General Oceans Asa · OSL:GENO
General Oceans Asa — Q1 2026 Earnings Presentation
26 slides from General Oceans Asa's earnings presentation, 2026
Slide 1: First Quarter 2026
First Quarter 2026
Slide 2: Disclaimer
Disclaimer This presentation and its appendices (together, the "Presentation"), prepared by General Oceans ASA (the "Company"), may contain statements about future events and expectations that are forward-looking statements. For the purposes of this notice, "Presentation" means and includes this doc
Slide 3: Today’s presenters
Today’s presenters Atle Lohrmann Anton van Heerden President and Founder Chief Financial Officer 3
Slide 4: Operational Highlights
Operational Highlights QUARTER 1 GENERAL OCEANS | FIRST QUARTER 2026 4
Slide 5: General Oceans Q1 2026 at-a-glance
General Oceans Q1 2026 at-a-glance Global position NOK 327m NOK 220m NOK 59m Revenue by segment Geographic revenue % (Q1’26) (Q1’26) Total revenue Gross Profit Adjusted EBITA 64% NOK 546m 67% 18% 16% 20% Backlog Gross margin Adj. EBITA Margin Sensors Robotics Corporate/Other and Eliminations Europe
Slide 6: Highlights
Highlights TOTAL REVENUE AND ADJUSTED EBITA NOK 345m / NOK 327m Total revenue NOK million (Q1’25 / Q1 ‘26) 400 25% 350 22% 20% 62% / 67% 19% 300 17% 18% Gross margin 250 15% (Q1’25 / Q1 ‘26) 200 13% 10% 11% 11% 10% 150 100 7% 34 67 71 49 48 59 5% 19% / 18% 50 22 23 220 15 230 213 298 345 316 282 361
Slide 7: Revenue Analysis
Revenue Analysis BREAKDOWN BY INDUSTRY VERTICAL AND SEGMENT Revenue by Industry Vertical Revenue by Segment 25 75 170 29 73 135 51 125 93 NOK million 79 321 293 293 64 260 237 Defense Marine Construction Ocean science Q1 Q2 Q3 Q4 Q1 Q1 2025 Q1 2026 2025 2026 Sensors Robotics 1Eliminations and corpor
Slide 8: MRV Acquisition (Robotics)
MRV Acquisition (Robotics) SUBSEQUENT EVENTS GENERAL OCEANS BRINGS: Management Global strategy ARGO Programme Mentorship and growth strategy Defense application 22 staff Engineering Collaboration & talent attraction Budgeted revenue USD13 million Sales Network Nortek’s global sales network 2 sites (
Slide 9: Segments
Segments SENSORS Image to be updated • Affected by wind projects • FX effects ROBOTICS • Healthy order intake • Large backlog GENERAL OCEANS | FIRST QUARTER 2026 9
Slide 10: Outlook
Outlook GROUP TOTALS M&A activity 1,500 1,304 Access to new markets 961 816 Improving Million Nok connections to defense contractors 235 100 94 Focus on speeding 2023 2024 2025 2026e up development Total revenue Adjusted EBITA with use of AI 1Adjusted EBITA is calculated by taking operating profit (
Slide 11: Financial performance
Financial performance KEY NUMBERS AT A GLANCE GENERAL OCEANS | FIRST QUARTER 2026 11
Slide 12: Highlights
Highlights TOTAL REVENUE AND ADJUSTED EBITA NOK million 400 25% • Total sales decreased by NOK 350 22% 18 million, compared to Q1 20% 300 19% 2025, representing a 5% 17% 18% decrease year over year. 250 15% • The decline was mainly driven 200 13% 10% 11% 11% by weaker foreign exchange 10% rates (USD
Slide 13: Cash Flow
Cash Flow NOK Million 500 840 (1) 80 64 7 (19) (10) (72) 341 (30) (20) GENERAL OCEANS | FIRST QUARTER 2026 13
Slide 14: Working capital
