Highlights:

(1) All time high installation pace:
o  2,832 installations versus 1,459 same quarter last year, up 94%
o  1,962 unit sales versus 2,541 same quarter last year, down 23%, sequentially
up 7% from Q4 low
o  NOK 281m Total Revenues (IFRS) versus NOK 112m same quarter last year, up
2.5x
o  NOK 408m Revenue Generated, versus NOK 135m same quarter last year, up 3.0x

(2) All business health metrics on the right track
o  Batteries, subscription share, ticket size, and gross margin (both generated
and IFRS) up from Q1 2022

(3) Record growth in subscription portfolio
o  NOK 96m Subscription SPV Capex versus NOK 19m same quarter last year, up 5.0x
o  Strong and stable IRR at 10.5% for projects installed this quarter v.s. 10.0%
same quarter last year

(4) Strong outlook 
o  NOK 408m of Revenues generated comfortably ahead of pace needed to reach 
1H 23 targets 
o  Adjusting 1H 23 targets upwards - expected to come in above NOK 850m, nearly
30% above previous estimates

***

- The pace at which we install now is really quite astonishing, when you look
back at the supply chain headaches we were facing only six months ago. With
accelerating installation numbers revenues follow suit, as is evident in the
results we present today. They are record high once again, says Otovo's founder
and CEO, Andreas Thorsheim.

Revenues grew as installations almost doubled from the same period last year,
ticket sizes expanded notably helped by improved battery sales, as well as a
stronger EUR relative to NOK.

On the back of a strong quarter for revenues, Otovo has adjusted its estimates
for the first half upwards. Otovo also saw its biggest quarter for growth in the
subscription portfolio.

- A record share of our projects are on a subscription model, leading to a
fivefold increase in the amount of capital our subscription SPV deployed,
Thorsheim comments. 

- With this strong backdrop, we are confident in lifting our estimates for the
first half of this year. We said we would grow by at least 100%, now we are
saying we expect it to be above 150%, he adds.

Otovo sees solar energy markets adjusting to a more normalized situation after
the energy shock of 2021-22. That means a more mixed picture in terms of which
markets are growing fast and not.

- Being exposed to 13 different European markets with a lightweight and flexible
platform, Otovo is almost certain to be able to grow fast regardless of friction
in any single market. We have established positions to grow from in all the
major markets. We have teams and products in place, hundreds of installers ready
to work, and our brand and online presence are growing by the day, says
Thorsheim.

In 2023 the cost of both solar hardware and installer labour has come down.
Otovo sees that trend continuing and contributing to sales volumes through the
year.

- We see the environment in which we operate returning to normal - with price
competition on the supply side of the marketplace, with underlying declines in
cost to consumers expanding the addressable market, and a market constrained by
demand capture rather than supply capacity. This is the game we play best and we
look forward to playing it, Thorsheim remarks.

***

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 4 May, that can be obtained through the following link:
https://my.demio.com/ref/vIlhFAqKk7M6a8BO

***

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 organizes hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyze 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.