Financial Statements as of 31 December 2025

FINANCIAL STATEMENTS

31 DECEMBER 2025

(COURTESY TRANSLATION FOR THE CONVENIENCE OF INTERNATIONAL READERS)

‌CONTENTS

CONTENTS 2

COMPANY DATA 4

COMPOSITION OF THE CORPORATE BODIES AS OF 31 DECEMBER 2025 5

GROUP CORPORATE ORGANISATION CHART AS OF 31 DECEMBER 2025 6

GROUP COMPOSITION AS OF 31 DECEMBER 2025 7

DIRECTORS' REPORT ON OPERATIONS 9

INFORMATION ON THE COMPANY 10

OUR MISSION AND VALUES 10

OUR HISTORY 11

THE MACROECONOMIC SCENARIO 13

THE REFERENCE MARKET 17

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 28

SUMMARY DATA AS OF 31 DECEMBER 2025 30

NET FINANCIAL DEBT 35

ECONOMIC, ASSET AND FINANCIAL INDICATORS 36

OPERATIONAL INDICATORS 37

PERFORMANCE OF THE SHARE LISTED ON EURONEXT GROWTH MILAN (EGM) 37

DETAILS OF ALTERNATIVE PERFORMANCE INDICATORS 38

MAIN RISKS AND UNCERTAINTIES TO WHICH THE COMPANY IS EXPOSED 41

FINANCIAL RISKS 41

STRATEGIC RISKS 43

OPERATIONAL RISKS 44

SUSTAINABILITY 46

INFORMATION ON THE ENVIRONMENT 48

INFORMATION ON PERSONNEL 49

RESEARCH AND DEVELOPMENT ACTIVITIES 49

RELATIONS WITH SUBSIDIARIES, RELATED COMPANIES, PARENT COMPANIES AND UNDERTAKINGS CONTROLLED BY THE PARENT COMPANIES 52

TREASURY SHARES 55

SHARES OF THE PARENT COMPANY 55

BUSINESS OUTLOOK 55

INFORMATION ON FINANCIAL INSTRUMENTS 56

LIST OF BRANCH OFFICES 57

FINANCIAL STATEMENTS 58

BALANCE SHEET 59

INCOME STATEMENT 63

CASH FLOW STATEMENT 65

NOTES TO THE FINANCIAL STATEMENTS 67

NOTES TO THE FINANCIAL STATEMENTS, INITIAL PART 68

DRAFTING PRINCIPLES 68

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

. 69

CHANGES IN ACCOUNTING PRINCIPLES 69

CORRECTION OF MATERIAL ERRORS 69

COMPARABILITY AND ADJUSTMENT ISSUES 69

VALUATION CRITERIA APPLIED 69

ASSETS 79

FIXED ASSETS 79

INTANGIBLE FIXED ASSETS 79

TANGIBLE FIXED ASSETS 80

FINANCIAL FIXED ASSETS 81

CURRENT ASSETS 84

INVENTORIES 84

RECEIVABLES 85

FINANCIAL ASSETS NOT CONSTITUTING FIXED ASSETS 87

CASH AND CASH EQUIVALENTS 87

ACCRUED INCOME AND DEFERRED EXPENSES 88

LIABILITIES 88

SHAREHOLDERS' EQUITY 88

PROVISIONS FOR RISKS AND CHARGES 90

EMPLOYEE SEVERANCE INDEMNITIES 91

PAYABLES 91

ACCRUED EXPENSES AND DEFERRED INCOME 94

INCOME STATEMENT 95

VALUE OF PRODUCTION 95

PRODUCTION COSTS 97

FINANCIAL INCOME AND CHARGES 99

VALUE ADJUSTMENTS TO FINANCIAL ASSETS AND LIABILITIES 100

TAXES 101

ADDITIONAL INFORMATION 102

‌COMPANY DATA Registered office

Next Geosolutions Europe SpA Via Santa Brigida, 39

80133 - Naples (Italy)

Legal data

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

‌COMPOSITION OF THE CORPORATE BODIES AS OF 31 DECEMBER 2025

‌1 Appointed 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.‌

2 Appointed 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.

‌3 Appointed 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.

