Consolidated Half-Year Financial Report as at 30 June 2025

CONSOLIDATED CONDENSED

as of 30 June 2025

(COURTESY TRANSLATION FOR THE CONVENIENCE OF INTERNATIONAL READERS)

CORPORATE DATA OF THE PARENT COMPANY 4

COMPOSITION OF THE PARENT COMPANY'S CORPORATE BODIES AS OF 30 JUNE 2025 5

GROUP CORPORATE ORGANISATION CHART AS OF 30 JUNE 2025 6

GROUP COMPOSITION AS OF 30 JUNE 2025 7

DIRECTORS' INTERIM REPORT ON OPERATIONS 8

PREMISE 9

INFORMATION ON THE GROUP 9

OUR MISSION AND VALUES 10

OUR HISTORY 10

THE MACROECONOMIC SCENARIO 12

THE REFERENCE MARKET 13

SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2025 18

SUMMARY DATA AS OF 30 JUNE 2025 20

NET FINANCIAL DEBT 24

ECONOMIC, ASSET AND FINANCIAL INDICATORS 24

OPERATIONAL INDICATORS 25

PERFORMANCE OF THE SHARE LISTED ON EURONEXT GROWTH MILAN (EGM) 26

DETAILS OF ALTERNATIVE PERFORMANCE INDICATORS 26

MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED 29

FINANCIAL RISKS 29

STRATEGIC RISKS 31

OPERATIONAL RISKS 32

SUSTAINABILITY 34

INFORMATION ON THE ENVIRONMENT 36

INFORMATION ON PERSONNEL 37

RESEARCH AND DEVELOPMENT ACTIVITIES 38

TRANSACTIONS WITH RELATED PARTIES 40

TREASURY SHARES 41

SHARES OF THE PARENT COMPANY 41

BUSINESS OUTLOOK 42

INFORMATION ON FINANCIAL INSTRUMENTS 42

LIST OF BRANCH OFFICES 42

FINANCIAL STATEMENTS 44

CONSOLIDATED BALANCE SHEET 45

CONSOLIDATED INCOME STATEMENT 48

CONSOLIDATED CASH FLOW STATEMENT 50

NOTES TO THE FINANCIAL STATEMENTS 52

NOTES TO THE FINANCIAL STATEMENTS, INITIAL PART 53

DRAFTING PRINCIPLES 54

EXCEPTIONAL CASES PURSUANT TO ART. 2423, FIFTH PARAGRAPH, OF THE ITALIAN CIVIL CODE

. 57

CHANGES IN ACCOUNTING PRINCIPLES 57

CORRECTION OF MATERIAL ERRORS 58

COMPARABILITY AND ADJUSTMENT ISSUES 58

VALUATION CRITERIA APPLIED 58

SEASONALITY OF THE ACTIVITY 58

ASSETS 60

FIXED ASSETS 60

INTANGIBLE FIXED ASSETS 60

TANGIBLE FIXED ASSETS 61

FINANCIAL FIXED ASSETS 62

CURRENT ASSETS 64

INVENTORIES 64

RECEIVABLES 65

FINANCIAL ASSETS NOT CONSTITUTING FIXED ASSETS 66

CASH AND CASH EQUIVALENTS 66

ACCRUED INCOME AND DEFERRED EXPENSES 67

LIABILITIES 67

SHAREHOLDERS' EQUITY 67

PROVISIONS FOR RISKS AND CHARGES 69

EMPLOYEE SEVERANCE INDEMNITIES 69

PAYABLES 70

ACCRUED EXPENSES AND DEFERRED INCOME 73

INCOME STATEMENT 74

VALUE OF PRODUCTION 74

PRODUCTION COSTS 76

FINANCIAL INCOME AND CHARGES 78

TAXES 80

ADDITIONAL INFORMATION 80

Next Geosolutions Europe SpA Via Santa Brigida, 39

80133 - Naples (Italy)

Tax code and VAT number: 05414781210

E.A.I. registration number: NA - 752588 Authorised share capital: EUR 600,000

Subscribed and paid-up share capital: EUR 600,000 Website: https://www.nextgeo.eu

‌1Appointed by the Ordinary Shareholders' Meeting on 29 March 2024 (Chairman and Managing Directors) and on 15 May 2024 (independent Directors), it will remain in office until the approval of the financial statements for the year ending 31 December 2026.‌

2Appointed by the Ordinary Shareholders' Meeting on 29 March 2024 and on 15 May 2024 (Davide Lorenzo Pio Barosi), it will remain in office until the approval of the financial statements for the year ending 31 December 2026.

‌3Appointed by the Ordinary Shareholders' Meeting on 28 April 2023, it will remain in office until the approval of the financial statements for the year ending 31 December 2025.

Next Geosolutions Europe SpA Naples - Italy

Seashiptanker Srl Naples - Italy

Phoenix Offshore Srl Naples - Italy

Subonica Srl Naples - Italy

Next Geosolutions Ukcs Ltd London - United Kingdom

Next Geosolutions BV Ijmuiden - The Netherlands

NextPoli Srl Naples - Italy

Parent company, with registered office in Naples (Italy), carries out geophysical and geotechnical analysis at sea.

A company with registered office in Naples, Italy, 80% owned by the parent company Next Geosolutions Europe SpA and 20% owned by Marnavi SpA (parent company of Next Geosolutions Europe SpA), it performs owner-management activities of a naval vessel.

A company with registered office in Naples (Italy), 100% owned by the parent company Next Geosolutions Europe SpA, it carries out activities pertaining to the technical management of the naval fleet.

A company with registered office in Naples (Italy) and wholly owned by the parent company Next Geosolutions Europe SpA, it carries out surveys and underwater inspections in coastal areas.

A company with registered office in London (UK) and operational headquarters in Norwich (UK), 100% owned by the parent company Next Geosolutions Europe SpA, it carries out the same activities as the parent company (geophysical and geotechnical analysis at sea), mainly in the North Seas.

A company with registered office in Ijmuiden (The Netherlands), 100% owned by the parent company Next Geosolutions Europe SpA, it carries out administrative management of orders with Dutch clients.

A company with registered office in Naples jointly controlled by Next Geosolutions Europe SpA (50%) and Poliservizi Srl (50%), it performs nearshore geophysical and geotechnical analysis.

This half-yearly financial report of Next Geosolutions Europe group (hereinafter also referred to as "NextGeo group" or the "Group") is prepared in accordance with the provisions of Art. 18 of the Euronext Growth Milan Issuers' Regulation (hereinafter also the "Issuers' Regulation"). This report, which was approved by the Board of Directors of Next Geosolutions Europe SpA (hereinafter also referred to as the "Issuer" or the "Parent Company" or the "Company") on 24 September 2025, is prepared and drafted in the same manner as the annual financial statements and is subject to a limited audit by PricewaterhouseCoopers SpA.

NextGeo group is an international provider of marine geoscience and offshore construction support services, operating mainly in the energy sector, with a focus on renewable energy and sustainability in all its forms.

Founded at the end of 2014, NextGeo group carries out marine surveying activities of a geophysical and geotechnical nature, as well as further offshore construction support activities, both in the domestic and international markets, for companies operating in the submarine power cable (Interconnector), offshore renewable energy (offshore wind farms) and Oil&Gas sectors. The activities are carried out by NextGeo group both offshore (in deep sea, far from the coast) and nearshore (in shallow water, purely near the coast).

NextGeo group is one of the leaders in its field, able to provide high-quality, efficient and sustainable solutions covering the entire life cycle of assets and projects implemented, from their initial conception to the design phase, through development and engineering, installation, inspection and maintenance, to their decommissioning.

