Höegh Evi (EVI) Q3 2024 earnings summary

Executive summary

• EBITDA reached USD 82.7 million in Q3 2024, with net profit after tax of USD 26.3 million, up USD 7.6 million from the previous quarter.

• Total income was USD 126.4 million, a decrease from USD 130.2 million in Q2 2024, but EBITDA improved due to higher charter income and lower project costs.

• Company rebranded from Höegh LNG to Höegh Evi in September 2024, reflecting a broader focus on energy transition infrastructure.

• Fleet delivered stable operations with nearly 100% technical availability and only one LTI recorded in the annualized period.

Financial highlights

• Q3 2024 total income: USD 126.4 million (down from USD 130.2 million in Q2 2024).

• EBITDA: USD 82.7 million (up from USD 74.9 million in Q2 2024).

• EBIT: USD 53.0 million (up from USD 44.7 million in Q2 2024).

• Net profit after tax: USD 26.3 million (up from USD 18.7 million in Q2 2024).

• Operating cash flow: USD 86.2 million (up from USD 51.6 million in Q2 2024).

Outlook and guidance

• Global LNG production projected to rise 45% by 2029, but receiving capacity investments lag behind.

• Optimistic outlook for FSRU demand due to expected growth in LNG production and infrastructure needs.