Annual report 2023 ^

A pioneering consulting company with expertise in technology for integrated business solutions ^

Our mission is to leverage technology to streamline and declutter non-essential systems and processes. In doing so, we enhance our clients’ outcomes and deliver peace of mind for those at the helm.

By streamlining and clarifying, we provide a better overview and contribute to stability and dependability in the daily working environment. This enables our clients to spend their time and effort on more productive activities that drive value creation.

This is how we simplify complexity.

Arribatec Group ASA | Annual report 2023

Contents ^

Highlights 4

Arribatec at a glance 4

Key figures 5

Letter from the CEO 6

Our business 8

Arribatec vision and values 8

ESG report 9

Board of Directors report 21

Board of Directors 21

Responsibility Statement 22

The Board of Directors’ Report 23

Shareholder information 29

Financial statements 31

The Group 32

Parent company 78

Auditor’s report 95

Corporate Governance 100

APMs, terms and abbreviations 105

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Arribatec at a glance ^

More about us

Our results

Our people

Recurring of total revenue

37%

Employees

341

Organic growth

13.5%

Nationalities

25

Number of clients

1 760

Listed on Oslo Stock Exchange

60+ Software and solution offerings

Key partnerships: Unit4, QualiWare, Hypergene, RamBase, Microsoft, CatalystOne, Pagero, PowerBI, Prophix, SEMINE

Appr. 40% business outside of Norway

15 offices around the globe

35% women, 65% men

Main industries: Governmental, Higher education, Research, Health, Energy and oil & Gas, Bank & Finance, Shipping, Hospitality, Engineering and construction, Non-profits

Overall job satisfaction score

72%

Average age

41 years

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Highlights

Highlights | Arribatec at a glance

Highlights | Arribatec at a glance

Key figures ^

1 Reversed share split (10:1) in Q1 2023

Gross profit

440 MNOK

EBITDA margin

4.3%

Revenue

573 MNOK

Revenue growth y/y

13.5%

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Highlights

Highlights | Key figures

Highlights | Key figures

Letter from the CEO

A year of building common structures ^

I want to begin this letter by expressing my sincere appreciation to all our employees in the Arribatec Group. The resilience and determination that everyone has demonstrated during 2023 have helped the company sustain growth and secure new and significant contracts. I’m amazed by what we accomplish together with our customers, and I’m very proud of all the positive feedback we have received from them on the work we are doing. We repeatedly see that the positive impacts we create from good customer outcomes help us win new projects from existing and new customers across the Arribatec universe.

As Arribatec reached its eighth year in 2023, we noticed that our company kept developing and growing. We saw more collaboration and coordination among our five business areas, which made our project delivery more dynamic and opened new opportunities for our staff to get involved in different and interesting projects. Our shared values of Responsibility, Integrity, Service-mindedness, and Empowerment, or RISE for short, motivate us to help each other in our daily work and create a work environment that encourages cooperation and unity. We succeed together, and we learn together. This way of working together allows us to grow personally and provide value for our customers, partners, and owners.

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Highlights

Highlights | Letter from the CEO

Highlights | Letter from the CEO

We passed several significant financial milestones in the last year. Arribatec had a positive EBITDA of 25 million for the year and a revenue of 573 million, which is almost 14% higher than last year. Also important, all our five Business Areas had positive EBITDA in the final quarter. This shows us that the hard work we have done in the previous years to merge and improve our business model has paid off. We believe we have built a strong foundation that can support our future growth.

Our operation was influenced significantly, both positively and negatively, by strategic changes that our software partners made in 2023. For the parts of our business that felt the impact directly, we have chosen to be less reliant on single dominant partners and to have more flex- ibility with various systems and software solutions in our portfolio. To be less reliant, we are forming new partnership agreements with more software owners and plan to have a wider range of skills in our organisation. This will allow us to provide even more customised solutions to the individual client’s needs while reducing the impact of partner decisions in the future. The new alliances have not only broadened our reach but have also improved our offerings, enabling us to transform even more complex challenges into simple solutions, improving our clients’ outcomes and providing confidence for those at the helm.

