Sbm Offshore Nv · EURONEXT:SBMO

Sbm Offshore Nv — Sbm Offshore Nv Ord — H1 2026 Earnings Presentation

34 slides from Sbm Offshore Nv's earnings presentation, Aug 6, 2026

Slide 1: Half Year 2026 Earnings
HALF YEAR 2026 EARNINGS August 6, 2026
Slide 2: Disclaimer
Disclaimer Some of the statements contained in this presentation that are not historical facts are statements Accordingly, all data, and emissions data in particular, should be interpreted in light of these of future expectations and other forward-looking statements based on management’s current lim
Slide 3: Creating Stakeholder Value
CREATING STAKEHOLDER VALUE Advancing our CORE OCEAN Pioneering MORE Focused on excellence in our core offshore energy INFRASTRUCTURE A realizable vision of a broader and deeper production markets role of ocean infrastructure INCREASING MARKET SHARE OCEAN INFRASTRUCTURE DRIVING PURPOSEFUL INNOVATION
Slide 4: 2026 Half year highlights
2026 Half year highlights SEAP I & II Longtail Project awards FEED award 16 2 Prospects to 2029 Hulls in anticipation US$4,904m US$1,310m 1H26 Revenue1 1H26 EBITDA1 US$7.6bn US$1.9bn Increased revenue guidance Increased EBITDA guidance (1) Directional reporting, as of June 30, 2026 © SBM Offshore. A
Slide 5: Strong long-term core demand
Strong long-term core demand DOUBLE RESILIENCE DRIVING DEEPWATER GROWTH ~US$20-35 Break-even oil price ~30% of new oil production volumes to be sanctioned up ~45% to 2030 from deepwater2 Lower emissions1 (1) 18kgCO2e/boe upstream GHG intensity from 2026 Rystad’s data; ~8-12kgCO2e/boe applicable for
Slide 6: Strong market outlook for large & complex FPSOs
Strong market outlook for large & complex FPSOs 41 Worldwide potential awards1 ’26-’29 MAJORS FOCUSED ON DEEPWATER c. 80% exploration expenditure directed toward deepwater2 4 1 16 PROSPECTS IN SWEET SPOT Robust pipeline of opportunities 5 4 5 NEW FAST4WARD® HULLS ORDERED 7 2 hulls in anticipation su
Slide 7: New frontier in Brazil
New frontier in Brazil TWO LARGE-SCALE FPSO AWARDS Building significant backlog SERGIPE FPSOOO SEAP I FPSOOO SEAP II OFFSHORE GAS TREATMENT TO PIPELINE QUALITY GAS 780 million cubic feet per day gas treatment capacity for gas delivery to shore VITÓRIA RIO DE JANEIRO FPSOOO ESPIRITO SANTO FAST4WARD D
Slide 8: Scaling capacity for growth
Scaling capacity for growth TENDERING ~4 YEAR EPCI CYCLE ENGINEERING AND PROCUREMENT CONSTRUCTION INTEGRATION COMMISSIONING STANDARDIZATION REPLICATION PARTNERSHIPS Scaling EPC capacity; Optimizing engineering capacity Design one, build many Strategic partnering with through high design maturity sup
Slide 9: Phased execution and room for more
Phased execution and room for more Percentage Progress on ongoing projects 1st oil date of completion FPSO Jaguar 2027 50–75% FPSO GranMorgu 2028 50–75% FSO Chalchi n/a 50–75% FPSO SEAP II 2030 <25% FPSO SEAP I 2031 <25% Hull allocated to Longtail Unallocated hull Unallocated hull © SBM Offshore. Al
Slide 10: Fleet performance
Fleet performance Efficiency & reliability at scale > 2M BBLS PER DAY PRODUCTION IN JUNE 17% of global deepwater production 98.9% UPTIME 1H26 Reliable performance for our clients FLEET OF 16 UNITS Largest FPSO contractor by oil production capacity UNLOCKING VALUE FOR CLIENTS Debottlenecking increase
Slide 11: Smarter & safer operations
Smarter & safer operations DATA-DRIVEN PERFORMANCE CONNECTED FIELD WORKERS DIGITAL TWIN ASSET OPTIMIZATION PLATFORM SMARTER Onboard digitalized workflows Visualization & remote support ZZ Predictive maintenance & asset integrity FLEET OF 16 UNITS ROBOTICS-ASSISTED OPERATIONS SAFER © SBM Offshore. Al
Slide 12: Offshore innovation unlocking Blue Economy potential
Offshore innovation unlocking Blue Economy potential GLOBAL CHALLENGES Alternative fuels Energy demand Decarbonization Grid congestion OPPORTUNITITES OCEAN Food scarcity Energy trilemma INFRASTRUCTURE Freshwater scarcity Limited coastal space SOLUTIONS Lower emissions and carbon Floating Desalinatio
Slide 13: Financial highlights
Financial highlights Increased guidance Around US$7.6bn Around US$1.9bn FY26 Revenue FY26 EBITDA Strong results US$4,904m US$1,310m 1H26 Revenue1 1H26 EBITDA1 Record backlog US$35.6bn US$8.0bn Revenue backlog2 Net cash backlog2 Robust balance sheet US$3.7bn 1.6x Net debt1 Net leverage3 (1) Direction
Slide 14: Directional overview
Directional overview1 (1) Directional reporting, presented in the Financial Statements under section Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidate all co-owned investees related to lease co
Slide 15: Continued deleveraging
Continued deleveraging Net leverage <3x 1 STRUCTURALLY LOWER GREATER BALANCE SHEET 2 NET LEVERAGE FLEXIBILITY (1) Based on Directional Net Debt to LTM Directional EBITDA (2) Based on Directional Net Debt to Directional EBITDA © SBM Offshore. All rights reserved. www.sbmoffshore.com 15
Slide 16: Strong near-term cash potential
