Sbm Offshore Nv · EURONEXT:SBMO

Sbm Offshore Nv — H1 2025 Earnings Presentation

30 slides from Sbm Offshore Nv's earnings presentation, Aug 7, 2025

  1. Slide 1: Half Year 2025 Earnings

    HALF YEAR 2025 EARNINGS August 7, 2025 © SBM Offshore. All rights reserved. www.sbmoffshore.com 1

  2. Slide 2: Disclaimer

    Disclaimer Some of the statements contained in this presentation that are not historical facts are statements Nothing in this presentation shall be deemed an offer to sell, or a solicitation of an offer to buy, of future expectations and other forward-looking statements based on management’s current

  3. Slide 3: Creating stakeholder value

    CREATING STAKEHOLDER VALUE Advancing our TRUE. BLUE. Pioneering Pioneering CORE TRANSITION. MORE MORE CLEANER & MORE EFFICIENT SUSTAINABLE BLUE INNOVATIVE OCEAN ENERGY PRODUCTION ECONOMY GROWTH INFRASTRUCTURE SOLUTIONS © SBM Offshore. All rights reserved. www.sbmoffshore.com 3

  4. Slide 4: Highlights

    Highlights FINANCIAL OPERATIONAL GROWTH Revenue1 2 FPSO start-ups Strong market outlook US$2,311 million FPSO ONE GUYANA Promising 3-year pipeline on charter and ready for first oil EBITDA1 2 Fast4Ward® MPF hulls US$682 million 1st operator in Suriname Supporting tendering activities O&M service con

  5. Slide 5: Prime positioning in a robust market

    Prime positioning in a robust market ~10-20Mbpd oil supply shortage in the coming decade1 Strong FPSO market outlook 120 110 Million barrels per day (Mbpd) 100 90 80 70 60 2 50 40 7 30 Natural decline of production 20 2025 2030 2035 2040 2045 2050 3 11 9 2 Double resilience driving deepwater growth

  6. Slide 6: Driving lifecycle excellence

    Driving lifecycle excellence CONTINUOUS IMPROVEMENT PRODUCT & FLAWLESS ASSET RESPONSIBLE SERVICE DEVELOPMENT EPCI START-UP MANAGEMENT RECYCLING ON TIME EXECUTION FLAWLESS START-UP RELIABLE OPERATIONS Fast4Ward® standardization Fast-track to plateau production 99.4% uptime Achieving excellence throug

  7. Slide 7: Assuring value through Fast4Ward approach and anticipation

    Assuring value through Fast4Ward® approach and anticipation ALMIRANTE FAST4WARD® PROSPERITY ONE GUYANA GRANMORGU TAMANDARÉ FPSO #10 2022 2025 ALEXANDRE DE FAST4WARD® LIZA UNITY SEPETIBA JAGUAR AVAILABLE SLOTS GUSMÃO FPSO #9 Progress on ongoing projects 1st oil date Percentage of 6 FAST4WARD® FPSOs D

  8. Slide 8: Ocean Infrastructure flexibility unlocks value for the future

    Ocean Infrastructure flexibility unlocks value for the future GLOBAL OCEAN INFRASTRUCTURE SBM OFFSHORE’S UNIQUE CHALLENGES OFFERS FLEXIBLE SOLUTIONS EXPERIENCE & CAPABILITIES Energy demand Standardized and scalable >500 floating solutions Grid Decarbonization congestion execution model delivered Glo

  9. Slide 9: Financial highlights

    Financial highlights Increased guidance Above US$5.0bn Above US$1.6bn Revenue1 EBITDA1 US$2.3bn (+26%) US$682m (+10%) Revenue1 EBITDA1 US$33.2bn US$9.0bn Revenue backlog2 Net cash backlog2 US$280m US$1.7bn 2025 cash return Min. cash return ‘25-’30 (1) Directional reporting, as of June 30, 2025 © SBM

