Slide 1: Q1 2025 Quarterly Results
Odfjell Technology Investor Presentation Q1 2025 Quarterly Results 15.05.2025 15/05/2025
Slide 2: Important Notice
Important Notice • By reading this company presentation (the “Presentation”), or attending any meeting or presentation held in relation there to, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. • The Presentation has been prepared by Odfjell Technology Ltd
Slide 3: Agenda
• Highlights of the quarter • Market outlook • Backlog and order intake • Our priorities • Financial information • Summary • Appendix 15/05/2025 3
Slide 4: Odfjell Technology at a glance
Odfjell Technology at a glance An oil service company providing expert services, advanced technology, and skilled professionals Revenue by Year (bnNOK) Global presence 50 30+ 13 Years Countries Workshops Experience 2,500 350 1,400 EBITDA by Year (mNOK) Revenue and margin by Business Areas 2024 (mNOK
Slide 5: Highlights of the quarter and key financials
Highlights of the quarter and key financials 5
Slide 6: Highlights and key financials
Highlights and key financials A steady start to the year with margin improvements. Progressing with improvement initiatives and our main priorities. Revenue (bnNOK) EBITDA (mNOK) Order Backlog (bnNOK) Dividends (mNOK) , , , , NOK NOK NOK share share share , NOK share NOK share 1.33bn 193m 13.1bn 60m
Slide 7: Market outlook
Market outlook Robust long-term fundamentals Healthy tender pipeline valued at a total of 8.1 billion NOK1 Outlook comments • Solid backlog and strong contract portfolio • Expect higher activity from Q3 2025 Norway: 1.6 bnNOK • Well positioned for growth in existing and new regions with high tender
Slide 8: Order backlog of 13.1 billion NOK
Order backlog of 13.1 billion NOK Stable and robust Historic backlog values and backlog by segment (bnNOK) Order intake last 12 months (mNOK) irm ptions a or ery ar e ar e u stantial i ea le mall perations ell ervices P 8
Slide 9: Attractive shareholder return
Attractive shareholder return Focused on shareholder returns, supported by strong cash flow and low leverage Dividend distributed Last Twelve Months (LTM) (mNOK) Main achievements 2022-2025 Established dividend program with consistent payouts 325 mNOK distributed to shareholders since listing in 202
Slide 10: Our priorities
Our priorities 1 2 3 4 Ensure safe & Expand services Realise benefits from Meet financial efficient in existing and new performance and targets operations markets improvement programme Delivering profitable growth and long-term value for shareholders
Slide 11: Financial information
*Sodfjell technology Financial information 11
Slide 12: Group financials
Group financials Steady activity level and margin improvements Revenue (mNOK) EBITDA (mNOK) Key KPIs (mNOK) peratin revenue peratin pro it ( ) et pro it (loss) et cas lo rom investin activities ( ) ( ) ( ) ( ) vaila le i ui ity Highlights • Stable activity level in all business areas • EBITDA in lin
Slide 13: Well Services
Well Services Stable operational activity while product mix changes affect margin level Revenue (mNOK) EBITDA (mNOK) Q1 2025 Revenue by Region Q1 2024 Revenue by Region or ay Continental urope rica Highlights • Lower activity in UK, Europe and Namibia, offset by higher activity in the Middle East •
Slide 14: Operations
Operations Progressing positively due to a new contract portfolio and efforts to enhance margins Revenue (mNOK) EBITDA (mNOK) Highlights • Revenue in line with previous quarter’s run-rate • EBITDA improved due to bonus achievements and changes in contract portfolio • First full quarter with new cont
Slide 15: Projects & Engineering
Projects & Engineering Diverse contract portfolio ensures consistent activity level. Revenue (mNOK) EBITDA (mNOK) Highlights • Stable and predictable activity level • EBITDA improved due to higher-margin projects and Q1 being a quarter with fewer holidays • Continuous high utilisation • Special Peri
Slide 16: Q1 2025 cash flow analysis
Q1 2025 cash flow analysis Cash flow impacted by investments related to recent contract wins and preparations for growth Cash flow bridge (mNOK) Comments General comments – Cash flow generated from operations is 131 million ( ) – 73 million in seasonal increase of working ( ) ( ) ( ) capital impacti
Slide 17: Revenue and EBITDA last twelve months (LTM) figures
Revenue and EBITDA last twelve months (LTM) figures Revenue (NOKm) EBITDA (NOKm) 17
Slide 18: Summary
Summary 18
Slide 19: Key takeaways: Focused on delivering long-term value
Key takeaways: Focused on delivering long-term value Order backlog remains robust with good revenue visibility Expect improved financial performance in second half of 2025 Strong cost discipline approach and on track on our performance improvement program Strong commitment to shareholders with consi
Slide 20: Appendix
2odfjell technology
Slide 21: Summary income statement
Summary income statement P (m ) t er ains an losses Personnel e penses ( ) ( ) ( ) ( ) t er operatin e penses ( ) ( ) ( ) ( ) epreciation an amortisation ( ) ( ) ( ) ( ) are o pro it (loss) rom oint ventures an associates ( ) ( ) et inancial items ( ) ( ) ( ) ( ) ncome ta e pense ( ) ( ) ( ) ( ) 21
Slide 22: Balance Sheet
Balance Sheet ssets (m ) uity an lia ilities (m ) Property, plant an e uipment Pai in capital ntan i le assets t er e uity e erre ta asset on current interest earin orro in s on current ta asset on current lease lia ilities nvestments in oint ventures an associates t er non current lia ilities t er
Slide 23: Summary statement of cash flows
Summary statement of cash flows Cas lo (m ) Pro it (loss) e ore ta ustment or provisions an ot er non cas elements C an es in or in capital ( ) ( ) ( ) et interest (pai ) receive ( ) ( ) ( ) ( ) et income ta pai ( ) ( ) ( ) ( ) ects o e c an e rate c an es on cas an cas e uivalents ( ) et increase (
Slide 24: Cash position
Cash position Solid financial position – expect reduced capex in H2 Comments NIBD and Liquidity (mNOK) Net Cash Position of 413m vaila le li ui ity evera e ratio – As anticipated, high capex and working capital build up reducing cash balance – RCF of 50mUSD remains un-utilised, with an additional bo
Slide 25: Operation contract overview
Operation contract overview Recent contract awards and extensions over the past year have improved revenue visibility Operations contract overview Comments – The number of rigs in active drilling mode in Q1-2025 was 8 uinor o an ver rup uinor isun – The number of rigs in maintenance uinor rane mode
Slide 26: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 26