Part of Marnavi group, NextGeo group combines the knowledge, skills and resources of professionals with over

30 years of experience in the marine and offshore industry with established consulting and engineering capabilities. Thanks to the experience gained in the sector, the skills developed and the technology available, the Group is able to offer solutions ready to meet the needs of its customers, while complying with all required quality standards.

With a fleet of modern Dynamic Positioning (DP) class 1 and 2 vessels and a multinational mix of more than 550 professionals, employees and freelancers, the NextGeo group offers a variety of services ranging from specialised consultancy to geophysical, geotechnical, environmental and marine archaeological surveys, potential Unexploded Ordnance (UXO) detection, removal and relocation, all the way to support services for the

implementation of offshore infrastructures (High-voltage direct current - HVDC submarine cables, offshore wind farms, offshore platforms and pipelines, etc.).

Our mission is to provide our customers with all the data, information and support they need to realise their projects in full awareness, with the highest quality and in total safety, from the concept phase to the engineering phase, all the way to decommissioning. Ultimately, we aim to offer our expertise and specialised contribution to the realisation of key assets and infrastructures for the sustainable development of renewable energies.

Our dream is to see a world in which safe, efficient, affordable and sustainable energy supply is accessible in a fair and peaceful manner worldwide. Our visionary project is to become one of the largest and most excellent international group in the field of marine geosciences, and to have a significant impact and role in realising this dream.

NextGeo group was born in late 2014 from the union between successful Italian entrepreneurs and a close-knit group of professionals. NextGeo group is part of Marnavi group, a historic Italian ship-owning group operating globally, mainly in the petrochemical industry and in the offshore sector.

From the outset, the operational headquarters of the parent company Next Geosolutions Europe SpA was located in Naples, where it is still located to this day. Over the years, the Group has expanded its activities through a process of internationalisation: in 2017, it entered the UK market by acquiring the UK company RSM Submarine Consulting, dedicated to specialised personnel selection and subsequently converting it into a marine survey company with a consequent change of name to Next Geosolutions Ukcs Ltd, now operating from the Norwich office. Over the years, this company has maintained its initial characteristics, continued with the recruitment of specialised personnel and diversified its activities, integrating with the parent company Next Geosolutions Europe SpA and starting to carry out surveying activities, mainly in the North Seas.

This international expansion was a turning point in the Group history and strategy, as it has since become one of the fastest-growing international maritime survey contractors and offshore construction support service providers, one of the leading operators in the sector.

In order to secure new development opportunities, the management has over the years implemented an investment strategy aimed at strengthening the asset base. In September 2020, NextGeo group took on the guise of a shipping group by acquiring, through Seashiptanker Srl, the first ship of the fleet, now called NG Worker.

Subsequently, in 2020, the Group was awarded a major contract in the Netherlands for the execution of the "Hollandse Kust West Alpha and Beta" and "Ijmuiden Ver Alpha, Beta and Gamma" projects, with the Dutch state company Tennet Bv and, also in order to better cover the relevant market, in 2021 it decided to acquire a company located in that country, now called Next Geosolutions Bv, with its operational headquarters in Ijmuiden.

In the years the followed, the Group continues its expansion by:

• recruiting specialised personnel in key business roles, strengthening the operational and commercial area;

• investments in ships, vessels, equipment, instrumentation and sensors to diversify the segments of operations within the relevant business;

• the consolidation of relationships with important players in the energy sector.

In August 2022, as part of the process of expanding along the value chain, the Group established the "NextPoli" joint venture and purchased a vessel for nearshore activities, thereby managing to partially insource the nearshore activities in the Mediterranean areas, which had previously been outsourced.

In December 2023, work was completed on the conversion of a vessel purchased in 2022, with the implementation of a drilling system, which allowed the vessel to be reclassified as an offshore drilling vessel and to implement diversification into the deep geotechnical sector.

In May 2024, in order to strengthen its geophysical and environmental survey activities in coastal areas, the Group acquired 100% of the company Subonica Srl, specialising in underwater survey and inspection services using Remotely Operated Vehicles (ROV) Observation Class, which are better suited to operate at shallow depths.

On 22 May 2024, in order to consolidate its position among market leaders and to finance future development projects in a constantly evolving sector, the Group completed the listing process on Euronext Growth Milan. Trading of the ordinary shares of the parent company Next Geosolutions Europe SpA on the Euronext Growth Milan (EGM) market, a Multilateral Trading Facility (MTF), organised and managed by Borsa Italiana, began on that date.

Thanks to the expertise, experience and reputation of its team and the high quality and efficiency of its ships and equipment, notwithstanding its relatively recent establishment, NextGeo group has been and continues to be successfully involved in the realisation of most of the major energy infrastructure projects in the EMEA region.

In the first half of 2025 the global economy shows signs of stabilisation after years characterised by exceptional events and prolonged shocks. The pandemic, the energy and food crisis following the Russian invasion of Ukraine, the rapid surge in inflation, and the consequent global monetary tightening have triggered a series of shocks that have put the international economic system under severe strain. Yet, despite recession forecasts by many observers, global activity maintained a positive trajectory, confirming the resilience of the major economies and the soundness of the financial system.

According to the World Economic Outlook Update of the International Monetary Fund (July 2025), global GDP is expected to grow by 3.0% in 2025, with a slight acceleration to 3.1% in 2026 (IMF, July 2025). These values are lower than the pre-pandemic average (around 3.8% in 2000 - 2019), but still sufficient to paint a picture of moderate, widespread growth.

The most relevant element of the six-month period remains the disinflation process. After peaking in 2022 and persisting at high levels until 2023, worldwide inflation embarked on a downward trajectory, aided by lower energy prices, the gradual easing of tensions in supply chains, and reduced pressure from domestic demand. In 2025, the average rate stands at 4.2 per cent, down from 5.8 per cent in 2024, and is expected to fall further to 3.6 per cent in 2026. In the US, inflation remains above the Federal Reserve's target, averaging 2.8 per cent in 2025 and expected to converge to 2.5 per cent in 2026. In the Eurozone, the expected figure is 2.2 per cent, broadly in line with the ECB's target, while in Asia, China is confirmed at very low levels, below 2 per cent, and India shows more volatility but a declining underlying trend. Importantly, not only is actual inflation falling, but also short-term expectations have returned to values consistent with central bank targets. Long-term expectations remain well anchored, confirming the credibility of monetary authorities; this is crucial because it helps to consolidate the confidence of economic agents and limit the risk of new wage-price spirals. Overall, falling inflation is one of the main conditions that have allowed the global economy to regain stability, albeit in a context of more moderate growth than in previous years.

The first half of 2025 was also characterised by the continuation of restrictive monetary policy in the major economies. The Federal Reserve kept key interest rates above 5%, while the European Central Bank confirmed the deposit rate at 4.5%. These levels continued to cool consumption and investment, but played a decisive role in consolidating the disinflationary path. With inflation falling and expectations stabilised, financial markets foreshadow a gradual easing of monetary conditions starting in the second half of 2025, with the Fed likely to move first, followed by a more cautious ECB. In the meantime, credit conditions have remained tight, generating difficulties especially in the commercial real estate sector and for the most indebted companies, but the banking system proved robust and no episodes of systemic instability were recorded. Equity markets recovered ground, supported by the prospect of a less restrictive monetary policy, while sovereign and corporate spreads narrowed

from their 2023 highs. World trade has also shown signs of recovery, with growth estimated at 2.6% in 2025, boosted by the normalisation of supply chains and the reduction of logistics costs, while remaining vulnerable to new episodes of protectionism. Oil prices averaged 68.2 dollars per barrel, down 13.9% from 2024, due to expanding supply and stable global demand; natural gas showed more balance, supported by increasing LPG supply by the United States and other producers. Agricultural commodities also experienced a decline in prices, although they remain exposed to the risks associated with extreme weather events.