As we approached the end of 2023, we began to revise our strategy for the next three years, from 2024 to 2026. We have established challenging objectives for what we want to accomplish in this period, both in terms of customer and market outcomes, as well as financial and opera- tional performance. Environmental, Social, and Governance (ESG) factors are now embedded in our business model and in our decision-making process. This includes adopting sustainable practices throughout our operations, complying with new regulatory demands, and preparing to assist our clients with their ESG journey. In the past year, we have made donations to various charities selected by our employees, purchased supplies from disability organisations and sponsored initiatives that promote health internally and externally. These activities will persist

in the coming year, in addition to the influence of ESG on our business decisions. These efforts embody our RISE values and our “positive impact” mentality.

Looking beyond 2023, we see that helping our customers build strong governance- compli- ance- and management systems is essential for the future. The energy sector will have a major impact on how our societies will evolve. Developing renewable energy sources and modern- ising and expanding the distribution grid are vital, and the need for a reliable energy supply is more evident than ever. A significant part of Arribatec’s activities is related to the broader energy sector - and we think that we can contribute to improving our customers’ performance and compliance with the regulations they follow. Other sectors that Arribatec works with, such as the public sector, professional service firms, civil engineering, manufacturing, higher education, transportation and hospitality, all aim to become more data-driven, automated and digitally proficient. We will always stand ready to help, support and advise, and as a pioneering consulting company, we will keep exploring new possibilities and finding simple solutions for complex problems in the coming years.

Sincerely,

Geir Johansen CEO of Arribatec Group

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Highlights

Highlights | Letter from the CEO

Highlights | Letter from the CEO

Arribatec vision and values ^

“We simplify complexity”.

At Arribatec, we are pioneers in transforming complex challenges into simple solutions. Our job is to create order from chaos. And in doing so, we enhance our clients’ outcomes and guarantee peace of mind for those at the helm. We provide a better overview and contribute to stability and dependability in the daily working environment. This enables our clients to spend their time and effort on more productive activities that drive value creation. Our ambition is to simplify complexity.

Responsibility

We take responsibility

Our willingness to take responsi- bility sets us apart. As a group we are authentic, reliable, and loyal. We keep our word and own the decisions and actions we take. This is because we understand that we are accountable for our shared impact and results.

Integrity

We act with integrity

Integrity is part of our group DNA. We treat our customers, colleagues and partners with respect, professionality, and good intentions, as we believe that this foster trust and long-lasting relationships. We stay true to our group and our shared values even when nobody is watching, as we believe it is the right thing to do.

Service-minded

We are service-minded

We understand that we are only as successful as our external and internal customers. Hence, we listen, work hard to understand the customers’ needs and strive to deliver above their expectations.

Empower

We empower those around us

We have the motivation and confi- dence to empower those around us. We do so by showing interest, actively sharing our knowledge, and giving our customers, colleagues and partners the opportunity to develop and grow. By doing so we lift each other up.

The values are recognised as the RISE culture in Arribatec.

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Our business

Our business | Arribatec vision and values

Our business | Arribatec vision and values

Environment, Social

and Governance ^

This chapter offers an insight into Arribatec’s Environmental, Social, and Governance (ESG) endeavours and achievements throughout 2023, in addition to the upcoming plans. The ESG standards and regulations are dynamically evolving alongside global shifts, necessitating proactive responses to emerging challenges. Arribatec remains committed to meet these challenges with actions and compliance and by leading the way for others through our vision statement “we simplify complexity”.

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ESG report

The ESG efforts shall not only benefit the environment and society but also contribute to the financial performance and long-term success. Arribatec has used 2023 to further integrate the ESG practices into ways of working. Arribatec aim to mini- mize the environmental footprint, foster a diverse and inclusive workplace culture, and maintain high ethical standards.

