Subsea 7 S.a. · OSL:SUBC

Subsea 7 — Q3 2025 Earnings Presentation

18 slides from Subsea 7's earnings presentation, Nov 20, 2025

Slide 2: Forward-looking statements
Forward-looking statements This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies rega
Slide 3: Third quarter 2025 – gathering pace
Third quarter 2025 – gathering pace • Adjusted EBITDA of $407 million – 27% growth year-on-year – Margin of 22%, up ~460 bps year-on-year • Increased profitability driven by strong project execution and continued high-grading of the backlog • On track to exceed the upper end of guidance for full pho
Slide 4: Record backlog of $13.9 billion
Record backlog of $13.9 billion Subsea and Conventional Renewables 12 11.8 2.5 9.8 2.1 2.1 10 9.1 2 1.7 8 1.5 6.5 1.5 6 5.6 1.2 4.3 1 4 0.6 0.5 2 $bn 0 0 Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 • New awards of over $3 billion in Q3 • Selective bidding since 2022 • $4.
Slide 5: Group revenue and EBITDA
Group revenue and EBITDA Revenue Adjusted EBITDA 1,090 6.8 315 6.0 714 407 5.1 1.9 1.6 559 1.3 245 321 1.8 1.8 $bn 169 $m 1.6 360 1.4 201 Q4 171 292 Q4 1.7 1.8 1.2 1.5 Q3 Q3 162 134 Q2 Q2 236 1.2 1.2 1.4 1.5 107 162 Q1 86 Q1 2022 2023 2024 2025 2022 2023 2024 2025 5 © Subsea7 - 2025 subsea7.com
Slide 6: Subsea and Conventional
Subsea and Conventional $1.5bn Revenue $1.3bn $1.4bn • Revenue $1.5 billion – High activity in Brazil, Türkiye and Norway • Adjusted EBITDA $368 million Q3 2023 Q3 2024 Q3 2025 – Up 46% from the prior year period – Margin 24.3% $368m – Margin expansion of 680 bps 350 Adjusted 300 0.25 • Net operatin
Slide 7: Renewables
Renewables $376m Revenue $302m $269m • Revenue $0.3 billion – Sustained activity in UK – Elevated activity in Taiwan in 2024 Q3 2023 Q3 2024 Q3 2025 • Adjusted EBITDA $52 million – Margin 17.1% 70 $62m 0.25 – Margin expansion of 70 bps Adjusted 60 0.23 $52m EBITDA 50 0.21 • Net operating income of $
Slide 8: Cash flow bridge
Cash flow bridge 900$m 407 800 (82) 700 (51) (34) 600 Including: 16 546 • Capex $47m 500 (123) • Lease payments $79m 413 400 Equating to: 300 • Free cash flow $236m • Cash conversion 0.8x 200 • Net debt $505m 100 – Including lease liabilities $421m 0 Cash Adjusted Working Tax Investing Financing Oth
Slide 9: 2025 guidance increased
2025 guidance increased 2024 2025 2026 Revenue $6.8 billion $6.9 - 7.1 billion $7.0 – 7.4 billion Underlying administrative expense1 $297 million $290 – 310 million Adjusted EBITDA margin 16% 20 – 21% ~22% Depreciation and amortisation $623 million ~$680 million Net finance cost $77 million ~$50 mil
Slide 10: Increasing performance – 4insight® by 4Subsea
Increasing performance – 4insight® by 4Subsea • Automated, data-driven decision making, with opportunities for reduced waiting on weather • Combines real time data from vessels with advanced algorithms and AI to predict and enhance operability – Extends the window of operability and increases delive
Slide 11: Delivering solutions – pipeline bundles
Delivering solutions – pipeline bundles • Yggdrasil South bundle installed in September. Yggdrasil North on track for delivery before year end. • Fabricated at our spoolbase in Wick, Scotland, the 7-8km bundle structures include: – Active heating system, control lines, two towheads and a midline str
Slide 12: Subsea prospects
Subsea prospects Under $150m Europe $150-300m North and Central America $300-500m Adura Puffin $500-750m BP Tie-back projects Aker BP Tie-back projects $750m-$1.25bn Equinor Bay du Nord (i, f) BP Clair Ridge Expansion (i) $1.25bn+ Shell Tie-back projects Chevron Aphrodite (i) Repsol Polok B29 (i) Co
Slide 13: Wind prospects
Wind prospects Grid Project Developer GW Consent Connection West of Orkney TotalEnergies 1.0 Seagreen 1A SSE 0.5 Berwick Bank A&B SSE 2.8 SEP/DEP Equinor 0.7 Norfolk Vanguard RWE 2.8 East Anglia 1N Iberdrola 0.9 Rampion 2 RWE 1.2 Awel y Môr RWE 1.1 Mona BP 1.5 Morgan BP 1.5 Inclusion in the list doe
Slide 14: Strong outlook for 2026 and beyond
Strong outlook for 2026 and beyond • Record $13.9 billion backlog of high-quality contracts • Guidance increased for full year 2025, with continued momentum expected in 2026 • Attractive pipeline of future opportunities • Confidence in the long-term outlook underpinned by: – Resilient market: a stra
Slide 16: Major projects – percentage of completion
Major projects – percentage of completion Projects over $100 million, between 5% and 95% complete, excluding day-rate contracts, at 30 September 2025 Super–major (over $1.25bn) Major ($750m-$1.25bn) Very large ($500- 750m) Large ($300-500m) Substantial ($150-300m) Sizeable ($50-150m) 16 © Subsea7 -
Slide 17: Fleet – vessels at the end of Q3 2025
Fleet – 41 vessels at the end of Q3 2025 * * * * * * * * * * * * Chartered vessels are denoted with an asterisk. 17 © Subsea7 - 2025 subsea7.com

Subsea 7 — Q3 2025 Earnings Presentation on 6ix

Subsea 7 — Q3 2025 Earnings Presentation

Slide 1: Third quarter 2025 results

Slide 2: Forward-looking statements

Slide 3: Third quarter 2025 – gathering pace

Slide 4: Record backlog of $13.9 billion

Slide 5: Group revenue and EBITDA

Slide 6: Subsea and Conventional

Slide 7: Renewables

Slide 8: Cash flow bridge

Slide 9: 2025 guidance increased

Slide 10: Increasing performance – 4insight® by 4Subsea

Slide 11: Delivering solutions – pipeline bundles

Slide 12: Subsea prospects

Slide 13: Wind prospects

Slide 14: Strong outlook for 2026 and beyond

Slide 15: Appendix

Slide 16: Major projects – percentage of completion

Slide 17: Fleet – vessels at the end of Q3 2025

Slide 18: subsea7.com