Slide 1: Archer Q2 2025 results
Archer Q2 2025 results Dag Skindlo Chief Executive Officer Espen Joranger Chief Financial Officer 14 August 2025
Slide 2: Disclaimer
Disclaimer Cautionary Statement Regarding Forward-Looking Statements In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends that are “forward-looking.” All statement
Slide 3: Our products & services
Revenue EBITDA $m $m CAGR +11% CAGR +21% 1,301 1,300-1,350 145-155 1,169 135 970 117 86 Our products & services Platform Renewable Operations Services ’22 ’23 ’24 ’25G ’22 ’23 ’24 ’25G1 Cash contribution Leverage ratio $m Well Land Services Drilling 5.3x CAGR +20% 90-110 73 64 2.9x 56 2.6x 2.2x–2.5x
Slide 4: Archer to distribute $5.5 million to shareholders in Q3, equal to ~11% yield
Archer to distribute $5.5 million to shareholders in Q3, equal to ~11% yield Q3 cash distribution Archer with attractive direct yield Shareholder program yields in industry1 Payout per share: NOK 0.62 per share Share buybacks ~12% Dividends Total distribution: Approx. $5.5 million ~11% ~10% Payment
Slide 5: Q2 Highlights – continued growth
Revenue ($m) EBITDA ($m) +13% +16% 349 350 40 38.0 Q2 Highlights – continued growth 300 309 35 32.8 30 250 • Revenue of $348.9 million; up 13% YOY 25 200 20 • EBITDA of $38.0 million, up 16% YOY 150 295 265 15 • Adjusted EBITDA of $41.7 million, up 30% YOY 100 10 50 • Quarterly cash distribution to
Slide 6: Archer's EBITDA remains fairly robust throughout the market cycles
Archer’s EBITDA remains fairly robust throughout the market cycles Robust historical EBITDA Strong YoY-performance relative to peers2 145-1551 EBITDA Q2 EBITDA (Q2 ’25 vs. Q2 ’24) Margin 135 11% -13% Peers 117 10% 10% 9% 9% 10% 95 9% Archer +16% 8% 85 86 7% 73 76 EBITDA YTD 55 (H1 ‘25 vs. H1 ’24) -1
Slide 7: 2025 business outlook update – No change to cash distribution capacity
2025 business outlook update – No change to cash distribution capacity ▪ Land Drilling with reduced revenue (by about $100m), reduced EBITDA ($10-12m) and reduced capex ($8-9m), Land Drilling: impacting Archer’s 2025 outlook and guidance Activity down, ▪ However, the net impact on cash flow is posit
Slide 8: Financial guidance for 2025
Financial guidance for 2025 ‘25 Financial estimates1 1,301 1,300-1,350 Revenue ($m) Key takeaways Low single digit • No change to cash distribution capacity and policy growth • Re-establishing our financial guidance for 2025, with adjustment ’24 ’25E related to reduced activity in Argentina and slig
Slide 9: Investing in subsea P&A solutions in line with our strategy
Investing in subsea P&A solutions in line with our strategy Before After Well Casing/tubing Well Casing/tubing Electrochemical steel removal of tubing and casing Innovative technology reducing the need Positioning to become a leading service for a rig to execute P&A operations provider in the growin
Slide 10: Investing in lighter P&A units for global growth
Investing in lighter P&A units for global growth New Archer P&A units (2025/26) Committed to start operations Mobilizing for Equinor in Committed to start operations with client in Norway in Q3 2025 in the US in Q2 2026 the UK in Q2 2026 * Total investment per P&A unit $7-10 million 10
Slide 11: We have strengthened our service offering in Norway
We have strengthened our service offering in Norway Storage & Pipe Cleaning & Coating Inspection Repair & Maintain Handling Integrated “one-stop shop” for inspection, maintenance and repair services for drill pipes and related equipment Recent investment to integrate drillpipe management services in
Slide 12: Platform Operations
Platform Operations Financials Revenues ($m) EBITDA ($m) • Total revenue increased by 21% from +21% 180 25 previous quarter, mainly due to increased 160 155 158 reimbursable revenue 140 137 20 140 131 120 15 • EBITDA of $18.5 million reflects an 100 exceptional strong contribution from 80 60 123 119