Strong near-term cash potential1 Directional, US$ millions US$8.0 billion net cash pro- forma backlog US$ billions 8.0 HY26 Existing net cash backlog Pro-forma 6-year growth scenario Note: For the financial measures, refer to the Alternative Performance Measures section in the Half Year Earnings 202
Slide 17: On track to deliver Cash and Returns
On track to deliver Cash and Returns Directional, US$ millions MINIMUM US$2.1 BILLION CASH RETURN 2026-2031 FY26 US$200m dividend & US$240m share buyback on track 7.2% SHAREHOLDER CASH YIELD FY263 Top quartile shareholder cash returns benchmarked against the AEX MATERIALIZING GROWTH POTENTIAL SEAP I
Slide 18: 2026 Guidance
2026 Guidance DIRECTIONAL EBITDA Around 1.9 billion US$ DIRECTIONAL REVENUE Around 7.6 billion US$ LEASE & OPERATE Around 2.4 billion US$ TURNKEY Around 5.2 billion US$ © SBM Offshore. All rights reserved. www.sbmoffshore.com 18
Slide 19: Ready for more
GROWING THE CORE • 2 FPSO AWARDS & 1 FEED AWARD • STRONG MARKET, WELL POSITIONED • 2 FAST4WARD® HULLS IN ANTICIPATION • INCREASED GUIDANCE READY FOR MORE
Slide 21: Financial performance per segment
Financial performance per segment Directional, US$ millions “Other” EBITDA in HY 2026 of US$ (51) million vs HY 2025 US$ (41) million © SBM Offshore. All rights reserved. www.sbmoffshore.com 21
Slide 22: c. 25 years of net cash flow visibility from L&O and Turnkey
c. 25 years of net cash flow visibility from L&O and Turnkey1 Directional, US$ millions Note: For the financial measures, refer to the Alternative Performance Measures section in the Half Year Earnings 2026 report. (1) Rounding applied to nearest hundred million in the L&O and Turnkey net cash flow
Slide 23: Group P&L
Group P&L Directional, US$ millions Group P&L US$ millions HY 2025 HY 2026 Variance Revenue 2,311 4,904 2,593 Gross Margin 529 1,199 670 Overheads (122) (148) (26) Other operating income / (expense) 67 9 (58) Net impairment losses on financial and contract assets 2 1 (1) EBIT 475 1,061 586 Depreciat
Slide 24: Turnkey and Lease and Operate P&L
Turnkey and Lease and Operate P&L Directional, US$ millions Turnkey Comments US$ millions FY 2025 HY 2026 Variance Main contributors to 1H 2026 revenue are: FPSO One Guyana sale, FSO Chalchi 45% partial divestment, the recently awarded Revenue 1,322 3,713 2,391 Longtail FEED, FPSOs SEAP I and SEAP I
Slide 25: HY 2026 Sources and Uses of Cash and Liquidity
HY 2026 Sources and Uses of Cash and Liquidity Directional, US$ millions L&O 547 Turnkey 813 Other (51) EBITDA 1,310 Non-cash items and special transactions (23) NBV of One Guyana 1,712 Debt drawdowns Cash December 2025 891 Cash variation1 135 Cash June 2026 1,026 (1) Includes foreign currency impac
Slide 26: Balance Sheet
Balance Sheet Directional, US$ millions Comments US$ millions 31-Dec-2025 30-June-2026 Variance FPSO One Guyana sale, depreciation over the period and FSO Chalchi Property, plant & equipment and Intangibles 7,523 5,594 (1,928) divestment partially offset by capitalization of FSO project under const
Slide 27: Lease qualification and consolidation methods
Lease qualification and consolidation methods as of 30 June 2026, 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
Slide 28: External funding loans and borrowings
External funding loans and borrowings1 US$ millions Net book value as of June 30, 2026 Full Amount IFRS Directional FACILITIES DRAWN FPSO Cidade de Ilhabela 593 593 445 FPSO Cidade de Maricá 339 339 207 FPSO Cidade de Saquarema 538 538 328 SLB Cidade de Paraty 334 334 211 FPSO Sepetiba 1,201 1,201 6
Slide 29: Well-structured debt enables growth
Well-structured debt enables growth Directional, US$ millions Projects Under Non-Recourse Corporate debt Unlevered fleet Construction Project debt1 5 7 9 US$0.8bn net cash US$1.1bn debt2 US$3.3bn debt Debt free US$35.6bn backlog US$14.4bn US$16.0bn US$5.2bn US$3.6bn net debt covered by US$35.6bn rev
Slide 31: Revolving Credit Facility Covenants
Revolving Credit Facility Covenants Key financial covenants HY 2026 Definition1 Solvency ratio > 25% ✓ 35% IFRS Tangible net worth divided by total tangible IFRS assets Directional Underlying EBITDA divided by Consolidated Interest cover ratio > 4.0 ✓ 6.6 Directional Net Interest Payable Consolidate
Slide 32: Turnkey Model
Turnkey Model TURNKEY ACTIVITIES TURNKEY ACCOUNTING IFRS Turnkey Gross Margin (L&O SBM Offshore FPSO share) (Research & Development) (Alternative Energy Investments) (Sales & Marketing) (Overheads) = Turnkey Directional EBITDA (1) Average IFRS Turnkey Gross Margin from 2022 to 2024 © SBM Offshore. A
Slide 34: SBM Offshore Fleet Portfolio
SBM Offshore Fleet Portfolio 2005 2015 2026 2035 2045 2055 Vessel Name Client Country FPSO Mondo EXXONMOBIL ANGOLA 01/2008 12/2022 2032 FPSO Saxi Batuque EXXONMOBIL ANGOLA 07/2008 06/2023 2032 FPSO Espirito Santo SHELL BRAZIL 01/2009 12/2023 12/2028 12/2033 FPSO Cidade de Anchieta (1) PETROBRAS BRAZ

