Nortel AS - Trading update

Ålesund, 6 July 2023. Nortel AS ("Nortel" or the "Company") is aiming for
revenues of NOK 329 million in 2023, a growth of 45% compared to last year, and
in line with the Company's development the last years.

As a result of the ongoing migration to the MVNO-platform, the margin is
estimated to rise from 27% last year, to 35% this year, and accordingly the
adjusted (*) EBITDA is estimated to rise from NOK (9.3) million last year to NOK
36 million this year.

Due to investments in the new platform, a somewhat delayed migration process,
and continued investments in growth, with a target of 88,000 subscribers at the
end of the year, it is identified a requirement for strengthening the capital
base before the end of the year.

(*) Adjusted EBITDA: Identified cost for migration to MVNO-platform (NOK 9
million), and estimated cost for synthetic share program (NOK 7.5 million) is
deducted from EBTDA.

For further information, please contact: 
Chairman of the board, Arild Hustad, arild.hustad@me.com
CEO, Christian Pritchard, cp@nortel.no

About Nortel: 
o Nortel was established in September 2019 as a challenger to Telia and Telenor
in the Norwegian business market for mobile services. The Company was listed on
Euronext Growth Oslo the following year. 
o By the end of Q1 2023, Nortel had 73,900 active SIM cards. 
o Nortel is the third largest supplier in the Norwegian telecom business market.

o The Company was the novel supplier in Norway to offer customers limitless data
traffic at a fixed low price, and has since created a new dynamic and fashioned
further development in the Norwegian telecom business market through a number of
innovations. 
o Earlier this month, Nortel launched its new solution through which customers
will be able to gather different systems in a single cloud-based communications
platform. 

This notice is deemed to constitute inside information under the EU Market Abuse
Regulation and is subject to the rules on public disclosure pursuant set out in
the continuing obligations of the rules of Euronext Growth. This stock exchange
announcement was published by Christian Pritchard, on 6 July 2023 at 5:25 PM
CEST.