Slide 1: 2026 Q2 Results
2026 Q2 Results 20th August 2026 aqualis-group.com © 2026 Aqualis
Slide 2: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2026 Aqualis
Slide 3: Disclaimer
Disclaimer ▪ This Presentation has been produced by Aqualis ASA (the “Company” or “Aqualis”) 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, has n
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights • Revenue of USD 90.8m, up 10% compared to Q1 2026 (USD 82.4m) 96.1 • Revenue increase primarily driven by ABL and AGR 90.8 82.4 Revenue (USDm) • Adjusted EBIT of USD 5.3m (Q1 2026: USD 3.1m) Q2 25 Q1 26 Q2 26 • Adjusted EBIT margin of 5.8% (Q1 2026: 3.7%) • EBIT improvement acros
Slide 5: Aqualis – a global consultancy group in energy and oceans
Aqualis – a global consultancy group in energy and oceans Revenue and Group adjusted EBIT, USDm1 354 350 310 251 151 168 18.8 15.3 13.5 15.2 77 12.5 55 9.6 4.8 1.3 2019 2020 2021 2022 2023 2024 2025 LTM Revenue Adj. EBIT LTM revenue by market LTM revenue by segment LTM EBIT by segment3 Longitude, 7%
Slide 6: The AQUALIS family
The AQUALIS family AQUALIS ASA – a global consultancy group, combining multi-disciplined expertise to deliver marine, engineering and technical services that drive safety and sustainability in energy and oceans. Leading marine consultancy, loss Specialists in drilling, wells and A specialist renewab
Slide 7: Selected projects won or executed during the quarter
Selected projects won or executed during the quarter • MWS on Brazil’s Mero 3 • Drilling Support on Aker • Technical DD for • Proper Live Load (PLL) and 4 developments BP Deepsea Stavanger Rig Germany’s Gennaker Launch: AI-enabled live Offshore Wind Farm mooring line monitoring • Country: Brazil • R
Slide 8: Acquisition of SynergenOG completed post quarter end
Acquisition of SynergenOG completed post quarter end About the transaction Strategic rationale • SynergenOG is a process safety and technical risk management • Closing off one of Longitude’s missing engineering disciplines to consultancy for the energy industry, with 45 professionals across develop
Slide 9: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2026 Aqualis
Slide 10: Revenue and adjusted EBIT bridge
Revenue and adjusted EBIT bridge Revenue bridge Q1’26 to Q2’26 Adj. EBIT bridge Q1’26 to Q2’26 Comments • Revenue increase primarily 0.2 90.8 driven by ABL and AGR 1.1 4.0 1.1 ( 0.2) • Group adj. EBIT positively 3.4 5.3 impacted by quarterly -0.5 improvement in ABL and 0.2 82.4 0.1 Longitude 1.2 • C
Slide 11: Segment snapshot: ABL
Segment snapshot: ABL Key financials, USDm Comments 40.6 7.6 7.7 • The business continues to perform strongly with 38.3 37.7 37.2 37.1 increased revenue – record number of billable hours in 6.8 June 6.6 6.5 17.2 % 20.2 % 18.4 % 17.5 % 19.0 % • Adj. EBIT margin of 19.0%, up from 17.5% in Q1 2026 • St
Slide 12: Segment snapshot: AGR
Segment snapshot: AGR Key financials, USDm Comments 43.5 2.2 • Revenue increase of 12% due to strong performance in 38.8 1.9 36.2 33.2 37.2 1.7 5.6 % Wells Australia and increasing vessel revenues 4.5 % 4.6 % 1.4 1.2 • Vessel revenues of USD 3.5m in Q2, up from USD 0.3m in Q1 3.7 % 3.7 % 2026 but we
Slide 13: Segment snapshot: OWC
Segment snapshot: OWC Key financials, USDm Comments 9.3 8.6 0.6 • Slight decline in Q2 revenue compared to Q1, as market 0.5 7.3 7.1 6.9 0.4 remains slow 0.2 6.2 % 5.6 % 2.2 % 5.8 % • Further closure of unprofitable offices -2.4 % • Improvement in profitability as cost initiatives take effect -0.2 Q
Slide 14: Segment snapshot: Longitude
