First Quarter
2026
Today's presenters
Atle LohrmannPresident and Founder
Anton van HeerdenChief Financial Officer
3
Operational Highlights
Q U A R T E R 1
GENERAL OCEANS | FIRST QUARTER 2026 4
General Oceans Q1 2026 at-a-glance
NOK 327mTotal revenue
NOK 220mGross Profit
NOK 59mAdjusted EBITA
Revenue by segment (Q1'26)
NOK 546mBacklog
67%Gross margin
18%Adj. EBITA Margin
SensorsRobotics
Corporate/Other and Eliminations
General Oceans ASA listed on the Oslo Bors on 26th March 2026.
Successful acquisition of US vertical profiling float manufacturer MRV in April 2026.
5
Global position
Geographic revenue % (Q1'26)
64%
16%
20%
Europe
Americas
Asia & Oceania and Rest of the World
Highlights
T O T A L R E V E N U E A N D A D J U S T E D E B I T A
NOK million
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
2024 | 2025 | 2026 |
15
22%
220
327
361
282
316
345
298
23
213
34
22
230
19%
59
48
49
71
67
7%
13%
11%
11%
10%
18%
17%
Total revenue Adjusted EBITA Adjusted EBITA %NOK 345m / NOK 327m
Total revenue (Q1'25 / Q1 '26)
62% / 67%
Gross margin (Q1'25 / Q1 '26)
19% / 18%
Adjusted EBITA margin (Q1'25 / Q1 '26)
Revenue Analysis
B R E A K D O W N B Y I N D U S T R Y V E R T I C A L A N D S E G M E N T
Revenue by Industry Vertical Revenue by Segment
170
29
125
135
93
79
64
NOK million
Defense Marine Construction Ocean science
Q1 2025 Q1 2026293
321
293
260
237
Q1
Q2
Q3
Q4
2025
Q1
2026
51
73
25
75
7
1Eliminations and corporate other is not presented in the above graphs.
MRV Acquisition (Robotics)
S U B S E Q U E N T E V E N T S
G E N E R A L O C E A N S B R I N G S :
ARGO Programme
MentorsDhiGploanbadlgsrtorawttehgysotrnategy
efense applicati
ManagementCollaboration & talent attraction
22 staff
EngineeringNortek's global sales network
Budgeted revenue USD13 million
Sales NetworkInternational sourcing
2 sites (Chicago, Seattle)
Production1In April 2026 General Oceans acquired MRV; MRV will be integrated into the Robotics segment.
2Photo Credit New York Times.
Segments
S E N S O R S
Image to be updated
Affected by wind projects
FX effects
R O B O T I C S
Healthy order intake
9
Large backlog
Outlook
G R O U P T O T A L S
1,500
1,304
961
816
235
100
94
Million Nok
2023 2024 2025 2026e
Total revenue Adjusted EBITA1Adjusted EBITA is calculated by taking operating profit (or loss) and adding back, amortisation and impairment charges (note 6 in Q1 Report). Adjusted EBITA is further adjusted to exclude non-recurring or non-operational items.
M&A activity Access to new markets Improving connections to defense contractors Focus on speeding up development with use of AIFinancial performance
K E Y N U M B E R S A T A G L A N C E
GENERAL OCEANS | FIRST QUARTER 2026 11
Highlights
T O T A L R E V E N U E A N D A D J U S T E D E B I T A
NOK million
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
2024 | 2025 | 2026 |
15
22%
220
327
361
282
316
345
298
23
213
34
22
230
19%
59
48
49
71
67
7%
13%
11%
11%
10%
18%
17%
Total revenue Adjusted EBITA Adjusted EBITA %1Adjusted EBITA is calculated by taking operating profit (or loss) and adding back, amortisation and impairment charges (note 6 in Q1 Report). Adjusted EBITA is further adjusted to exclude non-recurring or non-operational items.
Total sales decreased by NOK 18 million, compared to Q1 2025, representing a 5% decrease year over year.
The decline was mainly driven by weaker foreign exchange rates (USD down 12%, GBP down 6%).
