Sbm Offshore Nv · EURONEXT:SBMO

Sbm Offshore Nv — FY2025 Earnings Presentation

33 slides from Sbm Offshore Nv's earnings presentation, Feb 26, 2026

  1. Slide 1: Full Year 2025 Earnings

    FULL YEAR 2025 EARNINGS February 26, 2026

  2. Slide 2: Disclaimer

    Disclaimer Some of the statements contained in this presentation that are not historical facts are statements may be refined over time as more accurate, granular or standardized data becomes available. of future expectations and other forward-looking statements based on management’s current Accordin

  3. Slide 3: Creating stakeholder value: Advancing our Core, Pioneering More

    CREATING STAKEHOLDER VALUE Advancing our CORE OCEAN Pioneering MORE Focused on excellence in our core offshore energy INFRASTRUCTURE A realizable vision of a broader and deeper production markets role of ocean infrastructure INCREASING MARKET SHARE OCEAN INFRASTRUCTURE DRIVING PURPOSEFUL INNOVATION

  4. Slide 4: 2025: Resilient growth through lifecycle excellence

    2025: Resilient growth through lifecycle excellence US$5,066m US$1,709m Revenue1 EBITDA1 c.US$440m US$2.1bn 2026 cash return Cash return to 2031 3 1.8m bbls Large FPSO start-ups Daily production2 16 2 Prospects to 2028 Fast4Ward® hulls available (1) Directional reporting, as of December 31, 2025 (2)

  5. Slide 5: Delivered ~45% of new deepwater production capacity in 2025

    Delivered ~45% of new deepwater production capacity in 20251 Optimizing lifecycle performance through continuous learning Advancing our CORE PRODUCT & SERVICE FLAWLESS ASSET RESPONSIBLE DEVELOPMENT EPCI START-UP MANAGEMENT RECYCLING FPSO Almirante Tamandaré FPSO Alexandre de Gusmão FPSO ONE GUYANA F

  6. Slide 6: Fast4Ward setting the pace

    Fast4Ward setting the pace ~2% global oil 4 Bscf/d installed Fleet of 16 units 99.1 % uptime production gas handling capacity Largest FPSO contractor by oil production capacity 1,2 6 Fast4Ward® FPSOs delivered 12% Million barrels oil per day Thousand barrels oil per day 470 645 6% 1.2 2,667 1,991 2%

  7. Slide 7: Stronger Oil & Gas fundamentals for longer

    Stronger Oil & Gas fundamentals for longer OIL SUPPLY SHORTAGE IN THE COMING DECADE GAS SUPPLY SHORTAGE IN THE COMING DECADE Million barrels oil equivalent per day 120 100 Current Policies Current Policies Million barrels oil per day 100 80 Stated Policies Stated Policies 80 Oil supply shortfall 60

  8. Slide 8: Strong market outlook for large & complex FPSOs

    Strong market outlook for large & complex FPSOs 44 Worldwide potential awards1 ’26-’28 4 1 16 15 20 6 11 8 5 4 9 7 2015-2020 2021-2025 2015-2020 2021-2025 2015-2020 2021-2025 FPSOs in ultra FPSOs with gas FPSOs with 10 3 deepwater handling capacity topsides >1500 meter >350 MMscfd >30,000 tonnes 16

  9. Slide 9: De-risked delivery

    De-risked delivery ALMIRANTE FAST4WARD® PROSPERITY ONE GUYANA GRANMORGU TAMANDARÉ HULL #10 2022 2025 2027 ALEXANDRE DE FAST4WARD® AVAILABLE SLOTS LIZA UNITY SEPETIBA JAGUAR GUSMÃO HULL #9 Percentage of Progress on ongoing projects 1st oil date completion 6 FAST4WARD® FPSOs DELIVERED in just 3.5 year

  10. Slide 10: Ocean Infrastructure flexibility unlocks value for the future

    Ocean Infrastructure flexibility unlocks value for the future GLOBAL CHALLENGES Energy demand OCEAN Alternative fuels Grid congestion INFRASTRUCTURE SOLUTIONS Decarbonization Energy trilemma DIVERSIFICATION LIFECYCLE ASSET MANAGEMENT EXPERTISE Freshwater scarcity Limited coastal space Lower emission

  11. Slide 11: Financial highlights

    Financial highlights US$5,066m US$1,709m Revenue1 EBITDA1 US$31.1bn US$8.4bn Revenue backlog2 Net cash backlog2 US$5.65bn US$3.9bn Net debt Net debt excl. ONE GUYANA3 US$2.57 per share US$2.1bn 2026 shareholder return4 Min. cash return ‘26-’31 (1) Directional reporting, as of December 31, 2025 (2) P