Segment snapshot: Longitude Key financials, USDm Comments 5.8 5.9 6.4 1.2 • Revenue up by 21% from Q1 2026, growth of 9% from Q2 5.3 5.3 2025 0.8 0.9 19.2 % 14.3 % 0.5 14.5 % • EBIT improvements from utilisation increase 8.6 % 0.1 • Acquisition of SynergenOG completed – will be 1.8 % consolidated fr
Slide 15: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million • Increase in revenue (+10% QoQ) accompanied with an Abbreviated income statement Q1 26 Q2 26 increase in operating cost (+7% QoQ) Total revenue 82.4 90.8 • Improved operating margin mainly from improved utilisation Operating costs (78.9) (84.5) •
Slide 16: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million • Break even cash flow from operations Abbreviated cash flow Q1 26 Q2 26 • Negative cash flow from changes in working capital of USD 4.3m, mainly driven by increased revenues towards end of quarter Profit before taxes 2.2 1.9 Non-cash adjustments 0.7 1.9
Slide 17: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net debt1 increased to USD 20.4m Abbreviated balance sheet Q1 26 Q2 26 • Working capital ratio2 at 50%, up from 49% Q1 2026 Cash and cash equivalents 12.1 8.7 • Increased net working capital mainly due to higher revenues, Other current assets 98.5
Slide 18: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2026 Aqualis
Slide 19: Oil & Gas: Flat offshore trajectory – uncertainty prevails
OIL & GAS Flat offshore trajectory – uncertainty prevails amid Middle East conflict E&P capex growth Rigs under contract Comments 40% 400 240 • Global upstream E&P capex expected to be marginally down in 2026 from 2025 30% 380 220 • Offshore spending continues to outperform onshore, driven by 20% 36
Slide 20: Offshore Wind market: Inflation and financing costs remain elevated
RENEWABLES Offshore Wind market: Inflation and financing costs remain elevated Offshore wind projects by installation year (GW)1 Comments OWC’s main market: • Offshore wind market volatility continuing through 2026 2022 report 3-5 years before installation • Inflation and financing costs continuing
Slide 21: Robust demand base as global trade continues to increase
MARITIME Robust demand base as global trade continues to increase Comments World fleet growth, in dwt and world GDP, % • Stable underlying drivers 12.0 • The long-term driver of Aqualis maritime activities is the size of the global shipping 10.0 fleet • The global shipping fleet has grown by 3.3% an
Slide 22: Summary and outlook
Summary and outlook • Increased revenues and group profitability in Q2 2026 • ABL segment with improving performance despite continued uncertainty from the Middle East conflict • AGR relatively stable performance, despite continued headwinds from lower activity in Norway and Marine operations • OWC
Slide 23: Appendix
Appendix © 2026 Aqualis
Slide 24: In 2025, Aqualis…
In 2025, Aqualis… In 2025, Aqualis… In 2025, Aqualis… ...carried out ...received ...worked on 1,300+ 2,600+ 890+ rig moves maritime instructions, incl. wind, solar and battery projects with a potential 1600+ 1,300+ capacity of MWS projects loss management 890+ 272+ GW 950+ vessel surveys/audits* mar
Slide 25: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, Aqualis (USDm) Key acquisitions • 2014: OWC 354 350 • 2019: Braemar Technical Services (BTS), forming 310 AqualisBraemar • 2020: LOC Group, forming ABL 251 Group (now Aqualis) • 2021: East Point Geo, OSD-IMT 168 • 2022: Add Energy 151 • 2023
Slide 26: Billing ratio development
Billing ratio development Billing ratio1,2 – Technical staff Comments • Increase in utilisation from Q1 80% 80% 2026 through internal staff 78% 78% 78% 76% • Freelancers are ~100% utilisation 76% 75% 74% by definition 71% 71% 68% 68% 69% 66% 64% 64% 65% Billing ratio - Own staff Billing ratio - Inc