The outlook for the second half of 2025 remains positive overall, albeit conditioned by significant risk factors. The International Monetary Fund expects global growth to remain around 3.0 per cent for the year as a whole, with the continuation of the disinflation process and a gradual, cautious loosening of monetary policies. However, geopolitical tensions, in particular the continuing conflict in Ukraine and instabilities in the Middle East, continue to be a potential volatility factor for energy and financial markets. Similarly, the high level of public debt in advanced economies and some emerging markets limits fiscal policy's room for manoeuvre, while the increase in the frequency and intensity of extreme weather events poses long-term challenges for food security and macroeconomic stability. It is also clear that the energy and digital transition process, while offering huge opportunities for investment and for the modernisation of infrastructure, requires huge resources and involves regulatory complexities that should not be underestimated. In this context, investments related to clean energy, strengthening of transport and communication networks, and diversification of supply chains are key elements to sustain growth and reduce vulnerabilities. The outlook for 2025-2026 thus remains characterised by moderate confidence: growth is solid but below historical levels, inflation is declining but not yet fully normalised, and monetary policies are on the way to a gradual easing, while maintaining a cautious approach. Overall, the global economy seems to be moving towards a more balanced stage, in which the main challenge will be to combine macroeconomic stability, the sustainability of public accounts, and progress in the energy and digital transition.

The business sectors in which the Group mainly operates continue to be submarine power connections via high-voltage cables (so-called "Interconnectors"), offshore renewable energies (where wind power production rules, with the so-called "Offshore Wind Farms") and the traditional offshore Oil&Gas market. In addition to the abovementioned sectors, although without any specific continuity, the NextGeo group also operates in the market for scientific/environmental studies in deep marine habitats and in the defence sector. In these sectors, the Group carries out different survey activities (geophysical, geotechnical, unexploded ordnance - UXO, environmental, etc.), preliminary to the installation of or support to the various infrastructures, which can be performed nearshore (in shallow waters, near the coast), offshore (in the open sea, far from the coast) and sometimes, for some activities, also onshore (on land).

Strengthening strategic energy infrastructure, particularly submarine interconnection networks, remained a key global focus in the first half of 2025. The sector had already been identified as one of the main investment segments in the offshore landscape of 2024, driven by the urgency to increase the resilience of electricity systems and facilitate the integration of renewable energy sources; during 2025 the trend was further consolidated, with governments, regulators and operators increasingly committed to developing new high-capacity links, which are essential to ensure effective cross-border energy exchange and to maintain the overall efficiency of continental grids.

At the end of the first half of 2025, there were approximately 28,000 km of Interconnectors installed globally, of which approximately 77.3% in Europe alone (approximately 21,600 km), which remains the geographical area with the highest concentration of active projects. In addition, approximately 5,140 km of Interconnectors are currently under construction, again, with the European area dominating 58.7% of the projects under construction.

Interconnectors are therefore confirmed as essential infrastructures to support the energy transition, as they not only ensure greater security of supply, but also reduce network congestion and optimise the use of offshore renewable production by fostering a more integrated market model at European level.

With reference to the European area, in the period 2025 - 2035 about 54,000 km of submarine cables are expected to be laid with a cumulative value of more than EUR 60 billion related to Engineering, Procurement, Construction & Installation (EPCI). The segment shows an annual growth rate average of 27.7%, confirming the robustness of the growth trend and its attractiveness to institutional and industrial investors.

From a technological perspective, HVDC (High Voltage Direct Current) systems remain predominant in terms of installation length, accounting for approximately 94.2% of the total planned installation kilometres, or approximately 51,000 km of cables, while HVAC (High Voltage Alternating Current) solutions account for 5.8%, or 3,110 km.

Again in Europe, forecasts up to 2035, relating to the geographical distribution of new Interconnector projects, show Northern Europe leading in terms of length, concentrating 60.3% of new routes (around 33,000 km) with 63 projects expected by 2035, but at the same time also emphasising the growing role of the Mediterranean, which includes the remaining 39.7% (more than 21,000 km), with 49 Interconnector projects expected.

Further evidence confirms a time trend in investments, with peaks in the middle and at the beginning of the last three years of the period considered. Between 2025 and 2035, in fact, in terms of EPCI annual expenditure, the figures show investments of around EUR 5.8 billion in 2025, EUR 3.8 billion in 2026 and EUR 9.1 billion in 2027, followed by a normalisation in 2028 and a new expansion, with a return to high levels (around EUR 9.3 billion) in 2033 and then a gradual return towards 2035. The dynamics of installations, in terms of km of Interconnectors is absolutely consistent with this trend; in fact, approximately 4,934 km are expected to be installed in 2025, 3,233 km in 2026 and 8,163 km in 2027. The breakdown by technology shows that HVDC also concentrates the bulk of the economic value, with a share of close to 92.6% of cumulative EPCI in the period 2025 - 2035.

These forecasts are confirmed by a number of projects already at an advanced stage, which testify to the growing relevance of the Interconnectors in the European landscape. Construction of the submarine section for the Celtic Interconnector (linking Ireland and France) began in 2025. Set to be fully operational by 2030 with a capacity of around 700 MW, the project is Ireland's first direct connection to the continental power grid and a key component in diversifying supply and integrating offshore renewable generation. At the same time, work is progressing on the NeuConnect, a high-capacity infrastructure that will connect the electricity markets of the UK and Germany and which, with a length of over 700 km and a capacity of 1.4 GW, is one of the most important projects currently being developed in Europe. Added to these is the Bay of Biscay Interconnector, which is intended to strongly increase the energy exchange capacity between France and Spain by 2028, also favouring the integration of Iberian renewable resources with the rest of the European market. In the Mediterranean, on the other hand, work began in early 2025 on laying the eastern section of the "Tyrrhenian Link", between Sicily and Campania, which represents one of the most important electricity infrastructures in the whole of Italy. In the eastern Mediterranean, on the other hand, the "Attica - Crete" connection between mainland Greece and Crete was completed, a crucial infrastructure for strengthening the stability of the national grid and enhancing local energy production. These

interventions show that the expansion of the Interconnectors is no longer just a long-term prospect, but a concrete reality that will have a structural impact on the security, efficiency and competitiveness of the European energy system, both in the north and in the south.

In the first half of 2025 offshore wind power continued to grow, albeit with some delays. At the end of the semester, in fact, there were 25 new offshore wind farms under construction at global level, with a predominance of projects in Asia.

As far as installed power on a global level is concerned, at the end of the first half of 2025, there will be approximately 83.9 GW fully operational, divided into more than 360 offshore wind farms with approximately 14,700 turbines. Asia has 46.39 GW or 55.3% of global power, with 222 plants and 7,898 active turbines, and is driven by China with 41.8 GW of installed power; conversely, Europe has 37.4 GW or 44.5% of global power, with 139 plants and 6,772 turbines. The seas of the North - the more mature continental market - dominate, followed by the Mediterranean Sea. Within Europe, in fact, the United Kingdom stands out with 16.1 GW of installed power, Germany with 9.0 GW, the Netherlands with 5.4 GW, Denmark with 2.7 GW, Belgium with 2.3 GW and France with 1.5 GW. The average size of European offshore wind farms is higher, with about 49 turbines per farm compared to an average of about 36 in Asia - a figure consistent with the maturity of the North Sea basins and deeper grid integration in the European area.

The investment outlook for the 2025 - 2035 period remains significant, but with a slightly more subdued developmental dynamic than previous estimates.

