Highlights:

(1) Strong annual growth, despite market taking a breath after spur in 2022
o  2,629 installations versus 1,970 same quarter last year, up 33%
o  2,073 unit sales versus 2,740 same quarter last year, down 24% 
o  IFRS Revenues of NOK 235m, up 35% versus last year
o  IFRS reported margins 21%, up 1.5%p versus last year
o  Gross Margin Generated at 26%, up 4%p versus last year

(2) Proving that portfolios can turn to cash
o  Completed first-of-its-kind solar portfolio sale in Europe, with Swiss Life
Asset Managers
o  Building new portfolio cohorts, deploying NOK 94m Subscription SPV Capex, up
2x
o  Significant increase in IRR, at 13.5% for projects installed this quarter
v.s. 9.6% same quarter last year, up 3.9%

(3) Increasing share of projects handled from Madrid
o  A full 24% of projects installed in Q3 were handled from the Shared Service
Center, up from 0% one year ago, and 8% last quarter
o  1 in 5 of Otovo's employees are now situated in the Shared Service Hub in
Madrid

(4) Adding new hardware - will boost ticket size
o  EV charger launch in Germany as a response to the German government's 'Solar
Power for Electric Cars' subsidy program and Italy starting to pilot Heat pumps,
with 1.9x and 2.8x impact on ticket size, respectively

(5) Progressing towards profitability - Otovo will consider a potential share
issue to finance growth

o  The Company is currently working toward profitability, which is planned to be
reached through a combination of sales volume growth, operational cost
improvements, and the monetization of its euro denominated assets. 

o  To fund this expected growth journey, the Company is considering a potential
share issue to raise capital, and has retained Pareto Securities