  10. Slide 10: Directional overview

    Directional overview1 Pro-forma backlog (US$ billions) Net debt (US$ billions) 35.1 33.2 -5% -2% 5.7 5.6 1H 2024 1H 2025 1H 2024 1H 2025 Revenue (US$ millions) EBITDA (US$ millions) 2,311 1,840 682 26% 620 10% TK TK 225 TK 662 1,323 L&O 679 L&O L&O 497 1,178 L&O 988 TK -12 Other -(41) Other -(47) 1H

  11. Slide 11: Sale & Operate: less debt

    Sale & Operate: less debt 5.0x 1.0 3.0x 2.9x 1 0.1 4.0 6.7 5.7 5.6 1.5 2 FY2023 FY2024 HY2025 FY2030 Directional Net debt in US$ bn Net Repayments in US$ bn Net Leverage STRUCTURALLY LOWER NO SHORT-TERM DEBT NET LEVERAGE 3 (1) Based on Directional Net Debt to LTM Directional EBITDA (2) Based on no n

  12. Slide 12: Growing Backlog

    Growing Backlog1 L&O, BOT and Turnkey net cash translated in EUR/share1 Directional, US$ millions 28 21 16 14 12 11 US$33.2 billion ~US$9 billion pro-forma net cash pro- backlog forma backlog 5% 10% 15% 20% 25% 30% Discount Rate TK 0.5 900 8% Interest Curve TK 4.7 BOT 0.3 7% 800 Additional US$0.5bn

  13. Slide 13: On track to deliver Cash and Returns

    On track to deliver Cash and Returns Directional, US$ millions Net Cash in-hand 2025 - 2030 1 US$1.7 BILLION CASH RETURN 2025 - 2030 US$280 MILLION CASH RETURNS IN 2025 US$ billions 1.1 EUR150 million dividend paid, EUR141 million buyback ~34% completed US$470m Available Free Cash 3.5 on average 1.7

  14. Slide 14: Set for growth

    3 FPSOs DELIVERED INCREASED GUIDANCE RELIABLE RETURNS: MIN US$1.7BN TO 2030 RESILIENT BUSINESS MODEL ROBUST DEEPWATER MARKET OUTLOOK OCEAN INFRASTRUCTURE FLEXIBILITY SET FOR GROWTH

  15. Slide 15: Q&A

    Q&A

  16. Slide 16: Appendix

    APPENDIX © SBM Offshore. All rights reserved. www.sbmoffshore.com 16

  17. Slide 17: Financial performance per segment

    Financial performance per segment Directional, US$ millions Lease and Operate Turnkey Revenue EBITDA Revenue EBITDA 1,322 1,178 988 679 662 225 497 (12) 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 “Other” EBITDA 1H24 US$ (47) million vs. 1H25 US$(41) million © SBM Offshore. All r

  18. Slide 18: c. 25 years of net cash flow visibility from L&O, BOT & Turnkey

    c. 25 years of net cash flow visibility from L&O, BOT & Turnkey1 Directional, US$ millions L&O, BOT and Turnkey net cash translated in EUR/share1 US$33.2 billion 28 pro-forma backlog 21 16 14 12 ~US$9 billion net 11 cash from net cash pro-forma backlog 900 5% 10% 15% 20% 25% 30% Additional US$0.5bn

  19. Slide 19: Group P&L

    Group P&L Directional, US$ millions Group P&L US$ millions HY 2024 HY 2025 Variance Revenue 1,840 2,311 471 Gross Margin 414 529 115 Overheads (119) (122) (3) Other operating income / (expense) 56 67 11 Net impairment losses on financial and contract assets (6) 2 8 EBIT 345 475 130 Depreciation, amo

  20. Slide 20: Turnkey and Lease and Operate P&L

    Turnkey and Lease and Operate P&L Directional, US$ millions Turnkey Comments US$ millions HY 2024 HY 2025 Variance Main contributors to 1H 2025 revenue are: FPSOs Jaguar, GranMorgu and One Guyana construction progress, as well as Revenue 662 1,322 660 Revenue FPSOs Almirante Tamandaré and Alexandre

