TEKNA HOLDING ASA: FINANCIAL RESULTS FOR FIRST QUARTER 2023

"The quarter was marked by record-high revenues, due to strong growth in both the Systems and Advanced Materials business lines. I am also very pleased to report that the EBITDA is significantly improved​ from last year, driven by revenue growth and increased contribution margins. We experience a continued strong interest in the market where leading customers are approaching the industrial manufacturing phase,” said Luc Dionne, CEO of Tekna Holding ASA.  

Total revenue in the quarter was CAD 9.4 million, an increase of 44 per cent compared to the first quarter in 2022. Sales growth in the quarter was driven by a 53 per cent increase in Systems and a 40 per cent in Advanced Materials. The adjusted EBITDA in the first quarter of 2023 improved year-on-year by CAD 1.6 million to CAD -1.2 million resulting from an increase in revenues and improved margins.

Tekna reports a strong order intake of CAD 10.4 million in the quarter with solid performance from both Systems and Advanced Materials. The total order backlog was CAD 26.4 million, an 86 per cent increase year-on-year, reflecting the growing demand for advanced materials, significant wins, and a strong pipeline of systems projects.

"Over 75 per cent of backlog is committed for delivery in 2023. Regarding the capacity upgrade program, our technical upgrades have been successfully implemented, and the factory is now operating at a 70 per cent increased output rate. We are reiterating our guidance on improving operating revenues and margins in 2023 compared to 2022, supported by the strong order backlog, increased production capacity and organizational efficiency," said Mr. Dionne.

Arendals Fossekompani ("AFK"), Tekna's largest shareholder, reiterates its long-term support of Tekna. As stated in the stock exchange release 11 April 2023, AFK and Tekna have signed an agreement for a CAD 25 million loan facility.

Results presentation
Tekna will present its financial results for the first quarter today at 13:00 CET. The results will be presented by CEO Luc Dionne and CFO Espen Schie of Tekna Holding ASA, and the event will be made available via a live webcast. Click the following link to register and gain access to the webcast: https://www.tekna.com/investors/webcast-2023q1

Questions can be submitted via the webcast link during the live event. A recorded version of the webcast will be available shortly after the webcast has concluded.

For more information, please see the first quarter presentation material, which is attached to this notice and available at http://www.tekna.com.