‌GROUP CORPORATE ORGANISATION CHART AS OF 31 DECEMBER 2025

‌GROUP COMPOSITION AS OF 31 DECEMBER 2025 Parent company Company name Registered office

Next Geosolutions Europe SpA Naples - Italy

Subsidiaries Company name Registered office

Seashiptanker Srl Naples - Italy

Phoenix Offshore Srl Naples - Italy

Subonica Srl Naples - Italy

Rana Subsea SpA Ravenna - Italy

Ilmar Srl Ravenna - Italy

Res Marina Srl Ravenna - Italy

Aalea Offshore Srl in liquidation Ravenna - Italy

Next Geosolutions Ukcs Ltd London - United Kingdom

Next Geosolutions BV Ijmuiden - The Netherlands

Rana Works BV Rotterdam - The Netherlands

Next Geosolutions Middle East FZE Sharjah - United Arab Emirates

Rana Congo Sarl Pointe-Noire - Republic of the Congo

Rana EG Sas Malabo - Equatorial Guinea

Rana Libya Sea Services Tripoli - Libya

Jointly controlled companies Company name Registered office

NextPoli Srl Naples - Italy

Next Geosolutions Europe SpA

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

Seashiptanker Srl

A company with registered office in Naples, Italy, 80% owned by 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.

Phoenix Offshore Srl

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

Subonica Srl

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

Rana Subsea SpA

A company based in Ravenna (Italy), 82.50% controlled by Next Geosolutions Europe SpA, carries out subsea engineering activities, construction support, inspection, maintenance and repair (IMR) and decomissioning of offshore infrastructures.

Ilmar Srl

A company with registered office in Ravenna (Italy) and operational headquarters in Ancona (Italy), 100% controlled by Rana Subsea SpA, carries out support activities for maritime and offshore works through the management of two pontoons.

Res Marina Srl

A company with registered office in Ravenna (Italy), 81.82% controlled by Rana Subsea SpA, carries out proprietary management activities of a saturation plant and maintenance activities of subsea equipment.

Aalea Offshore Srl in liquidation

A company with registered office in Ravenna (Italy), 100% controlled by Rana Subsea SpA, not operational.

Next Geosolutions Ukcs Ltd

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

Next Geosolutions BV

A company with registered office in Ijmuiden (The Netherlands), 100% controlled by Next Geosolutions Europe SpA, carries out administrative, technical and operational management of orders with Dutch clients.

Rana Works BV

A company with registered office in Rotterdam (The Netherlands), 100% controlled by Rana Subsea SpA, not operational.

Next Geosolutions Middle East FZE

A company based in Sharjah (United Arab Emirates), 100% controlled by Next Geosolutions Europe SpA, carries out the same activity as the latter (geophysical and geotechnical analysis at sea) in the Persian Gulf area.

Rana Congo Sarl

A company based in Pointe-Noire (Republic of the Congo), 100% controlled by Rana Subsea SpA, carries out the same activity as Rana Subsea SpA (subsea engineering activities, construction support, inspection, maintenance and repair and decomissioning of offshore infrastructures) in the Eastern Atlantic Ocean area (West Africa).

Rana EG Sas

A company based in Malabo (Equatorial Guinea), 65% controlled by Rana Subsea SpA, carries out the same activity as Rana Subsea SpA (subsea engineering activities, construction support, inspection, maintenance and repair and decomissioning of offshore infrastructure) in the Eastern Atlantic Ocean area (West Africa).

Rana Libya Sea Services

A company based in Tripoli (Libya), 60% controlled by Rana Subsea SpA, not operational.

NextPoli Srl

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

‌DIRECTORS' REPORT ON OPERATIONS ‌INFORMATION ON THE COMPANY

Next Geosolutions Europe SpA (hereinafter also referred to as "Next Geosolutions Europe" or the "Company") 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, Next Geosolutions Europe SpA performs marine geophysical and geotechnical surveying activities, as well as offshore construction support activities, installation, inspection, maintenance and decomissioning of offshore infrastructures (through a wide range of subsea services) both in the domestic and international market, for companies operating in the subsea power cable (Interconnector), offshore renewable energy (offshore wind farms) and Oil&Gas sectors. The activities are carried out by Next Geosolutions Europe SpA both offshore (in deep water, far from the coast) and near-shore (in shallow water, typically close to the coast).

Next Geosolutions Europe SpA 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.