Arribatec are data-driven and aim to provide transpar- ency and accountability to the stakeholders to share our ESG-performance and ambitions.

Authorities

Employees

Society

Customers

Interest groups

Owners

Suppliers

Partners

Media

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Our ESG strategy statement

At Arribatec, we take ownership of the complete service we provide and are responsible for our impact on the environ- ment, society, and the economy throughout our value chain. ESG is incorporated into our business strategy and processes and reflected in our values. We strive to manifest our values and show our commitment to ESG in everything we do. We consider ESG and our values to be mutually reinforcing.

We take responsibility for reducing our environmental footprint and caring for our employees and clients. We act with integ- rity in all business practices and internal processes. We are service-minded in offering our clients the best products and competence and our employees the best development oppor- tunities. We empower our employees, clients, and business partners to act in the planet’s and society’s best interests.

Arribatec has eight priority areas within ESG based on the materiality assessment. The priority areas guide the opera- tional decision-making, as well as the product and service offerings. The priority areas are listed below:

Environment

Our aim is to become carbon neutral by 2030.

We aim to ensure 100% reuse and recycling rate of electronic waste by 2026.

Social

We have a strong focus on ESG competence building among our employees and across the group.

Our employees are our main asset. We want our employees to thrive at work and we aim to be recognised as an employer by choice, placing our people at the heart of everything we do.

We aim for our employees to find meaning in what they do and to develop their skills and abilities.

Governance

We aim to influence and support our business partners and clients to maintain high standards of ESG.

Ethical business conduct is at the highest priority in Arribatec. We have zero tolerance for corruption and unethical behaviour.

We aim to ensure high-level protection of our customer and employee data.

The ESG reporting is currently based on the GRI standard. However, Arribatec is preparing for the European Sustainability Reporting Standards (ESRS) and EU taxonomy that will become applicable in 2025. Conducting an EU taxonomy eligibility assessment and double materiality assessment will be the first step. Based on the assessments, a roadmap will be created to ensure alignment and reporting in 2025.

UN’s Sustainable Development Goals

Arribatec acknowledge the significance of all the UN’s Sustainable Development Goals but have pinpointed those that align most effectively with our stakeholders and where we can make the most positive impact.

ESG performance

Arribatec adopted structured reporting following the GRI standard in 2022, which continued into the 2023 reporting cycle. However, with upcoming regulatory changes, Arribatec will transition to using the European Sustainability Reporting Standards (ESRS) for its 2024 reporting. The following sections will elaborate on the work and performance within the three ESG categories.

The following sections will elaborate on the work and perfor- mance within the three ESG categories.

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Environment

Climate change is one of the most pressing challenges of our era. As a multinational organisation with projects in close to 30 countries, Arribatec is dedicated to fulfilling the responsibility of addressing climate change and minimising emissions intensity.

Energy

The operations produce the following emissions based on the GHG emission standard; scope 1 and 2. Arribatec has ESG reporters located at every office with the key responsibility of reporting annually on all metrics and driving positive environ- mental change initiatives.

Arribatec has a goal to “reduce the emission from direct activ- ities by 30% by 2024 compared to baseline in 2023”. Since Arribatec does not own any of the buildings they operate from they are challenging the building owners to put in place efforts that can help reduce the energy usage. However, Arribatec sees a clear variation across locations in maturity and willing- ness to do the necessary changes. Arribatec will continue to challenge and believe this will lead to a positive change.

Scope 1 emissions:

3.9 tonnes CO 2 e

Scope 1 emissions are direct greenhouse (GHG) emissions that occur from sources that are controlled or owned by Arribatec (e.g., Arribatec vehicles).

