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Q-FREE – RESULTS FOR THE THIRD QUARTER 2015

Trondheim/Oslo, 22 October 2015: Q-Free reported revenues of NOK 223 million for Q3 2015, an increase of 11.6 percent from the corresponding period last year. The increase mainly stems from recently acquired companies. Revenues in Q3 2014 included NOK 22 million from Noca, which was sold in Q4 2014.

The gross margin was 77.0 percent during the quarter, up from 66.1 percent in Q3 2014. The margin improvement is mainly due to changes in the revenue composition, with an increasing share of revenues from ATMS and RUC projects.

Operating profit before interest, tax, depreciation and amortisation (EBITDA) ended at NOK 22 million, compared to NOK 20 million in Q3 2014. Operating profit before interests and taxes (EBIT) amounted to NOK 1 million, equal to Q3 2014.

-Having completed several acquisitions in recent years, we now focus on streamlining the product- and service portfolio, taking advantage of technological- and commercial competence in the different business units, comments CEO in Q-Free, Thomas Falck.

Order intake during the quarter amounted to NOK 432 million an increase of NOK 240 million compared to the corresponding quarter last year. The order intake was mainly driven by renewals of Service & Maintenance contracts, which represented NOK 221 million of Group order intake during the period.

Following the strong order intake during the quarter, order backlog increased NOK 209 million, ending at NOK 749 million of which NOK 201 million is due in 2015 and NOK 306 million is due in 2016.

-We are pleased with the strong order intake during the quarter and we are building a solid backlog. The strategy of pursuing smaller and medium sized contracts is starting to show results, concludes CEO in Q-Free, Thomas Falck.

Enclosures: Quarterly report and presentation

For further information, please contact:

CEO Thomas Falck: +47 468 00 767

CFO Roar Østbø: +47 932 45 175

About Q-Free

Q-Free is a leading global supplier of products and solutions within Road User Charging and Advanced Transportation Management Systems. The Q-Free Group has approximately 430 employees with offices in 20 countries and presence on all continents. The Q-Free head office is in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.

www.q-free.com

Twitter: @Q-FreeASA