Höegh Evi (EVI) Q2 2024 earnings summary

Executive summary

• Q2 2024 EBITDA was USD 74.9 million, with net profit after tax of USD 18.7 million, reflecting a slight sequential decrease in profitability due to project costs and lower income from Hoegh Gandria, partially offset by higher charter income and lower admin expenses.

• Total income for Q2 2024 was USD 130.2 million, up from USD 128.6 million in Q1 2024; H1 2024 total income was USD 258.8 million, down from USD 264.2 million year-over-year.

• Major operational milestones included FSRU deployments in Egypt and Brazil, and an MOU for a floating hydrogen import terminal in Germany.

Financial highlights

• Q2 2024 EBITDA: USD 74.9 million (down from USD 79.0 million in Q1 2024); H1 2024 EBITDA: USD 153.9 million (down from USD 170.6 million in H1 2023).

• Q2 2024 net profit after tax: USD 18.7 million (down from USD 19.7 million in Q1 2024); H1 2024 net profit: USD 38.4 million (down from USD 53.6 million in H1 2023).

• Operating cash flow in Q2 2024 was USD 51.6 million, a decrease of USD 5 million sequentially.

• Net interest-bearing debt at 30 June 2024 was USD 1,336 million, down from USD 1,344 million at 31 March 2024.

• Adjusted book equity ratio remained stable at 31% at quarter-end.

Outlook and guidance

• Demand for FSRUs is expected to remain strong, with the business development team in active dialogue for new projects.

• Entire FSRU fleet is secured on long-term contracts, with only one LNG carrier (Hoegh Gandria) available for rechartering in late 2024.