North Energy (NORTH) Q3 2024 earnings summary

Executive summary

• Net asset value (NAV) reached NOK 591.3 million, up 37.3% year-over-year and 0.4% sequentially, adjusted for dividends.

• Comprehensive income for Q3 2024 was NOK 37.1 million, mainly from positive fair value changes in financial investments and results from associates.

• Reach Subsea, the main industrial holding, reported strong EBIT growth and a significant increase in order backlog.

• Wind Catching Systems signed a key technical development agreement and secured additional non-dilutive funding.

Financial highlights

• Q3 2024 operating profit was NOK 35.8 million, compared to a loss of NOK 0.9 million in Q3 2023.

• Comprehensive income improved to NOK 37.1 million from a loss of NOK 1.3 million year-over-year.

• Change in fair value of financial investments was NOK 27.7 million, versus negative NOK 10.8 million last year.

• Net result from investments in associates was NOK 16.3 million, up NOK 2.4 million year-over-year.

• Cash at quarter-end was NOK 22.5 million, up from NOK 2.8 million a year ago.

Outlook and guidance

• The company maintains a cautious investment approach amid global economic recovery, inflation moderation, and potential market volatility.

• Strategic focus remains on expanding the industrial portfolio and preserving optionality for long-term growth.