The scope 1 emissions have increased by 40% compared to 2022, primarily due to a significant increase in the activities where cars are part of the operation, resulting in considerably more driving. Two cars have already been replaced with elec- tric vehicles, while the remaining two diesel cars are next in line for replacement.

Scope 1 emissions are related to the two diesel cars Arribatec use in their project deliveries. The diesel cars are used when the distance and load require it, while the two electric cars (that is part of the Scope 2 emission) is used for shorter deliveries.

Scope 2 emissions:

225.8 tonnes CO 2 e

Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling. Although scope 2 emissions physically occur at the facility where they are generated, they are accounted for in Arribatec’s GHG inventory because they are a result of the organisation’s energy use.

The scope 2 emissions have risen by 34% since 2022. Arribatec is collaborating with building owners on initiatives aimed at reducing emissions. Additionally, internal meas- ures are being implemented to decrease emissions within Arribatec’s designated office area.

Some of the efforts to reduce Scope 2 emissions at the Arribatec main office include implementing night temperature reduction, adjusting air volume during vacancy periods, and using demand-controlled ventilation. Climate screens are integrated to minimise cooling needs and lighting systems have been upgraded to energy-efficient LEDs with presence detection. The Arribatec main office has also implemented over 20 fractions for proper waste management. The building’s sorting rate for 2023 is 63.1%. Waste management is an initia- tive Arribatec is working to establish in all offices.

Energy consumption through own operations

Arribatec has identified the sources of energy consumption, pinpointing areas for improvement to reduce emissions and achieve carbon neutrality. Heating constitutes the primary energy usage in most locations. Arribatec is committed to increasing the use of renewable electricity. Consequently, all data centres are powered by green electricity, and supplier selection prioritises environmental performance.

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Circular economy

Arribatec aims to reuse and recycle 100% of all electronic waste by 2026. This commitment extends not only to internal electronics but also to items delivered to the clients. Arribatec has designated equipment disposal closets at the largest office sites to facilitate the convenient return of any electronic waste. In 2023, the following number of electronic units went through the circular economy process:

Social

Arribatec firmly believes that the company’s core strength resides in the dedicated efforts of its employees. They work tirelessly to expand the business and empower Arribatec to assist clients in overcoming challenges and pursuing new opportunities. In essence, employees serve as the driving force behind the company, making it imperative to consist- ently prioritise their needs and aspirations to sustain ongoing growth. Arribatec’s key strategic driver is personal growth, recognising that investing in the development and well-being of employees is essential for both their success and the success of the company.

The social impact of Arribatec extends beyond our work with employees and clients. Arribatec endeavour to create a positive difference in communities and the world through charitable initiatives, sponsorships, volunteer work, and the behaviour and actions of our employees during client assign- ments.

Corporate Social Responsibility

Arribatec is committed to be a good corporate citizen and demonstrate integrity and high ethical standards in all its business.

Arribatec’s Board of Directors has implemented guidelines for Ethical and Corporate Social Responsibility. The purpose of these guidelines is to create a sound corporate culture and to preserve the integrity of Arribatec by helping employees to promote standards of good business practice. Arribatec’s guidelines on Ethical and Social Responsibilities applies to all employees of the Group and to anyone who holds a position of trust in the Group, including members of the boards and consultants acting on behalf of the Group.

The principles and standards provided therein aim to provide guidance to Arribatec’s people for a common platform and to support Arribatec’s vision, core values and principles. These guidelines are instrumental for Arribatec’s approach to human rights, fair working environment and equal rights, health and safety, environment, business ethics and anti-corruption.

The Group regularly reviews the guidelines and will continue its ongoing efforts to educate the organisation on the prevailing standards and principles. Arribatec’s Ethical and Corporate Social Responsibility Guideline is publicly available on Arribatec’s website.

Human rights

Arribatec shall ensure that the company’s business conduct is being performed in a way that secures human rights as described in the UN’s universal “Declaration of Human Rights.” One of the main topics in the declaration describes the right to express one’s own convictions, opinions and concerns in good faith and without retaliation.