The cumulative expenditure for the development of offshore wind farms in Europe is estimated at EUR 387.5 billion, with investment growing from approximately EUR 20 billion in 2025 to over EUR 44 billion in 2035. The time distribution shows about EUR 122.7 billion of investments in the period 2025 - 2029 and about EUR

264.8 billion between 2030 and 2035, indicating a pipeline that tends to be concentrated in the second half of the decade and that requires in parallel the upgrading of network infrastructure, port capacities and logistics. The current framework of planned investments also reflects a normalisation of the pace at which concessions are awarded and works begin, mainly due to the evolution of capital costs, the dynamics of the supply chain and the need for more predictable and simplified mechanisms for awarding and supporting project development, without affecting the size of the project portfolio currently under development.

Consistent with this trajectory, a sub-market of great importance within the broader segment of offshore wind farms is that of submarine cables, instrumental both in connecting the turbines installed in offshore wind farms (through the so-called array/grid cables) and in transferring the energy produced offshore to the mainland (by means of the so-called export cables).

With reference to the ten-year period 2025 - 2035, the expenditure expected for the installation of export and array/grid cables in Europe is estimated to be approximately EUR 29.0 billion; specifically, the investment foreseen for the installation of export cables amounts to approximately EUR 15.2 billion by 2035, while the investment for the installation of array/grid cables is thought to be EUR 13.6 billion in the same time period. Overall, the installation of cables for offshore wind farms accounts for about 7% of the total estimated expenditure by 2035 for development of offshore wind farms in Europe, reflecting a gradual progression, consistent with the re-planning of part of the new offshore wind farms and the increasing focus on connection quality and grid resilience.

In parallel, a further highly strategic sub-market in this segment is that of drilling for the development of new offshore wind farms, which continues to play a central role in the design and development of future projects.

At the end of the first half of 2025, as mentioned above, there were approximately 14,689 operational turbines, of which 6,772 in Europe and 7,898 in Asia. The pipeline of European projects, by 2035, includes 132 new offshore wind farms, totalling 5,125 turbines, of which 4.769 bottom fixed (i.e. turbines with foundations directly embedded in the seabed) and 356floating (i.e. turbines with foundations anchored to the seabed by cables). The expected evolution of geotechnical and surveying activities that characterise offshore drilling in Europe a clear correspondence with the periods with a greater number of installations, in particular between 2028 and 2032, with a peak expected in 2029 and a strengthening in 2032, mainly due to requirements related to floating systems.

In Italy the market is evolving, with encouraging signs on the EIA (Environmental Impact Assessment) front. The requests for connection submitted to Terna add up to 130 projects for approximately 86 GW; of these, 75 projects (49 GW) have already accepted the connection estimate and 23 initiatives, for approximately 16.5 GW, have formally launched the Environmental Impact Assessment with the Ministry. Lastly, there are 4 projects with a positiveEIA, totalling capacities in the order of 2.2 GW. These include the "Barium Bay" park in the southern Adriatic with 1.11 GW, the two "Romagna 1 and 2" fields of the Agnes project off the shore of Ravenna and the offshore plant in Rimini, as well as a floating project in the Strait of Sicily that has obtained an environmental compatibility decree.

This is a significant pool that, while going through a technical and authorisation selection phase, outlines a potential growth horizon for the national supply chain.

Lastly, we briefly describe the current regulatory framework, which in the global scenario has helped stabilise market expectations, albeit with mixed signals between different geographical areas. The European Union is implementing the Net-Zero Industry Act, which entered into force in June 2024 and became operational in 2025, and which aims to strengthen European industrial capacity in net-zero technologies, as well as to simplify the authorisations and strengthen the instruments for investments in this strategic sector, in coordination with the Wind Power Action Plan which acts on auctions, permits, access to financing and stability of the supply chain. These instruments are designed to make the market's development path more predictable and to improve the quality of auction procedures, including quality criteria and industrial resilience, with the aim of supporting the sector's competitiveness and accelerating the feed-in of new renewable energy capacity. In Italy, on the regulatory side, the entry into force of the RES 2 Decree and the publication of the Operational Rules by the GSE contribute to make the procedures more predictable, with competitive tools and operational guidelines, accompanying the access to incentives for eligible technologies.

Some European markets show signs of normalisation and, in isolated cases, cautious auctions, with outcomes that require refinement and closer coordination with port authorities and, more generally, the entire supply chain. These signals do not change the underlying trajectory, but confirm the need for more predictable (and cost-indexed) instruments and infrastructure planning consistent with expected volumes.

In the first half of 2025, the offshore Oil&Gas sector maintained a solid profile, confirming itself as an essential pillar in the global energy scenario. Global demand for hydrocarbons, even in a context of energy transition, remains high and supports the continuation of economic programmes for the development, maintenance and replacement of existing infrastructure.

Estimates by the International Energy Agency (IEA) indicate that oil consumption is still growing moderately, with a stable balance reinforcing the need to ensure the full efficiency of existing supply chains. In this scenario, offshore infrastructure represents a structural component of the entire energy security, as well as an indispensable factor for the continuity of global supplies.

At the end of the first half of 2025, 661 offshore platforms operate in the Group's target areas, which include the North Seas, the Mediterranean Sea, the Middle East and West Africa (including types of plants producing only Oil, and those producing only Gas, and those producing both). The geographical area with the highest concentration in terms of installed infrastructure are the North Seas, with about 56.6% of the total (374 operating platforms), followed by Western Africa, with about 22.7% of currently operating platforms (150 units), then the Middle East, with about 13.2% (equal to 87 operating units) and, finally, the Mediterranean, with approximately 7.6% (50 units). With reference to the offshore pipeline segment, on the other hand, in both the Oil and Gas segments, at this time there are 154 operating infrastructures, with a total installed of 26,554 km.

In the period from 2025 to 2030 the offshore Oil&Gas sector shows a large and visible market, supported by three key drivers: the security of supply of energy resources, the life extension of existing assets, and the development of new Platform and Pipeline projects in key areas. In the reference basins, the North Seas, the Mediterranean Sea, the Middle East and Western Africa, the EPCI expenditure (including both CapEx and OpEx) for the development of these infrastructures averages between EUR 3 and 5 billion per year for the Pipelines and between EUR 40 and 50 billion per year for the Platforms, between 2025 and 2030, thus generating cumulative investments of approximately EUR 23 billion for the Pipelines and over EUR 272 billion for the Platforms. The gradual growth of investments in Pipelines and the structurally high expenditure on Platforms reflect a sector in balance between CapEx, linked to new constructions and expansions, and OpEx, driven by Inspection, Maintenance & Repair (IMR) activities and recurring survey campaigns.

With specific reference to the areas introduced, we can see that the North Seas represent the most mature area with the most stable picture. By 2030 it is estimated that 76 Pipelines will be operational and/or under construction, with cumulative investments of approximately EUR 12.2 billion between 2025 and 2030, and a predominance of activities related to OpEx. By 2030, the number of Platforms is estimated to reach 404 units, either operational or under construction, with cumulative expenditure over the period amounting to approximately EUR 68.9 billion, driven by both maintenance programmes and new large-scale developments. The presence of a well-established supply chain and well-defined operating windows guarantee a favourable environment for the continued development of the sector.

The Middle East, on the other hand, represents the area with the highest volumes by 2030, with 59 Pipelines operational and/or under construction, with a cumulative investment, in the period 2025-2030, of approximately EUR 6.3 billion. Operational and/or under construction platform units are expected to reach 114, with a cumulative expenditure of approximately EUR 101.2 billion. In addition to these volumes, there is a growing need for OpEx activities related to the maintenance and revamping of existing installations.