A part of Marnavi group, Next Geosolutions Europe SpA 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, Next Geosolutions Europe SpA 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 650 professionals, the Company offers a variety of services ranging from specialised consultancy to geophysical, geotechnical, environmental and marine archaeological surveys, potential detection, removal and relocation of unexploded ordnance (UXO), and subsea services supporting the development of offshore infrastructures (including mainly platforms and pipelines in the Oil&Gas sector, as well as high-voltage direct current - HVDC subsea cables and Offshore Wind Farms, etc.) across installation, operation and maintenance phases, as well as subsequent decommissioning.

‌OUR MISSION AND VALUES

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.

‌OUR HISTORY

Next Geosolutions Europe SpA was born in late 2014 from the union between successful Italian entrepreneurs and a close-knit group of professionals. The Company 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 Next Geosolutions Europe SpA was located in Naples, where it is still located to this day. Over the years, the Company has expanded its business through an internationalization process: in 2017, it entered the UK market by acquiring the UK company RSM Submarine Consulting, dedicated to 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 seas of Northern Europe.

This international expansion was a turning point in the Company's 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, the Company assumed the role of shipowner by acquiring, through the company Seashiptanker Srl, the first vessel of the fleet, now called NG Worker.

Subsequently, in 2020, the Company 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 Company 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 development process along the value chain, the Company established the "NextPoli" joint venture and purchased a vessel for near-shore activities, thereby in-sourcing the near-shore 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 (currently named NG Driller), 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.

Subsequently, the Company's growth path received further impetus with the completion of the listing process on Euronext Growth Milan (EGM), a multilateral trading system organised and managed by Borsa Italiana, in May 2024. The transaction, which raised a total of EUR 50 million and positioned the Company among the companies with the highest market capitalisation listed on EGM, represented a crucial step in accelerating the company's development strategies.

Furthermore, during 2024, the supervision of geophysical and environmental survey activities in coastal areas will also be consolidated through the acquisition of 100% of the company Subonica Srl, based in Naples and specialised in underwater surveys and inspections in coastal waters and at shallow depths.

At the end of 2024 the Company completed the purchase of the vessel Sea Admiral, renamed NG Explorer, approximately 58 meters long, approximately 14 meters wide and equipped with a Dynamic Positioning 2 (DP2) system. For this vessel, intended for the geophysics, light geotechnics, UXO and environmental survey activities, conversion works are still underway.

Thanks to its consolidated skills, the experience gained and the reputation built over the years, as well as the efficiency and quality of the naval, technical and operational resources at its disposal, Next Geosolutions Europe

SpA, despite being a relatively recently established company, has managed to position itself as one of the main players in the EMEA area, operating in the survey sector and subsea services supporting the construction, installation, maintenance, repair and decommissioning of offshore infrastructures.

‌THE MACROECONOMIC SCENARIO

Global growth is expected to remain resilient at 3.3% in 2026 and 3.2% in 2027: rates similar to the estimated outcome of 3.3% in 2025. The forecast marks a slight upward revision for 2026 and no change for 2027 compared to what was reported in the October 2025 World Economic Outlook (WEO). This seemingly consistent performance results from the balance of divergent forces. Headwinds from shifting trade policies are offset by tailwinds from a surge in technology-related investment, including artificial intelligence (AI), more so in North America and Asia than in other regions, as well as fiscal and monetary support, broadly accommodative financial conditions, and the adaptability of the private sector. Headline global inflation is estimated to drop from an es timated 4.1% in 2025 to 3.8% in 2026, and further to 3.4% in 2027. Inflation projections are also largely unchanged from October, with inflation expected to return to target levels more gradually in the United States than in other major economies.

Risks to the outlook remain tilted to the downside. A reassessment of AI-related productivity growth expectations could lead to a decline in investment and trigger a sudden adjustment in financial markets, spreading from AI-related companies to other segments and eroding household wealth. Trade tensions could prolong uncertainty and further weigh on the economic activity. Internal political tensions or geopolitical tensions could introduce new levels of uncertainty and destabilise the global economy through their impact on financial markets, supply chains, and commodity prices. Wider fiscal deficits and high public debt could put pressure on long-term interest rates and, consequently, on general financial conditions. On the upside, activity could be further boosted by AI-related investments and potentially transform into sustainable growth if faster AI adoption translates into strong productivity gains and greater business dynamism. Activity could also be supported by a sustained easing of trade tensions. Policies to foster stability and sustainably raise medium-term growth prospects require a strong focus on restoring fiscal buffers, preserving price and financial stability, reducing uncertainty and implementing structural reforms without further delay.