Working environment

The Group has business contacts of different nationalities and cultures and has built an international mindset for years. Employees are encouraged to treat each other and business contacts with respect and act according to local laws and regulations, as well as to pay attention to local values and norms for social conduct. The Group does not tolerate derog- atory treatment of any employee. The Board of Directors and Management seeks to create a working environment that is pleasant, stimulating, safe and beneficial to all employees.

The Group’s working environment complies with applicable rules and regulations and the Board of Directors has not found reason to implement any special measures in this respect.

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Going forward, Arribatec commits to actively continue its work for a safe and nurturing working environment in accordance with applicable rules and regulations.

Equal rights

Arribatec does not accept discrimination on the grounds of race, colour, gender, sexual orientation, age, disability, language, religion, legitimate political or other opinions, national or social origin, property, birth or other status. The Group’s facilities are equally well equipped for females and males. The Company complies with Norwegian legal require- ments with respect to gender representation in the Board of Directors.

The Board of Directors will continue its efforts to ensure that the principle of equal treatment is carried out in accordance with the adopted policy. Both recruitment of new personnel and professional development for the Group’s existing employees will be based on qualifications, achievements and equal opportunities.

Health and Safety

Health and safety are indispensable components of all the Group’s activities. All hazards and risks to health and safety must be mitigated when identified. Generally, Arribatec’s business involves low risk in the day-to-day activities, without the use of chemicals, heavy machinery or equipment that can cause damage or injuries. Delivery of Arribatec’s services and solutions is sometimes done in cooperation with business part- ners, all of whom shall have a good reputation and standing.

Environment

The Group’s operations shall always be in accordance with applicable environmental legislation. Arribatec’s guidelines on Social and Corporate Responsibility provide that the Group shall always strive for improvements that may reduce its environmental impact. Arribatec does not own or operate manufacturing facilities. Arribatec seeks to limit its resource consumption, prevent unnecessary environmental pollution, including optimising transportation of goods, and manage waste in an environment-friendly and resource-efficient manner.

Business ethics and anti-corruption

The Group’s operations depend on the trust of contractual parties, authorities, shareholders, employees and society in general. In order to gain trust, the Group is dependent upon professionalism, expertise and high ethical standards in all aspects of the Group’s work. This applies to the way the Group operates and the conduct of everyone associated with the Group. All employees are expected to behave with care, integ- rity and professionalism and abstain from actions that may weaken confidence in the Group.

The Group’s Ethical Guidelines and Corporate Social Responsibility Guidelines contain guidelines on ethical behav- iour in business relations and are applicable to all employees in the Group. These guidelines clearly state that Arribatec has a zero-tolerance policy for any form of corruption or bribery and encourages reporting of suspected misconduct.

The Group’s guidelines explicitly govern conflict of interests, gifts and money laundering. No employee may receive bene- fits for themselves or for others from the Group’s business contacts if such benefits are based on the employment rela- tionship. Correspondingly, no one shall give such benefits to the Group’s business contacts. Business courtesies of modest value, conforming to normal social customs and not intended for influence, are not considered bribes.

All gifts with an estimated value of more than NOK 1 000 must be reported to the Group’s CFO, who will assess whether the relevant gift can be received on a case-by-case basis. Arribatec has to date not been accused of or involved in, any cases pertaining to any form of corruption or bribery. Arribatec encourages each employee to report on possible censurable incidents.

Arribatec’s employees have an obligation to report on criminal activity and on incidents that could endanger life or health. Raising awareness of Arribatec’s existing guidelines has been the Group’s main action regarding business ethics and anti-corruption, and the Group will continue such work going forward. Neither the Board of Directors nor management are aware of any breach of the Group’s ethical code of conduct.

