Slide 1: Q4 and FY 2025 results
Q4 and FY 2025 results 26 February 2026 1 © Subsea7 - 2026 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: 2025 – a solid foundation for the future
2025 – a solid foundation for the future • Q4 Adjusted EBITDA of $477 million – Over 50% growth year-on-year – Margin of 24%, up from 17% last year • Full year Adjusted EBITDA of $1,480 million – 36% growth year-on-year – Margin of 21%, up from 16% in 2024 • Strong order intake continued – Q4 book-t
Slide 4: Backlog of $13.8 billion
Backlog of $13.8 billion Subsea and Conventional Renewables 13.5 2.5 11.7 2.1 11.5 2.0 2.1 2.0 2 9.5 9.0 8.5 8.1 1.5 7.5 7.0 1.3 5.5 1 0.8 3.8 3.5 0.5 1.5 $bn 0 -0.5 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 • New awards of $1.5 billion in Q4 • Selective bidding since 2
Slide 5: Group revenue and EBITDA
Group revenue and EBITDA Revenue Adjusted EBITDA 7.1 1,480 6.8 6.0 477 5.1 2.0 1,090 1.9 1.6 1.3 315 1.8 714 407 1.8 1.6 559 1.4 $bn 245 321 $m 169 1.7 1.8 Q4 360 Q4 1.2 1.5 201 Q3 171 292 Q3 Q2 134 162 Q2 1.2 1.2 1.4 1.5 162 236 Q1 86 107 Q1 2022 2023 2024 2025 2022 2023 2024 2025 5 © Subsea7 - 202
Slide 6: Subsea and Conventional
Subsea and Conventional Revenue $1.4bn $1.6bn $5.5bn $5.8bn Fourth quarter $1.4bn $4.9bn • High activity on Sakarya Phase 2, Yggdrasil and Búzios 9 • Adjusted EBITDA margin of 26.2%, up from 16.6% in Q4 2024 Q4 2023 Q4 2024 Q4 2025 FY 2023 FY 2024 FY 2025 • Net operating income margin up to 17.2% fr
Slide 7: Renewables
Renewables Revenue $0.4bn $0.4bn $1.2bn $1.2bn Fourth quarter $1.0bn • High activity on Dogger Bank C and $0.2bn East Anglia THREE • Adjusted EBITDA margin of 20% • Net operating income margin of Q4 2023 Q4 2024 Q4 2025 FY 2023 FY 2024 FY 2025 10.9% up from 9.5% in Q4 2024 Adjusted EBITDA Full year
Slide 8: Cash flow bridge – full year
Cash flow bridge – full year $m 2500 234 1,480 2000 (199) (214) Including: • Capex $281m 1500 • Lease payments $292m • Dividends $376m 970 1000 (874) (33) Equating to: • Free cash flow $1.2bn 575 • Cash conversion 1.1x 500 • Net cash $21m – Including lease liabilities $365m 0 Cash Adjusted Working T
Slide 9: Group financial guidance
Group financial guidance 2025 reported 2026 Revenue $7.1 billion $7.0 – 7.4 billion Administrative expense $340 million $340 – 360 million Adjusted EBITDA margin 21% ~22% Depreciation and amortisation $710 million $580 – 600 million Net finance cost $65 million $40 – 50 million Effective tax rate 35
Slide 10: Delivering 20K subsea fields in the US
Delivering 20K subsea fields in the US • Opening up new resources with ultra high-pressure technology – Reservoir pressures up to 20,000psi – Extremely high-precision welding is critical – Exceptional pipewall thickness • Subsea7 has pioneered 20K pipeline fabrication and installation – Developed by
Slide 11: 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) Chevron Aphrodite (i) $1.25bn+ Shell Tie-back projects Equinor Wisting (i, f) Repsol Polok B29 (i) Ithaca F
Slide 12: Wind prospects – AR 7
Wind prospects – AR 7 CfD Grid Project Developer (GW) Consent Connection Norfolk Vanguard West RWE 1.5 Norfolk Vanguard East RWE 1.5 Dogger Bank South (E) RWE 1.5 Dogger Bank South (W) RWE 1.5 Awel y Môr RWE 0.8 Berwick Bank - B SSE 1.4 12 © Subsea7 - 2026 subsea7.com
Slide 13: Confidence in 2026 and beyond
Confidence in 2026 and beyond • Record year-end backlog of $13.8 billion comprising high-quality contracts • Guidance reaffirmed for full year 2026, with high visibility on revenue • Tendering activity in subsea remains high, with good near-term opportunities in wind • We are confident that the resi
Slide 14: Appendix
Appendix 14 © Subsea7 - 2026 subsea7.com
Slide 15: Major projects – percentage of completion
Major projects – percentage of completion Projects over $100 million, between 5% and 95% complete, excluding day-rate contracts, at 31 December 2025 Super–major (over $1.25bn) Major ($750m-$1.25bn) Very large ($500- 750m) Large ($300-500m) Substantial ($150-300m) Sizeable ($50-150m) 15 © Subsea7 - 2
Slide 16: Fleet – vessels in the active fleet at the end of Q4 2025
Fleet – 38 vessels in the active fleet at the end of Q4 2025 * * * * * Renewables and transportation vessels are operated by Seaway7 * * * * * Chartered vessels are denoted with an asterisk. 16 © Subsea7 - 2026 subsea7.com
Slide 17: subsea7.com
17 © Subsea7 - 2026 subsea7.com