Slide 1: 2025 Q1 results
2025 Q1 results 7 May 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 © 2012-2025 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: Q1 2025 Highlights
Q1 2025 Highlights 85.9 81.7 • Revenue of USD 81.7m, up 19% compared to Q1 2024 (USD 68.9m) • Growth from acquisitions of Ross Offshore1 and Proper Marine1 contributing USD 68.9 15.9m and USD 1.2m revenue, respectively Revenue • Revenue reduction from Q4 driven by ABL and AGR, partly from reduced pa
Slide 5: Financial review
1. Highlights Reuben Segal, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Reuben Segal, CEO © 2012-2025 ABL Group
Slide 6: Segment overview pro-forma comparison
Segment overview pro-forma comparison 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 sup
Slide 7: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million Revenues Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • Revenue growth of 19% YOY largely driven by the ABL 36.3 36.2 35.6 34.9 34.0 acquisitions of Ross Offshore (AGR segment) and Proper OWC 9.1 8.8 8.0 8.3 8.1 Marine (Longitude) Longitude 3.0 2.9 3.2 3.9 5.0 AGR
Slide 8: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million Abbreviated income statement Q1 24 Q1 25 Total revenue 68.9 81.7 • Increase in revenue (+19% YoY) and operating cost (+22%) Operating costs (64.1) (78.4) primarily from acquisition1 of structurally lower margin Ross Depreciation and amortisation (
Slide 9: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million Abbreviated cash flow Q1 24 Q1 25 • Positive cash flow from operations of USD 2.8 million Profit before taxes 2.2 0.3 • USD 2.8m cash outflow from investing activities Non-cash adjustments 1.5 2.2 • Of which USD 2.1m net payment in acquisition of Proper
Slide 10: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net cash1 decreased to USD 3.5m, primarily due to Abbreviated balance sheet Q4 24 Q1 25 acquisition of Proper Marine during the quarter Cash and cash equivalents 19.5 21.2 • Working capital ratio at 43%, slightly up from Q4 Other current assets 85.
Slide 11: Proposed semi-annual dividend of NOK 0.45 per share upheld
Proposed semi-annual dividend of NOK 0.45 per share upheld Paid and proposed dividends • Proposed dividend of NOK 0.45 per share upheld, corresponding to USD 5.6 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
Slide 12: Operations and outlook
1. Highlights Reuben Segal, CEO 2. Financial review Stuart Jackson, CFO 3. Operations and outlook Reuben Segal, CEO © 2012-2025 ABL Group
Slide 13: Limited organic staff growth, continued growth from consolidation
Limited organic staff growth, continued growth from consolidation Staff level development1 Tech staff development by segment, including freelancers2 2 000 40% +11% -12% +99% +31% 1 500 30% 800 600 1 000 20% 400 500 10% 200 0 0% 0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ABL OWC Longitude AGR Per
Slide 14: 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 OWC’s main market: 3-5 years before • Cost pressures and developer sentiment continue to 2022 report installation impact offshore wind roll out 2023 report • Bi
Slide 15: Oil & gas: Flat development through 2025
OIL & GAS Flat development through 2025 – volatility from regional demand shifts E&P capex growth Rigs under contract 40% 440 280 420 260 30% 400 240 20% 380 220 10% # Jackups 360 200 # Floaters 1% 0% 340 180 320 160 -10% 300 140 -20% 280 120 -30% 260 100 -40% 240 80 2025e 2003 2004 2005 2006 2007 2
Slide 16: Summary and outlook
Summary and outlook • Performance in Q1 2025 reflective of market conditions: • Continued weak renewables market reflects the general unease around energy transition • Geopolitical gyrations slow decision making around more traditional markets • Despite these headwinds our actions have maintained pr
Slide 17: Appendix
Appendix © 2012-2024 ABL Group