Sbm Offshore Nv Ord — H1 2026 Earnings Presentation on 6ix

Sbm Offshore Nv — Sbm Offshore Nv Ord — H1 2026 Earnings Presentation

Slide 1: Half Year 2026 Earnings

Slide 2: Disclaimer

Slide 3: Creating Stakeholder Value

Slide 4: 2026 Half year highlights

Slide 5: Strong long-term core demand

Slide 6: Strong market outlook for large & complex FPSOs

Slide 7: New frontier in Brazil

Slide 8: Scaling capacity for growth

Slide 9: Phased execution and room for more

Slide 10: Fleet performance

Slide 11: Smarter & safer operations

Slide 12: Offshore innovation unlocking Blue Economy potential

Slide 13: Financial highlights

Slide 14: Directional overview

Slide 15: Continued deleveraging

Slide 16: Strong near-term cash potential

Slide 17: On track to deliver Cash and Returns

Slide 18: 2026 Guidance

Slide 19: Ready for more

Slide 20: Appendix

Slide 21: Financial performance per segment

Slide 22: c. 25 years of net cash flow visibility from L&O and Turnkey

Slide 23: Group P&L

Slide 24: Turnkey and Lease and Operate P&L

Slide 25: HY 2026 Sources and Uses of Cash and Liquidity

Slide 26: Balance Sheet

Slide 27: Lease qualification and consolidation methods

Slide 28: External funding loans and borrowings

Slide 29: Well-structured debt enables growth

Slide 30: Group net debt and borrowings

Slide 31: Revolving Credit Facility Covenants

Slide 32: Turnkey Model

Slide 33: Commercial models

Slide 34: SBM Offshore Fleet Portfolio