First quarter results 2022

6 May 2022: Today, our CEO, Terje Pilskog and CFO, Mikkel Tørud presented our Q1 results. 

Our first-quarter results were impacted by Russia’s war in Ukraine, the broader geopolitical uncertainty and seasonality in the Philippines. Moving forward, we expect to bring our backlog into construction during this year and we will continue to grow our pipeline in core markets for our traditional renewable energy solutions. In addition, we will have a strong focus on further developing our green ammonia and green hydrogen business,” says CEO Terje Pilskog. 

We will execute our growth strategy by applying focus and discipline in everything we do, and I look forward to continuing developing our strong position as a leader in renewable energy solutions,” adds Pilskog. 


Stock exchange notice

First quarter impacted by Ukraine

  • Proportionate revenues of NOK 1,014 million (954)1) and EBITDA of NOK 398 million (636)
  • EBITDA impacted by seasonality in the Philippines and a NOK 87 million credit loss provision in Ukraine
  • Impairment of NOK 770 million of assets in Ukraine
  • NOK 479 million in cash distributions from power plants, including refinancing proceeds
  • Partnership for green ammonia in Oman and finalising offtake agreement for green hydrogen in Egypt
  • Investment decision taken for 20 MW battery system in Philippines
1) EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the first quarter 2022 report on pages 31-34.

Q1 presentation 2022

Financial webcast