Oslo, 02 October 2025 - The Board of Directors and management of Otovo ASA
("Otovo") today announce a strategic move to expand Otovo's leasing and service
offerings as a platform, open to installer companies across Europe. The company
will move towards a new setup and organization as a result of the new strategy.

Otovo has, since its inception, marketed and sold exclusively through its own
sales channels. The company has relied on a marketplace of installer companies
to price and complete the installation work. With today's announcement, Otovo
removes the constraint of selling only through its own channels and will,
starting immediately, offer its leasing and service products through installer
companies across Europe.

- We are the only company that offers leasing and lifetime servicing of solar,
battery and EV charger systems on a European scale. But while we likely have the
best products for homeowners who want to lower their energy bills, avoid high
upfront costs, and be absolutely certain their systems work, we are constrained
by distribution. We asked ourselves 'why shouldn't homeowners be able to get
Otovo LEASING and Otovo CARE through their local electrician?' After all, you
can buy an iPhone in more places than Apple flagship stores, says Andreas
Thorsheim, CEO of Otovo.

Otovo is reaching out to 300 installer companies in coming days, to offer them
the Otovo LEASING and Otovo CARE products. The installer companies will be
offered training, resources, and a fair share of the profit from these sales.
Otovo's leasing product expands their addressable market to homeowners who are
constrained by financing or who prefer a full-service offering paid in monthly
installments. The service product solves a problem the industry is facing - not
having a proper aftermarket offering.

- The installer ecosystem in Europe consists of 100,000 or more small businesses
that do great craftsmanship, but are under-resourced and cannot innovate on
solutions that address the homeowners' worries. We are changing that, says
Thorsheim.

The change will make Otovo leaner, stronger, and more focused. The company will
move resources to Otovo LEASING and Otovo SERVICE and away from marketing and
in-house sales. Combined with a new organizational structure, this will reduce
cost levels substantially. 

The measures will establish Otovo as a leading pan-European platform company for
distributed energy leasing and service, significantly reduce costs, and
accelerate the path to profitability.

(1) STRATEGIC EVOLUTION

Otovo will have three business areas going forward:

1.1 Otovo Direct
In Italy and Poland, Otovo's largest and most consistently profitable markets,
the company will maintain and grow its own local marketing and sales
organizations. These markets are considered strategically important due to their
size, growth potential, and favorable regulatory environments, making a
dedicated In-house sales presence profitable.

The company's own workforce in these markets will focus on customer engagement
and sales, complementing the new partner-driven distribution model. Otovo Italy
and Otovo Poland generate more than half of the group's sales, consistently with
above-average profitability.

In the rest of Europe, Otovo will use a combination of freelancers working on a
commission-only basis, and installer companies, as distribution channels. This
is a significantly lighter setup than today, allowing an extended reach with a
small fixed cost base.

1.2 Otovo Leasing
Otovo will double down on leasing of solar and battery systems across Europe,
solving the big financing hurdle for European homeowners to buy distributed
energy systems. Distribution will mainly go through local installer companies
and sales partners, providing broad reach without the need for large in-house
sales teams and marketing investments. Otovo will keep distributing the leasing
product through its own sales force in attractive geographies in Europe.

The leasing platform, operated with Swiss Life Asset Managers, is the only
pan-European leasing solution, providing partners with standardized contracts,
financing, payments, collection, and operational service support - enabling the
partners to sell and earn more.

1.3 Otovo Care 
Otovo Service ("Otovo CARE") is a subscription-based proactive service and
maintenance product - providing customers with remote monitoring, proactive
fault detection, fast repairs, and discounted replacements. It is not an
insurance product, and does not carry any liabilities for Otovo.

This service offering leverages Otovo's pan-European network of installer
partners, and centralized customer support function operated out of Madrid,
providing multi-language customer service, collections, and operations,
supported by a proprietary AI-driven system. It provides high-margin recurring
revenue for Otovo.

Otovo launched CARE in Germany, Spain, Norway, and Sweden in August, and has
built a portfolio of more than 3,300 members as of the end of September. Most
customers have signed up for a 12-month period with payment upfront, resulting
in NOK ~1,200 revenue per user per year. In addition, Otovo services nearly
10,000 systems on behalf of Swiss Life Asset Managers' portfolio. The combined
recurring revenue from Otovo CARE members and portfolio maintenance is
approximately NOK 15 million.

(2) ORGANIZATIONAL REDESIGN

2.1 New Organization
Otovo is moving to a more outsourced distribution structure with fewer layers of
management. Fabio Stefanini (CRO), Sasha Berson (CMO), and Petter Ulset (CFO)
will leave the Group.

The organizational restructuring will affect all markets and functions, with
most departures expected during Q4 2025. Severance costs will be booked in Q4,
and the cash flow effect of a smaller organization will largely be realized from
Q1 2026. 

The Madrid hub remains the central platform for accounting, marketing,
collections, and operations, delivering efficiency at scale for Otovo's European
markets.

2.2 Cost Effects
The change is expected to cut annual payroll costs by NOK ~80 million. The
number of employees will be reduced to around 125, from a total of 213 at the
end of Q3 2025.

Other group costs are expected to decline by NOK 30-40 million on an annualized
basis.
Otovo's business model becomes increasingly capital-light, with sales &
installations carried out by its ecosystem of external partners, and leasing
financing by Swiss Life Asset Managers.

(3) OUTLOOK

Otovo is transitioning from a sales & marketing-focused residential solar &
battery company with sales staff on payroll, to becoming a platform where local
sales and installation partners can get access to leasing and service solutions
that they can offer to their customers. The change exposes Otovo to the
attractive niches of long-term financing and servicing of the European
residential solar & storage market. 

In sum, it enhances Otovo's resilience to the volatility in installation demand,
energy prices, and supply chain dynamics. It positions Otovo to capitalize on
its unique high-margin products (leasing and service) and the continued
long-term growth in Europe's distributed energy markets.

(4) REPORTING

Otovo aims to implement the new reporting structure from Q4 2025, aligned with
the leasing and service-based business model.

***

For further information, please contact:
Andreas Thorsheim, CEO, Otovo ASA
Tel:+47 93 06 51 78 | Email: athornor@otovo.com