Beerenberg

Earnings Release • Nov 23, 2023

Beerenberg AS: Third quarter results 2023

Beerenberg AS: Third quarter results 2023

Strong market outlook and activity for Beerenberg

Bergen, November 22, 2023: Beerenberg’s third quarter shows a 7 percent revenue growth compared to last year. The adjusted EBITDA was NOK 48 million with EBITDA margin of 8.2%. Strong activity in Service with Benarx lower than target due to delays in product deliveries in Asia. Margin affected by one-off cost (NOK 7 million) in connection with the public listing process. Beerenberg has won several new contracts within both the Service segment and Benarx segment. The total cash flow is affected by an early redemption of bonds and entering bank debt.

- Our third quarter results are characterized by a continued high demand for our maintenance and modification services at facilities offshore and onshore, says CEO Arild Apelthun in Beerenberg.

3Q 2023 Financial Highlights (adjusted numbers):

· Revenue NOK 579 million

· EBITDA NOK 41 million (NOK 48 million adjusted)

· EBITDA margin 7.0% (8.2% adjusted)

· Order intake NOK 353 million

· Order backlog NOK 7.0 million

Please follow our webcast/presentation at 09.30 on this link : https://bit.ly/BBERG3Q23

The presentation will be distributed true Newsweb shortly after the webcast.

For further information, please contact:

Harald Haldorsen, CFO

Tel. +47 982 34 834

E-mail: harhal@beerenberg.com

About Beerenberg AS

Beerenberg is a leading supplier of cost-efficient maintenance and modifications services to industrial enterprises and facilities on the Norwegian Continental Shelf (NCS) and 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, and Singapore.

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