Frøy ASA

Earnings Release • May 25, 2022

FRØY ASA – Double digit growth in Q1 22

FRØY ASA – Double digit growth in Q1 22

25 MAY 2022 – Frøy ASA first quarter results

• Revenues of NOK 431 million vs. Q1 21 NOK 356 million.

• Revenues from fixed contracts and framework agreements increased 29% vs. Q1 21

• EBITDA of NOK 112 million (Q1 21: NOK 84 million)

• Backlog 31.03.22 of approx. NOK 6.0 billion including options (31.03.21 approx. NOK 6.5 billion)

• Net interest-bearing bank debt of NOK 3.591 million (Q1 21: 2.642 million)

Tonje Foss, CEO of Frøy ASA (“Frøy” or the “Company”) commented:

“In Q1 22 Frøy report double digit growth in revenue and EBITDA vs. Q1 21. We experienced a normal seasonal winter slowdown in the quarter, while demand for new capacity and contracts have remained high. During Q1 we delivered several important operational milestones facilitating for continued growth in the years to come.

Key milestones during Q1 22 were:

- Gained approval to roll out new method for removal of sea lice with documented positive results on fish welfare and efficiency.

- Delivery of 3 new high-capacity service vessels.

- Negotiated and structured 5 multi-year time charter contracts with combined value estimated to approx. NOK 340 million in the service segment.

- Negotiated shipbuilding contract for construction of a 4500 m3 wellboat at an attractive newbuild price.

We see the positive underlying market trends continue driven by farming in more exposed locations, larger farming sites, new regulations and ESG requirements. Our focus is to grow profitably based on our minimum return on equity requirement of 10-18% and to continue developing sustainable and efficient solutions to fish farmers.”

The Company will host a live presentation in Norwegian language at 09:00 a.m. CET at Sparebank 1 Markets´offices, Olav Vs gate 5, Oslo

To attend the presentation please register at: corporateaccess@sb1markets.no.

The presentation will also be broadcasted via a live webcast: https://events.webcast.no/viewer-registration/YFP5ovoj/register

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:

Tonje Foss, CEO +47 996 10 116

Tore Helgesen, interim CFO + 47 952 61 371

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 25 May 2022 at 07:00 CET.