Work force highlights

Work environment

Arribatec uses an artificial-driven survey every week to monitor, evaluate and act on some key factors that influence the overall job satisfaction among the employees, supported

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by Winningtemp. The weekly survey helps the company to create a positive and efficient work environment, by hearing and getting input from the employees and responding to their feedback. This is a helpful way of getting feedback that helps the company to identify areas for improvement and ongoing growth. One of the strategic objectives for Arribatec is to score at or above industry index (source Winningtemp) in all param- eters. Arribatec has achieved targets for some parameters but is slightly behind on others, seeing a decrease of 0.2 of the overall satisfaction score compared to 2022 (7.4 vs. 7.2). Even though not meeting all parameters, Arribatec is pleased with the scoring, considering the significant consolidation activities we have gone through. Furthermore, the implementation of the pulse survey across all Arribatec departments has resulted in an average participation rate of 78%, representing a 17% increase from 2022.

Diversity highlights

The company is founded based on senior high-level compe- tence providing the market with the most in depth expertise within its domains, which is reflected in the age distribution. The average age in Arribatec is 41 years (same for male and female employees). The youngest employees are apprentices, while the largest age group is between 40-49 years. Arribatec value age diversity and are committed to maintaining a broad range of ages within the workforce, as it creates a more productive and conducive work environment.

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Personal growth

Working at Arribatec is intended to facilitate both professional and personal development. One of the strategic drivers at Arribatec is to attract and retain talent including fostering personal growth. A key initiative in ensuring Arribatec delivers on this commitment has been the establishment of a compre- hensive Arribatec Job Architecture including position mapping. Ultimately engaging the entire company, we implemented our Job Architecture similar with the Mercer Methodology principals and skills categories, plus leveraged our internal tooling competence by developing a Human Resources Transformation Dashboard (Power BI Management Dashboard) to create reports to measure what matters. This has made our endeavours much more cost efficient and effective.The Arribatec Job Architecture is a strategic framework aimed at aligning positions, responsibilities, and mandates defined in corresponding role descriptions. The job architecture

categorizes and defines positions plus levels to ensure they are in line with, and serve Arribatec’s strategic objectives, and has been developed to promote transparency, consistency, and fairness in the job structures. Furthermore, to streamline and ensure equity in job structures, address pay disparities, facilitate talent management and performance, raise the quality of planned recruitments, and succession planning.For Arribatec it has been a necessary, rewarding, and pivoting journey. Partly to enable more qualified follow ups of required legislation in the country and/or legal entity the employee belongs to, but also to create a shared understanding of our desired culture and leadership traits. As an organisation that is going through the typical phases of a post-merger, the Arribatec Job Architecture has helped us create a necessary identity exercise, focusing on our goals and aspirations, and the skills we need in the organisation to achieve them. In addition, to enhance the role descriptions and maintain the

dedication to personal growth, Arribatec has planned and initiated a competence mapping process. This process will continue in 2024 to provide comprehensive insights, fostering a clear understanding of the development needs of each employee and the company as well as support new recruit- ments.

ESG-competence development

Enhancing ESG performance significantly relies on cultivating ESG competency, making it a key priority for Arribatec. Arribatec believes that as employees gain a better under- standing of ESG and its potential for positive impact, the likelihood of significant changes increases, both within the company, with clients, and across the society at large. In 2023, over 50% of the employees completed the ESG training, with the aim for all employees to complete the training by 2024.

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The gender diversity

The current workforce at Arribatec has a higher proportion of men than women. This discrepancy is not intentional but rather a consequence of the companies acquired in recent years and the limited availability of women in certain areas of expertise where Arribatec operates. Arribatec believes in the effective- ness of diverse teams and is therefore encouraged by the gradual improvement in the gender ratio compared to 2022, as well as the fact that the workforce includes individuals from 25 different nationalities.