The area of West Africa on the other hand, represents a growth area with expanding project pipelines and new opportunities in deep waters. By 2030 it is estimated that there will be 17 operational and/or under construction Pipelines, with a cumulative investment in the period 2025-2030 of approximately EUR 2.2 billion. The operational and/or under construction platforms are expected to reach 168, with a cumulative expenditure of approximately EUR 81.3 billion. The prevailing needs concern IMR and subsea intervention activities on FPSO and "fixed" installations, as well as highly technical surveys and support for the installation of new projects.

Finally, the Mediterranean Sea represents a more fragmented market, but one with continuity of demand. By 2030 it is estimated that there will be 14 operational and/or under construction Pipelines, with a cumulative investment in the period 2025-2030 of approximately EUR 1.7 billion. It is expected that there will be 57 operational and/or under construction Platforms by 2030, with a total expenditure estimated at approximately EUR 20.2 billion over the same time period.

The overall picture therefore shows a sector that, alongside new constructions, requires substantial and recurring volumes of maintenance, survey and subsea work. The combination of mature areas such as the North Seas, consolidating basins such as the Mediterranean, and booming markets such as the Middle East and West Africa contributes to a stable horizon, capable of generating continuous and articulated demand for offshore services.

In the first half of 2025, the submarine telecommunication cable market reaffirmed its role as a critical segment for the global digital economy: more than 95% of international data traffic continues to transit through these networks. Demand for capacity is growing steadily, driven by the expansion of digital services, cloud computing and artificial intelligence applications, which require higher performance and resilient connections.

The sector is undergoing a profound transformation. The large technology operators, such as Google, Meta, Microsoft and Amazon, are now direct players in financing and managing new systems, flanking and in some cases surpassing traditional players, such as ASN, SubCom and NEC. This development is shifting the competitive landscape and accelerating the deployment of new backbone networks, which are designed to provide dedicated capacity and faster activation times.

From a technological point of view, the already established deployment of Space Division Multiplexing (SDM) makes it possible to significantly increase the transmission capacity of cables, while at the same time reducing their unit costs.

At the same time, the focus on infrastructure security is growing, as governments and international institutions have strengthened protection measures with multilateral initiatives such as the New York Principles, while in Europe the Commission launched an Action Plan in February 2025, which lays down priorities on prevention, detection, response and repair. Furthermore, the New York Joint Statement on cable resilience strengthens cooperation between transatlantic partners, while operational measures are being taken to enhance maritime surveillance in sensitive areas such as the Baltic and Black Seas. The common objective is to achieve a network with more diverse landing points, monitored along its routes and supported by faster repair capabilities, through the joint contribution of civil institutions, industry, and security alliances.

From an industry perspective, while the major incumbent integrators continue to play a central role, they are now contending with the rise of global digital platforms, which are accelerating the development of new routes in both the Mediterranean and the Atlantic. Large-scale projects such as 2Africa, long by approximately 45,000 km and with numerous landing points in Europe and the Mediterranean, demonstrate how new systems are designed to combine very high capacities, architectural redundancy and more robust routes than in the past.

In the EMEA region, where at end of 2024 more than 450.000 km of cables had already been installed, the outlook for the next 5 years (until 2030) indicates a stable pipeline of upgrades and new routes, with a growth between approximately 5% and 7% per year. The focus shifts from capacity expansion alone, to enhancing resilience and safety, accompanied by an expansion of the laying and repair fleets. These elements reduce operational risk, improve service predictability, and strengthen the role of Europe and the Mediterranean as a global hub for digital connectivity.

Below please find the significant key events of the first half of 2025.

• In January 2025, the Group was awarded a new contract in the North Seas, worth a total of EUR 27 million, with the Dutch TSO TenneT Bv. The contract envisages the execution of marine UXO survey activities, in the offshore wind area "Doordewind" and in the offshore wind area "Nederwiek", areas where the Group has already conducted similar activities during 2024. The aforementioned marine UXO survey activities were initiated by the Group in March 2025.

• In January 2025, the Group finalised the purchase of the vessel "Deep Helder" (IMO No.9690872) from the Dutch company SeaMar Subsea Bv, renaming it NG Surveyor. The transaction had already been initiated during the financial year 2024 and was completed in the first month of 2025. The total investment for the purchase of the NG Surveyor amounts to EUR 21 million (of which EUR 3.2 million has already been escrowed in 2024), plus approximately EUR 4 million for the purchase and installation of highly technical equipment. Within the framework of the transaction, a total of EUR 12 million was financed by Cassa

  Depositi e Prestiti SpA (CDP) and Credito Emiliano SpA (Credem) in 2025. As of April 2025, the abovementioned naval unit, following the completion of site works for the installation of state-of-the-art equipment for the survey activity, was used for activities related to the Istituto Superiore per la Protezione e la Ricerca Ambientale (ISPRA) project for the mapping of marine habitats.

• In January 2025, the Group was awarded two new contracts in the North Seas, worth a total of EUR 41 million, with Prysmian Group. The contracts cover the performance of detailed survey services, including comprehensive topographic land survey and marine geophysical and geotechnical survey activities, along the nearshore and offshore sections of the Eastern Green Link 1 (EGL 1) and Eastern Green Link 2 (EGL 2) submarine power cable corridors, key infrastructure projects that will improve the energy link between Scotland and England.

• In January 2025, the Group completed the purchase of the 150-horsepower Schilling Heavy Duty (HD) ROV equipped with Tether Management System (TMS), and proceeded to install it on the MPSV Ievoli Amber. Subsequently, the ship was mobilised and the new system was used to carry out geophysics surveys and identify potential unexploded ordnance (pUXO survey).

• In February 2025, the Group was selected as one of the winners of the "Best Capital Market Strategy Award", organised by the independent merchant bank "Equita". Specifically, NextGeo was awarded the prize for the category "Fundraising on the stock market". With its IPO, it represented the largest transaction in 2024, in terms of funding and capitalisation, on the Euronext Growth Milan market (EGM).

• In February 2025, the Group was honoured as "Company of the Year - over 50 employees" at the prestigious Subsea Expo Awards 2025, organised by the Global Underwater Hub, a leading business and industry development body for the United Kingdom subsea sector.

• In April 2025, the Group was awarded a new contract worth approximately EUR 10 million with Prysmian Group for the identification of potential unexploded ordnance (pUXO) along the route of the NeuConnect Interconnector submarine cable, which will be the first direct power transmission link between the UK and Germany. Operational activities started in the same month and are currently being continued in German and Dutch waters within their respective Exclusive Economic Zones, involving the analysis of approximately 130 magnetic targets already detected, with the aim of verifying their nature and ensuring the safety of future cable-laying operations.

• In June 2025, the Group started, in cooperation with the Norwegian shipyard Green Yard Kleven, the project for the conversion of the vessel NG Explorer, acquired to be used in survey activities in support of the offshore energy sector. The 58-metre-long vessel will be reconfigured with state-of-the-art equipment for geophysical, geotechnical, environmental and UXO surveys. The upgrades carried out on the vessel will directly contribute not only to enhancing the operational capabilities of the NextGeo fleet, but also to support the Group's diversification strategy, promoting business expansion, both in terms of revenues and presence in new market segments, including Oil&Gas.

• Furthermore, during the first half of the year, the Group continued to invest (in terms of specialised personnel and equipment) in the development of a geotechnical analysis laboratory at the Norwich site. This investment will make it possible to carry the activities of studying and analysing samples taken at sea, that were hitherto entrusted to external companies, in house, with the aim of increasing efficiency while reducing costs and data processing times.

The results for the first half of 2025 confirm the positive performance of previous years and allow us to look to the future with optimism, in a market that still shows interesting development prospects.

