Company announcement No. 248

ECIT AS ("ECIT" or the "Company") will publish its interim financial report for
the second quarter of 2024 (April - June) and the first half year of 2024
(January - June) on 23 September 2024. Today, ECIT publishes a trading update as
per H1 2024, as further detailed below (please refer to attached document): 

Key figures and ratios (NOKm)  Q2, 2024/ Q2, 2023/ Growth, 2024/ H1,2024/
H1,2023/ Growth,2024
Revenue                                980/ 877/ 11.7 %/ 1,979/ 1,739/ 13.8 %
EBITDA                                  144/ 122/ 16.8 %/ 256/ 237/ 7.3 %
Total Revenue growth           11.7 %/ 24.5 %/ - / 13.8 %/ 25.2 %/ -
Organic revenue growth          3.1 %/ 6.0 %/ - / 3.4 %/ 8.4 %/ -
EBITDA margin                    14.7 %/ 13.9 %/ - / 12.9 %/ 13.6%/ -
 
Peter Lauring, CEO: 

Second quarter performance is fairly in line with expectations. Negative Easter
2024 effects in Q1 2024 was positively offset in Q2 2024. H1 2024 holds one
working day less than H1 2023. The (negative) effect is expected to be offset
(positive) in H2 2024. 

3.4% organic revenue growth for the first six months of the year was based on an
acceptable growth in the F&A and Tech Divisions, whereas the projects and
Hardware parts of the IT Division continue to face more challenging market
conditions. 

First half-year EBITDA at NOK 256 million (237) with a margin of 12.9% (13.6%).
The general cost savings program announced in February 2024 is progressing as
expected and the P&L effects will gradually become more visible throughout 2024.
  


About ECIT
Founded in 2013, ECIT supports a large customer base with accounting, payroll,
and IT services. ECIT has a proven model for acquisitions, combining proximity
to customers, local entrepreneurship and the strength of a larger international
group. ECIT has a full year proforma revenue of 3.7 billion NOK per Q1 2024 and
more than 2,600 employees across ten countries. M&A has been key to drive the
Company's growth as ECIT has completed more than 135 acquisitions since 2013.
Read more at www.ecit.com


For further information, please contact: 

Peter Lauring, Group CEO			Mads Skovgaard, Group CFO
peter.lauring@ecit.com			mskovgaard@ecit.com  
+47 404 53 804					+45 2780 4942



Notice to reader

ECIT's results presented in this press release are, unless otherwise stated,
based on IFRS and have not been externally reviewed and audited. The financial
information presented herein is based on internal management accounts, is the
responsibility of management and has not been externally audited, reviewed or
verified. Although the information is believed to be accurate, actual results
may vary from the information contained above and such variations could be
material. As such, you should not place undue reliance on this information. This
information may not be indicative of the actual results for H1, Q2 or any future
period.

Readers are made aware that EBITDA is shown before transactions and
restructuring expenses. Please refer to the Annual Report for detailed
descriptions and reconciliations of non-IFRS measures such as EBITDA. 
 
Important information
 
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believes",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this release speak only as at the date of this release
and are subject to change without notice. For a further discussion of risks and
uncertainties relating to the Company's business, see the Board of Directors'
Report in the Company's Annual Report.