Frøy ASA

Earnings Release • May 12, 2021

Frøy ASA first quarter results

Frøy ASA first quarter results

12 MAY 2021 – Frøy ASA first quarter results

HIGHLIGHTS Q1 2021

• Revenues of NOK 356 million vs. Q1 20*: NOK 134 million.

• Adjusted EBITDA of NOK 92 million (Q1 20*: NOK 30 million) adjusted by NOK 8 million in IPO costs

• Backlog 31.03.21 of approx. NOK 6.5 billion including options

• Net interest-bearing bank debt of NOK 2.642 million (Q1 20*: 1.122 million)

• Operating cash flow of NOK 128 million (Q1 20*: NOK 28 million)

• Completed IPO with gross proceeds of NOK 1.000 million

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

“1Q21 was a transformative quarter for Frøy with consolidation of the former NTS aqua service entities into Frøy and the IPO at Oslo Stock Exchange, raising NOK 1.000 million in gross proceeds to fund future growth.

We are humble and proud to see the financial backing in the IPO from employees, investors all along the Norwegian coast, and top tier international investors. Frøy has been built stone by stone over the last 24 years through developing innovative, sustainable and efficient salmon farming solutions in close collaboration with the salmon farming industry. The IPO allows Frøy to continue expanding our footprint and service scope.

The first quarter is, as always, characterized by low activity due to low sea water temperatures, slow biomass growth, less marine fouling and lower sea lice levels. We have used the quarter to prepare for the upcoming high season which we believe will be busy in all segments. We continue to see high demand for our services and see support from several longer-term trends. Moderate underlying volume growth in salmon farming is backed by increasing demand for specialist competence and safe, reliable and sustainable aqua services.

The Company will host a live webcast presentation via Teams in Norwegian language today at 10:00 CET. To join the presentation, please click the link: http://bit.ly/21Q1froy

The quarterly report and the slide deck for the quarterly presentation are available on www.newsweb.no.

* NTS/Frøy business combination completed in April 2020. Q1 20 figures reflecting former NTS wellboat and Shipping and not former Frøygruppen companies

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 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.