Reach Subsea Asa · OSL:REACH
Reach Subsea Asa — Q4 2025 Earnings Presentation
17 slides from Reach Subsea Asa's earnings presentation, Feb 12, 2026
Slide 1: Quarterly Consolidated Presentation 4Q 2025
4Q Q3 2025 2024 Everything within Reach Quarterly Consolidated Presentation Sustainable access to ocean space Jostein Alendal, CEO | Arne Joa, CFO | 12 February 2026 Find out more at reachsubsea.com
Slide 2: Disclaimer
4th Quarter 202 5 Disclaimer IMPORTANT – You must read the following before The Information has been prepared by the future business strategies and the environment in This presentation contains statistics, data, continuing. The following applies to this document, Company, and no other party accepts
Slide 3: Weaker Results, Solid Performance on Remote Milestones
4th 4th Quarter 2025 Quarter 202 5 9 Weaker Results, Solid Performance on Remote Milestones Weaker 4Q than last year driven by lower utilisation, reduced project margins, start - up costs associated with the Reach Remote - NOK 606,1 million concept, adverse currency movements and Revenue 4Q 2025 inc
Slide 4: Vessel capacity combining visibility and flexibility
4th 4th Quarter Quarter2025 202 5 9 Vessel capacity combining visibility and flexibility VESSEL TYPE OWNERSHIP STATUS 2025 2026 2027 2028 2029 Order backlog Viking Reach Survey, IMR, Light 49.9% Operational - 2% Construction Owned vessels 1600 Reach Remote 1 Unmanned and robotics 100% Operational 15
Slide 5: Where Operational Experience meets Technology Development
D i r e c 4th Quarter 2025 9 t o r s Where Operational E xperience meets T echnology Development R e p o r t Reach Subsea | Quarterly Consolidated Report 2025
Slide 6: Reach Remote Driving Value Through Field Experience
4th Quarter 202 5 Reach Remote Driving Value Through Field Experience Track record with key clients in the worlds most demanding environments Time to market 2025 | RR 1 & 2 DELIVERED | SUCCESSFUL PILOTS | SAILING PERMITS | | ROC CERTIFICATIONS | COMMERCIAL DEPLOYMENT | | OPERATIONS ACROSS TIME - ZON
Slide 7: Reach Remote value proposition
www.reachsubsea.com 4th Quarter 202 5 Reach Remote value proposition Energy Companies Construction & Installation Companies Government Entities Emerging Marine & Subsea Industries Reach Remote: Bringing operations to you for safer, smarter, and more efficient decisions. Reach Horizon – The Remote Ac
Slide 8: Financials
4th Quarter 202 5 Financials Reach Subsea | Quarterly Consolidated Report
Slide 9: 4Q 2025 Highlights
4th Quarter 202 5 4Q 2025 Highlights • Q4 2025 was weaker than last year due to reduced utilization, adverse currency movements, higher depreciation, lower project margins and the ramp - up of the Reach Remote concept • Strong operational cashflow and a solid cash position in 4Q 2025 • New NOK 735 m
Slide 10: EBIT Bridge – Key Drivers Q3 2025 to Q4 2025
4th Quarter 202 5 EBIT Bridge – Key Drivers Q3 2025 to Q4 2025 (MNOK) 60,0 50,6 40,0 20,0 - - 47,2 - 20,0 11,8 - 40,0 - 43,0 - 22,9 - 1,2 - 60,0 - 8,5 - 60,5 - 80,0 EBIT Q3 Project result ex idle cost Utilisation effect Reach Remote Impairment Foreign Exchange Other EBIT Q4 Reach Subsea | Quarterly
Slide 11: EBIT Bridge – Key Drivers Q4 2024 to Q4 2025
4th Quarter 202 5 EBIT Bridge – Key Drivers Q4 2024 to Q4 2025 (MNOK) 100,0 79,9 80,0 60,0 - 25,0 40,0 20,0 - 43,4 - - 20,0 - 39,9 - 40,0 - 22,9 4,6 - 60,0 - 60,5 - 13,7 - 80,0 EBIT Q4 2024 Project result ex idle cost Utilisation effect Reach Remote Impairment Foreign Exchange Other EBIT Q4 2025 Rea
Slide 12: 4Q 2025 Revenue mix by segments
4th Quarter 202 5 4Q 2025 Revenue mix by segments Revenue mix by sector Revenue mix by segment Revenue mix by geography 800 800 • Revenue mix continues to 800 diversify across sectors, 700 segments and geographies 700 700 600 106 • Renewables show growth, 600 195 600 94 helping offset weaker oil and
Slide 13: Positioned for Growth
4th Quarter 202 5 Positioned for Growth Solid Foundation Heading Into 2026 (MNOK) 1 292 1 272 1 229 1 218 1 092 • Solid financial position with 1 028 an equity ratio of ~34%. 928 938 931 • Lower cash and net working 851 811 801 capital driven by asset investments and debt reduction. 607 579 554 • NO
Slide 14: Sustainability highlights of the quarter
4th Quarter 202 5 Sustainability highlights of the quarter Environment Social Governance Operational maturity of remote services Safety at the core Process for ISO27001 certification So far this year, 2 lost - time injuries and 1 work - Throughout the year, we established our Year - to- date, 8 remo
Slide 15: Summary
4th Quarter 202 5 Summary Reach Subsea | Quarterly Consolidated Report
Slide 16: Positioned for continued growth
4th Quarter 202 5 Positioned for continued growth ATTRACTIVE LONG TERM POSITIONED FOR GROWTH STRONG CAPABILITIES MARKET OUTLOOK Expanded service offerings, flexible vessel Strong execution, proven track record in Well - positioned in a dynamic market, capacity, and a global footprint. Focus on subse
Slide 17: Q&A
4th Quarter 202 5 Q&A Reach Subsea | Quarterly Consolidated Report