Highlights:

(1) Revenues held strong due to resilient value creation per customer, driven by
increased battery attachment rate, and subscription portfolio sale
o  Total Operating Income up 14% to NOK 233 million (205m), including gain from
portfolio sale
o Revenues Generated come in flat at NOK 278 million (282m)(-1%)

(2) Cut costs and improved efficiency
o  Cost-cutting measures of NOK 80-100m per year (14%-18% of Q3 23 annualized
OPEX) implemented in Q4, including employee layoffs and reductions in SG&A
across the Group
o  65 staff let go (15%) by reducing head office functions, middle management
and creating more joint functions. Leaner and simpler organization, increasingly
based in Madrid
o  P&L impact of cost reductions will start showing immediately in Q1 and fully
materialise from the end of the second quarter of this year
o  NOK 10m in one-off costs related to restructuring in Q4 2023, in addition to
NOK 16m in costs from the cancellation of equity-based program
o  Madrid Shared Service Center continuing to gain momentum, now comprising
nearly 1 in 4 Otovo employees

(3) Completed sale of NOK/SEK portfolio, proving value-creation in the
subscription business, now initiating Continental Europe portfolio sale process

(4) Sales behind previous performance, but closing the gap to last year's
comparables
o  1,641 unit sales versus 1,826 same quarter last year, down 10%
o  1,946 installations versus 2,205 same quarter last year, down 12%


(5) Value creation per customer strengthened
o  Gross Margins Generated expanded to 26% (20%), the highest ever on record
o  Average ticket size NOK 125k, up 4%, showing resilience in a market where
solar costs are falling
o  Battery attachment rate step change to 35% (26%)
o  Subscription share strong at 33% (27%)

***

Otovo delivered revenues surpassing NOK 1 billion in 2023 for the first time,
amid market headwinds, proving the strength and resilience of the business
model.
 
Additionally, Otovo has successfully demonstrated its ability to strengthen its
value creation per customer during the fourth quarter of the year. The
continuous upward momentum in Gross Margins Generated, coupled with the
expanding battery attachment rate, underscores the value that Otovo brings to
its customers and affirms the soundness of its unit economics.

Otovo implemented substantial cost-cutting measures in Q4, aimed at achieving
even greater efficiency. This included employee layoffs and reductions in SG&A
across the Group. The measures are expected to reduce OPEX by NOK 80-100m per
year (14%-18% of Q3 23 annualized OPEX). Country operations have become more
regionalized, with Switzerland and Austria joining forces, and Belgium,
Netherlands, and France doing the same. There have been headcount reductions in
the Oslo headquarters and in Italy, while Norwegian and Swedish operations have
been transferred to the Shared Service Center (SSC) in Madrid. The SSC is
playing an increasingly important role as a cost-efficient center of excellence,
now comprising nearly 1 in 4 Otovo employees.

- We successfully expanded to 13 countries, now we focus on running these
markets more efficiently. This company will be able to run more projects with
less people as we improve the use of our technology and run joint operations
managing multiple countries at once, says Otovo CEO, Andreas Thorsheim. 

- That sets us up as the market leader in cost per installed unit. This
competitive advantage will allow us to be stronger and more profitable as
volumes grow, he adds.

With signs of improved consumer purchasing power and a positive policy sentiment
prevailing in Europe, the market landscape presents a more favourable outlook
for the new year, particularly in the Southern European countries. 

- This year, we eye a return to sales growth and the market picking up speed
through the year. To this end, the Otovo team is working day by day to deliver
volume growth, increased value to each sale, and improved prices for our
customers, 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 8 February, that can be obtained through the following link:
https://my.demio.com/ref/0UoiSNPrbRZC95WK


***


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.