Slide 13: Well Services
Well Services Financials • Revenue of $83.5 million, is 18% higher Revenues ($m) EBITDA ($m) than Q2 2024, but a moderate reduction 105 16 from previous quarter due to lower 100 +18% reimbursable revenue 95 15 95 14 • EBITDA of $15.1 million represents a 90 86 86 +25% 35% increase compared to same p
Slide 14: Land Drilling
Land Drilling Financials • Revenue in the quarter of $73.0 million Revenues ($m) EBITDA ($m) reflects the reduced activity in the south of 120 12 Argentina 99.2 100.8 102.5 100 97.3 10 • EBITDA of $2.9m reflects the cost of 80 73.0 8 downsizing operations in the south 60 6 40 4 • Adjusted EBITDA of
Slide 15: Renewable Services
Renewable Services Financials • Revenue in the quarter of $33.9 million, up from $22.5 million reported in the previous quarter • EBITDA in the quarter of $3.0 million, up from $2.5 million reported in the previous quarter Operations District Carbon Geothermal • High activity and utilization of rigs
Slide 16: Condensed profit & loss
($ million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Condensed profit & loss Operating revenues Reimbursable revenue 294.4 54.5 265.4 43.7 588.6 102.8 525.5 91.8 Total Revenues 348.9 309.0 691.4 617.3 • Total revenue of $348.9 million in Q2 2025 represent an EBITDA before exceptional items 41.7 32.2 82.9 65
Slide 17: Condensed balance sheet
$ million 30.06.2025 31.12.2024 Condensed balance sheet Cash and cash equivalents 45.9 76.8 Restricted cash 3.8 3.8 Accounts receivables 198.2 187.8 • Cash and cash equivalents of $45.9 million, decreased by 83.3 75.8 Inventories $30.9 million compared to year end 2024 Other current assets 63.5 57.0
Slide 18: The Well Company
The Well Company I Resilient business model with ~90% of revenues from brownfield operations and P&A II Strong and robust EBITDA development throughout the market cycles III Robust and simplified balance sheet following successful $425m bond refinancing IV Quarterly cash distributions to shareholder
Slide 19: Appendix
Appendix 19
Slide 20: Key financials
Key financials Revenue [$m] EBITDA [$m] 349 349 350 343 38 Reimbursable 335 36.2 Operational revenue 36 309 34.9 300 34 33.5 38.0 32.8 32 250 295 294 30 284 289 265 28 200 26 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 NIBD [$m] CAPEX [$m] 20 443 18.2 18.1 440 433 16.5 420 15.1 15 Pr
Slide 21: Condensed profit and loss statement (unaudited)
Condensed profit and loss statement (unaudited) (Figures in $ million) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Operating revenues 265.4 283.5 287.9 249.3 294.4 Reimbursable revenue 43.7 51.6 60.4 48.3 54.5 Total Revenues 309.0 335.1 348.3 342.5 348.9 EBITDA before exceptional items 32.2 36.4 40.3 41.2 41.7 To
Slide 22: Condensed balance sheet (unaudited)
Condensed balance sheet (unaudited) (Figures in $ million) 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 Cash, cash equivalents & restricted cash 58.4 58.6 80.6 75.5 49.7 Accounts receivables 173.6 188.2 187.8 201.5 198.2 Inventories 70.6 69.8 75.8 81.8 83.3 Other current assets 56.0 60.3 5
Slide 23: Condensed cash flow statement – last 5 quarters (unaudited)
Condensed cash flow statement – last 5 quarters (unaudited) (Figures in $ million) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Operating activities 24.4 19.7 39.4 (13.3) 6.9 Investing activities (23.4) (20.1) (61.9) (11.3) (14.1) Financing activities (0.5) (1.6) 52.2 13.0 (22.2) FX effect - 2.2 (7.6) 6.6 3.4 Tota
Slide 24: Archer's capital allocation strategy
Archer’s capital allocation strategy Balance sheet Capex M&A Shareholder returns Strong balance sheet and Capex maintained at Selective accretive Shareholder healthy debt levels moderate levels bolt-on acquisitions returns • Target a long-term leverage • Targeting total capex of 3-4% • Disciplined s