Slide 1: 2025 Q3 results
2025 Q3 results 30 October 2025 abl-group.com
Slide 2: Highlights, Financial review, Operations and outlook
1. Highlights Hege Norheim, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Hege Norheim, CEO © 2012-2025 ABL Group
Slide 3: Disclaimer
Disclaimer ▪ This Presentation has been produced by ABL Group ASA (the “Company” or “ABL Group”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, h
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights • Revenue of USD 87.8m, up 2% compared to Q3 2024 (USD 86.2m) 86.2 96.1 87.8 • Growth from acquisitions Proper Marine and Techconsult1 contributing USD Revenue 8.9m (USDm) • Organic growth across all segments except AGR, which saw lower vessel Q3 24 Q2 25 Q3 25 and resourcing reve
Slide 5: CEO perspectives
CEO perspectives • Hege Norheim appointed CEO of ABL Group as of 15 September 2025 • Experience from Norsk Hydro, Statoil (now Equinor), FREYR, Sopra Steria and the Norwegian Prime Minister’s Office • ABL Group board member from May 2023 to September 2025 • ABL Group has gone from 180 employees and
Slide 6: Highlights, Financial review, Operations and outlook
1. Highlights Hege Norheim, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Hege Norheim, CEO © 2012-2025 ABL Group
Slide 7: Segment overview comparison
Segment overview comparison ABL AGR OWC Longitude • MWS & other asset surveys • Wells & reservoir consulting • Renewables consulting • Marine ops engineering Key services • Marine operations support • Resource solutions • Owner’s engineering • Vessel & facility design • Marine casualty support • Mar
Slide 8: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million • Revenue growth from acquisitions (contributing USD 8.9m in Revenues Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ABL 35.6 34.9 34.0 38.3 37.7 total) offset by lower vessel and resourcing revenues in AGR, OWC 8.0 8.3 8.1 9.3 8.6 adding up to 2% overall increase fo
Slide 9: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million Abbreviated income statement Q3 24 Q3 25 Total revenue 86.2 87.8 • Increase in revenue (+2% YoY) and operating cost (+1%) Operating costs (82.1) (82.9) • Increase in ABL revenues due to increased rig move activity in Depreciation and amortisation
Slide 10: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million Abbreviated cash flow Q3 24 Q3 25 • Negative cash flow from operations of USD 3.2m Profit before taxes 1.0 6.9 • Negative cash flow from working capital of USD 4.7m, driven by Non-cash adjustments 1.8 2.2 utilisation of previously received prepayments (U
Slide 11: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net cash1 decreased to USD -2.6m Abbreviated balance sheet Q2 25 Q3 25 • Working capital ratio at 47%, up from 38% Q2 2025 • Increased net working capital combined with lower revenues Cash and cash equivalents 18.8 15.3 Other current assets 111.5 1
Slide 12: Declaring semi-annual dividend of NOK 0.45 per share
Declaring semi-annual dividend of NOK 0.45 per to be paid in November Paid and proposed dividends • Continued focus on returning cash to shareholders 2.3x • Declaring dividend of NOK 0.45 per share, corresponding to USD 6.0 0.45 0.45 million 0.35 0.35 0.40 0.40 NOK/share 0.30 0.30 • The dividend was
Slide 13: Highlights, Financial review, Operations and outlook
1. Highlights Hege Norheim, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Hege Norheim, CEO © 2012-2025 ABL Group
Slide 14: Annual staff growth from acquisitions, quarterly reduction in freelancers
Annual staff growth from acquisitions, quarterly reduction in freelancers Staff level development1 Tech staff development by segment, including freelancers2 2 500 40% +12% -9% +93% +28% 2 000 35% 800 1 500 30% 600 1 000 25% 400 500 20% 200 0 15% 0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ABL OWC
Slide 15: Selected projects won or executed during the quarter
Selected projects won or executed during the quarter • Eastern Green Link 2 • PTTEP using iQx • Geoscience for • Flagship US Cable (EGL 2) Software by AGR Portugal Wind Farms Lay Barge • Country: Scotland & England • Country: Malaysia • Country: Portugal • Country: USA • Scope of work: • Scope of wo
Slide 16: Oil & Gas: Flat development through 2025
OIL & GAS Flat development through 2025 – volatility from regional demand shifts E&P capex growth Rigs under contract Comments 40% 440 280 • Global upstream E&P capex flat in 2025 and early indications are 420 260 30% flattish into 2026 400 240 • E&P companies maintain focus 20% on returning cash to
Slide 17: Offshore wind: Slowdown continues, but long-term view remains strong
RENEWABLES Offshore wind: Slowdown continues, but long-term view remains strong Offshore wind projects by installation year (GW) 1 Comments OWC’s main market: • Cost inflation peak likely behind us, but margins remain 2022 report 3-5 years before installation under pressure as elevated supplier pric
Slide 18: Summary and outlook