Adjusted EBITA margin remained robust at 18%.
Cash Flow
NOK Million
500
(1)
840
80
64
7
341
(19)
(10)
(72)
(30)
(20)
Working capital
L I Q U I D I T Y P O S I T I O N O V E R V I E W
NOK Million
178
196
204
209
16% 17% 16% 16% 16%
Net working capital NWC as % of revenueNet working capital as of Q1-end was 16% of last twelve months (LTM) revenue
200
Q1 | Q2 | Q3 | Q4 | Q1 | |
2025 | 2026 |
Working capital remains stable quarter over quarter and is aligned with the group's guidance range of 15%-20% of revenues
1Net working capital is defined as the sum of inventories, trade receivables, other current receivables and contract assets, less the sum of trade payables, other current liabilities and contract liabilities as reported in
the consolidated statement of financial position. Treasury share liabilities amounting to NOK 102 million and IPO related accruals of NOK 30 million and NOK 20 million earn-out , have been excluded from the calculation of Net Working Capital.
Order backlog position
A N A L Y S I S
Backlog remains robust with NOK 509 million to be delivered in 2026
Million Nok
647
472
377
315
573
587
496
546
101
509 37
Q1
Q2
Q3
Q4
2025
Q1
2026
119
332
587
19%
Q1 2025
81%
39%
Q1 2026
61%
Within current year Next year and beyond Total backlog
Group Financials
GENERAL OCEANS | FIRST QUARTER 2026 16
Profit & Loss Statement
NOK Thousand
Q1 2026 | Q1 2025 | 2025 | |
Revenue | 324,015 | 341,664 | 1,280,410 |
Lease and other income | 3,056 | 2,992 | 23,452 |
Raw materials | (106,607) | (130,407) | (459,060) |
Employee benefits | (108,720) | (100,365) | (427,673) |
Depreciation and amortisation | (15,699) | (17,011) | (64,818) |
Other operating expense1 | (49,084) | (37,150) | (158,632) |
Other gains and losses | 62 | 1,424 | (8,221) |
OPERATING PROFIT / (LOSS) | 47,023 | 61,147 | 185,458 |
Finance income | 5,837 | 5,648 | 49,906 |
Finance expense | (10,789) | (7,465) | (48,112) |
PROFIT BEFORE TAX | 42,071 | 59,330 | 187,252 |
Income tax expense | (16,136) | (15,298) | (22,171) |
PROFIT / (LOSS) | 25,935 | 44,032 | 165,081 |
1Other operating expense include NOK 6 million of non-recurring IPO transaction costs incurred in Q1 2026
NOK 345m / NOK 327m
Total revenue (Q1'25 / Q1 '26)
62% / 67%
Gross margin (Q1'25 / Q1 '26)
19% / 18%
Adjusted EBITA margin (Q1'25 / Q1 '26)
Profit & Loss - By Segment
NOK Thousand
SENSORS | Q1 2026 | Q1 2025 |
Revenue | 257,020 | 318,013 |
Lease and other income | 2,795 | 2,666 |
Raw materials | (91,760) | (123,972) |
Employee benefits | (85,634) | (82,069) |
Other operating expenses | (38,348) | (36,193) |
Other gains and losses | 62 | 1,424 |
Depreciation | (7,092) | (8,700) |
EBITA | 37,045 | 71,169 |
EBITA as a % of Revenue & Other Income | 14% | 22% |
Amortisation of intangible assets | (2,708) | (2,358) |
OPERATING PROFIT/ (LOSS) | 34,337 | 68,111 |
ROBOTICS | Q1 2026 | Q1 2025 |
Revenue | 73,043 | 24,184 |
Lease and other income | 261 | 326 |
Raw materials | (16,426) | (8,818) |
Employee benefits | (16,433) | (14,819) |
Other operating expenses | (9,918) | (5,999) |
Depreciation | (1,506) | (1,384) |
EBITA | 29,021 | (6,510) |
EBITA as a % of Revenue & Other Income | 40% | (27%) |
