Frøy ASA — Earnings Release 2021

Aug 26, 2021

Frøy ASA - Q2 2021 financial results

Frøy ASA - Q2 2021 financial results

26 August 2021 – Frøy ASA second quarter results

HIGHLIGHTS Q2 21

• Revenues of NOK 412 million vs. Q2 20 NOK 385 million

• Revenues from fixed contracts and framework agreements increased 34% vs. Q2 20

• Adjusted EBITDA of NOK 159 million (Q2 20: NOK 135 million)

• Backlog 30.06.21 of approx. NOK 6.3 billion including options, but excluding framework agreements without minimum value clauses

• Net interest-bearing debt of NOK 2.995 million (Q2 20: 2.724 million)

• Operating cash flow of NOK 107 million (Q2 20: NOK 10 million)

Helge Gåsø, CEO of Frøy ASA (“Frøy” or the “Company”) commented:

“In Q2 21 we started to see the effects of the ongoing newbuild program and the long-term contracts that have been signed, with revenues from contracts and framework agreements up more than 30% vs. Q2 20. The revenue increase vs. Q2 20 was mainly driven by increased capacity within wellboat and increased activity within net cleaning services. On the other hand, demand for services related to delousing was slow, impacting the spot revenues in the quarter negatively.

Demand for delousing services has picked up during Q3 and we expect to see high activity in all segments in 2H 21 in line with normal seasonality. In the second half of 2021 Frøy expect to take delivery of two wellboats and four service vessels. Our ambition is to be the leading and preferred provider of sustainable aqua services and we are exploring both organic and inorganic growth alternatives on an ongoing basis to further strengthen our strategic and financial position.”

The Company will host a live presentation in Norwegian language today at 9:00 a.m. CEST at Sparebank 1 Markets´offices, Søndre Gate 4, Trondheim.

To attend the presentation please register at: corporateaccess@sb1markets.no. Note that there will be a limited number of seats available.

The presentation will also be broadcasted via a live webcast: https://froygruppen.no/livestream/

Participants will have the opportunity to submit questions online throughout the webcast session.

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:

Helge Gåsø, CEO +47 901 01 101

Arne Rødsjø, CFO +47 954 12 340

Sondre Vevstad, IR +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 investor relations in Frøy ASA on 26 August 2021 at 07:00 CEST.