Global financial conditions

Global financial conditions remain accommodative, despite some volatility and rising sovereign bond yields. Share prices of major technology companies have further distanced themselves from the prices of other stocks. Financial conditions, overall, have changed little or tightened only moderately. The sentiment of investors continues to support high stock prices and spread historically contracted credit, driven by expectations of further monetary policy easing. Favourable financing conditions and low currency volatility have supported portfolio flows into emerging markets, with record issuance of

international government bonds and increased access for many sovereign bonds with lower rating, alongside steady flows into local currency debt markets. The US dollar recovered slightly, supported by a slowdown in investors' hedging momentum, but briefly came under pressure again following the launch of an investigation into the Federal Reserve chairman.

Against this backdrop of stabilising trade tensions and favourable financial conditions, the global economy has continued to prove remarkably resilient, adapting to the changing landscape and with varying momentum across countries and sectors. Overall, global growth in the third quarter of 2025 decelerated to 2.4% on an annualised basis, above expectations, but with positive surprises in some countries offset by disappointments in others. Global trade remained relatively robust, with rapid expansion in technology-related exports offsetting slowing export momentum in other product categories. AI companies now represent a significant share of stock market capitalisation and drive much of the growth in corporate capital expenditure (capex).

The large volume of issuance and evolving investor sentiment are pushing sovereign debt toward shorter maturities, reshaping market dynamics in major economies. Global sovereign debt is expected to exceed 100% of GDP by the end of the decade. Lower policy rates have helped stabilise long-term yields, even as term premia rise due to massive issuance and a shift in investor interest away from long -duration securities. Meanwhile, short-term rates are rising, with bouts of volatility prompting periodic use of central bank liquidity and raising concerns about the proper functioning of the market.

Recent corporate defaults draw attention to underwriting standards and transparency in credit markets. Investors have viewed the failures of Tricolor Holdings and First Brands as isolated incidents, and other troubled companies have so far avoided the default through arrangements with lenders, often at the cost of a downgrade of the rating. Nonetheless, the default of these two companies have highlighted several crucial weaknesses: opaque financing structures, weak governance, and lax underwriting standards. Such issues have become more common with the rapid growth of non-bank lenders, particularly in the private credit sector. Vulnerabilities in this sector could become more acute if market conditions were to become more restrictive or investors' appetite for risk were to wane.

Growth and inflation prospects

Global inflation remained broadly stable. While global median sequential inflation strengthened slightly, for both headline and core rates, annual inflation remained stable, surprising slightly to the downside. That said, in the United States, the high cost of living continues to be the top concern cited in household surveys, and households' one-year inflation expectations remain elevated, as do input prices in manufacturing purchasing managers' indices.

The International Monetary Fund's projections continue to be based on current trade policy in real time; this means they assume that the policies in place at the end of December are permanent. This also applies

to measures defined as temporary or suspended, which means that suspensions on tariff increases are deemed to remain in force beyond their expiry dates, and rate increases do not become effective.

The projected effective U.S. tariff rate is 18.5%, up from 18.7% in the October forecast. The corresponding effective tariff rate for the rest of the world remains unchanged at 3.5%. Economic policy uncertainty is expected to remain elevated throughout 2026.

Energy commodity prices are forecast to fall by around 7% in 2026, a larger decline than projected in the October 2025 World Economic Outlook (WEO), due to tepid global demand growth and strong supply growth. However, a lower limit on prices (price floor) is supported by higher-cost producers, China's strategic storage, and OPEC+'s (Organisation of the Petroleum Exporting Countries plus select non-member countries) approach to avoiding a price collapse. Natural gas prices are expected to remain relatively low amid lower energy demand stemming from uncertainty, more flexible European Union (EU) storage targets, and the prospect of ample liquefied natural gas supply in the medium term.