The following tables show: (i) the reclassified income statement as of 30 June 2025, compared to 30 June 2024,

(ii) the reclassified balance sheet by sources and uses as of 30 June 2025, compared to 31 December 2024, (iii) the cash flows from operating, investing and financing activities as of 30 June 2025, and (iv) capital expenditures as of 30 June 2025, compared to the same data for 30 June 2024.

For information on the effects of seasonality on the Group business, which is useful for analysing the half-yearly results and the economic, equity and financial indicators, please refer to the relevant section of the Notes to the Financial Statements.

Values in Euro units 1H 2025 % 1H 2024 % Change Ch.%

In the first half of 2025, the Group recorded an increase in production value of EUR 10,151,596 compared to the first half of 2024. This increase (+9.8%) confirms the Group's solid development trend, also taking into account the significant growth realised in 2024 compared to previous periods.

In the first half of 2025, the Group was engaged in numerous projects in the Mediterranean and North Seas.

In the Mediterranean, during the first half of 2025, the Group completed work on the 'Bolano-Annunziata' project, the submarine electricity infrastructure that will unite Sicily and Calabria. The infrastructure, promoted by Terna with the technological contribution of Prysmian Powerlink, envisages laying an approximately 7.5 km-long submarine power cable that will connect the Bolano (in the province of Reggio Calabria) and Annunziata (in the province of Messina) electricity stations and will increase the electricity exchange capacity between the island and the continent by up to 2,000 MW in total. During the six-month period, the Group, on behalf of Nexans, carried out activities relating to the first survey stage of the GreatSea Interconnector project, instrumental in the construction of the HDVC electricity interconnector that will link Greece and Cyprus through one of the longest and deepest submarine cables in the world, reaching depths of over 3,000 metres, covering 900 km and allowing the exchange of up to 2,000 MW of electricity. During the six-month period, the Group also continued activities relating to the project of the Istituto Superiore per la Protezione e la Ricerca Ambientale (ISPRA) to map marine habitats. In particular, the investigations that have taken place and will take place in the following months, the NextGeo group will be able to provide data, analyses and technical-scientific support aimed at achieving the following objectives: mapping and characterisation of marine habitats and their restoration, strengthening research

and observation of marine and coastal ecosystems, biodiversity protection, monitoring of greenhouse gas emissions, assessment of the energy efficiency of the national system, support for decarbonisation and ecological transition, and the development of energy scenarios for the National Integrated Energy and Climate Plan (PNIEC). Lastly, with reference to the Group's activities in the Mediterranean Sea, it is worth mentioning the start of collaboration with Edison on the Pozzallo project, one of the most ambitious floating wind farm projects in Italy. In the first half of 2025 and in the North seas, the Group and the client Saipem were involved in the activities relating to the offshore wind farm off the coast of Courseulles-sur-Mer (Parc éolien en mer du Calvados) in France's Normandy region, with an area of 45 km² and a capacity of 450 MW. Work on this project will continue during the second half of the year and is expected to continue until early 2026. During the six-month period, the Group was also involved with the Dutch TSO TenneT in the Nederwiek 1 and 2 projects, part of TenneT's "2 GW Programme", aimed at enhancing the connection of offshore wind farms in the Nederwiek wind energy area to the Dutch electricity grid. Also with the Dutch TSO TenneT, the Group started the survey activities in the Nederwiek 3 projects (always in the Nederwiek wind energy area) and in the Doordewind 1 and Doordewind 2 projects for the connection of the Eemshaven wind farms. During the half year, again with the Dutch TSO TenneT, work was completed on the 'Poseidon' project, for the expansion and connection to the electricity grid of offshore wind farms in territorial waters and in the German 'Exclusive Economic Zone (EEZ). During the first half of 2025, the Group also carried out activities for Prysmian as part of the 'Eastern Green Link' 1 project, for the construction of the HVDC submarine cable between Torness (Scotland) and Hawthorn Pit (England), with a length of 400 km and a capacity of 2 GW. Finally, also with Prysmian, during the first half of 2025 the Group started work on the NeuConnect project, the HVDC interconnector that will link the UK (Isle of Grain, Kent) to Germany (near Wilhelmshaven), crossing British, Dutch and German waters, with a length of approximately 725 km (including land and submarine cables) and a capacity of 1,400 MW.

The income statement data highlight two key points: in addition to growth in the value of production, there was a slight reduction in costs as a percentage of revenue. This ratio improved, falling to 69.8% as of 30 June 2025 from 72.7% as of 30 June 2024. The factors that enabled this reduction included the reduction in external costs, linked to the investments made by the Group in both strengthening human capital and expanding production assets.

EBITDA amounted to EUR 34,482,264, an increase of EUR 6,093,341 (+21.5%) compared to 30 June 2024. The significant increase in the value of production (+9.8%) and the simultaneous reduction in the ratio of costs to the value of production (-2.9%) resulted in a slight improvement in the EBITDA margin from 27.3% as of 30 June 2024 to 30.2% as of 30 June 2025 (+2.9%).

The figures in the table above show an increase in depreciation, amortisation and provisions, which rose from EUR 2,879,982 as of 30 June 2024 to EUR 4,030,815 as of 30 June 2025 (+40.0%). This increase is attributable to the major investments made in the financial year 2024 and in the first half of 2025. The ratio of depreciation, amortisation and provisions to the value of production increased from 2.8% as of 30 June 2024 to 3.5% as of 30 June 2025 (+0.7%).

EBIT amounted to EUR 30,451,449, an increase of EUR 4,942,508 compared to 30 June 2024, while the EBIT margin increased from 24.5% as of 30 June 2024 to 26.7% as of 30 June 2025 (+2.1%).

Financial income exceeded financial expenses by EUR 55,869, an improvement over 30 June 2024, when financial expenses exceeded financial income by EUR 644,269. This result reflects the effective use of the liquidity raised through listing on the EGM market, which was finalised in May 2024 and strategically managed throughout the period. Conversely, exchange rate movements generated net losses of EUR 1,007,942 as of 30 June 2025, compared to EUR 99,014 recorded as of 30 June 2024. As a result, the overall result of financial operations showed expenses of EUR 952,073, compared to EUR 743,283 as of 30 June 2024.

The profit before tax margin improved, rising to 25.8% of the value of production as of 30 June 2025 from 23.8% as of 30 June 2024. Meanwhile, net profit reached EUR 25,389,079, an increase of 20.5% compared to 30 June 2024.

Values in Euro units 1H 2025 % 2024 % Change Ch.%

The reclassified balance sheet shows a balanced capital and financial structure as of 30 June 2025, in the context of the solid growth achieved by the Group in the six months ended on that date.

Inventories increased by EUR 9,238,557 as compared to 31 December 2024 and their incidence on the value of production increased from 11.4% as of 31 December 2024 to 28.4% as of 30 June 2025, mainly due to the dynamics related to the progress of construction contracts in progress as of 30 June 2025. The Days Inventory Outstanding (DIO) decreased from 41 days as of 31 December 2024 to 51 days as of 30 June 2025.

Trade receivables increased from EUR 35,042,974 as of 31 December 2024 to EUR 39,374,159 as of 30 June 2025 (+12.4%). The Days Sales Outstanding - DSO, at 62, were in line with the figure as of 31 December 2024, confirming the solidity and quality of the Group's customer portfolio.

Advances, due to the dynamics of invoicing and project progress, decreased by EUR 9,648,214 compared to 31 December 2024. Trade payables increased by EUR 10,166,612, with the average Days Payable Outstanding -DPO rising from 65 as of 31 December 2024 to 84 as of 30 June 2025, reflecting a different payment time profile and confirming the Group's ability to manage working capital with flexibility and efficiency.

