BidCo RelyOn Nutec A/S

Kalvebod Brygge 45, 3rd floor

1560 Copenhagen V

Company reg. no 39 46 78 36

Chairman of the General Meeting

ANNUAL REPORT

2023

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Introduction | Letter from the CEO

global electrical training capability to further complement our energy transition efforts.

During 2023, we have built a comprehensive digital adaptive HV/LV learning library and

conceptualized the facility layout for electrical training services. We will roll out these

services to select facilities in our global footprint, and we expect to be fully operational in

the UK, Netherlands and Scandinavia shortly. In March 2024, we acquired the

remaining shares in Thomson Bridge.

Our leadership services continue to show incredibly growth, demonstrating how

conceptualised high-risk industry leadership training delivered by experienced former

military leaders can bring safety and productivity improvements to almost any

its long-term potential.

Digitalisation and digital-enabled competence build are of key strategic importance to

us. Therefore, we are rapidly creating an ecosystem of applications, learning tools and

already garnered significant market acclaim, supplementing the Business Portal we

launched last year. With an even more powerful disruptive digital platform, featuring

cutting-edge data-driven adaptive learning technology and robust delivery mechanisms,

we are primed to support our customers with a unique and unrivalled digital customer

experience.

I remain thankful for the trust of our customers and the relentless pursue to perfection

by our highly competent employees across the world.

In 2023, we delivered strong financial performance and achieved all our overarching

transformational goals. During the year, we saw solid revenue growth of 21% and

delivered a healthy margin uplift, which allowed us to upgrade the full year EBITDA

guidance three times and reach a record high EBITDA of DKKm 257.

Our strategic transformation areas all demonstrated robust double-digit growth rates,

providing a strong foundation for continued progress as we navigate the evolving

landscape of the global energy transition and remain steadfast in our dedication to

serving these global industry dynamics.

are able to service any part of the energy sector. By diversifying our portfolio and

strides in key areas, particularly in renewables, electrical, and leadership,

complemented by our digital solutions across all verticals.

Our dedication remains clear: safeguarding lives, assets, and the environment. It's not

just what we do; it's ingrained in our DNA, driving every aspect of our work.

Despite short-term challenges for the renewable energy supply chain, we delivered 26%

growth in our renewable activities. We bolstered our market-leading position by

extending our presence to the Baltic Sea and along the east coast of the United States.

These expansions not only strengthen our foothold in key regions, but also position us

to capitalize on the substantial growth projected in these markets in the years to come.

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Introduction | 2023 at a glance

1,086

*Ordered by 2023 YOY growth (highest to lowest)

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Introduction | 2023 Digital performance

Not applicable Not applicable

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their knowledge retention using our advanced applications and adaptive

blended learning approach

Introduction | Strategy and outlook

during 2023 also exceeding our latest FY EBITDA guidance.

2024 outlook

The outlook for 2024 assumes unchanged macro environment and continued

healthy business climate in the oil and gas sector with normalisation of the

business climate in the renewable energy sector. The outlook should be read in

conjunction with the risk factors on page 27.

1,050

240

Digital learning is a broad term used to describe the use of technology that is applied to the learning process. In the digital

learning space, we offer adaptive learning, traditional e-learning and blended learning.

BLENDED LEARNING

E-LEARNING ADAPTIVE LEARNING

experience for the learner, giving an engaging and

balanced interaction that is neither too easy nor too

difficult for the learner, as well as instant feedback.

Learning is not simply about adding missing knowledge or

skills. For any given element of knowledge or skill, a

learner will be objectively competent or incompetent but

may be subjectively unaware of his/her level of

likely to play a significant role as a source of errors on the

do, when in fact they don’t.

automatic response pattern or habit. It is usually the result

of learning, repetition, and practice.

When faced with stress, the human brain falls back on

things that are “second nature”. Those fallbacks must

generate the correct response. We do not need to achieve

automaticity in every skill or piece of knowledge. However,

automaticity is a requirement in areas such as core skills

One of the significant strengths of adaptive learning is the

The adaptive learning approach relies on other well-

established concepts in educational psychology and

cognitive science – augmented by usage and data points

from real learners using the platform. Following are some

of these key concepts:

skilled educators’ human insights and judgments, adaptive

learning technology can provide mastery learning and

individualised programmes for learners at scale. This

technology allows instructors to use their resources and

time more effectively, stimulating learner engagement and

Practising something difficult will eventually lead to

success in that arena. Optimally, the practice needs to be

mindful, supported by continuous feedback from a coach,

and planned to challenge the learners’ limits. Adaptive

observe one’s learning. Adaptive learning can help

learners develop their metacognition by breaking down

each skill into its components. Hence, monitoring their

progress towards learning goals, repeating questions

where they showed lower confidence, and indicating

discrepancies between self-assessed certainty and actual

performance on a task.

Adaptive learning technology is more than an efficient

learning tool. It also helps students retain new knowledge;

information they have already learned, contributing to the

long-term retention of information.

Without the opportunity to put knowledge into practice,

there is a risk that the brain may view the information as

expendable because exposure only happened once. That

reinforcement, the information supposedly “learned” at the

safety course is not accessible when needed most.

existing competence framework

o Dynamic design which is configurable to competence

framework requirements

o Fully integrated with our training management system

and training delivery platform offering seamless access

to training compliance, digital learning, assessments

and booking via one portal

o Fully enabled online and offline assessments via a

dedicated app

o Allow for individual self-assessment and portfolio

o Dedicated full assessment process, including

o Provide highly efficient competence management

®

regulations. Additionally, training requirements can be

efficiently managed preventing or resolving training

gaps, including the auto deployment of digital learning.

Financial tracking of training expenditure and

forecasting of future spend are also all available on

demand.

management system enables the digital and real-time

tracking for employees towards their competence

requirements as set by a competence framework. The

avoid conflicting work activities by moving work to a

Test processes and procedures and identify potential

issues prior to operations

development through training and competence

assessment in a safe and controlled environment

operational procedures before putting them into

practice in the real world

Shareholders

addresses the recommendations, using a “comply or explain“ approach. RelyOn Nutec complies with all the recommendations of 2021 except for recommendation 3.1. with respect to establishment of an Audit Committee. Considering the size and structure of

RelyOn Nutec, the Board of Directors has decided not to establish a formal Audit Committee. Instead, such tasks are undertaken by the Board of Directors. The complete Corporate Governance Statement for the financial year 2023 is available on the corporate

website at: https://relyonnutec.com/media/aczp1dj3/corporate_governance_report_2023.pdf. For further information of the recommendations, please refer to www.aktivejere.dk.

Board member Board member Board member Board member

Since 2017 Board member since 2018 Board member since 2021 Board member since 2018 Board member since 2018 Board member since 2019

Represents Polaris A/S and is not

regarded as independent

Is regarded as independent

issues and risk management

solutions and digital

Experience with digital solutions,

digital transformations, innovation

and academic learning

BOARD POSITIONS:

MANAGEMENT