Monetary policy rates in the UK and the US are expected to continue falling, albeit at different speeds, while the International Monetary Fund (IMF) expects the euro area's key rate to remain unchanged and Japan to gradually raise its own. Fiscal policy in advanced economies, particularly Germany, Japan, and the United States, is expected to be stimulative in the near term, marking a reversal from the previously mildly restrictive US stance due to tariffs.

Global growth is expected to remain stable; the momentum in the high tech sectors is set to slow down, but will continue to partially offset weakness in other areas. While tariffs and uncertainty are expected to continue to weigh on activity, the impact on growth is expected to fade over the course of 2026 and 2027. With 3.3% for 2026 and 3.2% for 2027, the forecast marks a slight deceleration from the 3.3% estimated for 2025. The forecast for 2026 has been revised upward by 0.2% from the October 2025 WEO, while that for 2027 remains unchanged. However, there are significant rev isions for some countries, with variations in opposite directions.

Growth in advanced economies is projected at 1.8% in 2026 and 1.7% in 2027.

For emerging markets and developing economies, growth is expected to hover just above 4.0% in the two-year period 2026-2027.

World trade volume is expected to decline to 2.6% in 2026 (from 4.1% in 2025) before recovering to 3.1% in 2027, reflecting the adjustment of flows to new trade policies.

Global inflation will continue to decline, reaching 3.8% in 2026 and 3.4% in 2027.

Policies can foster stability and sustainable growth

Rebuilding fiscal capacity and maintaining public debt sustainability is crucial, especially at a time when pressing spending needs persist. At a minimum, a commitment to credible fiscal consolidation in the medium term is required. Efforts to rebuild fiscal buffers should be based on realistic assumptions, including those about long-term spending pressures and sound debt management practices, while seeking the right balance with a growth-friendly adjustment. Countries should aim to strengthen tax revenues, rationalise expenditures and enhance spending efficiency, among other things, by encouraging private investment inflows (crowding in).

Responses to negative demand shocks should be formulated without deviating from medium -term fiscal sustainability objectives. They should exploit automatic stabilisers, applied symmetrically throughout the business cycle to support macroeconomic stabilisation in both recessionary and expansionary phases. Any discretionary tax intervention must be strictly targeted at firms and households most affected by adverse shocks and include explicit cessation clauses ( sunset provisions) that make its action temporary.

Offsetting such measures through reductions in non-priority spending elsewhere or new sources of revenue is essential, particularly where fiscal space is limited. Broad-based subsidies and other industrial policy measures can be both costly and destabilising. Even when their use is appropriate, they must be handled with caution. To avoid inefficient resource allocation, especially given increasingly stringent fiscal constraints, industrial policies must be precisely targeted to address specific market failures and clearly defined externalities, as well as subject to periodic cost-benefit analyses.

Central banks must adapt monetary policy to preserve price stability in an ever-changing global economic landscape. Monetary policy-makers in countries where inflation is at or close to target should rely on a forecast-centred approach and, if their countries experience negative demand shocks, they could consider gradually reducing policy rates to cushion economic activity, provided that the risks to price stability objectives are contained. Conversely, where inflation is still above target, a more cautious approach that maintains data dependence is justified.

In economies experiencing adverse supply shocks, policy-makers face complex trade-offs in balancing the risk of slowing growth with the risk of persistent inflation. In such cases, further monetary easing should proceed only if there is strong evidence that inflation expectations remain anchored and that inflation is returning to objective, as maintaining focus on price stability is vital.

Clear and consistent communication from central banks is essential to navigate this unpredictable environment. Central bank independence is essential for macroeconomic stability and economic growth. Preserving central bank independence, both legal and operational, remains critical to avoiding the risk of fiscal dominance, anchoring inflation expectations, and enabling them to achieve their mandates.

Under normal conditions, exchange rates should respond flexibly to market signals, thus facilitating macroeconomic adjustment. Should significant fluctuations in exchange rates or risk premia arise, the IMF's Integrated Policy Framework offers guidance for tailored policy responses. In selected cases, in parallel with appropriate monetary and fiscal policy stances, temporary interventions in the foreign exchange market or capital flow management tools may be justified.

In the face of increased uncertainty and fragile asset valuations, robust prudential oversight is necessary to preserve financial stability. In times of prolonged uncertainty like the current one, extensive use of scenario analysis can improve macroeconomic decision-making. Being prepared to deploy contingency plans for different types of risks ensures resilience should those risks materialise.

