Company Announcement No. 66 - 2023

OrderYOYO A/S
Inside Information

Copenhagen, October 18, 2023

Highlights

Business continues to perform strongly. Highly focused strategy solving digital challenges for our Restaurant Partners is reaping rewards

2023 ARR, Net Revenue and EBITDA guidance raised for the fourth time. December ARR guidance raised to DKK 260-270m (original guidance of DKK 215-230m). Full year Net Revenue 2023 guidance raised to DKK 230-240m (original guidance of DKK 190-205m), and EBITDA guidance raised to DKK 20-23m (original guidance of DKK 5-15m). EBITDA margin guidance is raised to 8-10%

2024 guidance released. December 2024 ARR guidance of DKK 300-310m. Full year 2024 Net Revenue guidance of DKK 260-270m and full year 2024 EBITDA guidance of DKK 23-28m corresponding to an EBITDA margin of 9-11%

Strong performance in Q3 2023 with September ARR of DKK 256m, growing 38% compared to September 2022 ARR under continued challenged market conditions

EBITDA for 9M 2023 of DKK 16.5m compared to 9M 2022 EBITDA loss of DKK (4.1)m - an improvement of DKK 20.6m

EBITDA for Q3 2023 of DKK 7.5m corresponding to an EBITDA margin of 11.5%

June was the first month where our profitability strategy showed a positive Cash EBITDA1). A development that has continued into Q3 with all months showing a positive Cash EBITDA. A very important milestone for OrderYOYO as the organic operations is now self-sustaining and independent of external capital

Financial Highlights

Consolidated 9M Q3
(DKKm) 2023 2022 (%) 2023 2022 (%)
Annual Recurring Revenue (ARR 256 185 38% 256 185 38%
- Annualized Sept MRR)
GMV (Annualized September 2,438 1,868 31% 2,438 1,868 31%
GMV)
Net Revenue (9M 2022 pro 181 132 37% 65 45 44%
forma)
EBITDA before other 16.5 (4.1) nm 7.5 1.9 295%
extraordinary items (9M 2022
pro forma)
Accounting Net Revenue* 181 96 89% 65 45 44%
*app smart consolidated from
1 July 2022 and onwards

•           Annualized September ARR of DKK 256m vs. DKK 185m September 2022 corresponding to a growth of 38%

•           9M 2023 Net revenue of DKK 181m vs. DKK 132m in 9M 2022 (proforma consolidated) corresponding to a growth of 37%

•           Q3 2023 Net Revenue of DKK 65m vs. DKK 45m in Q3 2023 corresponding to a growth of 44%

•           Annualized September GMV of DKK 2,438m vs. DKK 1,868m in September 2022 corresponding to a growth of 31%

•           Positive EBITDA before other external costs for 9M 2023 of DKK 16.5m vs. an EBITDA loss of DKK (4.1)m in 9M 2022 (proforma consolidated)

•           Q3 2023 EBITDA before other external costs of DKK 7.5m corresponding to an EBITDA margin of 11.5% vs. an EBITDA of DKK 1.9m in Q3 2022

Consolidated 2023 guidance raised

Due to our strong performance in Q3 2023, consolidated 2023 guidance is changed as follows:

2023 Guidance
(DKKm) Updated Current
December 2023 Annualized Annual Recurring Revenue 260-270 250-260
December 2023 Annualized GMV 2,500-2,700 2,500-2,700
Net Revenue 2023 230-240 220-235
EBITDA before other extraordinary items 2023 20-23 15-20

•           December 2023 annualized ARR guidance is raised from DKK 250-260m to DKK 260-270m

•           Net revenue 2023 guidance is raised from DKK 220-235m to DKK 230-240m

•           EBITDA before other external costs 2023 guidance is raised from DKK 15-20m to DKK 20-23m

Consolidated Guidance
(DKKm) FY 2024 FY 2023 Growth (%)*
Annual Recurring Revenue 300-310 260-270 15%
(Annualized December MRR)
GMV (Annualized December 2,800-3,000 2,500-2,700 12%
GMV)
Net Revenue 260-270 230-240 13%
EBITDA before other 23-28 20-23 19%
extraordinary items
* Growth calculation based
on mid of range in guidance

•           December 2024 annualized ARR guidance of DKK 300-310m corresponding to a growth of 15% compared to current raised 2023 guidance

•           Positive EBITDA before other external costs full-year 2024 guidance of DKK 23-28m corresponding to a growth of 19% compared to current raised 2023 guidance

•           2024 EBITDA margin guidance of 9-11% vs. current raised 2023 EBITDA margin guidance of 8-10%

•           Net revenue full-year 2024 guidance of DKK 260-270m corresponding to a growth of 13% compared to current 2023 raised guidance

•           December 2024 annualized GMV guidance of DKK 2,800-3,000m corresponding to a growth of 12% compared to current 2023 guidance

As European market leader, we keep seeing increased consolidation opportunities in our markets. Our consolidation strategy focuses on two types of acquisition targets:

1. Local market leaders in European countries where OrderYOYO is currently not present to expand our European market leading position, and
2. Local participants in the markets where OrderYOYO is already market leader to drive economies of scale and increased profitability for the Group

OrderYOYO has been EBITDA profitable for 15 consecutive months since July 2022. A strategic milestone for us driven by market leadership focus, strong commitment to profitable growth, increased economies of scale resulting from OrderYOYO's consolidation strategy and a strict focus on cost management. For 9M 2023 EBITDA was DKK 16.5m vs. a loss of DKK (4.1)m 9M 2022 - an increase of DKK 20.6m.

It is our goal to continue to be EBITDA profitable and our raised guidance for 2023 EBITDA of DKK 20-23m corresponds to an EBITDA margin guidance of 8-10% - an increase from earlier EBITDA margin guidance of 6-9%. For 2024 our EBITDA margin guidance is 9-11%.

As we continue our growth, both organically and through consolidation, economies of scale and cost control will increase EBITDA. In addition, acquisitions of local participants in markets where we are already market leader will provide the opportunity to increase profitability through cost savings and efficiency gains.

We are confident that our strategy will result in a continued expansion of our EBITDA margin in the coming years.

Video presentation

The Q3 2023 Report will be presented at an online conference call on 19 October 2023 at 10.00am CET.

Register for the conference call at:

https://www.inderes.dk/videos/orderyoyo-presentation-of-q3-2023-trading-update

For additional information, please contact

OrderYOYO A/S

Jesper Johansen, CEO

Mobile (+45) 21 67 84 92

Email jesper.johansen@orderyoyo.com

OrderYOYO A/S Masnedøgade 26, 2100 Copenhagen Ø

Certified Advisor

Grant Thornton

Jesper Skaarup Vestergaard

Mobile (+45) 31 79 90 00

Grant Thornton Stockholmsgade 45, 2100 Copenhagen Ø

About OrderYOYO

OrderYOYO is the market leading European online ordering, payment, and marketing software solution provider. OrderYOYO's solution is offered as Software-as-a-Service (SaaS) and enables small independent takeaway restaurants to have their own-branded online presence direct to consumers. OrderYOYO helps takeaway restaurants drive online takeaway orders through their own tailored software solution in the individual takeaway restaurant's own brand. We liberate restaurants.