Slide 1: 2026 Q1 results
2026 Q1 results 7th May 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: Building the platform for 20% ROCE in 2027
Building the platform for 20% ROCE in 2027 • Revenue of USD 82.4m, down 7% compared to Q4 2025 (USD 88.7m) 88.7 82.4 81.7 • Primarily driven by reduced revenues in AGR Revenue • Third vessel added to AGR’s fleet under management (USDm) Q1 25 Q4 25 Q1 26 • Adjusted EBIT of USD 3.1m (Q4 2025: USD 3.2m
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 354 355 310 251 151 168 18.8 15.3 13.5 77 12.5 13.4 55 9.6 4.8 1.3 2019 2020 2021 2022 2023 2024 2025 LTM Revenue Adj. EBIT LTM revenue by market LTM revenue by segment LTM EBIT by segment3 Maritime, 1
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: Selected projects won or executed during the quarter
Selected projects won or executed during the quarter • ExxonMobil Hammerhead • 3rd vessel added to fleet: • Technical DD for Pennavel • Launch of D-Flex: 2nd in Development CAHTS Aquaman II Floating Wind IMT Isca PSV Series • Country: Guyana • Region: North Sea • Country: France • Country: Global •
Slide 8: AGM proposal: Renaming ABL Group to Aqualis
AGM proposal: Renaming ABL Group to Aqualis • Renaming parent Company to achieve multiple objectives • Eliminate confusion arising from the current dual use of "ABL" both as a name of the group and as the name of a business segment • Giving the individual expert brands greater autonomy and a clearer
Slide 9: AGM proposal: Potential re-listing to Euronext Growth Oslo
AGM proposal: Potential re-listing to Euronext Growth Oslo • The Board has requested from the AGM an authorisation to apply for a future re-listing from Euronext Oslo Børs to Euronext Growth Oslo1 • Euronext Growth Oslo is subject to a lighter regulatory and governance framework, while maintaining c
Slide 10: 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 11: Revenue and adjusted EBIT bridge
Revenue and adjusted EBIT bridge Revenue bridge Q4’25 to Q1’26 Adj. EBIT bridge Q4’25 to Q1’26 Comments 88.7 0.1 • Revenue decrease primarily 3.2 1.6 driven by AGR 3.1 • Group adj. EBIT positively -0.3 - 5.6 - 0.2 82.4 impacted by quarterly - 0.6 0.0 improvement in OWC and 0.3 corporate costs, but o
Slide 12: Segment snapshot: ABL
Segment snapshot: ABL Key financials, USDm Comments 7.6 6.6 6.8 6.5 • Flat revenue development, as MWS activity remained 38.3 37.7 37.2 34.0 37.1 5.7 high 20.2 % 17.2 % 18.4 % 17.5 % 16.7 % • Adj. EBIT margin of 17.5%, down from 18.4% in Q4 2025 • Negatively impacted by bad debt provisions of USD 0.
Slide 13: Segment snapshot: AGR
Segment snapshot: AGR Key financials, USDm Comments 43.5 2.2 • Decrease in revenue due to minimal vessel revenues and 34.8 36.2 38.8 33.2 1.9 1.7 reduced Well Control activity, offset by strong 1.6 5.6 % 1.2 performance in Wells Australia 4.6 % 4.5 % 4.6 % • Vessel revenues of USD 0.3m in Q1 (USD 4.
Slide 14: Segment snapshot: OWC
Segment snapshot: OWC Key financials, USDm Comments 9.3 8.1 8.6 0.6 • Lower Q1 revenue affected by: 7.3 7.1 0.5 • Closure of operations in Greece and US 0.1 6.2 % 5.6 % 0.2 • Slow start to year on client reps in OWC segment 1.7 % 2.2 % -2.4 % • Margin improvement due to closure of unprofitable offic
Slide 15: Segment snapshot: Longitude
Segment snapshot: Longitude Key financials, USDm Comments 5.8 5.9 • Revenue down 10% from Q4 2025, growth of 6% from Q1 5.0 5.3 5.3 29.3 % 2025 1.5 0.8 0.9 • Delays in anticipated project awards impacted utilisation and 14.3 % 0.5 14.5 % EBIT in APAC and EMEA in Q1 8.6 % 0.1 1.8 % • High order intak
Slide 16: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million • Decrease in revenue (-7% QoQ) accompanied with a Abbreviated income statement Q4 25 Q1 26 decrease in operating cost (-9% QoQ) Total revenue 88.7 82.4 • Operating cost reduction partly from USD 1.1m one-off impact of Operating costs (86.2) (78.9
Slide 17: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million Abbreviated cash flow Q4 25 Q1 26 Profit before taxes (6.5) 2.2 • Negative cash flow from operations of USD 4.5m Non-cash adjustments 6.2 0.7 • Non-cash adjustments reduced from Q4 due to goodwill impairments Changes in working capital 1.8 (6.3) and rest
Slide 18: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net debt1 increased to USD 12.0m Abbreviated balance sheet Q4 25 Q1 26 • Working capital ratio2 at 49%, up from 39% Q4 2025 Cash and cash equivalents 14.6 12.1 • Increased net working capital and lower revenues in the quarter Other current assets 9
Slide 19: 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 6.4 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 • Returning capital to sha
Slide 20: 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 21: Oil & Gas: Flat offshore trajectory – uncertainty prevails
