HIGHLIGHTS

• Net profit of $42.6 million and earnings per share of $0.56 for the first quarter 2025, compared to net income of $210.2 million and earnings per share of $2.74 for the fourth quarter 2024.
• On February 28, 2025, the sale of the four Mid-Sized Gas Carriers (“MGCs”) newbuilding contracts to subsidiaries of Exmar LPG B.V. (“Exmar”) was successfully completed. Avance Gas received reimbursement of $62.1 million of yard instalments paid by Avance Gas to the yard. The Company recorded a gain on sale of $34.2 million in relation to the sale for the first quarter.
• In April, 2025, the final milestone payment from Exmar of $34.2 million was received at steel cutting of the fourth and final MGC newbuilding bringing the total cash proceeds from Exmar to $96.3 million of which $62.1 million was received in March and $34.2 million was received in April 2025.
• During the first quarter 2025, the Company paid and distributed $435.7 million to shareholders of which $153.2 million was return of capital ($2.0 per share), $57.4 million in extraordinary dividend ($0.75 per share) and $225 million in BW LPG shares representing $3.25 per share on the announcement date, February 12, 2025.
• On April 16, 2025, the Company declared a final extraordinary distribution of $0.74 per share, of which $0.16 per share is return of capital while the remaining $0.58 per share is extraordinary dividend. The payment date is May 7, 2025, as per key information stated in a separate press release. The final distribution is in line with the estimates presented on February 12, 2025. 
• As announced in our third-quarter presentation on November 27, 2024 and reaffirmed in our fourth-quarter presentation on February 12, 2025, following completion of the VLGC fleet sale in 2024 of which four were sold to third parties during the first half of 2024, twelve VLGCs were sold to BW LPG during the second half of 2024, and the four MGC newbuilding sale to Exmar during the first quarter 2025, Avance Gas has sold all assets in the Company and has been returning capital to shareholders with the final distribution announced on April 16, 2025. As previously announced, Avance Gas does not plan to make new investments. Therefore, Avance Gas has continued the wind-up process and called for a Special General Meeting to be held on May 16, 2025, to resolve delisting of the Company and to proceed with a voluntary liquidation of the Company. The last trading date of the shares will be determined by the Oslo Stock Exchange, which we anticipate will occur in June/July 2025.

Due to limited activity as explained above, a presentation or webcast will not be held for the first quarter 2025. Press releases will be issued as needed regarding the resolutions from the Special General Meeting and the delisting process. 

For further queries, please contact: 
Investor and Analyst contact:
Randi Navdal Bekkelund, CFO 

Tel: +47 23 11 40 00

Email: ir@avancegas.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act