o	Fjord1 has maintained reliable and safe operations while fulfilling its
responsibilities as a provider of critical transport infrastructure in coastal
Norway. 
o	Revenue in the first quarter amounted to NOK 736 million, an increase of 6 per
cent from the same quarter last year. The increase is mainly attributable to
index regulation of ferry routes and infrastructure revenues.
o	EBITDA in the first quarter totalled NOK 182 million, and the EBITDA margin
declined to 25 per cent from 29 per cent in the same quarter last year. This
mainly reflects higher fuel prices and somewhat higher maintenance activity than
in the same quarter in 2021. 
o	Investments amounted to NOK 141 million in the first quarter, mainly related
to infrastructure projects and rebuilding of vessels.
o	Net interest-bearing debt (NIBD) stood at NOK 4,966 million as per 31 March
2022, down 2 per cent from the previous quarter. The company has lower
investment commitments going forward and expects improving operating cash flows,
and NOx compensation for electric vessels.  
o	Fjord1's long-term contract portfolio of NOK 20.3 billion before index
regulations and the transition towards low-emission vessels provide a solid base
for further development of the company.   

"Fjord1 continues to progress the electrification of new vessels and onshore
infrastructure. Completion of electric infrastructure progressed well in the
first quarter and an increasing share of our ferry routes are now operating
fully electric. With approximately 43 per cent of the portfolio as
hybrid-electric ferries, Fjord1 is one of the most environmentally friendly
ferry companies worldwide," says CEO Dagfinn Neteland in Fjord1.  

Outlook
Fjord1 is confident that there will continue to be a strong demand for safe,
environmentally friendly, and reliable transport in coastal regions in the
future. Fjord1 continuously assesses new tender opportunities in the Norwegian
market, as well as opportunities outside of Norway. Fjord1's strong contract
portfolio is worth NOK 20.3 billion through 2034, excluding options and index
regulation, which offers a solid platform for profitable growth.
Going forward, Fjord1 remain committed to reduction of emissions and
electrification of Norway's fjord crossings. As the onshore electrification
programme progresses and an increasing share of ferries operate fully
electrical, the overall costs are expected to stabilise at a lower level,
positioning Fjord1 for improved profitability. 
Please find enclosed the interim report for the first quarter 2022. The material
is also available on
https://www.fjord1.no/Investor-Relations/Rapportar-og-pressemeldingar/Rapportar.
This information is subject to a disclosure duty pursuant to section 5-12 of the
Securities Trading Act. 

Contacts 
CEO Dagfinn Neteland, Fjord1 AS 
dagfinn.neteland@fjord1.no  
+47 913 71 071 

or

CFO Anne-Mari Sundal Bøe, Fjord1 AS
anne.mari.sundal.boe@fjord1.no  
+47 902 78 906

About Fjord1 
Fjord1 aims to be the safest and most attractive provider of environmentally
friendly and reliable transport for customers, clients and partners. Fjord1 is a
leading player in the Norwegian ferry market, with close to 80 ferries. The
company also operates passenger boat services and has interests in the catering
and tourism industries. 
More information at www.fjord1.no

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange