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Novedo publishes Q2 Interim Report*, an update of acquisition pipeline and consideration of bond issue

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”During the second quarter we have continued to grow our industrial group. So far in 2022, we have acquired eight new companies. Since the start, a little over a year ago, we have completed 19 acquisitions and the group has pro forma net sales of approximately SEK 2,050 million with an EBITDA of approximately SEK 260 million** twelve-months rolling.”, says Per-Johan Dahlgren, CEO at Novedo.

April – June 2022

  • Net sales for the Group amounted to SEK 432 million (54)
  • EBITDA for the Group amounted to SEK 41 million (6)
  • EBIT for the Group amounted to SEK 29 million (4)
  • Profit before taxes for the period for the Group was SEK 17 million (2)
  • During the quarter, Novedo completed the acquisition of three companies, GBB Holding AB, Sentexa AB and Total Fasad AB, with estimated annual sales of approximately SEK 447 million
  • Novedo signed an agreement to acquire BATAB Bygg- & Akustikteknik AB
  • Earnings per share before dilution for the quarter were SEK 359.88

January – June 2022

  • Net sales for the Group amounted to SEK 713 (65) million
  • EBITDA for the Group amounted to SEK 59 (5) million
  • EBIT for the Group amounted to SEK 38 (2) million
  • Profit before taxes for the period for the Group was SEK 4 (0.3) million
  • During the period, Novedo completed the acquisition of seven companies with estimated annual sales of approximately SEK 825 million
  • Earnings per share before dilution for the period were SEK -152.81

Pro forma, July 2021 – June 2022***

  • Net sales pro forma for the Group amounted to approximately SEK 2,050 million
  • EBITDA pro forma for the Group amounted to approximately SEK 260 million**
     

Significant events after the end of the period

  • Novedo completed the acquisition of BATAB Bygg- & Akustikteknik AB
  • Novedo signed agreements to acquire two companies, Nordsign AB and Elektronik Mekanik i Västerås AB

Pipeline of LOI and considering bond issue
At the date of the report, the company has signed five additional non-binding letters of intent regarding company acquisitions (the "Acquisitions") that are expected to be completed in the near future. Novedo’s aggregated revenue after closing are expected to increase by approximately SEK 1,000 million whilst EBITDA is expected to increase of approximately SEK 150 million on an annual basis. Novedo is considering using existing cash and bond financing to finance the Acquisitions. The Company has mandated ABG Sundal Collier AB and Pareto Securities AB as joint bookrunners to investigate the possibility of a subsequent bond issue (the "Bond Issue") under the Company’s existing 2021/2024 bond framework with ISIN SE0017070980. The Bond Issue is intended to be carried out subject to inter alia prevailing market conditions.

CEO comment, Per-Johan Dahlgren
”During the second quarter we have continued to grow our industrial group. So far in 2022, we have acquired eight new companies. Since the start, a little over a year ago, we have completed 19 acquisitions and the group has pro forma net sales of approximately SEK 2,050 million with an EBITDA of approximately SEK 260 million** twelve-months rolling. Our new acquisitions mean that we can now rightfully call ourselves an industrial group focused on three segments, Infrastructure, Installation and Services, and Industry. The fact that the companies are in these different segments contributes to a valuable risk diversification for the Group. At Novedo, our focus is to maintain and ensure competence and capacity in order to offer fast, efficient, and customised support to the entire group as an owner.”

Outlook for 2022
The difficult situation in the world around us and the increased inflation create uncertainty. Our operations are naturally not unaffected; however, our companies continue to develop favorably and the fact that our companies have a very low level of exposure towards major fixed-price projects remains an advantage for us. Also, our decentralised model, with companies in niche positions, where our experienced entrepreneurs, through good and close relationships with their clients and suppliers, protect their margins efficiently which makes the high inflation manageable.

*The English version of the interim report will be published on the 26th of August.
**For the portfolio companies the corresponding value is approximately SEK 290 million.
***Pro forma refers to the period Jult 2021 – June 2022 for the companies Novedo has fully acquired and signed agreements to acquire as per August 19, 2022, and has been recalculated to show the results as if Novedo had owned the companies throughout the period. These pro forma figures do not include balance sheet amounts as Novedo has not completed all of the acquisitions.

For more information, please contact:
Per-Johan Dahlgren
CEO
Novedo Holding AB (publ)

per-johan.dahlgren@novedo.se
+46 70-597 06 44

This is information that Novedo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on Aug 19, 2022, at 07:30 a.m. CEST. The report has not been reviewed by the company’s auditors.

About Novedo
Novedo is a privately owned industrial group that since 2021 acquires and develops companies within Industry, Infrastructure, and Installation and Services. The group’s 19 acquisitions, encompassing 36 companies, have about 950 employees and pro forma net sales of about SEK 2,050 million with an EBITDA result of about SEK 260 million**. The company is planning for an IPO during the first half of 2023.
For more information, visit us at www.novedo.se/en.

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