Dof Group Asa · OSL:DOFG
Dof Group Asa — Q2 2025 Earnings Presentation
29 slides from Dof Group Asa's earnings presentation, Aug 20, 2025
Slide 1: DOF Group ASA – Q2-25 presentation
20th of August 2025 DOF Group ASA – Q2-25 presentation
Slide 2: DOF at a glance
DOF at a glance Historical revenues Global reach Key operating areas for DOF USDm 2.000 1 757 An integrated offshore services company 1 513 combining asset ownership 1.500 1 265 and project engineering 1 116 North America 1 045 Atlantic 1.000 913 875 876 877 807 500 South America Asia-Pacific - ’16
Slide 3: DOF is an offshore service provider, vessel owner and operator
DOF is an offshore service provider, vessel owner and operator Vessel owner Specialised subsea service provider Integrator of offshore services 65 owned offshore vessels1 77 ROVs and AUV equipment Fair market value2 USD 4 222m Skilled workforce 4 hired in offshore vessels One-stop shop for Vessels p
Slide 4: Q2-25 operational and financial update
Q2-25 operational and financial update Key takeaways Operational performance1 (USD million) Revenue EBITDA ex DOF Denmark EBITDA DOF Denmark • EBITDA of USD 214 million for the quarter − Includes an insurance settlement of USD 5 million 507 1 757 1 513 − DOF Denmark EBITDA contribution of USD 45 mil
Slide 5: New contract awards
New contract awards Skandi Achiever Location: Brazil Skandi Hercules Skandi Angra Skandi Urca Skandi Inventor Skandi Logger Skandi Fluminense Support SURF project Location: APAC Client: Petrobras Client: Petrobras Project awards Client: Petrobras Client: Petrobras Three campaigns Duration: 2 months
Slide 6: Update on contract awards in Brazil
Update on contract awards in Brazil • Ten 4-year contracts with Petrobras announced to date from the AHTS and RSV tender processes • Total contract value in excess of USD 1.25 billion for the ten contracts • Expected commencement on the announced contracts ranges from December 2025 to February 2026
Slide 7: DOF Denmark AHTS fleet “solved”
DOF Denmark AHTS fleet “solved” DOF Denmark AHTS contract coverage for 2026 and beyond now vs. July 2024 Comments Vessel name Built Type Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Q1’28 Q2’28 Q3’28 Q4’28 • Since the DOF Denmark announcement on 2 July Skandi Mobiliser 2018 AHTS Skandi Mover 2018
Slide 8: DOF’s global presence
DOF’s global presence • DOF has a global presence with operations and offices across six continents • Through local presence and knowledge combined Examples of vessels that have relocated to match demand with a leading fleet of vessels within the AHTS and CSV segments, DOF is able to serve clients a
Slide 9: Sustained high activity level in the subsea regions
Sustained high activity level in the subsea regions • The subsea regions continue to contribute with solid earnings and projects to secure utilisation for Example projects completed during Q2-25 the project fleet Skandi Singapore – Saturation diving project Third party vessel – Filter bag installati
Slide 10: USD ~3.7 billion of profitable backlog with tier 1 clients per Q2-25
USD ~3.7 billion of profitable backlog with tier 1 clients per Q2-25 Large end of Q2 2025 backlog Significant backlog execution in 2025 USD million1 DOF excl. DOFCON DOFCON JV Additions after 30.06 USD million DOF excl. DOFCON DOFCON JV Additions after 30.06 4192 3254 1 204 2,084 2,100 1,946 808 805
Slide 11: Financial highlights
Financial highlights
Slide 12: Q2-25 EBITDA stronger than Q2-24
Q2-25 EBITDA stronger than Q2-24 DOF Group EBITDA by segments1 P&L DOF Denmark Subsea regions USD millions Q2 2025 Q2 2024 LTM 2024 Norskan Shipowning (ex. DOF Denmark) Operating revenue 507 361 1 757 1 513 DOFCON JV EBITDA 214 122 664 529 EBIT 150 111 527 458 Financial income 8 5 30 24 214 Financia
Slide 13: NIBD / LTM EBITDA now at 2.1x and set to continue to decrease
NIBD / LTM EBITDA now at 2.1x and set to continue to decrease DOF Group leverage (USDm) IBD & NIBD development Q2 2025 (USDm) IBD NIBD NIBD / EBITDA LTM NIBD IBD 2.9x 2.7x 1 841 2.6x 1 820 7 2.4x 56 2.3x (54) (6) 18 2.1x 1 932 1 820 1 841 1 729 1 659 1 610 1 358 1 378 1 383 1 368 1 286 1 143 1 383 1
Slide 14: Healthy cash balance of USD 396m at the end of Q2-25