To stabilise expectations and encourage investment across a broader range of sectors, countries should prioritise reducing uncertainty surrounding policy choices. They should establish and adhere to transparent and coherent trade policy frameworks, supported by pragmatic cooperation. This involves advancing multilateral efforts addressing key global public assets, updating international norms where possible, and exploring regional or plurilateral solutions where appropriate.

Beyond managing short-term trade-offs and challenges, raising medium-term growth prospects remains the most effective strategy for resolving macroeconomic dilemmas. Structural reforms targeting labour markets, education, regulatory frameworks, and competition will boost productivity, potential output, and job creation. These efforts should not undermine, but rather be aligned with, a rebalancing of the global economy, which is a crucial element of sustainability. Combining growth -enhancing measures with efforts to strengthen the EU single market, charting a credible fiscal consolidation plan to put US public debt on a solid downward path, and advancing China's reforms to strengthen its social protection

system and scale back unwarranted industrial policy support would help diversify the sources of global growth.

‌THE REFERENCE MARKET

During 2025, the Company's reference markets continued to be that of high voltage subsea power cables (Interconnector), that of offshore renewable energy, mainly represented by the Offshore Wind Farm (OWF) and more significantly than in previous years, the traditional Oil&Gas offshore sector. In addition, although to a lesser extent than those already mentioned, the environmental research markets for scientific studies and the defence market also represented areas of operation for the Company.

The EMEA region remained partially characterised by geopolitical instability, protracted international conflicts, and regional tensions, which continued to influence energy policies, investment decisions, and the strategic priorities of governments and industrial operators.

In this scenario, the security of energy supply and proper maintenance of infrastructures continued to play a central role, alongside, and in some cases preceding, the long-term objectives linked to the energy transition and de-carbonisation. This scenario has led to an evolution in market dynamics, with a growing focus on the resilience of energy systems, the operational continuity of existing assets, and investment selectivity. This has led to a structural demand for specialised technical services not onl y related to the development of new projects, but also focused on the efficient management, monitoring, and optimisation of existing assets.

In this context, the Oil&Gas offshore sector has assumed a greater importance in 2025 than in previous years, particularly in the mature basins of the EMEA area; Indeed, although part of a long -term energy transition process, the sector has benefited from a renewed focus on energy security, w hich has supported targeted investments in existing assets. asset integrity and IMR (Inspection, Maintenance & Repair) activities, including inspection, maintenance and operational optimisation have represented a significant driver of demand, strengthening the role of operators capable of providing highly technical and operational services throughout the life cycle of projects, together with activities related to the Capex phase of new planned plants.

At the same time, the offshore renewable energy market, mainly represented by the Offshore Wind Farms (OWF) continued to develop, albeit in a more selective and complex context than the phases of strong expansion of previous years. Over the course of 2025, the industry's focus has progressively shifted from solely growing installed capacity to managing the technical complexity of projects, optimising installation activities, and preparing for the long-term management of large assets, generating a more qualified demand for infrastructure life-cycle support services.

At the same time, the subsea power cable connection ( Interconnector) sector has continued to play an increasingly strategic role, strengthening its role as a critical infrastructure for the integration of energy markets, primarily in Northern and Southern Europe. The growing interdependence between national electricity systems, combined with the need to manage an ever-increasing share of energy produced from different sources, has driven investments aimed both at developing new infrastructure and strengthening and modernising existing networks, with the goal of increasing their reliability over time and preventing and managing operational issues.

Finally, the marine environmental studies sector has continued to play a role of particular interest for public bodies and institutional entities, which have recently shown a growing sensitivity towards the protection of marine ecosystems.

Overall, 2025 saw a continued evolution of the reference markets in the EMEA region, while favouring greater selectivity of investments and a renewed focus on the resilience of energy systems. The ability to operate throughout the entire infrastructure life-cycle, in increasingly complex regulatory and geopolitical contexts, therefore continues to represent a distinguishing factor for operators in the sector.

The following is an overview of the main market segments and the main evolutionary dynamics expected in the medium term, mainly in the EMEA region.

