1 to October
1, 2026. Further SG&A reductions are expected in the fourth quarter. 
Technician hiring was brisk during September and remains so. Otovo had more than
115 technicians across the United States and Europe as of September 30, 2026.
Management continues to expect the global technician count to exceed 300 by
year-end. Service work-order intake continued to exceed completions during
September, furthering the backlog. Management expects continued technician
hiring to increase completed work orders, reduce overtime and spread fixed costs
across greater volume, thereby lowering fixed cost per work order and improving
estimated gross margin per completed service work order.
Recently announced, but not yet completed, acquisitions are collectively
expected to more than double Otovo's technician count upon their closings which
are expected to occur in the fourth quarter of 2026. The September figures and
backlog growth exclude any contribution from the announced acquisition targets
and any unrealized Endurance-related efficiencies at those businesses.
All figures are preliminary and unaudited and remain subject to Otovo's normal
financial-close procedures. 

Investor Relations Contacts
Rodney McMahan
Head of Investor Relations
rodney.mcmahan@otovo.com
Forward-Looking Statements
This report contains forward-looking statements within the meaning of applicable
securities laws. Actual results may differ because of demand, cancellations,
technician availability, pricing, costs, project and membership performance,
transaction closings, integration and other risks described in Otovo's public
disclosures. 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 transactions or
initiatives, and other statements that are not historical facts. 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 similar
expressions. 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
report, 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 report.
ts\, 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 report.\