The difference between other current assets and other current liabilities went from a negative balance of EUR 2,714,081 as of 31 December 2024 to a negative balance of EUR 6,215,166 as of 30 June 2025, mainly due to the increase in direct tax payables related to the timing of their payment.

As a result of the dynamics described above, net working capital increased by EUR 9,550,259 compared to 31 December 2024, amounting to 16.2% of the value of production realised in the six-month period. This positioning contributes significantly to the generation of robust cash flows from operating activities and testifies to management's constant focus on the efficient management of the components of working capital.

Fixed assets, as a result of the significant investments for the expansion and upgrade of the ship fleet and the important investments in equipment, in line with the Group's future development prospects, increased from EUR 68,947,526 as of 31 December 2024 to EUR 89,921,837 as of 30 June 2025 (+30.4%).

Net financial debt is at an extremely favourable level, with financial assets exceeding financial liabilities by EUR 61,852,824 as of 30 June 2025. This result, achieved in spite of the significant volume of investments made in the six-month period, reflects the solid economic performance recorded and the careful management of working capital. The net financial position confirms the Group's ability to sustain its growth strategy while maintaining a balanced and solid balance sheet profile.

Values in Euro units 1H 2025 % 1H 2024 % Change Ch.%

As mentioned above, the cash flow from operating activities benefited from the excellent economic performance achieved during the six-month period and the careful management of working capital, increasing from EUR 18,410,902 as of 30 June 2024 to EUR 20,311,392 as of 30 June 2025, with an incidence on the value of production (17.8%) substantially in line with the comparative figure.

The cash flow from investing activities, as a result of the major investments in vessels, upgrading of the fleet and equipment, absorbed financial resources of EUR 25,029,782 in the first half of 2025. Without taking into account the investment in time deposits of part of the cash raised during the IPO in the six-month period under comparison, the cash flow absorbed by investing activities increased to EUR 8,626,685 (+52.6%) compared to 30 June 2024, representing 21.9% of the value of production as of 30 June 2025 compared to 15.8% as of 30 June 2024.

The cash flow from financing activities shows a net positive balance of EUR 503,518, which is the net effect of the reduction in short-term debt, the early repayment of certain loans outstanding as of 31 December 2024 and the signing of new loans at more favourable economic conditions, which testifies to the Group's constant focus on optimising its financial structure. This figure is down from 30 June 2024, which was characterised by the significant capital raised through the listing on EGM, net of which financial management had absorbed financial resources of EUR 2,691,040.

Values in Euro units 1H 2025 % 1H 2024 % Change Ch.%

Capital expenditure in the first half of 2025 totalled EUR 25,192,615, a decrease of EUR 31,211,128 compared to the first half of 2024 when it amounted to EUR 56,403,743 (or 54.2% of the value of production). Excluding the investment of part of the cash raised through the IPO in time deposits in the comparative figure, investments rose from EUR 16,403,743 as of 30 June 2024 (15.8% as a percentage of the value of production) to EUR 25,192,615 (22.0% as a percentage of the value of production), an increase of EUR 8,788,872 (+53.6%).

The significant investments in the first half of 2025 confirm the Group's commitment to the realisation of future development plans. Investments in intangible assets mainly consist of the improvements to chartered vessels. Capital expenditure on tangible assets mainly refers to the completion of investments for the purchase of the NG Surveyor and of the 150-horsepower Schilling Heavy Duty (HD) ROV, the advances paid for the conversion of

the NG Explorer and the purchase of specialised equipment. Investments in financial fixed assets mainly refer to the purchase of the equity investment in the innovative start-up eGuardian Srl, based in Naples, founded in 2024 with the aim of developing advanced technological solutions for the monitoring, protection and enhancement of the marine environment, through the use of autonomous platforms and digital tools applicable both in coastal and offshore contexts.

Details of the Net Financial Debt as of 30 June 2025, compared to 31 December 2024, are shown below.

Values in Euro units 1H 2025 % 2024 % Change Ch.%

Net financial debt shows a significant cash positive position, with financial assets exceeding financial liabilities by EUR 61,852,824 as of 30 June 2025. This result is particularly appreciable in light of the significant level of investments and liquidity absorbed by working capital dynamics. During the first half of 2025, net financial debt increased by EUR 4,899,904.

Cash and cash equivalents decreased from EUR 84,343,551 as of 31 December 2024 to EUR 79,920,300 as of 30 June 2025, a decrease of EUR 4,423,251; current and non-current financial liabilities recorded a net increase of EUR 491,853. This primarily reflects the combined effect of: repaying short-term borrowings that were outstanding at 31 December 2024; the aforementioned early repayment of certain other loans; and securing new financing on more favourable economic terms.

The following tables present the economic, equity and financial performance indicators deemed useful for a better understanding of the Group situation and of the performance and results of its operations.

Values in Euro units 1H 2025 1H 2024 Change Ch.%

Values in Euro units 1H 2025 2024 Change Ch.%

The table below provides details of the operational performance indicators, which provide further useful information for understanding and analysing the Group's results.

Values expressed in number of days 1H 2025 % Capacity sold

Values expressed in number of days 1H 2025 % Capacity sold

Offshore personnel days sold

Values expressed in number of days 1H 2025

‌PERFORMANCE OF THE SHARE LISTED ON EURONEXT GROWTH MILAN (EGM)

As of 30 June 2025, the official closing price of the Next Geosolutions Europe SpA share (Borsa Italiana Ticker -BIT: NXT) is EUR 8.10 (+29.60% compared to the price of EUR 6.25 per share fixed for the IPO). Market capitalisation is EUR 388,80,000.

Below are the data recorded by the share and its performance during the period from 22 May 2024 (IPO day) to 30 June 2025.

9,50 €

6,00 €

9,00 €

8,50 €

8,00 €

7,50 €

7,00 €

6,50 €

As of 23 September 2025, the official closing price of the Next Geosolutions Europe SpA share is EUR 11.80, with a market capitalisation of EUR 566,400,000.

In order to provide a better analysis of the results of operations, the Group has used some alternative performance indicators that are not identified as accounting measures under the national accounting standards dictated by the Italian Accounting Body - Organismo Italiano di Contabilità (OIC).

Below is a definition of the alternative performance indicators used in this report:

• In-house production: represents the sum of items "A2. Changes in inventories of work in progress, semi-finished and finished products", "A3. Changes in contract work in progress" and "A4. Increases in fixed assets for in-house work" in the income statement.

• External operating costs: represents the sum of items "B6. Costs for raw, ancillary, consumable materials and goods", "B7. Costs for services", "B8. Costs for leased goods" and "B11. Changes in inventories of raw, ancillary, consumable materials and goods" of the income statement.

• Gross operating margin (EBITDA): represents the operating result (EBIT) after depreciation, amortisation and provisions.

• Depreciation, amortisation and provisions: represents the sum of items "B10. Amortisation, depreciation and write-downs", "B12. Provisions for risks" and "B13. Other provisions" of the income statement.

• Net financial expenses: represents the difference between items "C17. Interest and other financial charges" and "C16. Other financial income" of the income statement.

• Trade receivables: represents the sum of trade receivables recorded under items "CII1. Receivables from customers", "CII2. Receivables from subsidiaries", "CII3. Receivables from associates", "CII4. Receivables from parent companies" and "CII5. Receivables from undertakings controlled by the parent companies".

• Trade payables: represents the sum of trade payables entered under items "D7. Payables to suppliers", "D9. Payables to subsidiaries", "D10. Payables to associates", "D11. Payables to parent companies" and "D11-bis. Payables to undertakings controlled by the parent companies".

• Trade working capital: represents the sum of inventories and trade receivables, less advances and trade payables.