  12. Slide 12: Directional overview

    Directional overview1 Pro-forma backlog (US$ billions) Net debt (US$ billions) 35.1 31.1 5.72 5.65 FY 2024 FY 2025 FY 2024 FY 2025 Revenue (US$ millions) EBITDA (US$ millions) 6,112 6,111 1,896 5,066 5,067 1,709 TK 724 TK TK 3,743 561 TK 2,772 L&O L&O L&O L&O 1,261 1,235 2,369 2,295 Other, -(89) Oth

  13. Slide 13: Strong near-term cash potential

    Strong near-term cash potential1 Directional, US$ millions EUR / share basis 60 50 EUR / share US$8.4 billion 40 net cash pro- 30 forma backlog 20 10 0 5% discount rate 10% 15% 1,800 1,600 1,400 1,200 US$ millions 8.4 US$ billions 1,000 800 Up to 2 FPSOs p.a. Additional FPSOs and other Ocean 600 nex

  14. Slide 14: Continued deleveraging

    Continued deleveraging 5.0x 3.3x 3.0x 2.3x Net leverage <3x FY2023 FY2024 FY2025 FY2025 PF 1 DEBT REPAYMENTS STRUCTURALLY LOWER NET LEVERAGE 2 MATERIALIZING (1) Based on Directional Net Debt to LTM Directional EBITDA taking into account the debt repayment of USD1.74bn following the purchase of FPSO

  15. Slide 15: Growing Returns to Shareholders

    Growing Returns to Shareholders 240 US$200M DIVIDEND & US$240M SHARE BUYBACK including US$100m interim dividend, shares repurchased will be cancelled1 125 95 100 US$ millions 57% INCREASE IN TOTAL CASH RETURN 178 197 150 155 to US$2.57/share in 20262 100 2022 2023 2024 2025 2026 9% CASH RETURN YIELD

  16. Slide 16: On track to deliver Cash and Returns

    On track to deliver Cash and Returns Directional, US$ millions Net cash in-hand 2026 - 2031 1 US$2.1 BILLION CASH RETURN 2026 - 2031 US$ billions US$0.5 BILLION FOR GROWTH AND INCREMENTAL CASH RETURNS FROM EXISTING BACKLOG 0.5 US$430m Available Free Cash 3.1 2.1 on average ADDITIONAL GROWTH OPPORTUN

  17. Slide 17: 2026 Guidance

    2026 Guidance DIRECTIONAL EBITDA BASELINE Around 1.8 billion US$ DIRECTIONAL REVENUE BASELINE Around 6.5 billion US$ LEASE & OPERATE Around 2.2 billion US$ TURNKEY Around 4.3 billion US$ © SBM Offshore. All rights reserved. www.sbmoffshore.com 17

  18. Slide 18: Ready for more

    DELIVERING THE CORE • ABOVE GUIDANCE FY25 RESULTS • 57% INCREASE IN CASH RETURN FOR 2026 • STRONG MARKET, WELL POSITIONED • OCEAN INFRASTRUCTURE DIVERSIFICATION READY FOR MORE

  19. Slide 19: Appendix

    APPENDIX © SBM Offshore. All rights reserved. www.sbmoffshore.com 19

  20. Slide 20: Financial performance per segment

    Financial performance per segment Directional, US$ millions Lease and Operate Turnkey Revenue EBITDA Revenue EBITDA 2,369 3,743 2,295 2,772 1,261 1,235 724 561 2024 2025 2024 2025 2024 2025 2024 2025 “Other” EBITDA in 2025 of US$ (87) million vs 2024 US$ (89) million © SBM Offshore. All rights reser

  21. Slide 21: c. 25 years of net cash flow visibility from L&O, BOT & Turnkey

    c. 25 years of net cash flow visibility from L&O, BOT & Turnkey1 Directional, US$ millions US$31.1 billion pro-forma backlog US$8.4 billion net cash pro-forma backlog TK 0.5 BOT 0.6 US$0.5bn from 900 Turnkey Net cash from L&O net cash 800 Net cash from BOT Average L&O net cash p.a. after tax 700 ~US

  22. Slide 22: Group P&L

    Group P&L Directional, US$ millions Group P&L US$ millions 2024 2025 Variance Revenue 6,111 5,066 (1,045) Gross Margin 1,480 1,348 (132) Overheads (226) (256) (30) Other operating income / (expense) 74 100 26 Net impairment losses on financial and contract assets (8) 15 23 EBIT 1,321 1,206 (115) Dep

