ABL Group ASA: Q3 2024 financial results

31 Oct 2024 06:00 CET

31 October 2024 – ABL Group’s 2024 third quarter results

HIGHLIGHTS Q3 2024

• Revenues of USD 86.2 million (Q3 23: USD 70.4 million)
• Operating profit of USD 2.5 million (Q3 23: USD 5.5 million)
• Adjusted EBIT of USD 3.0 million (Q3 23: USD 6.2 million)
• Net cash of USD 7.9 million (Q2 24: USD 10.8 million)
• Continued M&A activity: Ross Offshore fully consolidated from Q3 2024 and
Hidromod completed immediately after Q3 close
• Semi-annual dividend of NOK 0.40 per share declared, to be paid in November

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“In Q3 2024 we saw a small increase in our EBIT to USD 3.0 million, despite our
USD 0.5 million investment in the OWC diversification programme, but were unable
to emulate the exceptional performance delivered by the group this quarter in
2023. Our offshore wind market remains challenging, but in other markets we see
reasonable demand. The consolidation of Ross Offshore has grown the market
presence of our AGR segment, which is now our largest segment measured by
revenues and delivered strong performance despite ongoing integration.

The oil & gas, renewables and maritime markets remain solid long-term
propositions, and we maintain a strong presence in many key geographies. Near
term, as we have seen with offshore wind in the past 12 months, energy markets
more broadly are finding a new equilibrium. This leads to shorter term decision
making but ABL Group is well placed to benefit from the upside to come and will
continue to seek accretive M&A opportunities.”

A presentation of the quarterly results will be held today at 08:30 CET at
SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be
webcast live and available for replay shortly after. To watch the webcast,
please visit ABL Group's website, www.abl-group.com.

The earnings release concerning the quarterly results and a corresponding slide
presentation is available on www.newsweb.no and on ABL Group's web site,
www.abl-group.com.

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.

ENDS

For further information, please contact:

Investors and financial media:
Stuart Jackson, Chief Financial Officer, ABL Group ASA
Email: stuart.jackson@abl-group.com

Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About ABL Group
ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent
global consultancy delivering energy, marine, engineering and digital solutions
to drive safety and sustainability in renewables, maritime and oil and gas
sectors. The group has offices in 42 countries worldwide and operates under four
main brands: ABL, OWC, Longitude and AGR.

More information:
Access the news on Oslo Bors NewsWeb site

630794_Q3 2024 presentation_final.pdf