• Other current assets: represents the sum of receivables due within the next financial year other than those falling under "Trade receivables" and short-term accruals and deferrals

• Other current liabilities: represents the sum of payables due within one year other than those falling under "Trade payables" and short-term accruals and deferrals.

• Net working capital (NWC): represents the sum of trade working capital and other current assets less other current liabilities.

• Fixed assets: represents the sum of intangible, tangible and financial fixed assets (excluding financial receivables recorded as fixed assets).

• Other non-current assets/(liabilities): represents the sum of trade receivables due beyond one year, deferred tax assets and medium/long-term accrued income and prepaid expenses, net of the sum of provisions for risks and charges (including deferred tax liabilities), employee severance indemnities, medium/long-term trade payables, and medium/long-term accrued expenses and deferred income.

• Net capital invested (NCI): represents the sum of net working capital (NWC), fixed assets and other medium/long-term non-current assets/(liabilities).

• Net financial debt (NFD): represents the sum of amounts due to banks and other lenders, less the sum of financial receivables, financial assets not constituting fixed assets and cash and cash equivalents.

• Sources of financing: represents the sum of net financial debt (NFD) and shareholders' equity.

• Current financial receivables: represents the sum of financial receivables due within one year classified under item "BIII2. Financial Fixed Assets - Receivables" of the Balance Sheet.

• Current financial payables: represents the sum of amounts due to banks and other lenders due within one year.

• Non-current financial receivables: represents the sum of financial receivables due beyond one year classified under item "BIII2. Financial Fixed Assets - Receivables" of the Balance Sheet.

• Non-current financial payables: represents the sum of amounts due to banks and other lenders due after one year.

• Return on sales (ROS): represents the ratio of the operating result (EBIT) to the value of production. Given the specificities of the business, it was deemed appropriate to use value of production instead of revenues from sales and services as the denominator.

• Return on investment (ROI): represents the ratio of operating profit (EBIT) to net capital invested (NCI).

• Return on assets (ROA): represents the ratio of operating profit (EBIT) to total assets.

• Return on equity (ROE): represents the ratio of net profit to equity.

• Current assets - current liabilities: represents the difference between net working capital and current financial debt.

• Cash ratio: represents the ratio of the sum of inventories, trade receivables, other current assets, current financial receivables and cash and cash equivalents to the sum of advances, trade payables, other current liabilities and current financial payables.

• Fixed asset to equity capital margin: represents the difference between equity and non-current assets (fixed assets, receivables due after one year, deferred tax assets and medium/long-term accrued income and prepaid expenses).

• Long-term solvency ratio: represents the ratio of shareholders' equity to non-current assets (fixed assets, receivables due beyond one year, deferred tax assets and medium/long-term accrued income and prepaid expenses).

• Fixed asset to equity capital and medium/long-term debt margin: represents the difference between the sum of equity and non-current liabilities (provisions for risks and charges, deferred taxes, employee severance indemnities, payables due beyond one year and medium/long-term accrued expenses and deferred income) and non-current assets (fixed assets, receivables due beyond one year, deferred tax assets and medium/long-term accrued expenses and deferred income).

• (Equity + long term liabilities) - fixed assets: represents the ratio of the sum of shareholders' equity and non-current liabilities (provisions for risks and charges, deferred taxes, employee severance indemnities, payables due beyond one year and medium/long-term accrued liabilities and deferred income) to non-current assets (fixed assets, receivables due beyond one year, deferred tax assets and medium/long-term accrued income and deferred expenses).

• Financial dependence ratio: represents the ratio of liabilities to third parties (advances, trade payables, other current liabilities, non-current liabilities, current financial liabilities and non-current financial liabilities) to total liabilities.

• Financial independence ratio: represents the ratio of shareholders' equity to total liabilities.

• Days Sales Outstanding (DSO): the ratio of trade receivables to production value multiplied by 180.

• Days Payables Outstanding (DPO): the ratio of trade payables to production costs multiplied by 180.

• Days Inventory Outstanding (DIO): the ratio of inventories to value of production multiplied by 180.

• Offshore ship days sold: represents the number of offshore ship days sold during the financial year.

• ROV days sold: represents the number of ROV days sold during the financial year.

• Offshore personnel days sold: represents the number of offshore personnel days sold during the financial year.

• Backlog: represents the value of contracts/orders signed or awarded.

• Pipeline: represents the value of the bids submitted for which a probable award is estimated.

Price risk is the risk that downwards changes in sales prices and/or upwards changes in purchase prices of major supplies may adversely affect the Group expected results.

The target business is characterised by the demand for specialised skills and high professionalism, while there is no strong price competition (also due to the limited number of players in the sector). It should be noted, however, that, given the relevance of certain commodities (i.e. bunkers) for the reference sector, it is possible that significant unexpected changes in the prices of these commodities could negatively affect the company performance, particularly in the presence of long-term projects.

In order to monitor this risk, the sales structure and controlling, already at the stage of preparing offers, carefully assess the cost level in order to set prices that guarantee the achievement of the expected result targets. During the execution of orders, the development of costs, revenues and cash flows is analysed frequently in order to intercept any imbalances or deviations from management expectations in a timely manner.

The risk of interest rate fluctuations is the risk that changes in market interest rates will affect the market value of the Group financial assets and liabilities, as well as its net financial expenses.

The Group analyses its exposure to the risk of interest rate fluctuation on a dynamic basis, simulating its financing requirements and estimated cash flows in different scenarios, on the basis of economic expectations, existing positions and potential refinancing.

The interest rate risk to which the Group is exposed arises mainly from long-term financial debts. These debts are mainly at variable rates and the Group does not have any particular hedging policies in place, considering this risk to be insignificant.

Exchange rate fluctuation risk is the risk that changes in foreign currency exchange rates with respect to the functional currency, represented by the Euro, may negatively affect the Group economic performance and cash flows.

NextGeo operates internationally and is therefore exposed to risks arising from fluctuations in the exchange rates of the foreign currencies in which certain transactions are settled. This risk arises in the event that the counter-value in Euros of foreign currency sales transactions decreases or increases the counter-value in Euros of foreign currency purchase transactions, preventing the desired margin from being achieved.

Exchange rate trends are monitored both locally and centrally by the finance department with the aim of intercepting potential risk situations and activating immediate action to mitigate the effects. The management, in order to limit this risk, tries to maintain the foreign currency balance wherever possible.

At present, also taking into account the limited historical economic and financial impact of exchange rate differences, the Group does not implement any particular hedging policies.

Credit risk represents the Group's exposure to potential losses from non-fulfilment of the obligations assumed by the counterparties.

The historical data do not show any significant credit losses and the customer counterparties are companies of high standing and proven reliability. The sector is not characterised by high volatility or other cyclical imbalances. Therefore, the risk is assessed as low.

The Group favours relations with operators with whom important relationships of trust have been established over time or who in any case have a high reputation, carefully analysed by the commercial and credit department.

Collections and any level of overdue receivables are carefully and periodically monitored by the credit department with the support, where necessary, of the legal department and external corporate counsel.

Liquidity risk is the risk associated with the unavailability of financial resources necessary to meet short-term payment commitments to commercial or financial counterparties within the established terms and deadlines. The main factors determining the Group degree of liquidity are, on the one hand, the resources generated or absorbed by operating and investing activities, and, on the other, the maturity and renewal terms of debt or the liquidity of financial investments and market conditions.

The Group manages liquidity risk through tight control of the components of cash and cash equivalents, credit lines, operating working capital (in particular, trade receivables and trade payables) and loans.

The Group is committed to maintaining a financial structure that ensures an adequate level of liquidity, a balance between sources of financing and uses of capital, and allows for the cost of money to be minimised, without compromising the short-term balance of the treasury and avoiding critical issues and tensions in current liquidity.