Nortel AS - Trading update Ålesund,6 July 2023 .Nortel AS ("Nortel " or the "Company") is aiming for revenues ofNOK 329 million in 2023, a growth of 45% compared to last year, and in line with the Company's development the last years. As a result of the ongoing migration to the MVNO-platform, the margin is estimated to rise from 27% last year, to 35% this year, and accordingly the adjusted (*) EBITDA is estimated to rise fromNOK (9.3) million last year toNOK 36 million this year. Due to investments in the new platform, a somewhat delayed migration process, and continued investments in growth, with a target of 88,000 subscribers at the end of the year, it is identified a requirement for strengthening the capital base before the end of the year. (*) Adjusted EBITDA: Identified cost for migration to MVNO-platform (NOK 9 million ), and estimated cost for synthetic share program (NOK 7.5 million ) is deducted from EBTDA. For further information, please contact: Chairman of the board,Arild Hustad , arild.hustad@me.com CEO,Christian Pritchard , cp@nortel.no AboutNortel : oNortel was established inSeptember 2019 as a challenger to Telia andTelenor in the Norwegian business market for mobile services. The Company was listed on Euronext Growth Oslo the following year. o By the end of Q1 2023,Nortel had 73,900 active SIM cards. oNortel is the third largest supplier in the Norwegian telecom business market. o The Company was the novel supplier inNorway to offer customers limitless data traffic at a fixed low price, and has since created a new dynamic and fashioned further development in the Norwegian telecom business market through a number of innovations. o Earlier this month,Nortel launched its new solution through which customers will be able to gather different systems in a single cloud-based communications platform. This notice is deemed to constitute inside information under the EU Market Abuse Regulation and is subject to the rules on public disclosure pursuant set out in the continuing obligations of the rules of Euronext Growth. Thisstock exchange announcement was published byChristian Pritchard , on6 July 2023 at5:25 PM CEST .
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