Working capital LIQUIDITY POSITION OVERVIEW NOK Million 250 16% 17% 16% 16% 16% 18% 16% 200 14% 204 209 196 200 12% 150 178 10% • Net working capital as of Q1-end was 16% of last twelve 8% months (LTM) revenue 100 6% 4% • Working capital remains stable quarter over quarter and is 50 2% aligned with
Slide 15: Order backlog position
Order backlog position ANALYSIS Backlog remains robust with NOK 509 million to be delivered in 2026 647 573 587 546 496 19% Million Nok 39% Q1 2025 Q1 2026 61% 472 101 377 119 315 332 - 587 509 37 Q1 Q2 Q3 Q4 Q1 81% 2025 2026 Within current year Next year and beyond Total backlog GENERAL OCEANS | FI
Slide 16: Group Financials
Group Financials GENERAL OCEANS | FIRST QUARTER 2026 16
Slide 17: Profit & Loss Statement
Profit & Loss Statement NOK 345m / NOK 327m Total revenue NOK Thousand (Q1’25 / Q1 ‘26) Q1 2026 Q1 2025 2025 Revenue 324,015 341,664 1,280,410 Lease and other income 3,056 2,992 23,452 Raw materials (106,607) (130,407) (459,060) 62% / 67% Employee benefits (108,720) (100,365) (427,673) Depreciation
Slide 18: Profit & Loss – By Segment
Profit & Loss – By Segment Sensors (Q1’25 / Q1 ‘26) NOK Thousand Total Revenue NOK 321m / NOK 260m SENSORS Q1 2026 Q1 2025 GM% Revenue 257,020 318,013 Lease and other income 2,795 2,666 61% / 64% Raw materials (91,760) (123,972) Employee benefits (85,634) (82,069) EBITDA % Other operating expenses (
Slide 19: Balance Sheet
Balance Sheet FINANCIAL POSITION AT QUARTER END NOK Thousand 31.03.2026 31.12.2025 31.03.2025 31.03.2026 31.12.2025 31.03.2025 Non-current loans and borrowings - - 35,998 NOK 19m / NOK 35m Goodwill 106,764 110,393 110,639 Non-current lease liabilities 65,909 70,349 72,521 Total CAPEX including Intan
Slide 20: Appendices
Appendices GENERAL OCEANS | FIRST QUARTER 2026 20
Slide 21: Debt Covenants
Debt Covenants HEADROOM ACROSS ALL MEASURED COVENANTS Loans held with Nordea Bank2 Currency Balance NOK 80,000,000 Key Financial Covenant Metrics Covenant Required Threshold Actual Status NIBD1/EBITDA <3.5 1.17 Compliant Equity/ Assets >35% 63% Compliant Cash Balance >NOK 50m NOK 840m Compliant 1NIB
Slide 22: Shareholder Overview
Shareholder Overview EXTRACTED - 1 MAY 2026 SHAREHOLDER NUMBER OF SHARES PERCENTAGE Atle Lohrmann 77,891,318 40.5% FERD GO HOLDING AS 43,739,651 22.8% FOLKETRYGDFONDET 9,523,809 5.0% VERDIPAPIRFONDET DNB NORGE 8,142,590 4.2% THE NORTHERN TRUST COMP, LONDON BR 6,973,700 3.6% VERDIPAPIRFONDET DNB SMB
Slide 23: Seasonality Trends
Seasonality Trends QUARTERLY EXTRACT Revenue Q1 Q2 Q3 Q4 YEAR 2023 176 200 212 228 816 2024 220 230 213 298 961 2025 345 316 282 361 1,304 Q1 Q2 Q3 Q4 2023 22% 25% 26% 28% 2024 23% 24% 22% 31% 2025 26% 24% 22% 28% Average 24% 24% 23% 29% GENERAL OCEANS | FIRST QUARTER 2026 23
Slide 24: Group Financial Targets
Group Financial Targets 2026e Medium term targets NOK 2,800 million Revenue target NOK1,500 million Including organic growth and M&A opportunities ~20% EBITA margin EBITA margin N/A Robust and attractive margins over the medium term ~4% of group revenues p.a. Capex intensity ~2-4% of g
Slide 25: Q&A
Q&A Online: Submit questions through the chat function in the livestream In person: Raise your hand GENERAL OCEANS | FIRST QUARTER 2026 25
Slide 26: www.generaloceans.com
www.generaloceans.com info@generaloceans.com LinkedIn/generaloceans GENERAL OCEANS | FIRST QUARTER 2026 26