Summary and outlook • Performance in Q3 2025 • Improved group profitability, with an increase in adj. EBIT margin to 4.2%, up from 3.4% in Q3 2024 • ABL segment delivering best quarter since Q3 2023 with an adj. EBIT margin of 20.2% • Mixed AGR performance: Strong performance in Australia offset by
Slide 19: Appendix
Appendix © 2012-2025 ABL Group
Slide 20: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, ABL Group (USDm) Key acquisitions • 2014: OWC 367 • 2019: Braemar Technical Services (BTS), forming 310 AqualisBraemar • 2020: LOC Group, forming ABL 251 Group • 2021: East Point Geo, OSD-IMT 168 151 • 2022: Add Energy • 2023: AGR, Delta Win
Slide 21: Our Markets
Our Markets 17%1 10%1 73%1 21 1 % of LTM revenues as reported
Slide 22: Global partner, local expert
Global partner, local expert 2,062 Employees1 77 Offices2 44 Countries Global footprint provides clients with local expertise and swift response 22 1 Includes freelancers on FTE basis. Calculated as average during Q3 2025
Slide 23: In 2024, ABL Group…
In 2024, ABL Group… In 2024, ABL Group… In 2024, ABL Group… ...received ...carried out ...worked on 500+ 2,500+ 1,500+ rig moves wind, solar and battery maritime instructions from projects with a potential capacity of 1,100+ 900+ unique clients MWS projects 350+ GW 1,500+ vessel surveys/audits …work
Slide 24: Billing ratio development
Billing ratio development Billing ratio1 – Technical staff Comments • Utilisation declined QoQ, but 79% 79% remained above Q3 2024 78% 77% levels 76% 74% 74% 74% 75% 75% • Reduced utilisation in Longitude accounts the largest portion of QoQ 69% 69% reduction for own staff, while 68% 66% 65% 66% AGR
Slide 25: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q/Q growth Y/Y growth ABL Group, as reported 86.2 85.9 81.7 96.1 87.8 -8.7% 1.8% Ross Offshore (consolidated 3Q24) Proper Marine (consolidated 1Q25) 1.3 1.3 Techconsult, revenue (consolidated 2Q25) 7.3 7.3
Slide 26: General (1/2)
General (1/2) Basis of preparations Alternative Performance Measures (APMs) This presentation provides consolidated The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures (“APMs”) financial highlights for the quarter of the that came into force on
Slide 27: General (2/2)
General (2/2) Alternative Performance Measures (APMs) continued Return on equity (ROE) ROE is calculated as the adjusted profit for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit is annualised for interim period reporting.
Slide 28: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Restructuring and integration costs - 135 135 403 - 25 Transaction costs related to M&A 39 91 315 106 59 21 Acquisition costs classified as employment costs under IFRS 3 - 56 56 384 459 98 Total adjustment i
Slide 29: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operating profit (loss) (EBIT) 2 487 2 357 1 829 2 479 2 977 Depreciation, amortisation and impairment 1 679 1 642 1 561 1 771 1 873 EBITDA 4 166 3 999 3 390 4 250 4 850 Total adjustment items (EBITDA) 39 282 893
Slide 30: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Cash and cash equivalents 22 485 19 474 21 212 18 804 15 320 Less: Interest bearing bank borrowings 14 617 14 633 17 720 17 813 17 904 Net Cash (Debt) 7 868 4 841 3 492 991 (2 584) USD thousands Working capital Q3 24 Q4 24 Q1
Slide 31: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Revenue 86 244 85 897 309 624 81 747 96 147 87 758 Staff costs (38 790) (40 135) (149 967) (39 309) (45 003) (43 561) Other operating expenses (43 288) (41 763) (143 128) (39 048) (46 894
Slide 32: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated Cashflow Statement Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Profit (loss) before income tax 1 020 3 082 7 595 286 (2 205) 6 884 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1 679 1
Slide 33: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q3 24 Q4 24 Q1 25 Q2 2025 Q3 2025 Goodwill and intangible assets 67 150 65 423 68 422 71 399 71 494 Property, plant and equipment 11 573 10 229 10 631 12 305 12 338 Investment in associates 168 156 31 39 40 Deferre
Slide 34: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 ABL 35 582 34 874 142 911 33 999 38 268 37 747 OWC 7 980 8 318 34 220 8 143 9 343 8 639 Longitude 3 183 3 936 13 010 5 041 5 846 5 285 AGR 39 785 38 826 120 890 34 780 43 483 36 225 Eliminations (286) (
Slide 35: Top 20 shareholders
Top 20 shareholders # Name of shareholder No. of shares % ownership 1 GROSS MANAGEMENT AS 15 567 351 11.7% 2 HOLMEN SPESIALFOND 11 302 348 8.5% 3 DNB MARKETS AKSJEHANDEL/-ANALYSE 7 637 836 5.7% 4 BJØRN STRAY 6 518 743 4.9% 5 RGA ENERGY HOLDINGS AS 6 055 556 4.5% 6 VPF FONDSFINANS UTBYTTE 5 800 000 4
Slide 36: The ABL Group family
The ABL Group family ABL Group ASA – a global brand family combining the deepest pool of expertise across energy, marine, engineering and digital solutions to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. The Energy & Marine Consultants. The En
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