OIL & GAS Flat offshore trajectory – uncertainty prevails amid Middle East conflict E&P capex growth Rigs under contract Comments 40% 420 260 • Global upstream E&P capex expected to be marginally down in 400 240 2026 from 2025 30% • E&P companies maintain focus on returning cash to shareholders 380
Slide 22: Offshore Wind market: Inflation and financing costs remain elevated
RENEWABLES Offshore Wind market: Inflation and financing costs remain elevated Offshore wind projects by installation year (GW)1 Comments OWC’s main market: • Offshore wind market volatility continuing through 2026 2022 report 3-5 years before installation • Inflation and financing costs continuing
Slide 23: 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, % • Stable underlying drivers 12.0 • The long-term driver of ABL Group’s maritime activities is the size of the global 10.0 shipping fleet • The global shipping fleet has grown by 3.3
Slide 24: Summary and outlook
Summary and outlook • Reduced revenues and group profitability in Q1 2026 • ABL segment with stable underlying performance despite turmoil from the Middle East conflict • AGR reduced performance, driven by continued headwinds from 2025 • OWC improving from previous quarter, recovering from the slowd
Slide 25: Appendix
Appendix © 2012-2026 ABL Group
Slide 26: 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 27: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, ABL Group (USDm) Key acquisitions • 2014: OWC 354 355 • 2019: Braemar Technical 310 Services (BTS), forming AqualisBraemar 251 • 2020: LOC Group, forming ABL Group • 2021: East Point Geo, OSD-IMT 168 151 • 2022: Add Energy • 2023: AGR, Delta
Slide 28: Billing ratio development
Billing ratio development Billing ratio1,2 – Technical staff Comments • Utilisation in in line with Q4 80% 2025,slight increase from our 78% 78% 78% own staff, and overall improved 76% 76% from 2024 numbers 75% 75% 74% 71% • Freelancers are ~100% utilisation 68% 69% by definition 68% 66% 64% 64% 64%
Slide 29: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q/Q growth Y/Y growth ABL Group, as reported 81.7 96.1 87.8 88.7 82.4 -7.2% 0.8% Techconsult, revenue (consolidated 2Q25) 7.0 Pro-forma combined (simplified) 88.8 96.1 87.8 88.7 82.4 -7.2% -7.2% Adjusted EB
Slide 30: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million Revenues Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ABL 34.0 38.3 37.7 37.1 37.2 OWC 8.1 9.3 8.6 7.3 7.1 Longitude 5.0 5.8 5.3 5.9 5.3 AGR 34.8 43.5 36.2 38.8 33.2 Eliminations (0.2) (0.8) (0.1) (0.3) (0.3) Group revenues 81.7 96.1 87.8 88.7 82.4 Adjusted EBIT Q1
Slide 31: Segment revenues and adjusted EBIT margin – Last 3 years
Segment revenues and adjusted EBIT margin – Last 3 years ABL, USDm AGR, USDm 36.3 38.3 37.7 37.1 37.2 36.0 35.9 34.5 36.2 35.6 34.9 43.5 34.0 39.8 38.8 38.8 21.2% 21.9% 20.5% 20.2% 34.8 36.2 18.4% 17.5% 21.4 33.2 17.8% 18.0% 17.4% 17.2% 21.2 15.5% 16.7% 6.7% 19.7 21.8 6.1% 21.0 5.6% 5.2% 4.9% 5.1% 4
Slide 32: 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 33: 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 34: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Restructuring and integration costs 403 - 25 1 688 2 116 724 Transaction costs related to M&A 106 59 21 50 236 25 Acquisition costs classified as employment costs under IFRS 3 384 459 98 473 1 414 192 Total
Slide 35: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Operating profit (loss) (EBIT) 1 829 2 479 2 977 (4 168) 3 117 1 598 Depreciation, amortisation and impairment 1 561 1 771 1 873 6 677 11 882 1 896 EBITDA 3 390 4 250 4 850 2 509 14 999 3 494 Total adjustme
Slide 36: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Cash and cash equivalents 21 212 18 804 15 320 14 583 14 583 12 130 Less: Interest bearing bank borrowings 17 720 17 813 17 904 20 001 20 001 24 163 Net Cash (Debt) 3 492 991 (2 584) (5 418) (5 418) (12 033) USD thousand
Slide 37: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Revenue 81 747 96 147 87 758 88 706 354 358 82 361 Staff costs (39 309) (45 003) (43 561) (42 208) (170 081) (42 340) Other operating expenses (39 048) (46 894) (39 347) (43 989) (169 278
Slide 38: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated Cashflow Statement Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Profit (loss) before income tax 286 (2,205) 6,884 (6,450) (1,485) 2,151 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1,5
Slide 39: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Goodwill and intangible assets 68 422 71 399 71 494 64 967 65 946 Property, plant and equipment 10 631 12 305 12 338 11 896 11 453 Investment in associates 31 39 40 39 40 Deferred tax
Slide 40: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 ABL 36 179 35 582 34 874 142 911 33 999 38 268 37 747 37 084 147 098 37 172 OWC 8 836 7 980 8 318 34 220 8 143 9 343 8 639 7 292 33 417 7 058 Longitude 2 901 3 183 3 936 13 010 5
Slide 41: 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 42: abl-group.com
© ABL Group, 2026 abl-group.com