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's activity report 2022

Jobbatical OÜ was established in 2014 and its main activity today is the development of immigration and relocation services and technology.

The biggest labor shortage of all time in the world is increasingly affecting cross-border movement. Even those companies that previously only recruited from their home country are forced to start looking outside. In addition, more and more companies are working with project-based employees who move across borders in the short term.

As a result, the amount of immigration and relocation has been growing in recent years. This in turn means a larger market for Jobbatical. If the cooling of the world economy temporarily affected one of Jobbatical's largest customer groups - rapidly growing technology companies, then long-term problems in the financial markets help Jobbatical to take over the market faster from old-school immigration and relocation agencies, which lack technology and are therefore significantly more expensive for customers.

Since the amount of immigration and relocations is related to how much and when a company recruits, seasonality also depends on the recruitment season. The peak season is generally March-May and September-December.

Jobbatical's technology significantly reduces the amount of paper that companies, their employees, and government agencies have to use in the immigration and relocation process. Removing paper from this generally very paper-based process also helps to save the world's nature. In addition, Jobbatical's technology helps people of different nationalities to move to new countries more quickly and transparently, which increases the opportunities for many to improve the well-being of their families.

If 2019 was a turning point for the group due to the change in the group's direction and the start of developing a new platform, then 2022 showed that the changes in direction were correct. In the first half of 2022, the group's sales volumes grew extremely rapidly. Cooperation was started with 199 new customers, including top companies such as Personio, EPAM, Adevinta and Rituals. In total, the group had 459 clients by the end of 2022. In the third and fourth quarters, due to the cooling of the world economy, which resulted in a decrease in client recruitment volumes, growth slowed down. In total, the group's turnover in 2022 increased 2.5 times compared to 2021. In May 2022, the group reached positive cash flow and EBITDA for the first time.

In 2022, the group successfully entered the Portuguese market and reached profitability in the new market within 1.5 months.

In 2022, the group also started entering the French and American markets. In 2022, the group started

in the UK to operate independently in the field of immigration, applying for an OISC (Office of the Immigration

Services Commissioner) license and the license was obtained in January 2022.

In addition to increasing sales volumes, in 2022 the group focused on further developing immigration and relocation software, investing more than 0.7 million euros in it.

The company's revenues (and also expenses) were largely made in euros in 2022, and as a result, the company did not use various special financial instruments to manage currency risks.