OTOVO: October 2026 Operational Update

Service Business Operating Update
Preliminary and unaudited

Overview. Otovo ASA ("Otovo") is providing preliminary, unaudited October 2026
service metrics as part of its monthly investor updates. The update reports
estimated service work-order volume, average revenue per service work order and
estimated gross margin.

August through October service metrics

Metric	October 2026	September 2026	August 2026
Reported service work orders	4,049	3,137	2,766
Estimated average revenue per service work order	$760	$753	$656
Estimated gross margin	52%	49%	46%
October's reported volume was 4,049 service work orders, with estimated average
revenue of $760 per work order and estimated gross margin of 52%. Estimated
service revenue associated with this activity was $3.1 million, with estimated
gross profit of $1.6 million. October's results came higher than in the previous
two months. September's reported service work orders were 3,137 with an
estimated average revenue per service work order of $753 and estimated gross
margin of 49%. August's reported service work orders were 2,766 with an
estimated revenue per service work order of $656 and estimated gross margin of
46%. All amounts are in U.S. dollars.

Work orders originated in October again exceeded work orders completed during
the month.
Additional revenue and gross margin from memberships and projects, which include
newbuild and upgrades, are excluded from this report.

Acquisition contribution and proposed transactions

October figures include only half of PV Hawaii's October activity due to the
October 16, 2026 closing.
The October figures exclude any contribution from three other proposed
transactions that Otovo expects to close in the fourth quarter of 2026. None of
those three transactions had closed as of October 31, 2026. Their work orders,
revenue, margin and anticipated integration benefits are excluded from this
update. Completion remains subject to applicable closing conditions.

Overtime and technician hiring

Otovo's U.S. field service headcount was 124 as of November 1, 2026. The three
proposed acquisitions are expected to add capacity equivalent to approximately
112 full-time technicians. Otovo targets capacity equivalent to approximately
300 full-time technicians by year-end through organic hiring and acquisitions,
assuming all three proposed acquisitions close by December 31, 2026.

Recorded October overtime and double-time costs totaled approximately $0.3
million. Approximately $0.1 million of that total represents costs above regular
pay rates. As additional technicians are added and become productive, management
expects this spending to decline, supporting further gross-margin improvement in
the coming months. Management expects some overtime to continue and does not
expect to eliminate it completely.
Management expects additional SG&A cost reductions in the fourth quarter of 2026
and the first quarter of 2027 through AI-driven payroll reductions, SaaS
software cuts and office space eliminations. Otovo has put a monthly SG&A
ceiling and spending controls in place and continues to use AI to drive down
SG&A as it grows revenues rapidly, both organically and through acquisitions.
The company is demonstrating operating leverage and expects cash flow from
operations to increase.

Disclosures

The estimate excludes certain corporate costs, 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.

All figures are preliminary and unaudited and remain subject to Otovo's normal
financial-close procedures. You are encouraged not to place undue weight on such
figures, and the inclusion of such information should not be regarded as a
forecast, target, guidance or a representation by us that the results reflected
in such figures will be achieved.

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 Otovo'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 Otovo'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, the impact of our technology, our ability to identify and close
acquisitions on the timelines we expect, or at all, execution risks, and other
risks described in Otovo's public filings or other disclosures, if applicable.
Otovo 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.
This report is for information purposes only, and the information contained
herein does not constitute either an offer to sell, or the solicitation of an
offer to purchase or subscribe for securities of Otovo in any jurisdiction.
Similarly, it does not give and should not be treated as giving investment
advice. It has no connection with the investment objectives, financial situation
or specific needs of any recipient. It should not be regarded by recipients as a
substitute for exercise of their own judgement. All opinions expressed herein
are subject to change without notice. The distribution of this report may be
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report comes are required to inform themselves about and to observe any such
restrictions.
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