(Trondheim, 27 October 2023) Q-Free ASA (Q-Free, OSE: QFR) reported total
revenues for the second quarter of 2023 of NOK 305 million, up 42% from the same
quarter last year, and an EBITDA of NOK 25 million.

"Q-Free delivered another solid quarter with a significant y/y increase in
revenue and EBITDA. There is continuously a lot of activity in the intelligent
transport systems market as the technology we deliver is identified as being key
to solve an urgent and unmet worldwide need for free-flowing, clean, and safe
transportation," says Trond Christensen, CEO of Q-Free.

The order intake for the third quarter of 2023 ended at NOK 277 million (316),
contributing to a backlog of almost NOK 1.4 billion. The EBITDA in the third
quarter ended at NOK 25 million (15), or an 8% margin, following revenues of NOK
305 million (215). The EBIT was NOK 11 million (3) and the cashflow from
operations amounted to NOK 60 million in the period.

Q-Free will host a webcast on 27 October to present the third quarter and first
9 months 2023 results. The presentation starts at 09:00 CET and can be followed
live on: http://www.q -free.com/investor_relations/web-cast/

A recorded version will be available after the webcast has been concluded.

The report from the Board of Directors and the third quarter presentation are
enclosed.

*ARR, EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as part of the APM section of the
third quarter 2023 financial report.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA,
on 27 October 2023 at 07:00 CET.

For further information, please contact:
Trond Christensen, CEO, +47 481 02 754

About Q-Free: Q-Free ASA (OSE: QFR) is a global innovator in intelligent
transportation systems that improve traffic flow, road safety, and air quality.
With an open, collaborative approach to tolling, traffic and active
transportation management, Q-Free works with customers and partners on every
continent to digitize infrastructure and overcome modern mobility challenges for
the greater good of society. Headquartered in Trondheim, Norway, Q-Free has
annual revenues of approximately 1 billion NOK and employs approximately 370
transportation innovators, experts, and enthusiasts. To learn more about how Q
-Free is "changing the movements of life", visit www.q-free.com or Twitter:@Q
-FreeASA