Nr. 1 on growth world wide in 2024

The most important figures are already announced and tells a story about profitable growth and WC control in 2024 which is the perspective we prefer in Q4.

Growth is 11% (guiding mid-point 19%). Look at this series of growth last 5 years, not bad is it. Gross profit CAGR is 28% in the period📈

* Reported and Hvaler Invest estimate before reporting started 2022

I'll guarantee you this is nr 1 in the world on organic growth.

NWC is -15,1% (guiding mid-point -6,3). Crayon have taken back NWC control. It was the nr 1 priority entering 2024, congrats to Brede and team👏

Adjusted EBITDA 18,7% (guiding mid-point 19%) and growing from 16,2% in 2023. The speed entering 2025 is strong and Crayon will go north of 20%. Add significant lower financial cost and EPS will more than double. Not bad.

We are looking for guiding insight, consultancy improvements (from a very low level) and insight on the Q4 growth figures and how this affects profitability in 2025 in the report tomorrow.

The current share price is an anomaly, think about it.

Either you think the bid from SWON will pass (we doubt it) and the share price is 130NOK.

Or you say no, like us, because you have a higher target price than 130 NOK (we do and we'll soon be out with an update💪).

Either way you buy, we already have😁

All the best,

Sverre and David

Hvaler Invest AS

Lillestrøm, Norway

11.02.25

Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)