Slide 1: Second quarter 2026 results
Second quarter 2026 results 30 July 2026 1 © Subsea7 - 2026 subsea7.com
Slide 2: Forward-looking statements
Forward-looking statements This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies rega
Slide 3: Second quarter 2026 highlights
Second quarter 2026 highlights • Adjusted EBITDA of $471 million – Growth of over 30% year-on-year – Margin of 24%, up from 21% in the prior year period • Strong project execution across the Group • Order intake of $2.1 billion equating to book-to-bill of 1.1x • Robust quality backlog of $13.6 billi
Slide 4: High visibility - $3.9 billion backlog for execution in H2 2026
High visibility - $3.9 billion backlog for execution in H2 2026 Subsea and Conventional Renewables Backlog by year of execution Backlog by year of execution 11.8 10.7 9.9 3.7 1.9 8.7 1.8 1.8 4.0 1.7 3.3 0.3 0.5 0.4 2.4 0.7 4.8 0.8 0.8 0.8 3.6 4.1 3.7 $bn 0.6 Beyond 2.9 3.3 0.7 0.6 0.6 Next year 2.6
Slide 5: Group revenue – continued strong growth
Group revenue – continued strong growth by quarter by business unit 7.1 6.8 6.0 1.2 2.0 1.2 1.9 1.0 1.6 1.8 1.8 3.7 1.6 0.6 1.9 $bn 5.5 5.8 1.7 1.8 4.9 $bn 1.5 Q4 Q3 3.0 Renewables 1.4 1.5 1.8 Q2 Subsea and Conventional 1.2 Q1 Excludes Corporate 2023 2024 2025 2026 2023 2024 2025 1H 26 5 © Subsea7 -
Slide 6: Group Adjusted EBITDA – continued margin expansion
Group Adjusted EBITDA – continued margin expansion by quarter by business unit 1,480 202 477 1,090 315 856 185 714 407 104 245 321 471 $m 103 1305 $m 360 Q4 897 201 766 292 Q3 612 Renewables 162 385 Q2 Subsea and Conventional 162 236 107 Q1 Excludes Corporate 2023 2024 2025 2026 2023 2024 2025 1H 26
Slide 7: Subsea and Conventional
Subsea and Conventional Revenue Adjusted EBITDA Net operating income $410m $291m $1.5bn 400 0.35 200 180 $165m 0.25 $1.4bn 350 0.3 $301m 160 300 0.25 0.2 140 250 26.5% 0.2 120 18.8% 0.15 200 21.2% 100 0.15 80 150 0.1 0.1 60 11.6% 100 40 0.05 50 0.05 20 0 0 0 0 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025
Slide 8: Renewables
Renewables Revenue Adjusted EBITDA Net operating income $350m $69m 0.3 45 70 $39m 0.2 $307m 40 60 0.25 $53m 35 0.15 50 0.2 30 40 25 $20m 19.8% 0.15 0.1 17.4% 20 30 11.2% 0.1 15 20 0.05 10 0.05 6.6% 10 5 0 0 0 0 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Up 14% year-on-year • Up 30% year-on-ye
Slide 9: Cash bridge
Cash bridge $m 1800 139 1600 471 (88) 1400 (70) • Free cash flow $0.5 billion 1200 1,074 48 1,046 1000 (528) • Cash conversion 1.4 times 800 600 • Net cash $190 million 400 – Including lease liabilities of 200 $363 million 0 • Group liquidity $1.6 billion Cash Adjusted Working Tax Cash Investing Fin
Slide 10: Group guidance revised
Group guidance revised 2025 reported 2026 Revisions Revenue $7.1 billion $7.4 – 7.8 billion Administrative expense $340 million $340 – 360 million Adjusted EBITDA margin 21% ~24% Previously ~23% Depreciation and amortisation $710 million $650 - 670 million Net finance cost $65 million $30 – 40 milli
Slide 11: ‘Collaboration and alliances’ – Goliat Gas Export
‘Collaboration and alliances’ – Goliat Gas Export • Gas export from Goliat to Hammerfest LNG via the Snøhvit pipeline system • First call off under new partnership agreement • Leverages a strategic partnership model to secure early alignment between Subsea7 and Vår Energi – Ability to advance the in
Slide 12: Subsea prospects
Subsea prospects Under $150m $150-300m North and Central America $300-500m $500-750m Europe BP Tie-back projects $750m-$1.25bn Equinor Bay du Nord (i, f) Adura Puffin $1.25bn+ Shell Tie-back projects Aker BP Tie-back projects Repsol Polok B29 (i) Middle East Chevron Aphrodite (i) Equinor Wave 2 Aram
Slide 13: A proven strategy
A proven strategy • Strong results and high revenue visibility – Robust backlog and strong tendering pipeline – Guidance for 2026 increased • Continue to execute our successful strategy – Focus on advantaged offshore energy markets – High safety standards underpinning execution excellence – Capital
Slide 14: Appendix
Appendix 14 © Subsea7 - 2026 subsea7.com
Slide 15: Major projects – percentage of completion
Major projects – percentage of completion Projects over $100 million, between 5% and 95% complete, excluding day-rate contracts, at 30 June 2026 Super–major (over $1.25bn) Major ($750m-$1.25bn) Very large ($500- 750m) Large ($300-500m) Substantial ($150-300m) Sizeable ($50-150m) 15 © Subsea7 - 2026
Slide 16: Fleet – 35 vessels in the active fleet at the end of Q2 2026
Fleet – 35 vessels in the active fleet at the end of Q2 2026 16 © Subsea7 - 2026 subsea7.com
Slide 17: subsea7.com
17 © Subsea7 - 2026 subsea7.com