Ratio of basic salary of women to men

Top-management: 0.79

Mid-management: 1.05

Non-management employees: 0.85

The ratio of women’s salaries to men’s is lower in top manage- ment positions (C-level), higher in mid-management, and lower again for non-management positions. Arribatec regularly monitors this ratio to ensure no intentional or unintentional discrimination exists. Upon closer examination, it is apparent that the variation in the ratio is influenced by factors such as seniority, competence and skills, educational level, and job position. Additionally, historical and geographic elements play a significant role in this variation.

Sick leave and turnover

Arribatec maintains a notably low sick leave percentage, accounting for only 3.6% of total workdays, which is consid- ered a privilege. The long-term sick leave rate stands at 1.6%, while short-term sick leave is at 2%, both well below the industry average. While various factors can impact sick leave rates, Arribatec has implemented several measures to prevent illness and injury. This includes systematic work on job descriptions and expectations, continuous development and documentation of crucial work processes, training initiatives, clearly defined authorisations, and improved recruitment processes. In the event of illness, there are clear routines for fostering and follow-up by line management. Moreover, Arribatec is also committed to preventing physical strain by providing modern office spaces and encouraging employees to come to the office. In addition, Arribatec offers flu vaccinations fruit in offices, conducts campaigns focusing on mental health, and performs regular social events. Arribatec has implemented numerous measures to maintain this low rate. These include providing flu vaccinations, offering training activities, stocking fruit in offices, revamping sick leave follow-up processes, conducting mental health campaigns, organising regular social events, and fostering a positive work environment.

However, working at Arribatec may involve long workdays and challenging tasks, potentially affecting work-life balance. To address this, a stricter system has been introduced to

monitor employees’ work hours and ensure a healthy balance. Additionally, Arribatec closely monitors results from the weekly pulse survey to identify any negative trends that could contribute to increased sick leave. As part of the employee benefits program, Arribatec offers health insurance.

The turnover rate at Arribatec has risen to 20.85%, a signif- icant increase from 2022’s 8.53%. As Arribatec continues to evolve and undergo changes, including assembling the right teams to achieve its goals, turnover remains a natural aspect of organisational development. While the primary goal is to retain employees for the long term, a certain level of turnover can be beneficial as it introduces new individuals with fresh energy, skills, and perspectives. In 2023, Arribatec onboarded 48 new highly skilled employees, largely in line with its growth strategy, to fill vacant positions and meet the increased work- load. This ambitious growth strategy will continue into 2024. With an extensive number of applicants and the impressive skillsets they possess, Arribatec has become an attractive option for both the best young talents and experienced professionals in the market.

Society

Arribatec is privileged to have employees who care about making a positive impact on society. Arribatec has set aside 800 hours for doing voluntary work. Some of these are used for planting trees and cleaning beaches. Other examples are

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using disability organisations, installing beehives, arranging lottery for charity, sponsoring local organisations (e.g. cancer organisations, football, and ski clubs). Other examples are collaborating with disability organisations, setting up beehives, organising charity raffles, or supporting local organisations (e.g. cancer organisations, football, and ski clubs).

Arribatec continued its tradition by, instead of giving holiday presents to the employees, arranging surveys among the employees to decide where the donations should be given. As a result, Arribatec gave donations to Doctors without Borders, World Wildlife Foundation, World Food Program, Red Cross and Amnesty International.

Governance

As a professional service and IT company listed on Oslo Stock Exchange, Arribatec aims to maintain the highest standards of governance and accountability and to ensure that the stake- holders can have confidence in the business practices.

Arribatec not only has a responsibility to govern its own oper- ations effectively but is also expected to deliver systems and services to the clients at the same standards. The clients and stakeholders rely on Arribatec to provide secure and reliable technology solutions, and Arribatec recognise that the success depends on maintaining their trust.

The UK office participated in the Christmas Santa aid-walk for a local children hospice.

Cleaning beaches for World Ocean Day.

Bee safari at Arribatec EA & BPM’s roof terrace where we have installed bee hives and planted flowers.

