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Results for the first half of 2022

11 / 08 / 2022

Mintra, a leading supplier of digital learning and human capital management software, today announced the results for the first six months of 2022.

In the first half of 2022, Mintra increased its EBITDA by 20% to NOK 41.5 million, corresponding to a margin of 33% for the period. The EBITDA is driven by an improved revenue mix towards higher margin services as well as operational improvements. The company has had a steady and continued strong order income, especially for subscription-based content services.

Mintra also increased its operating cash flow to NOK 55.6 million in the first half of 2022, constituting a 90% increase compared to the same period last year.

"It is exciting to see the range of opportunities in Mintra's target markets and our recent contract wins feature customers from both maritime and energy sectors and include the full spectrum of Mintra's offering. Steadily increasing sales and revenues are now underpinned by a more optimized and profitable infrastructure and by our newly strengthened commercial team," said Kevin Short, CEO of Mintra.

Continued growth in target areas

In the period, Mintra was awarded a total of NOK 80 million in new contracts, representing a 14% increase from NOK 70 million in the corresponding period in 2021. Mintra also reported a 14% increase in revenues from the Asia Pacific region.

This includes multiple landmark wins where Mintra was awarded multimillion contracts across all business segments that further strengthened its position within the Maritime and Energy industries. In parallel, the company intensified efforts to increase its direct distribution of eLearning services through the Marketplace offering and other online channels to more than NOK 24 million in the first half of 2022. This represents 33% of the revenue in the business segment, which achieved 8% YOY growth.

The company's annualised recurring revenue has reached NOK 120 million, up from NOK 108 million at the start of the year.

Strong outbound marketing activity

Alongside revenue growth in the Asia Pacific, Mintra signed two new international partnerships in the region. First to sign was IBS Software in Dubai, a leading SaaS solutions provider for the travel and logistics industry.
This was followed by Kineo in Australia, a global workplace learning company.
These relationships provide new access and opportunities to cross-sell Mintra's products and services into the Asia Pacific region.

Mintra was also recognised by The Nautical Institute and was awarded Certificates of Recognition for eight of its maritime training products, including two ECDIS titles, combining 38 courses and assessments overall.
In the second quarter, Mintra increased its engagement in industry events.
During the period, the Mintra team participated in six international events, including Nor-Shipping, Learning Technologies in London and the sponsorship and panel representation at Posidonia in Greece. In June, Mintra hosted its first live virtual panel webinar on technologies aiding Seafarer welfare, alongside experts from existing partners, Future Care and Mission to Seafarers.

Financial highlights:
o Group revenue amounted to NOK 124.6 million for the first half of 2022, up from NOK 121.8 million in the corresponding period in 2021

o EBITDA amounted to NOK 41.5 million, up from NOK 28.4 million in the same period in 2021

o EBITDA margin at 33.3% compared to 28.6% in the first half of 2021

o Operating cash flow of NOK 55.6 million for the period compared with NOK 29.5 million in 2021

Webcast

A live webcast and Q&A will be hosted by Mintra's senior management, starting at 08:00 CEST. The live event can be accessed via the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220811_1

The presentation and report for the first half of 2022 will also be made available on www.mintra.com/investors.

For further information please contact:

Kevin Short, CEO, Mintra +44 1224 651340

Torbjørn Blom-Hagen, CFO, Mintra +47 24 15 55 00

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

About Mintra

Mintra Holding AS is a technology company that has been shaping the eLearning industry for more than 30 years. By taking pride in helping more than 3,600 companies develop and deploy their people, manage, and meet their competency and training requirements, Mintra is a preferred partner in the eLearning and human capital management solutions markets. The company is focused on clients with workforces operating in safety-critical industries such as energy and maritime where regulatory training is mandatory and needs to be refreshed and assessed on a frequent basis.

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