November 19, 2020

Fjord 1’s Third Quarter: Unchanged Strategic Outlook

  • Revenue and EBITDA growth on the back of a growing portfolio of fully electric ferry routes
  • Revenue +12% and EBITDA margin of 43% in Q3-20
  • Ferry revenue up by 14%, with 44% EBITDA margin
  • Contract structures insulate Ferry and Passenger Boats from varying traffic volumes
  • Stable operating profit for Catering despite revenue reduction
  • Negative results from Joint Ventures and associates in Tourism in the high season due to Covid-19 travel restrictions
  • Investments totalled NOK 281 million in Q3, net of NOK 28 million in vessel NOx compensation
  • Vessel newbuild programme for 2017-2020 completed
  • Electrification projects progressing, although finalization of some projects will slip into 2021
  • Renewal of vessel portfolio continues. One vessel under construction in Turkey, and three ferry retrofitting projects to further increase the electrification ratio