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Authority and governance

The level of authority is stated in the Delegation of authority policy and matrix that state the mandate for each level and positions in the organisation. This ensures decisions are made at the right level, involving the right personnel.

The governance hierarchy model visualizes the governance structure of Arribatec and the management system. Ensuring that we do the right things right.

Arribatec has built a robust management system that guides the company in the right direction and ensure that everyone know who does what, when and how. The management system ensure that risk is managed, and that the company operate safe, reliable, efficient, and effective. Commitment and compliance to the management system is a requirement.

Corporate governance

Arribatec is committed to maintaining the highest standards of corporate governance and transparency. The Company believe that effective corporate governance is essential for building trust and confidence among the stakeholders, including shareholders, employees, customers, suppliers, and the wider community. See Corporate Governance Statement on Arribatec’s website.

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ESG report

Compliance

A key aspect of the management system involves detailing how Arribatec ensures compliance. The ability to achieve the growth ambitions and maintain the market position hinges entirely on the professionalism and conduct of the employees, as well as the commitment to operating with the utmost ethical standards in accordance with laws and regulations. The Arribatec values, referred to as “RISE”, serve as a guiding force for the actions and form the bedrock of the compli- ance culture. Arribatec has built code of conduct, policies, processes and guidelines, ensuring the Company operates in compliance with applicable laws and regulations. These include areas such as information security, data privacy, anti- bribery and corruption, and environmental sustainability, in addition to other areas.

The focus on compliance, operating in accordance with laws and regulations, and upholding high ethical standards extends not only to the internal operations and own employees but also to the suppliers, partners, and clients.

The suppliers shall comply with the code of conduct, all applicable laws and regulations, contractual obligations, and the terms of the supplier code of conduct. The supplier code of conduct makes sure that every supplier fully respects human rights, does not use child labour, refrains from human

trafficking, complies with employment rights in the country in which they operate, respects environmental, health and safety matters and has zero tolerance for corruption. Arribatec screens all existing and new suppliers based on these criterias. (see our Supplier code of conduct here: www.arribatec.com/ investors/supplier-code-of-condu ct ).

Data privacy and information security

As a company that handles a significant amount of sensitive data and information from multiple clients, data privacy and information security are critical considerations. Arribatec recognises the potentially disastrous consequences of a data breach or mishandling of the clients’ data, not only for the clients but also for the Company and the stakeholders.

That is why Arribatec has taken extensive measures to ensure that the Company are fully compliant with GDPR regulations and has obtained the ISO 2 7001 certification. Adherence to these frameworks demonstrates the commitment to main- taining the highest data privacy and information security standards.

Each of the team members has integrated this focus into their work practices, and it is an integral part of the company culture. Arribatec understands the value of the client’s trust and works hard to earn and maintain it. By prioritising data

privacy and information security, Arribatec can ensure that the client’s confidential information remains safe and secure and, by that, maintains its reputation as a reliable and trustworthy cloud and service company.

As part of the mandatory onboarding process, all new employees are required to undergo information security training. The global employee security handbook and policies are consistently enforced and regularly reviewed in information security meetings, email and intranet reminders, and relevant gatherings. Furthermore, Arribatec undergoes regular testing to ensure that the Company is not susceptible to any informa- tion security breaches.

Final word

In conclusion, Arribatec is committed to ESG and dedicated to being a part of building a sustainable future. The Company is experiencing enhanced attention to ESG and comprehensive reporting requests from all stakeholders. With the new ESG regulations and standards in place, this focus is expected to increase in the future. Arribatec supports the new standards and acknowledges that only by collaborating across the ecosystem can meaningful change occur. The Company is pleased to see ongoing progress and that the foundational elements are in place to achieve the ESG targets and ambi- tions in the years ahead.

Arribatec Group ASA | Annual report 2023

Arribatec Group ASA | Annual report 2023

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ESG report

ESG report

ESG report