Abl Group Asa · OSL:ABL
Abl Group Asa — Q4 2025 Earnings Presentation
43 slides from Abl Group Asa's earnings presentation, Feb 26, 2026
Slide 1: 2025 Q4 results
2025 Q4 results 26 February 2026 abl-group.com
Slide 2: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2012-2026 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: Q4 2025 Highlights
Q4 2025 Highlights • Revenue of USD 88.7m, up 3% compared to Q4 2024 (USD 85.9m) 85.9 87.8 88.7 • Growth driven by acquisitions Techconsult (USD 7.5m) and Proper Marine Revenue (USD 1.7m) (USDm) • Organic revenue growth in ABL (+6%) and Longitude (+8%) segments Q4 24 Q3 25 Q4 25 • Adjusted EBIT of U
Slide 5: ABL Group – a global consultancy group in energy and oceans
ABL Group – a global consultancy group in energy and oceans Revenue and Group adjusted EBIT, USDm1 354 361 310 251 151 168 18.8 77 15.3 12.5 13.5 13.7 55 9.6 4.8 1.3 2019 2020 2021 2022 2023 2024 2025 LTM Pro-forma Revenue Adj. EBIT LTM revenue by market LTM revenue by segment LTM EBIT by segment3 M
Slide 6: The ABL Group family
The ABL Group family ABL Group ASA – a global consultancy group, combining multi-disciplined expertise to deliver marine, engineering and technical services that drive safety and sustainability in energy and oceans. The Energy & Marine Consultants. The Energy & Software Consultants. The Renewable En
Slide 7: In 2025, ABL Group…
In 2025, ABL Group… In 2025, ABL Group… In 2025, ABL Group… ...carried out ...received ...worked on 1,300+ 2,600+ 890+ rig moves maritime instructions, incl. wind, solar and battery projects with a potential 1600+ 1,300+ capacity of MWS projects loss management 890+ 272+ GW 950+ vessel surveys/audit
Slide 8: Selected projects won or executed during the quarter
Selected projects won or executed during the quarter • Northern Lights Phase 2 – • AGR to evaluate DNO’s • Successful Japanese • FPSO Frade CCS Project North Sea Reserves and Investment in Simply Blue • Country: Brazil • Country: Norway Resources • Country: Japan, UK, Ireland • Scope of Work: • Coun
Slide 9: CEO Insight – Step 1: Situation analysis
CEO Insight – After One Quarter Step 1: Situation analysis – Weaker performance in recent periods Growing Choppy Not reacting Pains Markets quickly enough 10x increase in revenue and Increased geopolitical uncertainty Slow to react to market changes employees over 7 year period impacting oil & gas,
Slide 10: CEO Insight – Step 2: Immediate actions implemented
CEO Insight – After One Quarter Step 2: Immediate actions implemented Focus on More efficient Increased revenue organisation accountability generation Cost Plan in 2025 becomes Cost Heavy focus on performance High win rates in all segments, but Culture in 2026 management headwinds in several markets
Slide 11: CEO Insight – Step 3: Next steps towards ROCE target in 2027
CEO Insight – After One Quarter Step 3: Next steps towards 20 % ROCE target in 2027 Return driven Market / cost M&A investment alignment Where infrastructure and The market will provide our We will maintain an M&A drive to digitalisation investments are opportunities; we will manage to consolidate b
Slide 12: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2012-2026 ABL Group
Slide 13: YoY growth in revenue and adj. EBIT driven by ABL and acquisitions
YoY growth in revenue and adj. EBIT driven by ABL and acquisitions Revenue bridge YoY Adj. EBIT bridge YoY Comments • Revenue growth primarily driven -0.3 -0.1 by ABL (organic) and Longitude -1.0 1.9 88.7 0.2 -0.2 (acquisition of Proper Marine) 2.2 -0.5 • Group adj. EBIT positively 85.9 impacted by
Slide 14: Segment snapshot: ABL
Segment snapshot: ABL Key financials, USDm Comments 7.6 6.6 6.8 • Rig-move and MWS activity remained high, particularly in 38.3 37.7 34.9 34.0 37.1 5.4 5.7 the Middle East 20.2 % 17.2 % 18.4 % 15.5 % 16.7 % • Adj. EBIT margin improved to 18.4%, compared to 15.5% in Q4 2024 • Strong performance in Mi
