Akastor ASA (0IPT) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, and welcome to the presentation of Akastor's first quarter results. My name is Øyvind Polske, CFO of Akastor, and I'm joined by our CEO, Mr. Karl-Erik Kjellstad. We're also pleased to have HMH with us from Houston, represented by Tom McGee, CFO, and David Bratton, SVP Finance. Kalle will start by taking us through the key highlights, followed by Tom and David with an update on HMH. I'll then cover Acosta's consolidated financials before handing it back to Kalle. We'll wrap up with a Q&A session. Feel free to submit questions at any time during the presentation. With that, I'll hand it over to Kalle. Please. Thank you, Eivind, and good afternoon and good morning to our US participants. And thanks to everyone for joining us for this first quarter Acosto earnings call. Let's start on slide two with some key highlights for the first quarter. We are pleased to deliver another good quarter marked by solid performance across our portfolio. HMH reported an EBITDA of US$33 million in line with the first quarter last year, and with a free cash flow of US$15 million. Order intake was US$198 million, implying a booked bill of one. The continued financial performance with a robust performance of HMH continues to be an important foundation for a potential future liquidity event. HMH is keeping its S1 filing with the SEC updated and timing of potential launch continue to be dependent on market conditions and sentiment. HMH remains our most valuable investment. The book value of our shareholding in HMH remains at around 70% of our total net capital employed, with a book value of NOK 3.4 billion per the end of the first quarter, or 12.4 kroner per Acosto share. This is somewhat down from previous quarter due to currency effects. All the Arcov's offshore vessels remain...