Slide 1: Presentation Q3 2025
Presentation Q3 2025 6 November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: Financial highlights / Q3 2025
Financial highlights / Q3 2025 P&L key figures Q3 2025 vs. Q3 2024 Balance sheet key figures Q3 2025 vs. FY 2024 MNOK MNOK MNOK MNOK 205 (207) 3 280 (2 922) 2 995 (2 937) 291 (396) in freight revenue in total backlog incl. share in assets in cash of JV MNOK MNOK 88 (97) 43% (47%) 512 (499) 64% (62%)
Slide 4: Business update / Q3 2025
Business update / Q3 2025 • Eidesvik Offshore ASA paid dividend of NOK 0.30 per share 5 September 2025 Subsequent events: • Aker BP ASA has declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2026 in direct continuation of the curren
Slide 5: Operational update / Q3 2025
Operational update / Q3 2025 • Fleet utilisation in Q3 2025 was close to 100% in both segments • Unfortunately, we have had one LTIs during the quarter
Slide 6: Contract backlog / Q3 2025
Contract backlog / Q3 2025 2 000 MNOK Renewable backlog as share of total 1 800 3 280 backlog** Fixed backlog from renewables projects as share of Contract backlog incl. share of JV* total backlog 1 600 1 400 1 200 Other 62% mNOK 1 000 1 723 800 600 400 762 610 38% 200 Renewable backlog 185 0 2025 2
Slide 7: Contract coverage incl. JV / Q3 2025
Contract coverage incl. JV / Q3 2025 100% Contract coverage incl JV 90% 90% 80% 70% 67% 64% 64% 64% 64% 60% 60% 58% 58% 58% 58% 54% 50% 50% 90% 42% 40% 33% 33% 67% 64% 64% 30% 60% 54% 50% 50% 50% 20% 39% 33% 33% 33% 33% 25% 25% 10% 0% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q
Slide 8: Market update – fundamentals remains positive
Market update – fundamentals remains positive 1 Long-term fundamentals remain sound, unpredictability continues to influence the market in the short term Supply: Current NCS market is highly volatile with limited fixtures, but 2026 and 2027 expected to improve due 2 to increased activity levels Subs
Slide 9: Q3 2025 financial results
Q3 2025 financial results Financial results (NOK1000) Q3 2025 Q3 2024 Q2 2025 YTD2025 YTD2024 FY2024 Freight revenue 204,6 -1 % 207,1 198,5 601,9 572,6 759,4 Freight revenue -1% 207,1 Other income 0,0 0,0 0,0 0,0 15,7 15,7 204,6 Total Revenue 204,6 207,1 198,5 601,9 588,3 775,1 EBITDA 87,6 96,5 76,4
Slide 10: Segment performance
Segment performance Revenue & EBITDA margin (incl. share of JV*) EBITDA Q3 2025 vs. Q3 2024 114,0 60% • Increased revenue due to minor rate 112,0 50% adjustments 110,0 • EBITDA increased NOK 1.4 million, 40% where margin remained stable on 43% Supply EBITDA margin • Utilisation was close to 100% in
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK1000) 30.09.2025* 31.12.2024 Comments for the year Total non-current assets 2 447 2 316 Cash and cash equivalents 291 396 • Non-current assets increased from year end, mainly due to Other current assets 257 226 payments related to the newbuild contract Total assets 2
Slide 12: Cash flow YTD Q3 2025
Cash flow YTD Q3 2025 700 600 197,8 500 395,8 400 NOK 1000 300 - 271,9 290,5 - 31,2 200 100 0 Cash 31.12.2024 EBITDA / WC CAPEX Financing Cash 30.09.2025* * Unaudited Operating NOK 197.8 million Investing NOK -271.9 million Financing NOK -31.2 million The decrease compared to YTD 2024 is Investment
Slide 13: Highlights summary
Highlights summary 1 Optimal operational performance 2 PSV contracts renewal 3 Long-term positive outlook in both segments 4 Delayed newbuild, but favorable pricing and positive market 5 Growth story remains combined with dividend to shareholders
Slide 14: Contact details
Contact details CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 15: Appendix
Appendix
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV 16 437 Subsea • Actively seek partnerships that will create VESSELS EMPLOYEES new business opportunities * Whereof two under construction and one is * Number of employees end of FY2024 und
Slide 17: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore Renewables Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Neptun (management) Viking Prince Viking Avant NS Orla (management) Subsea Viking TBN «Viking Vigor» TBN (delivery 2025) (delivery Q3 2026) (management)
Slide 18: Contract status
Contract status Vessel Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 19: Debt maturity profile 30 September 2025
Debt maturity profile 30 September 2025 300 193 200 Million NOK 121 121 97 100 30 30 0 2025 2026 2027 2028 After 2028 Instalments Balloons In addition, Eidesvik Agalas AS has drawn EUR 13.8 million on its construction loan per Q3 2025. This loan is not included in the diagram above.
Slide 20: Financial development
Financial development FY2022 FY2023 FY2024 YTD 2025 Adjusted EBITDA Utilisation 95 % 94 % 96 % 99 % Revenue (NOKm) 919 772 775 602 350,0 39% 40% Adj. Revenue (NOKm) 635 699 759 602 39% 300,0 38% Adj. EBITDA (NOK million) EBITDA (NOKm) 494 334 304 236 37% 38% Adj. EBITDA margin EBITDA margin 54 % 43