Slide 18: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, ABL Group (USDm) Key acquisitions • 2014: OWC 374 • 2019: Braemar Technical Services (BTS), forming 310 AqualisBraemar 251 • 2020: LOC Group, forming ABL Group • 2021: East Point Geo, OSD-IMT 168 151 • 2022: Add Energy • 2023: AGR, Delta Win
Slide 19: Our Markets
Our Markets 17%1 9%1 74%1 19 1 % of LTM revenues on pro-forma combined basis including Ross Offshore, excluding Proper Marine and Techconsult
Slide 20: Global partner, local expert
Global partner, local expert 1,883 Employees1 78 Offices2 44 Countries Global footprint provides clients with local expertise and swift response 20 1 Includes freelancers on FTE basis. Calculated as average during Q1 2025 2 Excluding Techconsult
Slide 21: 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 22: Billing ratio development
Billing ratio development Billing ratio1 – Technical staff Comments • Freelancers are ~100% 79% utilisation by definition 78% 77% 74% 74% 74% 74% 75% 75% 69% 67% 68% 66% 65% 64% 65% 64% 64% Billing ratio - Own staff Billing ratio - Inc freelancers 22 1 Billing ratio excludes management, business dev
Slide 23: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q/Q growth Y/Y growth ABL Group, as reported 68.9 68.6 86.2 85.9 81.7 -4.8% 18.6% Ross Offshore (consolidated 3Q24) 17.8 16.3 Proper Marine (consolidated 1Q25) 1.3 1.3 1.3 1.3 Pro-forma combined (simplified
Slide 24: General (1/2)
General (1/2) Basis of preparations Alternative Performance Measures (APMs) This presentation provides consolidated The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures (“APMs”) financial highlights for the quarter of the that came into force on
Slide 25: General (2/2)
General (2/2) Alternative Performance Measures (APMs) continued Return on equity (ROE) ROE is calculated as the adjusted profit for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit is annualised for interim period reporting.
Slide 26: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Restructuring and integration costs - - - 135 135 403 Transaction costs related to M&A - 185 39 91 315 106 Acquisition costs classified as employment costs under IFRS 3 - - - 56 56 384 Total adjustment items
Slide 27: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Operating profit (loss) (EBIT) 3 372 2 227 2 487 2 357 10 443 1 829 Depreciation, amortisation and impairment 1 394 1 371 1 679 1 642 6 086 1 561 EBITDA 4 766 3 598 4 166 3 999 16 529 3 390 Total adjustment
Slide 28: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Cash and cash equivalents 30 889 28 425 22 485 19 474 21 212 Less: Interest bearing bank borrowings 11 505 17 633 14 617 14 633 17 720 Net Cash 19 384 10 792 7 868 4 841 3 492 USD thousands Working capital Q1 24 Q2 24 Q3 24 Q4
Slide 29: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Revenue 68 906 68 577 86 244 85 897 309 624 81 747 Staff costs (35 319) (35 723) (38 790) (40 135) (149 967) (39 309) Other operating expenses (28 821) (29 256) (43 288) (41 763) (143 128
Slide 30: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated cashflow statement Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Profit before income tax 2 218 1 275 1 020 3 082 7 595 286 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1 394 1 371 1 67
Slide 31: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Goodwill and intangible assets 55 248 66 671 67 150 65 423 68 422 Property, plant and equipment 9 457 9 911 11 573 10 229 10 631 Investment in associates 31 167 168 156 31 Deferred tax
Slide 32: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 ABL 36 276 36 179 35 582 34 874 142 911 33 999 OWC 9 086 8 836 7 980 8 318 34 220 8 143 Longitude 2 990 2 901 3 183 3 936 13 010 5 041 AGR 21 242 21 037 39 785 38 826 120 890 34 780 Eliminations (688) (
Slide 33: 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 VPF FONDSFINANS UTBYTTE 5 500 000 4.2% 7 VERDIPAPIRFOND
Slide 34: 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
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