Slide 1: 2024 Q4 results
2024 Q4 results 26 February 2025 abl-group.com
Slide 2: Highlights, Financial review, Operations and outlook
1. Highlights Reuben Segal, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Reuben Segal, CEO © 2012-2024 ABL Group
Slide 3: Disclaimer
Disclaimer ▪ This Presentation has been produced by ABL Group ASA (the “Company” or “ABL Group”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, h
Slide 4: Q4 2024 Highlights
Q4 2024 Highlights • Revenue of USD 85.9m, up 27% compared to Q4 2023 (USD 67.7m) 67.7 86.2 85.9 • Growth from acquisition of Ross Offshore1 contributing USD 16.8m revenue • OWC experienced lower activity level because of a reduction in demand in the Revenue offshore wind market (USDm) • Adjusted EB
Slide 5: Acquisition of Proper Marine – Completed in January 2025
Acquisition of Proper Marine – Completed in January 2025 About the company Strategic rationale • Founded in 2010 • Forms part of ABL Group’s engineering arm Longitude • Based in Rio de Janeiro, Brazil • Consolidating two almost equal sized teams to create an even stronger international design and e
Slide 6: Acquisition of Techconsult – To complete in April 2025
Acquisition of Techconsult – To complete in April 20251 About the company Strategic rationale • Founded in 1999 • To form part of the resourcing business of AGR • Based in Norway with offices in Bergen, Oslo and Stavanger • Doubling the shared database of technical professionals – 26,000 in total •
Slide 7: Financial review
1. Highlights Reuben Segal, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Reuben Segal, CEO © 2012-2024 ABL Group
Slide 8: Acquisition of Proper Marine completed in January 2025
Acquisition of Proper Marine completed in January 2025 Net purchase price (USDm) • ABL Group acquired Proper Marine for a purchase price Enterprise value 4.0 Share consideration 2.0 of USD 4.0m Net cash and excess NWC 0.0 Cash consideration 2.0 • Cash consideration of USD 2.0m Purchase price1 4.0 To
Slide 9: Acquisition of Techconsult announced in February 2025
Acquisition of Techconsult announced in February 2025 Net purchase price (USDm) • ABL Group to acquire Techconsult for a purchase price Enterprise value 3.7 Cash on closing 2.9 of NOK 43.1 (USD 3.9 million net of cash) Net cash and excess NWC 0.1 Seller’s credit 1.0 • The purchase price will be sett
Slide 10: Segment overview
Segment overview ABL AGR OWC Longitude • MWS & other asset surveys • Wells & reservoir consulting • Renewables consulting • Marine ops engineering Key services • Marine operations support • Resource solutions • Owner’s engineering • Vessel & facility design • Marine casualty support • Marine Operati
Slide 11: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million Revenues Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 • Revenue growth of 27% YOY driven by organic growth in ABL 34.5 36.3 36.2 35.6 34.9 Longitude (+31%) and Ross Offshore acquisition adding OWC 10.3 9.1 8.8 8.0 8.3 USD 16.8m to AGR segment Longitude 3.0 3.0 2.9
Slide 12: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million Abbreviated income statement Q4 23 Q4 24 Total revenue 67.7 85.9 • Increase in revenue (+27% YoY) and operating cost (+32%) Operating costs (62.2) (81.9) primarily from acquisition of Ross Offshore in 2Q 2024 Depreciation and amortisation (1.6) (1
Slide 13: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million Abbreviated cash flow Q4 23 Q4 24 • Positive cash flow from operations of USD 5.9 million Profit before taxes 2.1 3.1 • USD (1.4)m cash flow from investing activities Non-cash adjustments 1.8 1.7 • Of which USD 0.3m net payment in acquisition of Hidromod
Slide 14: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net cash1 decreased to USD 4.8m, primarily due to dividend Abbreviated balance sheet Q3 24 Q4 24 payment during the quarter Cash and cash equivalents 22.5 19.5 • Working capital ratio at 40%, in line with Q3 Other current assets 94.5 85.9 • Working
Slide 15: Proposing semi-annual dividend of NOK 0.45 per share
Proposing semi-annual dividend of NOK 0.45 per share Paid and proposed dividends • Proposing dividend of NOK 0.45 per share in H1 2025, corresponding to USD 5.3 million 2.3x 0.45 0.40 0.40 • The dividend is subject to shareholder approval at the AGM planned for 28 0.35 0.35 NOK/share 0.30 0.30 May 2
Slide 16: Operations and outlook
1. Highlights Reuben Segal, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Reuben Segal, CEO © 2012-2024 ABL Group
Slide 17: Modest organic staff growth
Modest organic staff growth Staff level development1 Tech staff development by segment, including freelancers2 2 000 40% +6% -16% -2% +32% 700 1 500 30% 600 500 1 000 20% 400 300 500 10% 200 100 0 0% 0 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ABL OWC Longitude AGR Permanent staff Freelancers Fre
Slide 18: Offshore wind: Slowdown continues, but long-term view remains strong
RENEWABLES Offshore wind: Slowdown continues, but long-term view remains strong Offshore wind projects by installation year (GW) 1 Comments 2022 report OWC’s main market: 3-5 years before • Cost pressures and developer sentiment continue to installation impact offshore wind roll out 2023 report 38.9
Slide 19: Oil & gas: Flat development into 2025
