ABL Group ASA: Q3 2024 financial results

Highlights Q3 2024

• Revenues of USD 86.2 million (Q3 23: USD 70.4 million)
• Operating profit of USD 2.5 million (Q3 23: USD 5.5 million)
• Adjusted EBIT of USD 3.0 million (Q3 23: USD 6.2 million)
• Net cash of USD 7.9 million (Q2 24: USD 10.8 million)
• Continued M&A activity: Ross Offshore fully consolidated from Q3 2024, and Hidromod completed immediately after Q3 close
• Semi-annual dividend of NOK 0.40 per share declared, to be paid in November

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:

“In Q3 2024 we saw a small increase in our EBIT to USD 3.0 million, despite our USD 0.5 million investment in the OWC diversification programme, but were unable to emulate the exceptional performance delivered by the group this quarter in 2023. Our offshore wind market remains challenging, but in other markets we see reasonable demand. The consolidation of Ross Offshore has grown the market presence of our AGR segment, which is now our largest segment measured by revenues and delivered strong performance despite ongoing integration.

The oil & gas, renewables and maritime markets remain solid long-term propositions, and we maintain a strong presence in many key geographies. Near term, as we have seen with offshore wind in the past 12 months, energy markets more broadly are finding a new equilibrium. This leads to shorter-term decision making, but ABL Group is well placed to benefit from the upside to come and will continue to seek accretive M&A opportunities.”

A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit our Reports and Presentations page.

The earnings release concerning the quarterly results and a corresponding slide presentation are available on www.newsweb.no and on our Reports and Presentations page.

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.