Frøy ASA – Q3 2022: All-time high revenue and operating EBITDA

16 Nov 2022 07:00 CET

Frøy ASA (“Frøy”) reports its highest quarterly revenue and operating EBITDA on
record.

“I´m happy to see the strong performance in both our wellboat and service
segments in the quarter” says Tonje Foss, CEO at Frøy ASA. “Despite high
inflation and fuel prices we continue to grow both our top line and operating
EBITDA. We are working hard to deliver continuous improvements to our clients.
Reducing biological risk and costs are our core priorities. I´m proud by the
hard work that our team has shown in the quarter,” says Foss.

Highlights from the quarter:
• Revenues of NOK 614 million vs. Q3 21 NOK 457 million.
• Revenues from fixed contracts and framework agreements increased 27% vs. Q3 21
• EBITDA excl. gain from sale of assets of NOK 197 million (Q3 21: NOK 183
million)
• Backlog 30.09.22 of approx. NOK 6.2 billion including options (30.09.21
approx. NOK 6.1 billion)

On 28 September 2022 the Norwegian Government proposed to introduce a new
resource tax on salmon and trout farming of 40% with the effect from the tax
year 2023. The short-term consequences, following the new proposal, has been a
broad-based investment halt among Norwegian salmon farmers.

Frøy deliver business critical day to day farming operations for salmon farmers.
To date, activity has remained high and in line with normal seasonality. The
halted investments into new smolt facilities, harvesting facilities and other
farming infrastructure are likely to impact future growth in Norway also within
Frøy´s segments, if they are not reinitiated.

Less attractive conditions in Norway are expected to focus more investments into
other farming regions abroad. Frøy will prioritize to grow and support salmon
farmers in the regions where they operate. During Q3 Frøy has continued to
invest in new efficient and more environmentally friendly vessels. We continue
to work with digitalization and build on our base of +800 specialized aqua
service personnel and will actively assist salmon farmers with efficient and
sustainable solutions wherever they choose to grow.

The Company will host a live presentation in Norwegian language at 09:00 a.m.
CET at Nordea´s offices, Essendrops gate 7, Oslo.

The presentation will also be broadcasted via a live webcast:
https://events.webcast.no/viewer-registration/Z8OPvYR1/register

A recorded version of the Norwegian webcast and a recorded English webcast will
be made available on https://froygruppen.no/investor/ in the afternoon.

For further information, please contact:

Tonje Foss, CEO +47 996 10 116
Sondre Vevstad, Interim CFO +47 936 54 555

Important notices

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company’s services, changes in the general economic, political
and market conditions in the markets in which the Company operates, the
Company’s ability to attract, retain and motivate qualified personnel, changes
in the Company’s ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

This stock exchange announcement was published by Sondre Vevstad interim CFO in
Frøy ASA on 16 November 2022 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

575836_Frøy Q3 22 report.pdf
575836_Frøy Q3 22 presentation.pdf