OTOVO ASA – Q1 2026 RESULTS: TRANSFORMATION ON TRACK, STRONG FORWARD MOMENTUM

Oslo, 28 May 2026 – Otovo ASA (Oslo Børs: OTOVO) today published its results for Q1 2026.

Q1 2026 - A Deliberate Transition Q1 2026 reflects a quarter of intentional strategic repositioning. The company continued to de-emphasise capital-intensive newbuild installations in favour of higher-margin service-led revenues, including recurring services, field services and upgrade sales, while simultaneously integrating newly acquired businesses and rolling out the proprietary Endurance® AI platform across the group. Total revenue was $9.0m (Q1 2025: $12.8m), as the newbuild segment was de-emphasised in line with strategy. Service and Recurring revenues, the core of the service-led model and complemented by upgrade sales, grew from zero in Q1 2025 to $1.6m combined in Q1 2026, and continue to build week-over-week. Adjusted EBITDA improved to -$5.5m from -$5.9m in Q1 2025, despite the lower revenue base, reflecting a $2.2m lower opex base year-on-year (-23%) as $3.7m lower European payroll and Marketing cost more than offset the cost base consolidated from Onvis. The Q1 financials do not include EnergyAid (consolidated from Q2 2026), SunSystem Technologies (SST), or the revenue and operating benefits expected from the Green Panel strategic relationship; these contributions are expected to commence from Q2 2026 and onwards.

CEO Comment "Q1 was exactly what we said it would be, a transitional quarter as we de-emphasise newbuild while ramping the service revenues, membership base and upgrade sales that will define this company going forward. The underlying numbers tell the right story: costs down 23%, service revenues growing every week, and unit economics improving. What matters most, however, is what comes next. We enter Q2 with a string of catalysts that are expected to fundamentally change the financial profile of the company. EnergyAid consolidates from this quarter, expected to bring nearly $19m in annualized revenue. The strategic relationship with Green Panel becomes operational. Organic sales are accelerating across service, memberships and upgrades, with strong w/w momentum, and our commercial business with meaningfully higher ARPU is gaining traction. And with the company-wide Endurance® rollout to complete by Q3, we expect to capture $4m in annualized savings against our Q1 pro forma base. Our M&A pipeline remains highly active. In addition to those already closed and underway, we continue to evaluate several potential targets for a strategic fit, accretion and integration potential. This is a platform designed for consolidation, and we are executing that strategy at pace.” William J. (John) Berger, Chief Executive Officer

Business Highlights Q1 and to date • Delivered material organic cost reductions across the European business, with European payroll down $2.3m and marketing spend down $1.5m year-on-year as newbuild activity was de-emphasised in line with strategy • Membership base grew to approximately 20,000 (including EnergyAid), with strong week-on-week momentum and contribution from the acquired customer portfolios • Ramped Field Services operations through Q1 2026, growing the technician base and supply chain capacity; COGS in the quarter reflects investment in training and geographic density build-out, with unit economics expected to improve through Q2 and Q3 • Acquired three European customer portfolios (Zolar/Soly/Solcellespesialisten) and completed integration of Onvis Inc., establishing the US platform • Acquired Solar Service Professionals (SSP) in California, entering the largest US solar state • Acquired EnergyAid (CA, AZ, NV). $18.7m revenue in 2025, 30 service vehicles and 29 technicians, for $11.5m enterprise value. EnergyAid is already integrated ahead of schedule with $3m in identified annual cost savings • Signed LOI to acquire SunSystem Technology (SST). Complementing existing US operations and adding $14m revenue, for $2.1m enterprise value including a potential $1.3m earn-out based on net income targets • Established a strategic commercial relationship with Green Panel for pan-European field service delivery • Endurance® platform rollout underway across all entities; $4m in annualised run-rate savings identified for H2 2026, comprising $2.3m in SaaS cost avoidance and $1.7m in associated staffing reductions

Outlook Otovo today issues its 2026 full-year guidance, targeting revenue of $80–90m and adjusted EBITDA of $2.5–7.5m. Year-end 2026 customer target is 60,000, net of churn. The company expects the second half of 2026 to reflect a materially improved financial profile as EnergyAid and SST consolidate, the Green Panel relationship becomes operative across European markets, commercial customer activity and upgrade sales ramp, and the full benefits of the Endurance® rollout are realised. Beyond closed acquisitions, Otovo continues to evaluate strategic opportunities that could accelerate the service-led platform. Any acquisitions or strategic transactions going forward would be additive to current guidance.

Results Presentation The Q1 2026 results will be presented via webcast at 10:00 and can be viewed through the following link: www.investorweb.co/webcastdetail?id=69fc9658f012cc9d88ce59d2

For further information or questions please contact Investor Relations via e-mail to ir@otovo.com.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding the company’s expectations, plans, objectives, strategy, future operations, business performance, financial condition, prospects, growth opportunities, market position, anticipated benefits of transactions or initiatives, and other statements that are not historical facts. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions. These forward-looking statements are based on current expectations, assumptions, estimates, and projections and are subject to risks, uncertainties, and other factors, many of which are beyond the company’s control, that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, market conditions, regulatory developments, competitive pressures, customer demand, supply chain constraints, macroeconomic conditions, execution risks, and other risks described in the Company’s public filings or other disclosures, if applicable. The company undertakes no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.