Slide 1: Second quarter 2025 results
Second quarter 2025 results 31 July 2025 1 © Subsea7 - 2025 subsea7.com
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: Second quarter 2025 – resilient delivery
Second quarter 2025 – resilient delivery • Adjusted EBITDA of $360 million – 23% growth year-on-year – margin of 20.5%, up 370 bps • Growth in Adjusted EBITDA driven by both business units • On track to meet guidance for the full year • Robust order intake of $2.5 billion demonstrates the resilience
Slide 4: Strong backlog of $11.8 billion
Strong backlog of $11.8 billion Subsea and Conventional Renewables 12 2.5 10.7 2.2 9.9 10 1.9 2 8.7 1.8 1.7 8 1.5 7.0 1.5 6 5.3 4.8 1 0.8 4 0.5 2 $bn 0 0 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 • High backlog and visibility • Selective bidding since 2022 • $2.9 billio
Slide 5: Group revenue and EBITDA – continued momentum
Group revenue and EBITDA – continued momentum Revenue Adjusted EBITDA 1,090 6.8 315 6.0 5.1 714 1.9 1.6 559 1.3 245 321 1.8 169 1.6 $bn 360 $m 1.4 201 Q4 171 292 Q4 1.7 1.8 1.2 1.5 Q3 Q3 162 134 Q2 236 Q2 1.2 1.2 1.4 1.5 107 162 Q1 86 Q1 2022 2023 2024 2025 2022 2023 2024 2025 5 © Subsea7 - 2025 sub
Slide 6: Subsea and Conventional
Subsea and Conventional $1.4bn Revenue $1.2bn $1.4bn • Revenue $1.4 billion – High activity in Brazil, the US, Türkiye and Norway Q2 2023 Q2 2024 Q2 2025 • Adjusted EBITDA $301 million – Up 22% from the prior year period 350 $301m Adjusted 300 0.25 – Margin 21.2% EBITDA 250 $247m 0.2 200 21.2% – Mar
Slide 7: Renewables
Renewables $309m Revenue $281m $307m • Revenue up 9% to $307 million – High activity on Dogger Bank C and East Anglia THREE Q2 2023 Q2 2024 Q2 2025 • Adjusted EBITDA $53 million – Up 40% from the prior year period 60 $53m 0.25 Adjusted 50 0.23 – Margin 17.4% 0.21 EBITDA 40 $38m 0.19 $34m 0.17 – Marg
Slide 8: Cash flow bridge
Cash flow bridge $m 1000 900 59 360 800 (55) Including: (81) • Capex $93m 700 • Lease payments $77m 600 500 Equating to: 459 (306) 413 • Free cash flow $246m 400 (22) • Cash conversion 1.1x 300 • Net debt $695m 200 – including lease liabilities $448m • Liquidity $1.2bn 100 0 Cash Adjusted Working Ta
Slide 9: 2025 guidance reaffirmed
2025 guidance reaffirmed 2024 2025 Revenue $6.8 billion $6.8 - 7.2 billion Administrative expense $297 million $290 – 310 million Adjusted EBITDA margin 16% 18 – 20% D&A $623 million $700 - 720 million Net finance cost $77 million $60 - 65 million Effective tax rate 41% 30 - 35% Capital expenditure
Slide 10: Norway – strong portfolio of projects in 2025
Norway – strong portfolio of projects in 2025 Ormen Lange compressor Yggdrasil bundle towhead at Wick Seven Navica, Northern Lights Phase 1 Ormen Lange Phase 3 Yggdrasil Northern Lights CCS • EPCI flowlines and • High activity at Vigra with • Phase 1: 100km CO2 installation of OneSubsea 22 trips pla
Slide 11: Norway – continued new awards
Norway – continued new awards A bundle cross section at Wick Source: Equinor Seven Borealis Øst Frigg Fram Sør PPF FEED • Part of the Yggdrasil • EPCI award following FEED • FEED and new framework development agreement • Fabrication of flowlines at • A result of the Subsea Vigra • Part of the rejuve
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: Offshore wind…market dependent on UK AR7 process
Offshore wind…market dependent on UK AR7 process Grid Project Developer GW Consent Connection A West of Orkney TotalEnergies 1.0 B Seagreen 1A SSE 0.5 A C Berwick Bank A&B SSE 2.8 D SEP/DEP Equinor 0.7 B C E Norfolk Vanguard RWE 2.8 J F East Anglia 1N Iberdrola 0.9 IH D G Rampion 2 RWE 1.2 E F H Awe
Slide 14: Confident in the outlook for 2025 and beyond
Confident in the outlook for 2025 and beyond • Strong backlog of $11.8 billion – Over 90% visibility on 2025 revenue guidance – High utilisation of global enablers • Re-affirmed guidance for 2025 – Adjusted EBITDA growth >20% year-on-year • Strong long-term fundamentals for the industry – Well posit
Slide 15: Appendix
Appendix 15 © Subsea7 - 2025 subsea7.com
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 June 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 - 2025
Slide 17: Fleet – 41 vessels in the active fleet at the end of Q2 2025
Fleet – 41 vessels in the active fleet at the end of Q2 2025 * * * * * * * * Renewables and transportation vessels are operated by Seaway7 * * * * * Chartered vessels are denoted with an asterisk. 17 © Subsea7 - 2025 subsea7.com
Slide 18: subsea7.com
18 © Subsea7 - 2025 subsea7.com