Slide 1: First quarter 2026 results
First quarter 2026 results 30 April 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: First quarter 2026 – a solid start to the year
First quarter 2026 – a solid start to the year • Adjusted EBITDA of $385 million – Growth of over 60% year-on-year – Margin of 21%, up from 15% in the prior year period • Strong operational and financial performance in both subsea and offshore wind • Guidance for the full year increased • Order inta
Slide 4: Robust backlog - $5.5 billion for execution in the remainder of 2026
Robust backlog - $5.5 billion for execution in the remainder of 2026 Subsea and Conventional Renewables Backlog by year of execution Backlog by year of execution 11.4 2.6 8.4 8.4 8.7 2.0 2.0 2.0 2.0 1.3 2.1 0.3 0.5 0.4 4.3 3.2 2.8 1.2 2.9 0.8 0.7 0.7 0.5 3.9 3.9 4.5 0.9 3.5 0.9 0.9 0.5 Mar '23 Mar '
Slide 5: Group revenue and Adjusted EBITDA
Group revenue and Adjusted EBITDA Revenue Adjusted EBITDA 7.1 1,480 6.8 6.0 1.9 2.0 477 1,090 1.6 315 1.8 1.8 714 407 1.6 $bn 245 321 $m 1.7 1.8 1.5 Q4 360 Q4 201 Q3 292 Q3 1.8 Q2 162 385 Q2 1.2 1.4 1.5 236 Q1 107 162 Q1 2023 2024 2025 2026 2023 2024 2025 2026 5 © Subsea7 - 2026 subsea7.com
Slide 6: Subsea and Conventional
Subsea and Conventional Revenue $1.5bn $1.3bn $1.2bn • Revenue $1.5 billion – Up 17% year-on-year – High activity in Türkiye, Brazil, Norway Q1 2024 Q1 2025 Q1 2026 • Adjusted EBITDA $356 million – Up 59% year-on-year $356m Adjusted 200 $225m 0.25 • Net operating income $228 million EBITDA 180 160 $
Slide 7: Renewables
Renewables $282m Revenue $245m $179m • Revenue $282 million – Up 15% year-on-year – Cable lay and jack-up foundation Q1 2024 Q1 2025 Q1 2026 installation activities • Adjusted EBITDA $35 million 40 0.2 Adjusted 35 $35m 0.18 – Up 41% year-on-year 0.16 EBITDA 30 $25m 0.14 25 0.12 • Net operating loss
Slide 8: Cash flow bridge
Cash flow bridge $m 1600 1400 385 (54) 1200 (100) (31) 30 1,074 Including: 1000 970 (128) • Capex $53 million • Lease payments $64 million 800 Equating to: 600 • Free cash flow $204 million • Cash conversion 0.9x 400 • Net cash $198 million – Including lease liabilities 200 $337 million 0 Cash Adjus
Slide 9: Group financial guidance – revised upwards
Group financial guidance – revised upwards 2025 reported 2026 Revenue $7.1 billion $7.4 – 7.8 billion Previously $7.0 – 7.4 billion Administrative expense $340 million $340 – 360 million Adjusted EBITDA margin 21% ~23% Previously ~22% Depreciation and amortisation $710 million $650 - 670 million Pre
Slide 10: Collaborations and partnerships – a growing trend
Collaborations and partnerships – a growing trend • “Collaborations and partnerships” is one of our six strategic differentiators • A growing trend from clients seeking to benefit from: – Innovative and cost-effective solutions – Enhanced planning to secure access to vessel and supply chain capacity
Slide 11: Subsea prospects
Subsea prospects Europe Under $150m $150-300m Adura Puffin $300-500m North and Central America Aker BP Tie-back projects $500-750m BP Tie-back projects Chevron Aphrodite (i) $750m-$1.25bn Equinor Bay du Nord (i, f) Equinor Marine Wave 1+2 $1.25bn+ Shell Tie-back projects Wisting (i, f) Repsol Polok
Slide 12: Offshore wind – adjustments to fiscal regimes
Offshore wind – adjustments to fiscal regimes • Encouraging signs in recent months • UK: 8.2GW cleared in allocation round 7 (AR7) in January 2026, with allocation round 8 (AR8) results expected in Q4 2026 • Germany: committed to introduce a CfD regime • Netherlands: two subsidy-supported leases of
Slide 13: Confidence in 2026 and beyond
Confidence in 2026 and beyond • Robust backlog of $13.5 billion – A further $1.3 billion awarded in April • Raised guidance for 2026 – High revenue visibility and confidence in execution performance – Adjusted EBITDA margin increased to ~23% • Subsea tendering pipeline remains around $20 billion • C
Slide 14: CEO succession
CEO succession • Stuart Fitzgerald becomes Subsea7 CEO from 1 July 2026 – Joined Subsea7 in 1998 – Currently leading the merger integration planning teams – Previously CEO Seaway7, EVP Strategy and Regional VP Norway 14 © Subsea7 - 2026 subsea7.com
Slide 15: Continuity of leadership
Continuity of leadership • Experienced leadership team unchanged • Continuity of strategy and best-in-class project execution Mark Foley Olivier Blaringhem Phil Simons CFO EVP Subsea and EVP Projects and • Lloyd Duthie becomes CEO of Seaway7 Conventional Operations – 25 years with the Subsea7 Group
Slide 16: A new chapter – joining the Subsea 7 S.A. board of directors
A new chapter – joining the Subsea 7 S.A. board of directors* * Subject to AGM approval on 12 May 2026 16 © Subsea7 - 2026 subsea7.com
Slide 17: Appendix
Appendix 17 © Subsea7 - 2026 subsea7.com
Slide 18: 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 March 2026 Super–major (over $1.25bn) Major ($750m-$1.25bn) Very large ($500- 750m) Large ($300-500m) Substantial ($150-300m) Sizeable ($50-150m) 18 © Subsea7 - 2026
Slide 19: Fleet – vessels at the end of March 2026
Fleet – 36 vessels at the end of March 2026 Renewables and transportation vessels are operated by Seaway7 19 Chartered vessels are denoted with an asterisk. © Subsea7 - 2026 subsea7.com
Slide 20: subsea7.com
20 © Subsea7 - 2026 subsea7.com