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First quarter 2023 results

Apr 14, 2023

Amsterdam, the Netherlands, 14 April 2023, 7:00 AM CEST


TOMTOM RECORDS ROBUST GROWTH IN LOCATION TECHNOLOGY

TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN

"We had a good start to the year, with our Location Technology business
continuing to gather momentum in the first quarter.

Our new TomTom Maps Platform, which we announced last year, will enable us to
make further inroads in the Enterprise and Automotive markets. The new maps will
add significant value for our customers and partners as they will provide global
coverage, richer attributes, and fast data integration.

We are on track for a phased launch of our new maps across geographies and
markets, adding features to support increasingly sophisticated use cases. In
anticipation of the start of the roll-out, we have increased our sales and
marketing efforts during the quarter."

OPERATIONAL SUMMARY

 * We deepened our partnership with SAP, integrating our Maps APIs with their
   cloud-based SAP HANA Spatial Services offering

 * Our new Navigation SDK has been received well, showing traction in Enterprise
   markets like fleet & logistics, ride-hailing, and food delivery

 * We doubled our advanced driver assistance systems (ADAS) installed base to
   over 10 million automated vehicles, outperforming market growth

 * Sale of equity interest in Cyient Ltd. for a total transaction value of €15
   million

FINANCIAL SUMMARY FIRST QUARTER 2023

 * Group revenue increased by 10% to €141 million (Q1 '22: €128 million)

 * Location Technology revenue increased by 12% to €118 million (Q1 '22: €105
   million)

 * Automotive operational revenue increased by 22% to €84 million (Q1 '22: €68
   million)

 * Free cash flow1 is an inflow of €10 million (Q1 '22: outflow of €23 million)

 * Net cash of €321 million (Q4 '22: €304 million)

KEY FIGURESTOMTOM’S CHIEF FINANCIAL OFFICER, TACO TITULAER

"We recorded year-on-year Location Technology revenue growth in the first
quarter. Our Automotive business grew on a reported basis, also when correcting
for the change in revenue recognition for new map subscription contracts. With a
22% year-on-year increase, Automotive operational revenue outperformed the
growth of car production volumes in our core markets. Our Enterprise business
performed in line with our expectations.

Operating expenses showed a year-on-year decline, mainly as a result of the
realignment of our Maps organization announced last year. Gains from realized
efficiencies in our mapmaking platform were partially offset by continued
investments in our application layer and sales and marketing activities.

During the first quarter, a one-off gain from the sale of our equity interest in
Cyient Ltd. improved our net cash position.

We remain confident that we can deliver on our guidance, and reiterate it today.
Supported by growing revenues, we expect to generate positive free cash flow1 in
the range of 0% to 5% of group revenue this year.”

View the full TomTom first quarter 2023 results press release on our quarterly
results website.

Downloads

TomTom Q1 2023 results press release

PDF

About TomTom

Billions of data points. Millions of sources. Hundreds of communities.

We are the mapmaker bringing it all together to build the world’s smartest map.
We provide location data and technology to drivers, carmakers, businesses, and
developers. Our application-ready maps, routing, real-time traffic, APIs and
SDKs enable the dreamers and doers to shape the future of mobility.

Headquartered in Amsterdam with 4,000 employees around the globe, TomTom has
been helping people find their way in the world for over 30 years.

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