Slide 15: Segment snapshot: AGR
Segment snapshot: AGR Key financials, USDm Comments • Margin increase to 5.6% driven by favorable business mix 43.5 2.2 38.8 38.8 2.0 1.9 • Increased EBIT on flat revenue as high Subsurface and Wells 34.8 36.2 1.6 1.7 activity, and acquisition of Techconsult, offsets Resourcing 5.6 % headwinds and l
Slide 16: Segment snapshot: OWC
Segment snapshot: OWC Key financials, USDm Comments 9.3 8.6 0.6 • Weaker markets leading to reduced revenue 8.3 8.1 7.3 0.5 • Weaker profitability due to lower utilisation as a function 0.1 6.2 % 5.6 % of lower activity and December holiday season -0.2 % 1.7 % 0.0 -2.4 % • Goodwill impairment of USD
Slide 17: Segment snapshot: Longitude
Segment snapshot: Longitude Key financials, USDm Comments 5.8 5.9 34.0 % • Revenue growth primarily driven by the Proper Marine 5.0 5.3 1.3 29.3 % acquisition, while the adj. EBIT margin declined to 14.5%, 3.9 1.5 compared with 34.0% in Q4 2024, which was an 0.8 0.9 14.3 % 14.5 % exceptionally stron
Slide 18: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million • Significant impact on reported EBIT from restructuring costs Abbreviated income statement Q4 24 Q4 25 and goodwill impairments, while adjusted EBIT margin remains stable Total revenue 85.9 88.7 Operating costs (81.9) (86.2) • Increase in revenue
Slide 19: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million Abbreviated cash flow Q4 24 Q4 25 • Positive cash flow from operations of USD 6.6m Profit before taxes 3.1 (6.5) • Non-cash adjustment of USD 6.1m higher than normal due to Non-cash adjustments 1.7 6.1 goodwill impairments of USD 4.4m and restructuring c
Slide 20: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net debt1 increased to USD 5.4m Abbreviated balance sheet Q3 25 Q4 25 • Working capital ratio at 39%, down from 47% Q3 2025 • Decreased net working capital and higher revenues in the quarter Cash and cash equivalents 15.3 14.6 • Seasonal NWC increa
Slide 21: Proposing semi-annual dividend of NOK 0.45 per share
Proposing semi-annual dividend of NOK 0.45 per share Paid and proposed dividends • Proposing dividend of NOK 0.45 per share in H1 2026, corresponding to USD 6.0 million 2.3x 0.45 0.45 0.45 • Maintaining stable dividend despite market headwinds 0.40 0.40 0.35 0.35 0.30 0.30 NOK/share • Returning capi
Slide 22: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2012-2026 ABL Group
Slide 23: Oil & Gas: Flat offshore trajectory into 2026
OIL & GAS Flat offshore trajectory into 2026 – volatility from regional demand shifts E&P capex growth Rigs under contract Comments 40% 420 260 • Global upstream E&P capex flat in 2025 and early indications are 30% 400 240 somewhat down into 2026 • E&P companies maintain focus 380 220 20% on returni
Slide 24: Renewables: Offshore Wind market remains slow
RENEWABLES Offshore Wind market remains slow – Cyclical with long term growth UK Offshore Wind Allocation Rounds – Fixed Bottom1 Comments 200 • Offshore wind market volatility continued through 2025, 180 AR1 margins remain under pressure as elevated supplier 160 pricing and financing costs persist •
Slide 25: Maritime: Robust demand base as global trade continues to increase
MARITIME Robust demand base as global trade continues to increase Comments World fleet growth, in dwt and world GDP, % • The main underlying driver of ABL 12.0 Group’s maritime activities is the size of the global shipping fleet, but the 10.0 correlation is limited due to discrete, project-driven en
Slide 26: Summary and outlook
Summary and outlook • Performance in Q4 2025 • Group profitability in line with Q4 2024 • ABL segment delivering improved margins compared to Q4 2024, driven by strong performance in the Middle East • AGR with improving performance, driven by increased Subsurface and Wells activity • OWC with negati
