General Oceans Asa · OSL:GENO
General Oceans Asa — Q2 2026 Earnings Presentation
24 slides from General Oceans Asa's earnings presentation, 2026
Slide 1: Second Quarter and First Half Year 2026
Second Quarter and First Half Year 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 • Revenue of NOK 385 million, an increase of 22% compared to Q2 2025 in spite of negative FX development. Growth driven by Defense applications. • Adjusted EBITA of NOK 85 million, an increase of 18% compared to Q2 2025. EBITA Margin is 22% (23% in Q2 2025) with higher margins
Slide 5: Highlights
Highlights GENERAL OCEANS SECOND QUARTER AND FIRST HALF 2026 AT-A-GLANCE Global position Geographic revenue % (H1’26) mnok Q2-26 Q2-25 % H1-26 H1-25 % Total operating income 385 316 22% 712 661 8% Gross profit 269 218 23% 490 433 13% 55% Adjusted EBITA 85 72 18% 144 139 4% 26% 19% Gross profit margi
Slide 6: Revenue Analysis
Revenue Analysis BREAKDOWN BY INDUSTRY VERTICAL AND SEGMENT Half-year revenue by industry vertical Quarterly revenue by segment 323 282 278 25 75 97 29 73 177 51 149 145 NOK million 321 296 293 289 237 260 Defense Marine Construction Ocean science Q1 Q2 Q3 Q4 Q1 Q2 H1 2025 H1 2026 2025 2026 Sensors
Slide 7: MRV Acquisition (Robotics)
MRV Acquisition (Robotics) Q2 INTEGRATION – Q3 ACTIONS TO COME GENERAL OCEANS BRINGS CHANGE: ARGO Programme with private Management Management has been integrated foundation support. First significant Mentorship into G.O.and growth reporting strategy structure contract with defence 22 staff. No new
Slide 8: Segments
Segments SENSORS • Downturn in offshore wind has affected all sensor companies • FX (USD -9% and GBP -7%) has affected the Q2 revenue and EBITA • New product introduction is lagging; road map is focused on 2027 ROBOTICS • Robotics serve the defense market and we see strong activity • Backlog fairly
Slide 9: Outlook
Outlook GROUP TOTALS Several players are active in M&A space CAGR +22% 1,500e 1,304 Shifting resources to growth areas 961 816 Improving connections Million Nok to the defence industry 235 100 94 Reallocating resources 2023 2024 2025 2026e and running prototype Total revenue Adjusted EBITA projects
Slide 10: Financial performance
Financial performance KEY NUMBERS AT A GLANCE GENERAL OCEANS | SECOND QUARTER AND FIRST HALF YEAR 2026 10
Slide 11: Highlights
Highlights TOTAL REVENUE AND ADJUSTED EBITA NOK million • Total operating income increased by NOK 450 25% 69 million, compared to Q2 2025, 23% 22% representing a 22% increase year over 400 19% year. 350 18% 20% 17% • Adjusted EBITA in Q2 2026 increased by 300 NOK 14 million compared to Q2 2025 (18%
Slide 12: Cash flow and working capital
Cash flow and working capital FIRST HALF YEAR 2026 NOK Million 420 250 18% 546 16% 16% 16% (27) 15% 14% 14% 16% 155 200 14% (21) (17) 196 194 188 191 12% (37) 183 150 170 341 10% 8% 100 (176) 6% (72) 50 4% (20) 2% - 0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net working capital NWC as % of r
Slide 13: Order backlog and order intake
Order backlog and order intake Million Nok 647 587 Order intake H1 Backlog at 30 June 2026 573 546 548 496 420 32% 325 331 304 49% NOK 548m 51% NOK 635m 200 204 68% Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 Order intake Total backlog Sensors Robotics Sensors Robotics GENERAL OCEANS | SECOND QUARTER AND FIRST HALF
Slide 14: Group Financials
Group Financials GENERAL OCEANS | SECOND QUARTER AND FIRST HALF YEAR 2026 14
Slide 15: Profit & Loss Statement
Profit & Loss Statement NOK 385m / NOK 316m Total operating income (Q2’26 / Q2 ‘25) NOK Thousand NOK 712m / NOK 661m Total operating income Q2 2026 Q2 2025 H1 2026 H1 2025 2025 (H1’26 / H1 ‘25) Total operating income 385,149 316,284 712,220 660,940 1,303,862 Raw materials (116,082) (97,974) (222,689
Slide 16: Sensors
Sensors Thousand Nok Profit or Loss for Q2 Profit or Loss for H1 SENSORS H1 2026 H1 2025 %Change SENSORS Q2 2026 Q2 2025 %Change Total operating income 549,145 616,417 -11% Total operating income 289,330 295,738 -2% Raw materials (193,786) (221,041) -12% Raw materials (102,026) (97,069) 5% Gross pro
Slide 17: Robotics
Robotics Thousand Nok Profit or Loss for Q2 Profit or Loss for H1 H1 2026 H1 2025 %Change Q2 2026 Q2 2025 %Change Total operating income 170,552 53,517 219% Total operating income 97,248 29,007 235% Raw materials (33,762) (14,098) 139% Raw materials (17,336) (5,280) 228% Gross profit1 136,790 34,419
Slide 18: Balance Sheet
Balance Sheet FINANCIAL POSITION AT QUARTER END NOK 188m Goodwill and Intangible NOK Thousand assets from acquisition of MRV 30.06.2026 31.03.2026 31.12.2025 30.06.2025 30.06.2026 31.03.2026 31.12.2025 30.06.2025 Goodwill 186,075 106,764 110,393 110,958 EQUITY Intangible assets 258,728 150,687 161,4
Slide 19: 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 20: Q&A
Q&A Online: Submit questions through the chat function in the livestream In person: Raise your hand GENERAL OCEANS | SECOND QUARTER AND FIRST HALF YEAR 2026 20
Slide 21: Appendices
Appendices GENERAL OCEANS | SECOND QUARTER AND FIRST HALF YEAR 2026 21
Slide 22: 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 2026e 327 385 1,500e Q1 Q2 Q3 Q4 2023 22% 25% 26% 28% 2024 23% 24% 22% 31% 2025 26% 24% 22% 28% 2026e 22% 26% Average 23% 25% 23% 29% GENERAL OCEANS | SECOND QUA
Slide 23: Debt Covenants
Debt Covenants HEADROOM ACROSS ALL MEASURED COVENANTS Key Financial Covenant Metrics Covenant Required Threshold Actual Status NIBD1/ EBITDA <3.5 -3.51 Compliant Equity/Assets >35% 73% Compliant Cash Balance >NOK 50m NOK 545m Compliant Loans held with Nordea Bank2 Currency Balance NOK - 1NIBD is def
Slide 24: www.generaloceans.com
www.generaloceans.com investors@generaloceans.com LinkedIn/generaloceans GENERAL OCEANS | SECOND QUARTER AND FIRST HALF YEAR 2026 24