  23. Slide 23: Turnkey and Lease and Operate P&L

    Turnkey and Lease and Operate P&L Directional, US$ millions Turnkey Comments US$ millions FY 2024 FY 2025 Variance Main contributors to 2025 revenue are: FPSOs Jaguar and GranMorgu construction progress, as well as FPSOs Almirante Revenue 3,743 2,772 (971) Revenue Tamandaré, Alexandre de Gusmão and

  24. Slide 24: FY 2025 Sources and Uses of Cash and Liquidity

    FY 2025 Sources and Uses of Cash and Liquidity Directional, US$ millions L&O 1,235 Turnkey 561 Other (87) EBITDA 1,709 CdP Sale & Other including Cash Non-cash items and special transactions (118) Leaseback from special transaction Cash from Operations Working Capital Debt drawdowns Sources of cash

  25. Slide 25: Balance Sheet

    Balance Sheet Directional, US$ millions Comments US$ millions 31-Dec-2024 31-Dec-2025 Variance Capitalization of FPSO projects under construction partially offset by Property, plant & equipment and Intangibles​ 7,490 7,523 33 depreciation over the period and Aseng sale. Mainly additional financial r

  26. Slide 26: Lease qualification and consolidation methods

    Lease qualification and consolidation methods as of 31 December 2025, IFRS 10 & 11 Assets Lease Contract Type SBM Share % Directional IFRS FPSO N’Goma FL 60% Proportional Full consolidation FPSO Saxi Batuque FL 100% 100% Full consolidation FPSO Mondo FL 100% 100% Full consolidation FPSO Cidade de Il

  27. Slide 27: External funding loans and borrowings

    External funding loans and borrowings1 US$ millions Net book value as of December 31, 2025 Full Amount IFRS Directional FACILITIES DRAWN FPSO Cidade de Ilhabela 620 620 465 FPSO N’Goma 40 40 24 Normand Installer 6 - - FPSO Cidade de Maricá 409 409 250 FPSO Cidade de Saquarema 597 597 364 SLB Cidade

  28. Slide 28: Well-structured debt enables growth

    Well-structured debt enables growth Directional, US$ millions Vessels under Non-Recourse Corporate Unlevered fleet Construction Operational FPSOs1 3 7 9 US$0.7bn net cash US$1.0bn debt2 US$5.4bn debt Debt free US$31.1bn backlog US$5.1bn US$20.0bn US$5.9bn US$5.7bn net debt covered by US$31.1bn reven

  29. Slide 29: Group net debt and borrowings

    Group net debt and borrowings Directional, US$ millions Net debt Undrawn facilities + cash 6,500 505 5,719 5,651 4,500 891 2,500 1,000 500 FY 2025 (1,500) FY 2024 FY 2025 Undrawn corporate facilities Cash Undrawn project debt Net cash Project debt Lease liabilities Average cost of debt1 FY 2025 borr

  30. Slide 30: Revolving Credit Facility Covenants

    Revolving Credit Facility Covenants Key financial covenants FY 2025 Definition1 Solvency ratio > 25%  33% IFRS Tangible net worth divided by total tangible IFRS assets Directional Underlying EBITDA divided by Consolidated Interest cover ratio > 4.0  8.1 Directional Net Interest Payable Consolidate

  31. Slide 31: Turnkey Model

    Turnkey Model TURNKEY ACTIVITIES TURNKEY ACCOUNTING IFRS Turnkey Gross Margin (L&O / BOT SBM Offshore FPSO share) (Research & Development) (Alternative Energy Investments) (Sales & Marketing) (Overheads) = Turnkey Directional EBITDA Margin generated from BOT/L&O phase IFRS Turnkey Gross Margin 1 29%

  32. Slide 32: Commercial models

    Commercial models Indicative net cash profiles Sale & Operate model Booked in Turnkey SALE & OPERATE FPSO Booked in L&O 100% SBM ownership No debt financing Opex reimbursable Y-4 Y-3 Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Build-Operate-Transfer model BOT FPSO

  33. Slide 33: Lease and Operate portfolio

    Lease and Operate portfolio 2005 2015 2026 2035 2045 2055 Vessel Name Client Country FPSO Mondo EXXONMOBIL ANGOLA 01/2008 12/2022 2032 FPSO Saxi Batuque EXXONMOBIL ANGOLA 07/2008 06/2023 2032 FPSO Espirito Santo SHELL BRAZIL 01/2009 12/2023 12/2028 12/2033 Initial Lease Period FPSO Cidade de Anchiet

SBM Offshore — FY2025 Earnings Presentation on 6ix