Slide 1: Q2 2026 Quarterly Results
Odfjell Technology Investor Presentation Q2 2026 Quarterly Results 19.08.2026 19/08/2026 1
Slide 2: Important Notice
Important Notice • By reading this company presentation (the “Presentation”), or attending any meeting or presentation held in relation there to, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. • The Presentation has been prepared by Odfjell Technology Ltd
Slide 3: Agenda
• Highlights of the quarter • Market outlook • Backlog and order intake • Capital Allocation • Financial information • Summary • Appendix 19/08/2026 3
Slide 4: Highlights of the quarter and key financials
Highlights of the quarter and key financials 4
Slide 5: Q2 2026: Record Quarterly Earnings
Q2 2026: Record Quarterly Earnings Step up in earnings and margins driven by Kaseum & Razor acquisition and lower group cost Highest quarterly EBITDA in company history: NOK 243 million, Revenue Q2 2026 Revenue LTM 1 adjusted EBITDA margin of 17.4% (14.8% previous quarter) 1.4bn 5.6bn First full qua
Slide 6: Market Outlook and Strategic Priorities
Market Outlook and Strategic Priorities Stable underlying market in 2026; structural drivers strengthening into 2027 2026 H2 2026 → 2027+ Stable activity • Disciplined spend • Slower awards Improving fundamentals • Stronger P&A demand MARKET VIEW GROWTH & INVESTMENT North Sea: stable activity, eleva
Slide 7: Strong customer base with 7.2 billion NOK firm order backlog
Strong customer base with 7.2 billion NOK firm order backlog Lasting partnerships with major energy players provides resilience and predictability across cycles HISTORIC BACKLOG VALUES AND BACKLOG BY SEGMENT ( bnNOK ) ORDER INTAKE LAST 12 MONTHS Firm Options of orders won 2 0 2 26 2 0 00 m 6. 6. .7
Slide 8: Operations contract overview
Operations contract overview Recent contract awards and extensions over the past year have improved revenue visibility OPERATIONS CONTRACT OVERVIEW HIGHLIGHTS Fixed Options ontract 2026 2027 202 202 20 0 20 orway Equinor - ohan Sverdrup Equinor - isund 8 rigs in active drilling mode in Q2-2026 Equin
Slide 9: Capital allocation update
Capital allocation update Dividend policy unchanged. Two quarterly payments retained to prioritise strategic investment. Dividend payments expected to resume in Q4 2026. PAUSED INVESTED RETURNING Dividends Kaseum & Razor Accretive from day one Two quarterly dividend payments retained 70% acquired, c
Slide 10: Financial information
*Sodfjell technology Financial information 10
Slide 11: Group financials
Group financials Steady revenue with a significant step up in earnings and improving cash flow metrics REVENUE (mNOK) EBITDA (mNOK) CASH GENERATION (mNOK) Steady activity, held across all Margin lifted to 17.4% on Kaseum & Razor Positive Free cash flow Business Areas scale-up 4 Up 1.5% both year on
Slide 12: Well Services
Well Services Strong performance with synergies supporting improvements ahead REVENUE (mNOK) EBITDA (mNOK) CAPEX SPEND (mNOK) Kaseum & Razor provide step up in revenue EBITDA uplift of 26% compared to Q2 2025 Capex spend down year on year, reflecting Earnings quality expect to improve further. conti
Slide 13: Operations
Operations Strong operational performance and improved cross-utilisation of staff REVENUE (mNOK) EBITDA (mNOK) RIG COUNT Scheduled maintenance Strong operational performance Operating rig count grew 8% year on year Revenue declined due to scheduled maintenance Improved cross-utilisation of staff acr
Slide 14: Projects & Engineering
Projects & Engineering Capacity discipline keeps EBITDA stable despite lower margin REVENUE (mNOK) EBITDA (mNOK) REVENUE BY ASSET TYPE EBITDA stable at 16 mNOK Broader asset mix reduces rig dependency Revenue of 154 mNOK Margin of 10.6% against 11.5% in Q1 2026, as Revenue is spread more evenly acro
Slide 15: Q2 2026 cash flow analysis
Q2 2026 cash flow analysis Operating cash generation funded acquisition spend and capex OPERATING CASH FLOW WORKING CAPITAL CAPEX OTHER INVESTMENT +139 mNOK - m - m - m Q1 2026: -3.5 mNOK, driven by EBITDA of Improved vs. 124 mNOK build in Q1, mainly Kaseum & Razor completion accounts vs. -61 mNOK i
Slide 16: Revenue and EBITDA historical development
Revenue and EBITDA historical development REVENUE (mNOK) 0 6 2 0 7 7 2 27 2 22 6 2022 2 2022 2022 2022 202 2 202 202 202 202 2 202 202 202 202 2 202 202 202 2026 2 2026 EBITDA INCLUDING AND EXCLUDING RESTRUCTURING COSTS (mNOK) Adjustment for restructring and one-offs 2 22 22 222 2 2 2 2 2 2 20 7 20
Slide 17: Performance Improvement
Performance Improvement PIP continues into 2026 with a sustained focus on EBITDA growth and cash conversion 2025 PIP – Delivered 2026 PIP – Continues Material commercial improvements: 100m NOK savings Targets: higher EBITDA and stronger cash conversion • Structural cost base reduction • Further enha
Slide 18: Summary
Summary 18
Slide 19: A step-up in earnings and margin
A step-up in earnings and margin First full quarter of Kaseum & Razor lifts EBITDA and margin on a resilient revenue base 1 2 3 EARNINGS STEP-UP REVENUE VISIBILITY STRONG BALANCE SHEET 243m NOK 7.2bn NOK 1.0bn NOK Adj. EBITDA + 19% QoQ firm backlog available liquidity Margin expanded to 17.4% from 1
Slide 20: Appendix
sodfjell technology
Slide 21: Summary income statement
Summary income statement P&L (mNOK) 2 2026 2026 2 202 2026 TD perating revenue 7 7 2 76 Other gains and losses . . . 6.6 Personnel expenses ( 26. ) ( . ) ( 0. ) ( 6 . ) Other operating expenses ( 26.0) ( 6. ) ( 6 . ) (662. ) I DA 2 7 2 2 Depreciation and amortisation ( 06. ) ( .2) (66.2) ( .7) perat
Slide 22: Balance Sheet
Balance Sheet Assets (mNOK) 0.06.2026 . 2.202 Equity and liabilities (mNOK) 0.06.2026 . 2.202 Property, plant and equipment 0. 267. Paid-in capital 0 . 0 . Intangible assets 6 . .0 Other equity . 7 .7 otal equity 27 26 Deferred tax asset 66. .0 Non-current interest-bearing borrowings 6 . . Non-curre
Slide 23: Summary statement of cash flows
Summary statement of cash flows Cash flow (mNOK) 2 2026 2026 2 202 TD 2026 F 202 Profit (loss) before tax 02.0 62. 2.6 6 . 77.2 Adjustment for provisions and other non-cash elements .7 06. . 2 2. . Changes in working capital ( .2) ( 2 . ) ( .6) ( 7 . ) .6 ash generated from operations 2 7 2 76 77 Ne
Slide 24: For further information, please contact
For further information, please contact ert Haugland, S P Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 24