Slide 1: Presentation Q4 2025
Presentation Q4 2025 24 February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: Financial highlights / Q4 2025
Financial highlights / Q4 2025 P&L key figures Q4 2025 vs. Q4 2024 Balance sheet key figures FY 2025 vs. FY 2024 MNOK MNOK MNOK MNOK 183 (187) 3 219 (2 605) 3 685 (2 937) 340 (396) in freight revenue in total backlog incl. share in assets in cash of JV MNOK MNOK 58 (58) 31% (31%) 967 (499) 58% (62%)
Slide 4: Business update / Q4 2025
Business update / Q4 2025 • Aker BP ASA declared an option to extend the contract for the supply vessel Viking Lady, extending the firm period to end of February 2027. In addition, Aker BP ASA extended the firm period for the supply vessel Viking Prince with approximately three months, till end of F
Slide 5: Business update / Q4 2025
Business update / Q4 2025 • We are excited to see progress on the retrofit of Viking Energy where the installation of a dual fuel ammonia engine is starting this spring. This is a major rebuild made possible by Equinor and Eidesvik. Viking Energy will be the first offshore vessel with the ability to
Slide 6: Operational update / Q4 2025
Operational update / Q4 2025 • Fleet utilisation in Q4 2025 was 93% • Supply utilisation was 88% during the quarter • Subsea/Offshore renewables utilisation was 100% during the quarter • FY2025 utilisation was 97% compared to 96% in FY2024 • No LTIs during the quarter
Slide 7: Contract backlog / Q4 2025
Contract backlog / Q4 2025 1 400 MNOK Renewable backlog as share of total 3 219 backlog** 1 200 Contract backlog incl. share of JV* Fixed backlog from renewables projects as share of total backlog 1 000 800 Other mNOK 63% 600 1 168 400 766 725 560 200 37% Renewable backlog 0 2026 2027 2028 From 2029
Slide 8: Contract coverage incl. JV / Q4 2025
Contract coverage incl. JV / Q4 2025 100% Contract coverage incl. JV 90% 87% 82% 80% 80% 77% 70% 64% 64% 58% 58% 58% 58% 60% 54% 50% 50% 42% 87% 40% 77% 33% 33% 33% 73% 68% 30% 54% 50% 50% 50% 20% 39% 33% 33% 33% 33% 25% 25% 25% 10% 0% Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027
Slide 9: Market update
Market update 1 Solid underlying oil and gas demand is expected to continue to drive increase in activity Supply: Temporary imbalance in supply and demand in the quarter. Longer term, the market is expected to 2 tighten due to anticipated increased activity 3 Subsea/Renewables: EPC contractors conti
Slide 10: Q4 2025 financial results
Q4 2025 financial results Financial results (NOK1000) Q4 2025* Q4 2024* Q3 2025* FY 2025* FY2024 Freight revenue 183,2 -2 % 186,8 204,6 785,1 759,4 Freight revenue Other income 0,0 0,0 0,0 0,0 15,7 -2% 186,8 Total Revenue 183,2 186,8 204,6 785,1 775,1 183,2 EBITDA 57,6 57,7 87,6 293,8 304,2 EBITDA a
Slide 11: Segment performance
Segment performance Revenue & EBITDA margin (incl. share of JV*) EBITDA Q4 2025 vs. Q4 2024 110,0 60% • Revenue decreased by NOK 13.0 million due to 105,0 50% one vessel operating in weak spot market • EBITDA decreased by NOK 13.2 million, where margin decreased from 37% to 28% 100,0 40% Supply • Ut
Slide 12: Balance sheet
Balance sheet Balance Sheet (NOK1000) 31.12.2025* 31.12.2024 Comments for the year Total non-current assets 3 067 2 316 Cash and cash equivalents 340 396 • Non-current assets increased from year end, mainly due to Other current assets 277 226 payments related to the newbuild contracts Total assets 3
Slide 13: Cash flow 2025
Cash flow 2025 1 400 566,3 1 200 1 000 800 NOK 1000 300,3 600 395,8 400 340.5 - 921,9 200 0 Cash 31.12.2024 EBITDA / WC Financing CAPEX Cash 31.12.2025* * Unaudited Operating NOK 300.3 million Financing NOK 566.3 million Investing NOK -921.9 million The decrease compared to FY2024 is Drawdown on con
Slide 14: Highlights summary
Highlights summary 1 Strong operational performance 2 Quarter impacted by low utilisation for vessel operating in spot market 3 Long-term positive outlook in both segments 4 Annual improvement in revenue and stable margins 5 Continued focus on growth and fleet renewal
Slide 15: Contact details
Contact details CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 16: Appendix
Appendix
Slide 17: Company overview
Company overview THE COMPANY STRATEGY Large PSV • Seek and evaluate vessels that fits with the EIOF profile for additions to the fleet 16 ~450 Subsea/Offshore renewables • Increase IMR fleet with dual use capabilities VESSELS* EMPLOYEES within offshore renewable * Whereof two under construction and
Slide 18: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore Renewables Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Neptun (management) Viking Prince Viking Avant NS Orla (management) Subsea Viking TBN «Viking Vigor» TBN (delivery 2026) (delivery Q3 2026) (management)
Slide 19: Contract status
Contract status Vessel Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 20: Debt maturity profile 31 December 2025
Debt maturity profile 31 December 2025 200 121 121 97 97 97 Million NOK 100 30 0 2026 2027 2028 2029 After 2029 Instalments Balloons In addition, Eidesvik Agalas AS has drawn EUR 39.9 million on its construction loan per Q4 2025 and Eidesvik Agalas Reach AS has drawn EUR 18.9 million on its construc
Slide 21: Financial development
Financial development FY2022 FY2023 FY2024 FY 2025* Adjusted EBITDA Utilisation 95 % 94 % 96 % 97 % Revenue (NOKm) 919 772 775 785 350,0 39% 38% Adj. Revenue (NOKm) 635 699 759 785 37% 37% 38% 300,0 EBITDA (NOKm) 494 334 304 294 Adj. EBITDA (NOK million) 37% EBITDA margin 54 % 43 % 39 % 37 % 250,0 A