DAVY VIEW

For FY24, the Norwegian Group delivered an operating profit (EBIT) of NOK1,873m, the second highest in company history (Davy EBIT: NOK1,850.7m, consensus NOK1,920.6m). For Q4, the group recorded a negative operating result (EBIT) of NOK93m (Davy EBIT: -NOK116m, consensus: -NOK42.5m). Both the full year and quarterly operating results were impacted particularly negatively by the weakening of the NOK against the USD due to balance sheet translation effects. Unit cost ex fuel for 2025 is expected to increase by a single-digit percentage compared to 2024. 2025 unit costs are expected to be impacted by reduced growth in production, a weaker NOK against the EUR and USD, in addition to industry-specific inflationary pressure.