Next Geosolutions Europe Spa · MIL:NXT
Next Geosolutions Europe Spa — FY2025 Earnings Presentation
32 slides from Next Geosolutions Europe Spa's earnings presentation, Mar 30, 2026
Slide 1: FY 2025 Results - Conference Call
FY 2025 Results - Conference Call March 30, 2026
Slide 2: Message from the Chairman
Message from the Chairman “We close 2025 with results above expectations that confirm the validity of our business model and the Group’s ability to grow in a solid and profitable way, even in a complex and rapidly evolving market environment. During the year, we made significant progress in the deve
Slide 3: FY 2025 Snapshot
FY 2025 Snapshot €267.3 m + 31.5% Total Revenues YoY Growth Interconnector Oil&Gas Wind Farm Other* 40.5% 27.5% 19.3% 12.7% €69.8 m €58.4 m EBITDA EBIT 26.1% 21.9% EBITDA EBIT Margin1 Margin2 Backlog3 Pipeline4 ~€483 m ~€525 m 31.12.2025 31.12.2025 * of which ~ 78% from environmental – scientific st
Slide 4: FY 2024 - 2025 Segments Evolution
FY 2024 - 2025 Segments Evolution Interconnector 2024 60.4% 122.8 M 2025 40.5% 108.3 M Oil&Gas 2024 3.6% 7.3 M 2025 27.5% 73.6 M Wind Farm 2024 31.20% 63.4 M 2025 19.3% 51.5 M Other 26.5 M (9.9% of Total Revenues) refers 2024 4.80% 9.8 M to «Environmental – Scientific Study & Reserach Survey activit
Slide 5: Key FY 2025 Results
Key FY 2025 Results GIOVANNI RANIERI NEXTGEO CEO
Slide 6: FY 2025 Revenue Areas & Main Projects Examples
FY 2025 Revenue Areas & Main Projects Examples Mediterranean Sea North Seas Atlantic Ocean Main Projects of FY 2025 and Scope of Works 47.1% 48.9% 4.1% Courseulles-sur-Mer Survey and Positioning services for OWF Wind Farm installation in North France. Interconnector Oil&Gas Seamounts Survey Environm
Slide 7: 2025 – 2026 Roadmap
2025 – 2026 Roadmap Award with TenneT Award with Prysmian Award with Prysmian Completing the purchase Acquisition of 75% Signing a 5 years FWA UXO survey for DDW detail. survey for EGL1&2 pUXO survey for Neuconnect of NG Surveyor of Rana Subsea with TotalEnergies - €27 M - €41 M - €10 M January Janu
Slide 8: NextGeo Group's key pillars
NextGeo Group’s key pillars VESSEL FLEET EQUIPMENT MULTINATIONAL TEAM NextGeo has access to an extensive fleet of both owned and NextGeo owns and operates a large pool of in-house technical NextGeo's multi-national team of highly experienced rented offshore vessels. This allows the company to gain r
Slide 9: FY 2025 Financial Results
FY 2025 Financial Results GIUSEPPE MAFFIA NEXTGEO CFO
Slide 10: Economics
Economics 2024 - 2025 Change 2024 – 2025 Comparison Total revenues growth from 203.3m to 267.3m (+31.5%) Total • driven by: 2025 267.3 Revenues • M&A effects and related preliminary synergies; • Diversification into new markets; 31.5% • Increased number of projects and higher average project YoY Gro
Slide 11: Financials
Financials 2024 - 2025 Change 2024 – 2025 Comparison Fixed Assets 2025 161.0 • Fixed assets rose from 68.9m to 161.0m (+92.0m), primarily reflecting 46.7m of capital expenditures (mainly for vessels and survey&subsea equipment) and 57.3m of fixed assets from 92.0M M&A transaction (18.9m from existin
Slide 12: Costs details
Costs details 2024 2025 TOTAL TOTAL +31.5% REVENUES REVENUES • The cost structure remains well-balanced even after the M&A % on Total revenues 203.3 M 267.3 M % on Total revenues transaction, confirming the effective mix between owned Other operating costs Other operating costs assets and the pay-pe
Slide 13: Financials details
Financials details Net Invested Capital 75.9 +93.0 M 168.9 20.2 Net working capital Fixed assets 9.0 161.0 68.9 Other non-current asset (liabilities) (2.0) (12.3) 2024 2025 Net Working Capital 9.0 +11.2 M 20.2 11.2 Other current assets 4.7 72.8 Trade receivables 35.0 Inventories 23.3 18.1 Advances (
Slide 14: 2025 CAPEX of Euro 68.4 millions
2025 CAPEX of Euro 68.4 millions M&A and Tangible Asset Intangible Asset Financial Investments Breakdown Breakdown Breakdown NG Surveyor 18.3 Eur M Vessel Leashold improvement 0.4 Eur M Rana Subsea M&A* 21.7 Eur M NG Supporter 9.5 Eur M Office Leashold improvement 0.1 Eur M 0.4 Eur M Financial inves
Slide 15: Detail of changes in NFP
Detail of changes in NFP NFP remains positive, with M&A and investments absorbing the impressive operating cash flow NFP 2024 NFP 2025 Cash and cash equivalents 84.3 Cash and cash equivalents 90.7 Other financial assets 4.2 Other financial assets 5.8 Short term bank debt (5.1) Short term bank debt (
Slide 16: Operating KPIs
