Fjord Defence Group Asa · OSL:DFENS

Fjord Defence Group Asa — Aquila Holdings — Q1 2025 Earnings Presentation

12 slides from Fjord Defence Group Asa's earnings presentation, May 8, 2025

  1. Slide 1: Presentation Q1 2025

    07.05.2025 Presentation Q1 2025 8 May 2025

  2. Slide 2: Disclaimer

    page 2 Disclaimer • The information in this presentation has been prepared by Aquila Holdings ASA (the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: • This presentation h

  3. Slide 3: Quarterly highlights

    page 3 Quarterly highlights  Fair value of multi-client library USD 20.5 million  Fair value of investment portfolio USD 3.6 million  Positive cash flow of USD 2.0 million, mainly from financial asset and sale of shares in Arbaflame  Available liquid funds of USD 6.6 million*  Cash earnings (lo

  4. Slide 4: Multi-client portfolio

    page 4 Multi-client portfolio Utsira North Sea Gulf of Suez • Industry-funded Utsira reprocessing project with Viridien (formerly known as CGG) and TGS • Sales initiatives and client discussions ongoing Sett inn bilde Sett inn bilde • Expect to be positively impacted by NCS M&A activity • Egypt E&P

  5. Slide 5: Financial assets

    page 5 Financial assets  Ocean bottom node operations sold to TGS (Magseis Fairfield) in March 2022  Positive cash flow of USD 1.5 million due to settlement of floor payment received March 2025  Gain of USD 0.2 million, due to book value at year end 2024 USD 1.3 million

  6. Slide 6: Investments

    page 6 Investments  Selected investments in listed and unlisted securities  Shares in Arbaflame AS sold in Q1 2025 for USD 0.4 million  Fair value of investment in Capsol Technologies USD 3.6 million at end Q1 2025  Final investment decision reached for Stockholm Exergi project in March 2025, co

  7. Slide 7: Net asset value

    page 7 Net asset value  Multi-client library valued at NOK 1.00 per share (book value USD 20.5 million)  Investments based on market trading prices constituting NOK 0.17 per share (book value USD 3.6 million)

  8. Slide 8: Comprehensive income

    page 8 Comprehensive income USD millions Comprehensive income Q1 2025 Q1 2024 • No late sales in the first quarter Revenue - 2.3 • SG&A run-rate at USD 0.3 million reduced Changes in fair value of investments (loss) (0.4) (0.7) from previous year, and in line with Other gains and (losses) 0.2 - Cost

  9. Slide 9: Financial position

    page 9 Financial position USD millions Assets 31.03.2025 31.12.2024 • Seismic investments representing Multi-client library 20.5 22.0 approximately 75% of total assets Investments 3.6 4.3 Financial assets - 1.3 • No financial indebtedness Trade receivables - - • Equity ratio 92.1% Other current asse

  10. Slide 10: Cash flow

    page 10 Cash flow USD millions Cash flow Q1 2025 Q1 2024 Profit (loss) before tax (2.0) (2.1) • Substantially improved cash position in Depreciation, amortization and net impairment 1.5 1.6 Q1 due to cash received in connection Changes in fair value of investments 0.4 0.7 with final payment from fin

  11. Slide 11: Outlook

    page 11 Outlook  Volatile commodity markets and high geopolitical uncertainty affecting oil price short term  Oil demand at all time high, and projected to grow in the coming years  Exploration activity continue and several wells will be drilled based on the Utsira data in 2025  Economic uncerta

  12. Slide 12: OBN multi-client library and investments

    Askekroken 11 aquilaholdings.no OBN multi-client library 0277 Oslo copyright © 2023 and investments. Norway Aquila Holdings

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