Beerenberg

Earnings Release • May 15, 2024

First quarter results 2024

First quarter results 2024

Beerenberg reports 20% revenue growth in Q1 2024 compared to last year. The EBITDA margin improved and ended at 9.0% in the quarter. Beerenberg reports a high order intake in the quarter.

1Q 2024 Financial Highlights:

· Revenue NOK 639 million

· EBITDA NOK 57 million

· EBITDA margin 9.0%

· Order intake NOK 3.9 billion

· Order backlog NOK 10.6 billion

“We continue to see growth in activity for Beerenberg in Q1. During the quarter we also landed several new contracts that will form a strong basis for the business going forward,” says CEO Arild Apelthun in Beerenberg.

The presentation will be on Teams on the 15th of May at 09:30 CET.

Link to Q1 2024 financial presentation (copy entire link below into browser):

https://bit.ly/BBERG1Q24

Investors will also find the Teams link on www.beerenberg.com/en/investor/quarterly-results/

For further information, please contact:

Harald Haldorsen, CFO

Tel. +47 982 34 834

E-mail: harhal@beerenberg.com

About Beerenberg AS

Beerenberg has delivered cost efficient solutions to a wide range of industrial enterprises for 47 years. Beerenberg is one of the leading suppliers of maintenance and modifications services on the Norwegian Continental Shelf as well as a global provider of insulating products. The Group´s expertise covers the entire life cycle of the petroleum industry from field studies and newbuilds to maintenance, modifications, and lifetime extensions. The operational activities are organized in Beerenberg Services and its subsidiaries. Headquartered in Bergen, Beerenberg has offices in Stavanger and Skien in Norway and in Poland, UK, South-Korea, Thailand, Brazil, and Singapore.

To learn more, please visit www.beerenberg.com.