Odfjell Technology Ltd. · OSL:OTL
Odfjell Technology — Q1 2026 Earnings Presentation
24 slides from Odfjell Technology's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Quarterly Results
Odfjell Technology Investor Presentation Q1 2026 Quarterly Results 11.05.2026 11/05/2026
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 11/05/2026 3
Slide 4: Highlights of the quarter and key financials
Highlights of the quarter and key financials 4
Slide 5: Highlights
Highlights 1 Closed Kaseum & Razor acquisitions on 9 March, establishing a scalable intervention and P&A platform 2 Secured 5.5-year ConocoPhillips contract — adds to the firm backlog 3 Secured 3-year contract with EnQuest for platform drilling operations on the Magnus platform in the UK with commen
Slide 6: Q1 key financials
Q1 key financials Stable revenue and underlying margins - reported figures reflect Kaseum & Razor consolidation and one-offs Revenue (bnNOK) EBITDA (mNOK) Order Backlog (bnNOK) uste net o restruturin an one o s 1.37bn 204m 11.6bn Revenue Q1 Adj EBITDA Q1 Backlog Q1 5.6 bnNOK Revenue LTM 832 mNOK Adj
Slide 7: Market outlook and strategic priorities
Market outlook and strategic priorities Stable underlying market in 2026; structural drivers strengthening into 2027 MARKET VIEW • North Sea: stable activity; elevated tendering • International: disciplined spend; selective growth pockets (notably ME and offshore Americas) • Structural P&A and inter
Slide 8: Strong customer base with 7.1 billion NOK firm order backlog
Strong customer base with 7.1 billion NOK firm 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 ptions Order intake comprises contract awards includ
Slide 9: Attractive shareholder return
Attractive shareholder return Dividend policy unchanged. Pause Q2 and Q3 2026 payment as previously communicated. Expect to resume dividend payment in Q4 2026. PAID DIVIDEND LTM (mNOK) MAIN ACHIEVEMENTS 2022-2025 Established dividend program with consistent payouts 624 mNOK paid out to shareholders
Slide 10: Financial information
*Sodfjell technology Financial information 10
Slide 11: Group financials
Group financials Stable Q1 2026 revenue and underlying margins, with strengthened liquidity and acquisitions consolidated Revenue (mNOK) EBITDA (mNOK) Key Financials (mNOK) peratin revenue peratin pro it ( ) et pro it (loss) et cas lo rom investin activities ( ) ( ) ( ) ( ) ( ) vaila le i ui ity Hig
Slide 12: Well Services
Well Services Stable Q1 results with acquisition contribution and strategic expansion shaping future earnings mix Revenue (mNOK) EBITDA (mNOK) Q1 2026 Revenue by Region or ay Continental urope rica Highlights • Q1 2026 revenue of 525 mNOK, up YoY driven by solid operational activity and contribution
Slide 13: Operations
Operations The stabilising backbone of the group Revenue (mNOK) EBITDA (mNOK) Highlights • Q1 2026 revenue of 640 mNOK, in line with Q1 2025 and slightly down QoQ from Q4 2025, driven by contract mix and rigs shifting to maintenance mode • EBITDA of 42 mNOK corresponds to a 6.5% margin, compared wit
Slide 14: Projects & Engineering
Projects & Engineering Stable Q1 performance with improved margins and strengthening activity outlook Revenue (mNOK) EBITDA (mNOK) Highlights • Q1 revenue 2026 142 mNOK, stable QoQ — lower YoY due to high SPS activity in first half of 2025 • EBITDA 16 mNOK with 11.5% margin, improving vs recent quar
Slide 15: Q1 2026 cash flow analysis
Q1 2026 cash flow analysis Q1 cash flow driven by strategic acquisitions, disciplined capex, and strengthened liquidity through successful tap issue Cash flow bridge (mNOK) Comments – Operating cash flow was negative 3.5 mNOK (vs. positive 383 mNOK in Q4 2025) – Seasonal working capital increase of
Slide 16: 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 16
Slide 17: Performance Improvement
Performance Improvement PIP continues into 2026 with sustained focus on margins and cash conversion 2025 PIP - Delivered: 2026 PIP - Continues: Material commercial improvements: Targets: Increased margins and 100m NOK savings cash conversion • Structural cost base reduction • Further enhanced operat
Slide 18: Summary
Summary 18
Slide 19: Positioned for a stronger 2026
Positioned for a stronger 2026 Broader capability set. Contract visibility improved. Capital structure aligned to growth. 1 2 3 EARNINGS BASE BROADENED REVENUE VISIBILITY STRONG BALANCE SHEET Q2 2026 7.3bn NOK 1.0bn NOK first full quarter consolidated firm backlog available liquidity Kaseum & Razor
Slide 20: Appendix
sodfjell 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 ( ) ( ) ( )
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 ( ) ( ) ( ) ( ) et capital e pen iture (property, plant an e uipment) ( ) ( ) ( ) ( ) et cas
Slide 24: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 24