  21. Slide 21: HY 2025 Sources and Uses of Cash and Liquidity

    HY 2025 Sources and Uses of Cash and Liquidity Directional, US$ millions L&O 497 Turnkey 225 Other (41) EBITDA 682 Non-cash items and special transactions (82) CdP Sale & Other including Cash Leaseback from special transaction Cash from Operations Working Capital Debt drawdowns Sources of cash 600 3

  22. Slide 22: Balance Sheet

    Balance Sheet Directional, US$ millions Comments US$ millions 31-Dec-2024 30-Jun-2025 Variance Capitalization of FPSO projects under construction partially offset by Property, plant & equipment and Intangibles​ 7,490 7,644 154​ depreciation over the period. Investment in associates and other financi

  23. Slide 23: Lease qualification and consolidation methods

    Lease qualification and consolidation methods as of 30 June 2025, IFRS 10 & 11 Assets Lease Contract Type SBM Share % Directional IFRS FPSO N’Goma FL 60% Proportional Full consolidation FPSO Saxi Batuque FL 100% 100% Full consolidation FPSO Mondo FL 100% 100% Full consolidation FPSO Cidade de Ilhabe

  24. Slide 24: External funding loans and borrowings

    External funding loans and borrowings1 Directional, US$ millions Net book value as of June 30, 2025 Full Amount IFRS Directional FACILITIES DRAWN FPSO Cidade de Ilhabela 647 647 485 FPSO N’Goma 79 79 47 Normand Installer 8 - - FPSO Cidade de Maricá 478 478 292 FPSO Cidade de Saquarema 655 655 400 SL

  25. Slide 25: Well-structured debt enables growth

    Well-structured debt enables growth Directional, US$ millions Non-Recourse Corporate debt Construction debt Unlevered fleet Project debt1 3 7 10 US$0.6bn net cash US$3.2bn debt2 US$3.0bn debt Debt free US$33.2bn backlog US$10.7bn US$16.5bn US$6.0bn US$9.0bn net cash3 US$2.5bn US$5.1bn US$1.4bn backl

  26. Slide 26: Group net debt and borrowings

    Group net debt and borrowings Directional, US$ millions Net debt Undrawn facilities + cash 6,500 5,719 5,630 790 4,500 794 2,500 1,000 500 HY 2025 (1,500) FY 2024 HY 2025 Undrawn corporate facilities Cash Undrawn project debt Net cash Project debt Lease liabilities Average cost of debt1 HY 2025 borr

  27. Slide 27: Revolving Credit Facility Covenants

    Revolving Credit Facility Covenants Key financial covenants HY 2025 Definition1 Solvency ratio > 25%  31% IFRS Tangible net worth divided by total tangible IFRS assets Interest cover ratio > 4.0  10.0 Directional Underlying EBITDA divided by net interest payable Consolidated Directional Backlog Ne

  28. Slide 28: Turnkey Model

    Turnkey Model TURNKEY ACTIVITIES TURNKEY ACCOUNTING IFRS Turnkey Gross Margin (L&O / BOT SBM Offshore FPSO share) (Research & Development) (Alternative Energy Investments) (Sales & Marketing) (Overheads) = Turnkey Directional EBITDA Margin generated from BOT/L&O phase IFRS Turnkey Gross Margin 1 26%

  29. Slide 29: Commercial models

    Commercial models Indicative net cash profiles Sale & Operate model Booked in Turnkey SALE & OPERATE FPSO Booked in L&O 100% SBM ownership No debt financing Opex reimbursable Y-4 Y-3 Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Build-Operate-Transfer model BOT FPSO

  30. Slide 30: Lease and Operate portfolio

    Lease and Operate portfolio Initial Lease Period Contractual Extension Option Confirmed Extension Operation & Maintenance only (1) Lease only (2) Extension of the contract corresponding to the period of shutdown beyond the initial lease end date (3) ENI Angola SpA merged with BP to form a new Incorp

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