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Mintra: Company update and revised 2021 outlook

11 / 10 / 2021

11th of October 2021: The covid impact continues to affect Mintra's customers, and the anticipated rebound in sales is not materializing as quickly as the company had estimated as basis for its growth forecasts. Mintra revises its outlook for the year expecting revenue levels comparable to 2020 proforma numbers with an adjusted EBITDA margin above 25 per cent.

Despite the win of several new contracts for delivery of safety-critical training, the total activity level in the industry in the third quarter is lower than Mintra had anticipated.

"We see there is still a covid overhang and reduced workforce levels that affects decision making and spending confidence with our clients. This alters our short term forecast.

In the longer-term we are confident and excited about the growth opportunities in our space. The unprecedented global adoption of digital services and low-carbon solutions makes our outlook very strong." says Kevin Short, CEO of Mintra.

Preliminary analysis indicates that third quarter revenues will be comparable to 2020 levels with an expected EBITDA margin above 25 percent.

With the update above, the company revises its outlook for the full year 2021, indicating an overall revenue level comparable to the 2020 including the Safebridge acquisition. The adjusted EBITDA margin for the full year 2021 is expected to be above 25 per cent.

Mintra has scheduled its third quarter interim financial report to be released November 15th 2021.

For further information, please contact:

Kevin Short, CEO, Mintra: tel +44 1224 651340 Torbjørn Blom-Hagen, CFO, Mintra: tel +47 926 48 847

About Mintra Mintra is a leading provider of digital learning and human capital management systems for safety-critical industries worldwide, serving the training, HR, and workforce management needs of the maritime and energy sectors.

Trainingportal, the Mintra learning and competency management system - provides an online portfolio of approximately 2,600 eLearning courses to over 1.7 million workers.

Mintra has offices in Bergen, Oslo, Stavanger, Aberdeen, Cyprus, India, and Singapore, providing services to more than 3,600 companies world wide.

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

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