OIL & GAS Flat development into 2025 – regional variations net neutral for ABL Group E&P capex growth Rigs under contract 440 280 420 260 400 240 380 220 # Jackups 360 200 # Floaters 340 180 320 160 300 140 280 120 260 100 240 80 e e s e di c Jackups Floaters 19 Source: SB1 Markets, Rystad Energy, B
Slide 20: Summary and outlook
Summary and outlook • Mixed performance in Q4 2024 • Margin reduction YoY primarily due to reduced utilisation in ABL segment and continued challenging offshore wind market • Strong performance from Longitude and existing AGR business • Quarterly improvement in Ross Offshore • Mixed market outlook •
Slide 21: Appendix
Appendix © 2012-2024 ABL Group
Slide 22: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, ABL Group (USDm) Key acquisitions • 2014: OWC • 2019: Braemar Technical 381 Services (BTS), forming AqualisBraemar 310 • 2020: LOC Group, forming ABL Group 251 • 2021: East Point Geo, OSD-IMT 151 168 • 2022: Add Energy • 2023: AGR, Delta Win
Slide 23: Our Markets
Our Markets 16%1 9%1 75%1 23 1 % of LTM revenues on pro-forma combined basis including Ross Offshore, excluding Proper Marine and Techconsult
Slide 24: Global partner, local expert
Global partner, local expert 1,760 Employees1 77 Offices2 43 Countries Global footprint provides clients with local expertise and swift response 24 1 Includes freelancers on FTE basis. Calculated as average during Q4 2024 2 Excluding Proper Marine and Techconsult
Slide 25: In 2024, ABL Group…
In 2024, ABL Group… In 2024, ABL Group… In 2024, ABL Group… ...received ...carried out ...worked on 500+ 2,500+ 1,500+ rig moves wind, solar and battery maritime instructions from projects with a potential capacity of 1,100+ 900+ unique clients MWS projects 350+ GW 1,500+ vessel surveys/audits …work
Slide 26: Billing ratio development
Billing ratio development Billing ratio1 – Technical staff Comments • Freelancers are ~100% 79% utilisation by definition 77% 78% 77% 74% 74% 74% 74% 75% 69% 69% 67% 68% 66% 64% 65% 64% 64% Billing ratio - Own staff Billing ratio - Inc freelancers 26 1 Billing ratio excludes management, business dev
Slide 27: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q/Q growth Y/Y growth ABL Group, as reported 67.7 68.9 68.6 86.2 85.9 -0.4% 26.8% AGR (consolidated 2Q23) Ross Offshore (consolidated 3Q24) 18.8 17.8 16.3 Pro-forma combined (simplified) 86.5 86.7 84.8 86.2
Slide 28: General (1/2)
General (1/2) Basis of preparations Alternative Performance Measures (APMs) This presentation provides consolidated ABL discloses APMs in addition to those normally required by IFRS. APMs are meant to provide an enhanced insight into financial highlights for the quarter of the the operations, financ
Slide 29: General (2/2)
General (2/2) Alternative Performance Measures (APMs) continued Return on equity (ROE) ROE is calculated as the adjusted profit (loss) for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit (loss) is annualised for interim per
Slide 30: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Restructuring and integration costs 220 392 - - - 135 135 Transaction costs related to M&A - 720 - 185 39 91 315 Acquisition costs classified as employment costs under IFRS 3 - - - - - 56 56 Total adju
Slide 31: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Operating profit (loss) (EBIT) 3 913 16 530 3 372 2 227 2 487 2 357 10 443 Depreciation, amortisation and impairment 1 576 5 301 1 394 1 371 1 679 1 642 6 086 EBITDA 5 489 21 831 4 766 3 598 4 166 3 9
Slide 32: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 Cash and cash equivalents 28 157 28 157 30 889 28 425 22 485 19 474 Less: Interest bearing bank borrowings 10 946 10 946 11 505 17 633 14 617 14 633 Net Cash 17 211 17 211 19 384 10 792 7 868 4 841 USD thousands Working
Slide 33: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Revenue 67 716 251 233 68 906 68 577 86 244 85 897 309 624 Staff costs (33 000) (125 373) (35 319) (35 723) (38 790) (40 135) (149 967) Other operating expenses (29 227) (104 029) (
Slide 34: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated cashflow statement Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Profit before taxes 2 079 12 445 2 218 1 275 1 020 3 082 7 595 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1 576
Slide 35: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Goodwill and intangible assets 56 828 55 248 66 671 67 150 65 423 Property, plant and equipment 10 613 9 457 9 911 11 573 10 229 Investment in associates 32 31 167 168 156 Deferred tax
Slide 36: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 ABL 34 488 138 786 36 276 36 179 35 582 34 874 142 911 OWC 10 327 41 615 9 086 8 836 7 980 8 318 34 220 Longitude 3 001 12 385 2 990 2 901 3 183 3 936 13 010 AGR 21 350 66 224 21 242 21 037 39 785
Slide 37: Top 20 shareholders
Top 20 shareholders # Name of shareholder No. of shares % ownership 1 GROSS MANAGEMENT AS 15 267 351 11.6% 2 HOLMEN SPESIALFOND 10 712 848 8.2% 3 DNB BANK ASA 7 637 835 5.8% 4 BJØRN STRAY 6 368 743 4.9% 5 RGA ENERGY HOLDINGS AS 6 055 556 4.6% 6 VERDIPAPIRFONDET HOLBERG NORGE 5 326 626 4.1% 7 MELESIO
Slide 38: The ABL Group family
The ABL Group family ABL Group ASA – a global brand family combining the deepest pool of expertise across energy, marine, engineering and digital solutions to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. The Energy & Marine Consultants. The En
Slide 39: abl-group.com
© ABL Group, 2024 abl-group.com