Operating KPIs Vessel days sold in 2025 Days Sold / Total Capacity NextGeo Fleet is composed by: NG NextGeo Fleet 900 days 91% Worker, NG Driller and NG Surveyor Marnavi Fleet 1.156 days 96% Marnavi Fleet is composed by: Ievoli Other External Ivory, Ievoli Cobalt, Ievoli Relume and Fleet 120 days Ie
Slide 17: Market Trend
Market Trend GIOVANNI RANIERI NEXTGEO CEO
Slide 18: NextGeo is involved in all the stages of Projects Lifecycle
NextGeo is involved in all the stages of Projects Lifecycle Infrastructure Stage Concept & EPC, Installation, Operations & Decommissioning Planning and Commissioning Maintenance 4–10 Years 2-3 Years 20-25 Years 1-2 Years Client Capex Client Opex Design & Installation & NextGeo Project Lifecycle Conc
Slide 19: Interconnector remain quite unchanged, while OWF shows slight delays…
Interconnector remain quite unchanged, while OWF shows slight delays… Interconnector Market – EMEA (in € bln) OWF Cables Market – EMEA (in € bln) Cumulative EPCI costs for Interconnector Cumulative installation costs for OWF subsea cables between 2026-2036 estimated to be ˷50€ bln between 2026-2036
Slide 20: … Drilling has no changes, OPEX Market also appears slightly slower
… Drilling has no changes, OPEX Market also appears slightly slower OWF Drilling Market - EMEA (in # of turbines) OWF Opex Market – EMEA (in € bln) Between 2026-2036 there’re 5.307 offshore turbines to be The OWF Opex until 2036 is estimated to reach approx. ˷ 18€ bln installed (approx. 86% fixed –
Slide 21: Oil&Gas: EMEA Market for Pipelines and Platforms
Oil&Gas: EMEA Market for Pipelines and Platforms Offshore O&G pipelines EPCI CapEx - OpEx Offshore O&G platforms EPCI CapEx - OpEx (‘26-‘31, €bln) (‘26-‘31, €bln) CapEx OpEX CapEx OpEX 45.7 43.4 45.0 44.0 6.8 41.4 6.0 29% 40% 53% 32.0 48% 59% 4.3 4.5 53% 53% 3.0 55% 90% 2.7 76% 71% 88% 60% 47% 89% 4
Slide 22: Rana Subsea Post-acquisition developments
Rana Subsea Post-acquisition developments ALESSANDRO BUFFA RANA SUBSEA CEO
Slide 23: Rana Subsea at glance
RANA Subsea at glance Founded in 1964 in Ravenna (Italy), Rana Subsea offers integrated services that include in-house subsea engineering, project management, and subsea operations. The main geographical areas where Rana operates are the Mediterranean and West Africa. Rana Subsea SpA 100,00% 100,00%
Slide 24: Main Post – acquisition developments
Main Post – acquisition developments 1. Joint execution – Bouri Project Ongoing joint offshore Oil&Gas project, with 4 vessels deployed (3 from NextGeo Group), highlighting effective fleet integration and operational scale. 2. Joint projects – Angola Offshore Oil&Gas project combining one Group vess
Slide 25: 2026 Outlook… …and future strategy
2026 Outlook… …and future strategy
Slide 26: 2026 Outlook… what to expect?
2026 Outlook… what to expect? Key Drivers for 2026 Offshore Wind recovering share in the EMEA, 2026 to do strategy supported by: - The Joint Offshore Wind Investment Pact for the North Seas (2026) Uplisting on main market and - Recent energy crisis, pushing back on energy completion of the fleet tra
Slide 27: Q&A session
Q&A session
Slide 28: Many thanks for your attention
Many thanks for your attention The presentation contains the economic, financial and equity data as of December 31, 2025 compared with the same data for the previous financial year. The figures in absolute value and percentage are calculated on the basis of precise financial data. Some of the differ
Slide 29: Appendix
Appendix
Slide 30: Income Statement
Income Statement Value expressed in millions of Euro 2025 2024 Operating revenues 273.0 301.8 Changes in contract work in progress (8.6) (102.4) Other revenues 2.9 3.9 TOTAL REVENUES 267.3 203.3 Raw materials (11.6) (12.5) Cost of services (92.1) (75.6) Leases and rentals (68.9) (46.7) Personnel exp
Slide 31: Balance Sheet
Balance Sheet Value expressed in millions of Euro 2025 2024 Tangible assets 121.1 63.1 Intangible assets 39.8 5.8 Financial assets 0.1 0.0 FIXED ASSETS 161.0 68.9 Inventories 18.1 23.3 Trade receivables 72.8 35.0 Trade payables (53.8) (27.1) Advances (15.7) (19.6) TRADE WORKING CAPITAL 21.4 11.7 TWC
Slide 32: Cash Flow Statement
Cash Flow Statement Value expressed in millions of Euro 2025 2024 A) Cash flow from operating activities Net Income 49.9 43.1 Taxes 7.4 4.6 Financial expenses (income) 0.8 0.5 1) Profit before income taxes. interest. dividends and capital gains / losses on disposal 58.0 48.2 Provision to funds 0.9 0
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