Odfjell Technology Ltd. · OSL:OTL
Odfjell Technology — Q4 2025 Earnings Presentation
27 slides from Odfjell Technology's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Quarterly Results
Odfjell Technology Investor Presentation Q4 2025 Quarterly Results 25.02.2026 25/02/2026
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 • Dividend • Financial information • Summary • Appendix 25/02/2026 3
Slide 4: Highlights of the quarter and key financials
Highlights of the quarter and key financials 4
Slide 5: Highlights
Highlights 1 Delivered strong operational and financial performance across all segments 2 Generated EBITDA of NOK 213m with strong cash generation 3 Achieved material improvements in working capital and liquidity 4 Signed strategic acquisitions of Kaseum and Razor post-quarter 5 Dividend distributio
Slide 6: Q4 key financials
Q4 key financials Q4 delivered strong EBITDA and cash flow with stable revenue Revenue (bnNOK) EBITDA (mNOK) Order Backlog (bnNOK) uste net o restruturin an one o s 1.40bn 213m 11.5bn Revenue Q4 EBITDA Q4 Backlog Q4 5.5 bnNOK Revenue LTM 801mNOK EBITDA LTM 318 mNOK Contract awards Q4 LTM – Last Twel
Slide 7: Market outlook and strategic priorities
Market outlook and strategic priorities Flat activity entering 2026, positioning for growth later in 2026 and into 2027 MARKET VIEW • North Sea: stable activity; high tendering with slower award pace • International: disciplined spend; selective growth pockets (notably ME and offshore Americas) • Me
Slide 8: Strategic Acquisition of Kaseum & Razor
Strategic Acquisition of Kaseum & Razor Acquiring a high-growth, high-mar in business to stren then O L’s Li htwei ht Well Intervention (LWI) & P&A offering Kaseum Technology Ltd. (Technology) Razor Oiltools Ltd (Service Provider) Developer and manufacturer of proprietary wireline intervention Inter
Slide 9: Transaction Structure & Consideration
Transaction Structure & Consideration Accreditive acquisition with phased ownership structure £38.5m £27m Enterprise Value Cash at Closing Full 100% acquisition valuation 70% initial consideration Completion Funding Structure Bond Terms Predictable Q1 2026 timeline Existing facilities plus bond tap
Slide 10: Strong customer base with 11.5 billion NOK order backlog
Strong customer base with 11.5 billion NOK order backlog Lasting partnerships with major energy players provides resilience and predictability across cycles HISTORIC BACKLOG VALUES AND BACKLOG BY SEGMENT (bnNOK) ORDER INTAKE LAST 12 MONTHS irm Options 10
Slide 11: 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 565 mNOK distributed to shareholders since listing in 202
Slide 12: Financial information
*Sodfjell technology Financial information 12
Slide 13: Group financials
Group financials Improved profitability and cash flow driven by stronger Q4 execution Revenue (mNOK) EBITDA (mNOK) Key Financials (mNOK) Operatin revenue Operatin pro it ( ) et pro it (loss) et cash low rom investin activities ( ) ( ) ( ) ( ) ( ) vailable Li ui ity Highlights • Higher activity and i
Slide 14: Well Services
Well Services Stable core performance with improving mix and disciplined expansion Revenue (mNOK) EBITDA (mNOK) Q4 2025 Revenue by Region orway Continental urope rica Highlights • EBITDA margins supported by product mix and continued cost discipline • Short-term margin dilution from geographic expan
Slide 15: Operations
Operations The stabilising backbone of the group Revenue (mNOK) EBITDA (mNOK) Highlights • Consistent operational delivery across core assets • Strong EBITDA supported by operational efficiency • Bonus income contributing positively during the quarter • Ongoing efficiency programme supporting gradua
Slide 16: Projects & Engineering
Projects & Engineering Adjusting and positioning for lower SPS activity Revenue (mNOK) EBITDA (mNOK) Highlights • Normal seasonal slowdown in Q4 • Margins impacted by project timing and activity mix • Cost base adjusted to current activity levels 16
Slide 17: Q4 2025 cash flow analysis
Q4 2025 cash flow analysis Strong cash generation supported by working capital improvement and disciplined capex Cash flow bridge (mNOK) Comments General comments ( ) – Capex investment are 77 million (131 million ( ) ( ) in Q3) affecting cash balance ( ) – Cash flow generated from operations is 383
Slide 18: Revenue and EBITDA historical development
Revenue and EBITDA historical development Revenue (NOKm) EBITDA including and excluding restructuring costs (NOKm) ustment or Per ormance mprovement Pro ram restructurin an one o e penses 18
Slide 19: Performance Improvement Program continues into 2026
Performance Improvement Program continues into 2026 Proven results in 2025 — accelerating impact in 2026 2025 PIP - Delivered: 2026 PIP - Continues: Material commercial improvements: Targets: Increased margins and 100m NOK savings cash conversion • Structural cost base reduction • Further enhanced o
Slide 20: Bond Financing - 600m NOK Tap of Existing Bond
Bond Financing - 600m NOK Tap of Existing Bond Key Terms Use of Proceeds Instrument: Existing bond tap • Acquisition of Razor and Kaseum Amount: 600m NOK • General corporate purposes Total outstanding: 1,700m NOK (post-tap) Maturity: August 2028 Process Timeline Terms: No change to existing terms &
Slide 21: Summary
Summary 21
Slide 22: Key takeaways
Key takeaways Strong execution, disciplined capital allocation and improved growth platform Strong Q4 delivery Strategic acquisition Solid earnings and cash Margin mix & technologies generation strengthened by Kaseum & Razor Performance Improvement Program Disciplined growth Delivering results in 20
Slide 23: Appendix
sodfjell technology
Slide 24: Summary income statement
Summary income statement P L (m O ) Other ains an losses Personnel e penses ( ) ( ) ( ) ( ) ( ) Other operatin e penses ( ) ( ) ( ) ( ) ( ) epreciation an amortisation ( ) ( ) ( ) ( ) ( ) Share o pro it (loss) rom oint ventures an associates ( ) ( ) ( ) et inancial items ( ) ( ) ( ) ( ) ( ) ncome ta
Slide 25: Balance Sheet
Balance Sheet ssets (m O ) uity an liabilities (m O ) Property plant an e uipment Pai in capital ntan ible assets Other e uity e erre ta asset on current interest bearin borrowin s on current ta asset on current lease liabilities nvestments in oint ventures an associates Other non current liabilitie
Slide 26: Summary statement of cash flows
Summary statement of cash flows Cash low (m O ) Pro it (loss) be ore ta ustment or provisions an other non cash elements Chan es in wor in capital ( ) ( ) et interest (pai ) receive ( ) ( ) ( ) ( ) ( ) et income ta pai ( ) ( ) ( ) ( ) ( ) ects o e chan e rate chan es on cash an cash e uivalents ( )
Slide 27: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 27