Amortisation of intangible assets | (3,754) | (4,101) |
OPERATING PROFIT/ (LOSS) | 25,266 | (10,611) |
Sensors
(Q1'25 / Q1 '26)
Total Revenue
NOK 321m / NOK 260m
GM% 61% / 64% EBITDA % 24% /14%
Robotics
(Q1'25 / Q1 '26)
Total Revenue
NOK 25m / NOK 73m
GM% 64% / 78% EBITDA %
-27% /40%
Balance Sheet
F I N A N C I A L P O S I T I O N A T Q U A R T E R E N D
NOK Thousand
31.03.2026 | 31.12.2025 | 31.03.2025 | |
Goodwill | 106,764 | 110,393 | 110,639 |
Intangible assets | 150,688 | 161,474 | 185,006 |
Property, plant and equipment | 126,803 | 130,029 | 166,487 |
Right-of-use assets | 76,581 | 81,618 | 80,863 |
Deferred tax assets | 34,330 | 42,108 | 22,184 |
Investment in an associate | 10,018 | - | - |
Other non-current receivables | 1,484 | 972 | 211 |
Total Non-Current Assets | 506,667 | 526,595 | 565,389 |
Inventories | 238,818 | 243,819 | 227,707 |
Trade receivables | 213,667 | 180,048 | 190,552 |
Contract assets | 102 | 339 | 1,300 |
Other current receivables | 62,311 | 53,920 | 51,581 |
Other current financial assets | - | 6,337 | - |
Cash and cash equivalents | 840,130 | 341,356 | 332,904 |
Total Current Assets | 1,355,028 | 825,820 | 804,045 |
TOTAL ASSETS | 1,861,695 | 1,352,414 | 1,369,433 |
31.03.2026 | 31.12.2025 | 31.03.2025 | |
Non-current loans and borrowings | - | - | 35,998 |
Non-current lease liabilities | 65,909 | 70,349 | 72,521 |
Non-current financial liabilities | 604 | 829 | 9,044 |
Deferred tax liability | 37,489 | 40,009 | 42,989 |
Total Non-Current Liabilities | 104,002 | 111,187 | 160,552 |
Trade payables | 58,126 | 45,652 | 60,744 |
Contract liabilities | 211,389 | 166,807 | 140,925 |
Current loans and borrowings | 80,019 | 70,964 | 130,602 |
Current lease liabilities | 17,105 | 17,490 | 14,030 |
Income tax payable | 10,665 | 32,617 | 27,639 |
Current financial liabilities | 19,068 | 19,654 | 5,491 |
Other current liabilities | 196,174 | 180,200 | 139,944 |
Total Current Liabilities | 592,551 | 533,384 | 519,375 |
TOTAL LIABILITIES | 696,552 | 644,571 | 679,927 |
EQUITY | |||
Share capital | 6,536 | 5,727 | 5,615 |
Share premium | 1,018,637 | 549,015 | 549,127 |
Treasury shares | (97,482) | (98,984) | - |
Other reserves | 1,364 | 495 | - |
Foreign exchange differences reserve | 54,327 | 76,109 | 80,333 |
Retained earnings | 181,760 | 175,481 | 54,432 |
TOTAL EQUITY | 1,165,143 | 707,843 | 689,506 |
TOTAL EQUITY AND LIABILITIES | 1,861,695 | 1,352,414 | 1,369,433 |
NOK 19m / NOK 35m
Total CAPEX including development costs NOK 1m
(Q1'25 / Q1 '26)
NOK 10m
Investment in ReynKo Inc.
NOK 178m / NOK 200m
Net Working Capital
16% / 16%
NWC as percentage of LTM revenue
(Q1'25 / Q1 '26)
Appendices
GENERAL OCEANS | FIRST QUARTER 2026 20
Debt Covenants
H E A D R O O M A C R O S S A L L M E A S U R E D C O V E N A N T S
Loans held with Nordea Bank2
Currency | Balance |
NOK | 80,000,000 |
Key Financial Covenant Metrics
Covenant | Required Threshold | Actual | Status |
NIBD1/EBITDA | <3.5 | 1.17 | Compliant |
Equity/ Assets | >35% | 63% | Compliant |
Cash Balance | >NOK 50m | NOK 840m | Compliant |
1NIBD is defined as total interest bearing borrowing less cash and cash equivalent.