Slide 27: Appendix
Appendix © 2012-2026 ABL Group
Slide 28: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, ABL Group (USDm) Key acquisitions • 2014: OWC 361 • 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 29: Billing ratio development
Billing ratio development Billing ratio1,2 – Technical staff Comments • Utilisation in line with Q3 2025, 80% improved from Q4 2024 78% 78% 77% 76% • Freelancers are ~100% utilisation 76% 75% 74% 74% by definition 71% 68% 68% 66% 66% 64% 64% 64% 65% Billing ratio - Own staff Billing ratio - Inc free
Slide 30: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q/Q growth Y/Y growth ABL Group, as reported 85.9 81.7 96.1 87.8 88.7 1.1% 3.3% Proper Marine (consolidated 1Q25) 1.3 Techconsult, revenue (consolidated 2Q25) 7.3 7.0 Pro-forma combined (simplified) 94.5 88
Slide 31: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million Revenues Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 ABL 34.9 34.0 38.3 37.7 37.1 OWC 8.3 8.1 9.3 8.6 7.3 Longitude 3.9 5.0 5.8 5.3 5.9 AGR 38.8 34.8 43.5 36.2 38.8 Eliminations (0.1) (0.2) (0.8) (0.1) (0.3) Group revenues 85.9 81.7 96.1 87.8 88.7 Adjusted EBIT Q4
Slide 32: Segment revenues and adjusted EBIT margin – Last 3 years
Segment revenues and adjusted EBIT margin – Last 3 years ABL, USDm AGR, USDm 36.0 35.9 36.3 36.2 35.6 38.3 37.7 37.1 34.5 34.9 34.0 43.5 32.4 39.8 38.8 21.2% 21.9% 34.8 36.2 20.5% 20.2% 17.8% 18.0% 17.4% 18.4% 6.7% 17.2% 21.8 21.4 21.2 21.0 16.7% 17.2% 19.7 6.1% 15.5% 5.2% 4.9% 5.1% 4.6% 4.6% 4.5% 4
Slide 33: 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 34: 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 35: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Restructuring and integration costs 135 135 403 - 25 1 688 2 116 Transaction costs related to M&A 91 315 106 59 21 50 236 Acquisition costs classified as employment costs under IFRS 3 56 56 384 459 98
Slide 36: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Operating profit (loss) (EBIT) 2 357 10 443 1 829 2 479 2 977 (4 168) 3 117 Depreciation, amortisation and impairment 1 642 6 086 1 561 1 771 1 873 6 677 11 882 EBITDA 3 999 16 529 3 390 4 250 4 850 2
Slide 37: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Cash and cash equivalents 19 474 19 474 21 212 18 804 15 320 14 583 14 583 Less: Interest bearing bank borrowings 14 633 14 633 17 720 17 813 17 904 20 001 20 001 Net Cash (Debt) 4 841 4 841 3 492 991 (2 584) (5 41
Slide 38: 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 Q4 25 FY 25 Revenue 86 244 85 897 309 624 81 747 96 147 87 758 88 706 354 358 Staff costs (38 790) (40 135) (149 967) (39 309) (45 003) (43 561) (42 208) (170 081) Other operating expense
Slide 39: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated Cashflow Statement Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Profit (loss) before income tax 3 082 7 595 286 (2 205) 6 884 (6 450) (1 485) Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and im
Slide 40: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q4 24 Q1 25 Q2 2025 Q3 2025 Q4 2025 Goodwill and intangible assets 65 423 68 422 71 399 71 494 64 967 Property, plant and equipment 10 229 10 631 12 305 12 338 11 896 Investment in associates 156 31 39 40 39 Deferr
Slide 41: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 ABL 34 874 142 911 33 999 38 268 37 747 37 084 147 098 OWC 8 318 34 220 8 143 9 343 8 639 7 292 33 417 Longitude 3 936 13 010 5 041 5 846 5 285 5 872 22 044 AGR 38 826 120 890 34 780 43 483 36 225
Slide 42: 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 12 102 348 9.1% 3 DNB BANK ASA 7 637 835 5.7% 4 BJØRN STRAY 6 518 743 4.9% 5 RGA ENERGY HOLDINGS AS 6 055 556 4.5% 6 VERDIPAPIRFONDET HOLBERG NORGE 6 000 000 4.5% 7 VPF FON
Slide 43: abl-group.com
© ABL Group, 2026 abl-group.com