30.3.2022 07:00:01 CEST | Ørn Software Holding AS | Half yearly financial
reports and audit reports / limited reviews

Trondheim, March 30, 2022 - Ørn Software Holding AS has today published its
Annual Report for 2021. 

The annual accounts and reports were approved by the Board of Directors on March
29, 2022. The numbers are identical to the preliminary 2021 accounts published
as part of the Ørn Software Holding fourth quarter 2021 report published March
4, 2022. The report is based on IFRS, as announced in the release dated March
11, 2022. 

"2021 was an extraordinary year for us in Ørn Software, as we continued to
deliver on our growth strategy both organically and through three successful
acquisitions. The full year growth in annual recurring revenue was 111 percent,
and we exited 2021 with ARR of 220 million," said CEO of Ørn Software Sten-Roger
Karlsen. 

During 2021, Ørn Software focused on increasing sales capacity and integration
of the newly acquired companies. 

"Towards the end of the year we saw acceleration in organic growth, and we see a
continuation of the positive sales development so far in 2022. Combined with
price increases implemented early this year we expect this to lead to further
gradual improvement in the growth rate, Sten-Roger Karlsen said and continued: 

"Our primary focus in 2022 is to realize synergies and improve profitability. As
announced in connection with the fourth quarter 2021 report earlier in March, we
expect to improve our adjusted EBITDA margin from 29 percent in 2021 to the
targeted range of 32-34 percent in 2023. Combined with a target of revenue of
around NOK 270 million, up from 196 million in 2021, and stable CAPEX as a
percentage of revenue, this implies an expected significant boost to our cash
earnings," said Sten-Roger Karlsen. 

2021 highlights:

 * Strong growth in ARR, driven by acquisitions, upsale, cross sale and new sale
   ARR NOK 219.8 million at the end of 2021, a growth of +111% since the end of
   2020. Organic growth was 13.7%
 * Significantly strengthened position in Norway and Finland through
   acquisitions of Facilit, Landax and Rapal
 * IPO and listing on Euronext Growth provided a high-quality shareholder base
   and raised new equity of NOK 250 million
 * 2021 revenue NOK 196.4 million (+140% Y/Y)
 * Adjusted EBITDA NOK 56.1 million, implying a margin of 29% (32% in 2020).
   EBITDA margin 12% (18% in 2020)
 * Cost level affected by integration of acquired companies and building sales
   capacity to accelerate ARR growth in 2022

The Ørn Software Holdings AS Annual report for 2021 follows enclosed. 

Alternative Performance Measures used in this release are described in the
Annual Report.

DISCLOSURE REGULATION

?This information is such that Ørn Software Holding AS is required to disclose
in accordance with the EU Market Abuse Regulation.

?This information was submitted for publication by the Company's CFO, Vidar
Andre Løken.

CONTACTS

 * Sten-Roger Karlsen, CEO Ørn Software, +47 922 62 321, srk@ornsoftware.com 
 * Vidar Andre Løken, CFO Ørn Software, +47 952 60 926, val@ornsoftware.com 

ABOUT ØRN SOFTWARE HOLDING AS

Ørn Software is a Nordic provider of SaaS solutions enabling efficient
operations and maintenance across a wide range of asset-heavy industries,
including real estate, manufacturing, food & beverages, and aquaculture.

The Group's software provides customers with improved insight through
data-driven operations and contributes to increased efficiency and reduced costs
through digitalization of rental processes, data-driven maintenance scheduling
and energy optimization. All of the above contribute to the lengthening of
property and equipment lifespan, a key component of Ørn Software's value
proposition. Furthermore, the Group's offering enables customers to reduce their
environmental footprint and provides digital tools to meet reporting and
regulatory requirements.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847696/1323/1772/Download%20announcement
%20as%20PDF.pdf

Orn Software Annual Report 2021.pdf -
https://kommunikasjon.ntb.no/ir-files/17847696/1323/1771/Orn%20Software%20Annual
%20Report%202021.pdf