21
2 In April 2026 the loan facility of NOK 80 million with Nordea was fully repaid
Shareholder Overview
E X T R A C T E D - 1 M A Y 2 0 2 6
SHAREHOLDER | NUMBER OF SHARES | PERCENTAGE |
Atle Lohrmann | 77,891,318 | 40.5% |
FERD GO HOLDING AS | 43,739,651 | 22.8% |
FOLKETRYGDFONDET | 9,523,809 | 5.0% |
VERDIPAPIRFONDET DNB NORGE | 8,142,590 | 4.2% |
THE NORTHERN TRUST COMP, LONDON BR | 6,973,700 | 3.6% |
VERDIPAPIRFONDET DNB SMB | 3,521,739 | 1.8% |
BROWN BROTHERS HARRIMAN & CO. | 3,268,400 | 1.7% |
GENERAL OCEANS ASA | 2,133,290 | 1.1% |
LOCO HOLDING AS | 1,890,000 | 1.0% |
THE BANK OF NEW YORK MELLON | 1,755,440 | 0.9% |
KMB ENTERPRISES PTY LIMITED ATF | 1,632,435 | 0.9% |
CITIBANK, N.A. | 1,525,105 | 0.8% |
ROSENTHAL FLEMING FAMILY TRUST | 1,196,790 | 0.6% |
PORTIA AS | 1,000,000 | 0.5% |
SKANDINAVISKA ENSKILDA BANKEN AB | 971,375 | 0.5% |
PEDERSEN TORSTEIN KANSTAD | 964,292 | 0.5% |
J.P. MORGAN SE | 950,000 | 0.5% |
DM WHILLAS FAMILY TRUST | 840,000 | 0.4% |
TOLUMA NORDEN AS | 819,000 | 0.4% |
DNB BANK ASA MEGLERKONTO INNLAND | 811,839 | 0.4% |
Other shareholders | 22,694,533 | 11.8% |
192,245,306 | 100.0% |
22
Information on the top 20 shareholders information can be found in the Company's website in the investors section
Seasonality Trends
Q U A R T E R L Y E X T R A C T
Revenue Q1 Q2 Q3 Q4 YEAR
2023 | 176 | 200 | 212 | 228 | 816 |
2024 | 220 | 230 | 213 | 298 | 961 |
2025 | 345 | 316 | 282 | 361 | 1,304 |
23
Q1 Q2 Q3 Q4
2023 | 22% | 25% | 26% | 28% |
2024 | 23% | 24% | 22% | 31% |
2025 | 26% | 24% | 22% | 28% |
Average | 24% | 24% | 23% | 29% |
Group Financial Targets
Revenue target |
EBITA margin |
Capex intensity |
Working capital |
ROCE adj. |
Leverage ratio NIBD / EBITDA |
Dividend policy |
2026e
NOK1,500 million
N/A
~2-4% of group revenues
~15-20% of group revenues
N/A
Robust balance sheet enabling flexibility to act on M&A
Medium term targets
- NOK 2,800 million
Including organic growth and M&A opportunities
- ~20% EBITA margin
Robust and attractive margins over the medium term
- ~4% of group revenues p.a.
May deviate in periods based on product cycles, R&D and PPE investments
- ~15-20% of group revenues p.a.
Potential fluctuations driven by backlog business and prepaid contracts
- >30% return on capital employed
Asset light business model with attractive and sustainable ROCE
- ~1.0-2.0x net debt to EBITDA LTM
Flexibility to deviate based on M&A and accretive investment opportunities
-
Long-term ambition of 40-60% of net profit
Flexibility to deviate based on M&A and accretive investment opportunities
-
Long-term ambition of 40-60% of net profit
Q & A
Online: Submit questions through the chat function in the livestream
25
In person: Raise your hand
iwnenwfoew@ra.
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |