(Arendal, 11 November 2022) Arendals Fossekompani ASA (OSE:AFK) reported
revenues of NOK 1,114 million (1,302 million) and an operating profit of NOK 127
million (120 million) in the third quarter of 2022. Arendals Fossekompani will
pay a dividend of NOK 0.95 per share for the quarter.

"We are pleased to deliver yet another solid quarter, driven by higher
electricity prices and strong performance from portfolio companies Volue and
NSSLGlobal," says Ørjan Svanevik, Chief Executive Officer of Arendals
Fossekompani.

Third quarter revenues ended at NOK 1,1114 million, down from NOK 1,302 million
in the same quarter last year. Adjusted for a one-time booking of property sales
amounting to NOK 429 million in Q3 2021, third quarter revenues in 2022 are up
by 28% year-over-year.

Even though production of electricity was halved compared to the same quarter
last year, AFK Hydropower still delivered substantial revenue and operating
profit, as the average spot price reached record high levels during the third
quarter.

"Since then, prices have come down. This is good news for consumers, as well as
for our industrial companies. We are all hoping for a winter with energy prices
at reasonable levels," says Svanevik.

SEGMENT DEVELOPMENTS
Volue continues its transformation towards recurring revenues and
Software-as-a-Service. SaaS revenues were NOK 70 million in the quarter, an
increase of 27% compared to the third quarter of 2021. Recurring revenues
constituted 62% of total revenues and reached NOK 181 million in the quarter, an
increase of 19% from the third quarter of 2021.

Tekna reported 6% revenue growth in the third quarter compared to the
corresponding quarter previous year. As expected, growth somewhat slowed down in
advanced materials, which was marked by downtime while the machine park
underwent a planned upgrade. Tekna continues to experience strong demand for its
advanced materials. The backlog for Materials amounted to CAD 12.5 million at
the end of the quarter, a 57% increase year-over-year.

Evolgy's total operating revenues increased by 17% year-over-year to NOK 343
million. Operating profit of NOK 12 million was negatively affected by
consolidation of IPT Technology. Order intake has remained firm with new orders
in all regions and segments.

NSSLGlobal reports strong sales and operating profit, as well as a solid order
intake. During the third quarter, NSSLGlobal was able to extend several large
projects, as well as winning new business. 

"Our companies are positioned within high growth global industry verticals,
serving customers in reaching transformational business goals. With strong
underlying results, a robust financial position and continued high execution
drive, the value creation platform provides a positive outlook for Arendals
Fossekompani," Svanevik concludes.

CORPORATE DEVELOPMENTS
Arendals Fossekompani's financial position remains solid. The company's cash
position as of 30 September amounted to NOK 1,116 million. In addition, the
company has undrawn credit facilities of NOK 1,949 million, securing gross
available liquidity of NOK 3,065 million as per end of the quarter.
DIVIDEND
AFK will pay a quarterly dividend of NOK 0.95 per share, based on the company's
quarterly dividend policy.
PRESENTATION OF Q3 RESULTS
In a video presentation, CEO Ørjan Svanevik sums up the third quarter results
and developments. Please find the video here:
https://www.youtube.com/channel/UCg7KmLkdC579-ym6eE9cG5w 
ENDS

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For additional comments, please contact: 
Ørjan Svanevik, CEO at Arendals Fossekompani: +47 414 51 560

Arendals Fossekompani | www.arendalsfossekompani.no 
Arendals Fossekompani (AFK) is a long-term investment company that owns energy-
and technology-related companies which enable the transition to energy security
and next generation industrial technologies. AFK operates globally in a number
of future-oriented industries, including 3D printing, wireless charging, algo
trading, satellite services, battery- and solar technology, software, and
digitization. Established in 1896, AFK has been a proud producer of renewable
hydro power for more than 100 years. The company is headquartered in Arendal,
Norway and listed at the Oslo Stock Exchange.

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This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lars Peder Fensli, CFO,
Arendals Fossekompani ASA, on 11 November 2022 at 07:00 CET.