AKVA group ASA: Preliminary Q2 result – strong revenues with cost related headwinds

AKVA group ASA

AKVA group ASA (“The Company) is expecting a strong revenue of MNOK 907 in Q2 22, representing an increase of 9% compared to Q2 21. However, the profitability is significantly impacted by increased costs from high inflation rates, warranty and cost provisions. EBIT is expected to be negative of MNOK 41 for Q2 22.

Main items that have contributed to the significant shortfall of EBIT in Q2:

• High inflation rates and supply chain restrictions worldwide driven by the Russia-Ukraine conflict with estimated MNOK 37 in additional costs. Continued uncertainty related to supply chain restrictions and cost inflations may impact the profitability for the rest of 2022.

• One-time cost provisions of MNOK 31 within the Sea Based segment, primarily related to an ongoing barge project in Canada.

• One-time warranty and cost provisions of MNOK 34 related to specific Land Based projects.

Further details will be presented in the second quarter presentation at Dronning Eufemias gate 30, Oslo, 10:00 August 12^th.

Dated: 3 August 2022            
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Nesse	Chief Executive Officer
Phone:	+47 51 77 85 00
Mobile:	+47 91 37 62 20
E-mail:	knesse@akvagroup.com

Ronny Meinkøhn	Chief Financial Officer
Phone:	+47 51 77 85 00
Mobile:	+47 98 20 67 76
E-mail:	rmeinkohn@akvagroup.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act