Healthy cash balance of USD 396m at the end of Q2-25 Q1-25 to Q2-25 cash flow bridge (USDm, mgmt. reporting) (23) 2 6 (11) (31) (59) 214 (12) 4 (48) (11) 427 (71) 396 9 31.03.2025 EBITDA Changes in WC Amortisation of Addition of Taxes paid Net interest Capex Payment on Other investing Repayment Repa
Slide 15: USD 74m (USD 0.3 per share) dividend to be paid in September
USD 74m (USD 0.3 per share) dividend to be paid in September Key information relating to dividend USD 148m paid and declared YTD USD million • Dividend amount: USD 0.30 per share • Declared currency: USD 148 • Last day including right: 26 August 2025 • Ex-date: 27 August 2025 74 • Record date: 28 Au
Slide 16: Guiding and outlook
Guiding and outlook
Slide 17: Updated 2025 financial guiding
Updated 2025 financial guiding Previous 2025 guiding Updated 2025 guiding Comments Revenue USD 1.9 – 2.0 billion USD 1.9 – 2.0 billion • Full-year EBITDA guidance range narrowed to USD 740 – 770 million EBITDA (ex gain on sale of assets) USD 730 - 790 million USD 740 – 770 million • Timing effect re
Slide 18: Outlook
Outlook Full-year 2025 EBITDA guidance range narrowed to USD 740 – 770 million • Supportive market globally with strong activity levels across the regions • Robust backlog provides revenue visibility • Continued high tendering activity points to a solid pipeline of future opportunities 18 18
Slide 19: Q&A
Q&A 19 19
Slide 20: Appendix
Appendix 20
Slide 21: DOF Group P&L Q2 2025
DOF Group P&L Q2 2025 USD million Q2 2025 Q2 2024 LTM 2024 EBITDA & EBIT adj.1 Operating revenue 507 361 1 757 1 513 1 1 EBITDA EBIT adj. EBITDA margin EBIT adj. margin Operating expenses (294) (240) (1 095) (987) 214 Share of net profit from joint ventures and associates 0 0 0 0 Net gain (loss) on
Slide 22: DOF Group Balance sheet Q2 2025
DOF Group Balance sheet Q2 2025 USD million 30.06.2025 30.06.2024 31.12.2024 DOF Group capital structure development Assets Tangible assets 2 977 2 076 2 883 Assets Contract costs 25 41 30 Goodwill 3 0 3 Equity Deferred tax assets 121 63 113 Equity ratio % Investment in joint ventures and associates
Slide 23: DOF Group Cash flow Q2 2025
DOF Group Cash flow Q2 2025 USD million Q2 2025 Q2 2024 LTM 2024 DOF Group cash development Operating result 151 111 528 458 Depreciation and impairment 63 11 137 71 Gain (loss) on disposal of tangible assets (0) (1) (1) (2) (67) Share of net income from associates and joint ventures - (0) 0 (0) 157
Slide 24: Operational performance by segments in Q2 2025
Operational performance by segments in Q2 2025 Shipowning DOFCON (JV)2 Norskan DOF Subsea regions • Owns 49 vessels • DOFCON owns 6 PLSV • Norskan owns 9 Brazilian built AHTS vessels – • Atlantic: Completed Tortue field project; high majority equipped with ROV utilisation on Angola and North Sea con
Slide 25: Leverage by segment
External debt by segments DOF Shipowning DOFCON (JV)1 Norskan Secured debt ~ USD 988 million Long tenor debt ~ USD 254 million Long tenor debt ~ USD 413 million • Interest SOFR + 2.90% • ~ 97% of outstanding debt is fixed with interest rates Fixed interest at 3.1% to 4.4% • Annualized amortisation o
Slide 26: Operational development
Operational development Revenue & EBITDA development Comments Stable EBITDA margins through USD million EBITDA margin % Operating revenue EBITDA (excl. gain/loss) EBITDA margin % different economic cycles. 550 100 500 90 The increased revenue is mainly driven 450 80 by subsea projects and DOF Denmar
Slide 27: Debt development
Debt development IBD & NIBD development Comments USD million IBD NIBD Continued deleveraging 3 000 Further reducing debt and leverage after the financial restructuring in 2023 2 500 Net interest-bearing debt at post- restructuring level following the 2 000 acquisition DOF Denmark, which added 22 ves
Slide 28: DISCLAIMER
DISCLAIMER This presentation by DOF Group ASA is designed to provide a high-level overview of aspects of the operations of the DOF Group. The material set out in the presentation is current as of 19 August 2025. This presentation contains forward-looking statements relating to operations of the DOF
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