Highlights:

(1) Strong quarter in sales, installations, revenue and margin, showing ability
to shift focus to quality and more profitable sales in a high pressure
environment:
o  2,398 sales versus 1,183 same quarter last year, up 2.0x
o  1,745 installations versus 864 same quarter last year, up 2.0x
o  NOKm 194 revenue generated versus NOKm 64 same quarter last year, up 3.0x
o  NOKm 42 gross profit generated versus NOKm 10 same quarter last year, up 4.1x

(2) Business health up, manifesting itself in all major metrics: improving
ticket size, gross margins, and subscriptions as share of revenues. In Q2 Otovo
also had three countries with positive margin on an EBITDA generated basis. 

(3) European momentum, solar markets are booming, and Europe is set for a decade
of high activity. Otovo is on track for continental leadership with ongoing
scaling in Germany, Portugal, UK and Austria. Three more markets to be added in
the second half of 2022, as planned. 

(4) Strong outlook, with solid pipeline and confidence in ability to deliver
more than NOKm 500 Revenue generated in second half, and expecting gradually
easing supply chain conditions.

***

- I'm proud of all Otovistas for having defied a really difficult period and
come out with more than twice as many installations as a year ago. Our
marketplace model is now proven, and with smoother terrain ahead I think we are
going to keep crushing the numbers, says Andreas Thorsheim, CEO 

With an increased installer ecosystem and more capacity than ever, Otovo grew
installations 20% sequentially from Q1 and 102i% from the same quarter last
year. The value of the installations was up 200%, as ticket sizes grew due to a
combination of bigger systems, more batteries, and higher markups.

- We made a conscious choice to optimize for what we can deliver in the second
half, and we filled the pipeline with bigger and more valuable systems, with
more batteries and a higher subscription share, Thorsheim comments.

Otovo discloses that three of its markets were profitable in the period. Norway,
Spain and Italy were all positive on the basis of EBITDA generated. The volumes
and profitability of sold units indicate those levels will be sustained. Otovo
will bring more markets above zero gradually, while entering and scaling in new
markets leveraging our proven playbook. 

Consistent sales have built a solid pipeline, and with improving throughput
Otovo expects to deliver projects worth more than half a billion NOK in the
second half of 2022.

- Europe needs more clean power fast and Otovo has an ability to deliver at
speed and at scale across the continent. This is the time where we really step
up, says Thorsheim.

***

Please find attached the quarterly report and the quarterly presentation that
Andreas Thorsheim (CEO) and Petter Ulset (CFO), will provide at the webcast at
09:00 July 14th, that can be obtained through the following link:
https://my.demio.com/ref/rJKNPxIzhbBBvTcO


***


Disclosure Regulation

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


Metrics used in this notice are defined in the attached financial report.


***


About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organises hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyse the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.