Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2025 Earnings Presentation
21 slides from Eidesvik Offshore Asa's earnings presentation, May 13, 2025
Slide 1: Presentation Q1 2025
Presentation Q1 2025 13 May 2025
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: Financial highlights / Q1 2025
Financial highlights / Q1 2025 P&L key figures Q1 2025 vs. Q1 2024 Balance sheet key figures Q1 2025 vs. FY 2024 MNOK MNOK MNOK MNOK 199 (179) 3 579 (2 786) 3 017 (2 937) 285 (396) in freight revenue in total backlog incl. share in assets in cash of JV MNOK MNOK 72 (64) 36% (35%) 570 (499) 62% (62%)
Slide 4: Business update / Q1 2025
Business update / Q1 2025 • Eidesvik, together with Agalas and Reach Subsea, entered into an agreement to build a new Construction Support Vessel (CSV). The design is equivalent to the vessel Eidesvik currently has under construction together with Agalas at the Sefine Shipyard in Turkey • The vessel
Slide 5: Operational update / Q1 2025
Operational update / Q1 2025 • Fleet utilisation in Q1 2025 was 100% • Supply utilisation was 100% during the quarter • Subsea/Offshore Renewables utilisation was close to 100% during the quarter • No LTIs during the quarter
Slide 6: Contract backlog / Q1 2025
Contract backlog / Q1 2025 1 800 MNOK Renewable backlog as share of total 1 600 3 579 backlog** Contract backlog incl. share of JV* Fixed backlog from renewables projects as share of total backlog 1 400 1 200 1 000 Other mNOK 63% 1 662 800 600 400 745 590 581 37% 200 Renewable backlog 0 2025 2026 20
Slide 7: Contract coverage incl. JV / Q1 2025
Contract coverage incl. JV / Q1 2025 2 000 Contract coverage incl. JV MNOK 3 579 backlog incl. share of JV NOK millions 1 800 1 662 100% 100% 1 600 98% 100% 100% 100% 90% 1 400 81% 82% 82% 82% 82% 88% 80% 73% 1 200 70% 67% 67% 67% 67% 63% 58% 1 000 60% 1 513 57% 745 50% 55% 55% 55% 800 49% 50% 50% 5
Slide 8: Market update – fundamentals remains positive
Market update – fundamentals remains positive 1 Continued positive marked fundamentals, but unprecedented geopolitical movement creating uncertainty 2 Supply: Demand increase still expected going forward Subsea/Renewables: Record high backlog combined with high vessel utilisation and high demand in
Slide 9: Q1 2025 financial results
Q1 2025 financial results Financial results (NOK1000) Q1 2025* Q1 2024* Q4 2024* FY2024 Freight revenue Freight revenue 198,8 11 % 179,4 186,8 759,4 Other income 0,0 3,9 0,0 15,7 198,8 11% Total Revenue 198,8 183,4 186,8 775,1 179,4 EBITDA 72,2 67,4 57,7 304,2 EBITDA adj. for sale gains and other 72
Slide 10: Segment performance
Segment performance Revenue & EBITDA margin EBITDA Q1 2025 vs. Q1 2024 (incl. share of JV*) 120,0 50% 45% • Higher freight rates, but offset by increased 100,0 OPEX 40% • EBITDA reduction of NOK 3.3 million, 35% 80,0 where margin decreased from 41% to 37% EBITDA margin 30% Supply NOK million • Utili
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK1000) 31.03.2025 31.12.2024 Comments for the year Total non-current assets 2 494 2 316 Cash and cash equivalents 285 396 • Non-current assets increased from year end, mainly due to Other current assets 238 226 payments related to the newbuild contract Total assets 3 0
Slide 12: Cash flow Q1 2025
Cash flow Q1 2025 500 450 41,9 400 395,8 350 300 68,7 285,0 NOK 1000 250 200 - 221,3 150 100 50 0 Cash 31.12.2024 EBITDA / WC CAPEX Financing Cash 31.03.2025 * Unaudited Operating NOK 41.9 million Investing NOK -221.3 million Financing NOK 68.7 million The decrease compared to Q1 2024 is Investment
Slide 13: Highlights summary
Highlights summary 1 Max utilisation 2 Increased backlog at improved market rates 3 Solid balance sheet 4 Long-term positive outlook 5 Continuing growth story
Slide 14: Contact details
Contact details CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 15: Appendix
Appendix
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV 16 437 Subsea • Actively seek partnerships that will create VESSELS EMPLOYEES new business opportunities * Whereof two under construction and one is * Number of employees end of FY2024 und
Slide 17: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore Renewables Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Neptun (management) Viking Prince Viking Avant NS Orla (management) Subsea Viking TBN «Viking Vigor» TBN (delivery 2025) (delivery early 2026) (managemen
Slide 18: Contract status
Contract status Vessel Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 19: Debt maturity profile
Debt maturity profile 31 March 2024 300 193 200 Million NOK 122 122 92 97 100 32 0 2025 2026 2027 2028 After 2028 Instalments Balloons In addition, Eidesvik Agalas AS has drawn EUR 12.8 million on its construction loan per Q1 2025. This loan is not included in the diagram above.
Slide 20: Financial development
Financial development FY2022 FY2023 FY2024 Q1 2025 Adjusted EBITDA Utilization 95 % 94 % 96 % 100 % 350,0 39% Revenue (NOKm) 919 772 775 199 38% Adj. Revenue (NOKm) 635 699 759 199 37% 38% 300,0 Adj. EBITDA (NOK million) EBITDA (NOKm) 494 334 304 72 36% 37% Adj. EBITDA margin 250,0 EBITDA margin 54
Slide 21: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.