Slide 27: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q/Q growth Y/Y growth ABL Group, as reported 96.1 87.8 88.7 82.4 90.8 10.3% -5.5% Synergen, revenue (consolidated 3Q26) Pro-forma combined (simplified) 96.1 87.8 88.7 82.4 90.8 10.3% -5.5% Adjusted EBIT Q2
Slide 28: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million Revenues Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ABL 38.3 37.7 37.1 37.2 40.6 OWC 9.3 8.6 7.3 7.1 6.9 Longitude 5.8 5.3 5.9 5.3 6.4 AGR 43.5 36.2 38.8 33.2 37.2 Eliminations (0.8) (0.1) (0.3) (0.3) (0.1) Group revenues 96.1 87.8 88.7 82.4 90.8 Adjusted EBIT Q2
Slide 29: Segment revenues and adjusted EBIT margin – Last 3 years
Segment revenues and adjusted EBIT margin – Last 3 years ABL, USDm AGR, USDm 40.6 43.5 36.3 36.2 38.3 37.7 37.1 37.2 35.9 34.5 35.6 34.9 34.0 39.8 38.8 38.8 34.8 36.2 37.2 20.2% 33.2 21.9% 20.5% 17.8% 18.0% 17.4% 17.2% 18.4% 17.5% 19.0% 15.5% 16.7% 21.8 21.4 21.2 21.0 6.7% 6.1% 5.2% 4.6% 4.9% 5.1% 4
Slide 30: 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 31: 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 32: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Restructuring and integration costs - 25 1,688 2,116 724 61 Transaction costs related to M&A 59 21 50 236 25 29 Acquisition costs classified as employment costs under IFRS 3 459 98 473 1,414 192 297 Total ad
Slide 33: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Operating profit (loss) (EBIT) 2,479 2,977 (4,168) 3,117 1,598 4,434 Depreciation, amortisation and impairment 1,771 1,873 6,677 11,882 1,896 1,861 EBITDA 4,250 4,850 2,509 14,999 3,494 6,295 Total adjustme
Slide 34: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Cash and cash equivalents 18,804 15,320 14,583 14,583 12,130 8,697 Less: Interest bearing bank borrowings 17,813 17,904 20,001 20,001 24,163 29,050 Net Cash (Debt) 991 (2,584) (5,418) (5,418) (12,033) (20,353) USD thousa
Slide 35: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Revenue 96,147 87,758 88,706 354,358 82,361 90,834 Staff costs (45,003) (43,561) (42,208) (170,081) (42,340) (43,322) Other operating expenses (46,894) (39,347) (43,989) (169,278) (36,527
Slide 36: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated Cashflow Statement Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Profit (loss) before income tax (2,205) 6,884 (6,450) (1,485) 2,151 1,884 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1
Slide 37: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Goodwill and intangible assets 71,399 71,494 64,967 65,946 65,732 Property, plant and equipment 12,305 12,338 11,896 11,453 10,745 Investment in associates 39 40 39 40 40 Deferred tax
Slide 38: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 ABL 36,179 35,582 34,874 142,911 33,999 38,268 37,747 37,084 147,098 37,172 40,557 OWC 8,836 7,980 8,318 34,220 8,143 9,343 8,639 7,292 33,417 7,058 6,864 Longitude 2,901 3
Slide 39: Semi-annual dividend of NOK 0.45 per share paid in Q2
Semi-annual dividend of NOK 0.45 per share paid in Q2 Paid and proposed dividends • Dividend of NOK 0.45 per share paid in June, corresponding to USD 6.3 million 2.3x 0.45 0.45 0.45 ▪ In total USD terms, the dividend represented 9.8% increase over 0.40 0.40 0.35 0.35 H1 2025 and quadrupled since int
Slide 40: Top 20 shareholders
Top 20 shareholders # Name of shareholder No. of shares % ownership 1 GROSS MANAGEMENT AS 15 579 351 11.7% 2 HOLMEN SPESIALFOND 12 102 348 9.1% 3 DNB BANK ASA 7 637 835 5.7% 4 BJØRN STRAY 6 524 743 4.9% 5 RGA ENERGY HOLDINGS AS 6 055 556 4.5% 6 VERDIPAPIRFONDET HOLBERG NORGE 6 000 000 4.5% 7 VPF FON
Slide 41: aqualis-group.com
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