The market for high-voltage subsea power cables - Interconnectors

In the EMEA region, high voltage subsea power cables (Interconnectors) play an increasingly important role in the functioning of electricity transmission systems and in the integration of regional energy markets. These infrastructures enable the management of interdependence between national networks, assuming a structural role in ensuring stability and operational flexibility of electricity systems.

The growing complexity of energy flows, together with the integration of renewable sources and the need to strengthen security of supply, has consolidated the role of Interconnectors as a key element in the planning and evolution of transmission networks. In this context, the European region confirms its position as the most developed and dynamic market globally, thanks to a high level of electricity market integration and a constant commitment to strengthening cross-border interconnections.

The current scenario

Globally, the currently operational Interconnector network reached a total length of 29,850 km at the end of 2025, with steady growth over the years. In addition, 7,702 km are currently under construction. The market continues to be dominated by Europe, with 75.8% of global operational capacity (with reference to the projects identified during the "fully commissioned" phase), equal to approximately 22,639 km of cables currently in operation. The second global market, in terms of installed capacity, is the Asian region, with approximately 3,413 km (11.4% of the total), followed by North America, which installed 1,665 km, equal to 5.6% of the global network and the Middle East region with approximately 1,452 km installed, equal to 4.9% of the global network.

Europe, as in previous years, continues to be the most developed market, with a total of 29,273 km of cables, divided between 24,243 km already operational, 7,039km under construction and in the pre-construction stage, together with 1,173 km of decommissioned cables.

Values in Km Pre-2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total

To date, installed capacity in the EMEA region clearly predominates in the northern part of the European continent.

23,9%

6,0%

69,5%

0,6% Mari del Nord Mediterraneo Middle East Africa

In fact, the North Seas remain EMEA region's main hub for offshore energy transmission, with 16,850 km of cables currently operational, accounting for 69,5% of the total installed capacity. On the other hand, in the Mediterranean Sea, the network has reached a total length of 5,789 km, covering a share equal to the 23.9% of the capacity installed throughout the region, followed by the Middle East (with 1,452 km, equal to 6.0%) and by Africa, with only 152km (equal to 0.6%).

Future outlook

The outlook for the EMEA market of the Interconnectors outline significant growth over the next decade, supported by increased investment and a progressive expansion of the subsea network to support the energy transition and security of supply. In this scenario, the use of HVDC (High Voltage Direct Current) technologies will play a key role, improving the efficiency of electrical flows and limiting losses over long distances.

According to estimates, by 2036, out of a total of 100 projects expected, for a total of approximately 44,195 km, 57% of the network of Interconnectors (in number of projects) will make use of this technology (which in terms of km is estimated to be equal to 93% of the 44,195 km expected), showing strong investments in the coming years: in 2027, in fact, it is estimated that the expenditure destined for the HVDC (High Voltage Direct Current) will reach approximately EUR 6.5 billion (equal to 86% of the total investments of the year), while the one aimed at HVAC (High Voltage Alternating Current) systems will amount to EUR 1.09 billion, with an incidence that will tend to progressively decrease in the following years.

The geographical distribution of the developments foreseen from 2026 to 2036 highlights a predominance of the North Seas where the launch of 54 new projects is planned (54% of the total), followed by the Mediterranean Sea, where 39 additional projects are planned (39% of new installations expected in the EMEA region) and the Middle East, with 7 new projects (7% of the total).

Based on the most recent estimates, the overall expenditure allocated to EPCI (Engineering, Procurement, Construction & Installation) activities in the Interconnector sector is estimated to reach approximately EUR 49.5 billion within 2036, reflecting a CAGR of 27.8% in the period 2026-2036.

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From an infrastructural point of view, the estimated evolution of the market foresees the installation of approximately 44,200 km of subsea cables within 2036. In this scenario, the North Seas continue to represent the region of greatest traction, with 24,202 km - equal to 54.7% of the new planned capacity - confirming itself as the main expansion hub in the EMEA region.

In parallel, the Mediterranean Sea - continuing to pursue the objective of strengthening European connectivity also with further regions such as North Africa or the Middle East - will see an extension equal to 19,035 km, equivalent to 43.1% of the total, thus contributing to a more balanced and strategic growth framework for the entire region. Finally, in the Middle East new projects are estimated to total approximately 958 km in the next decade, equal to 2.2% of the total.

Values in Km 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total

Looking at the evolutionary trajectories of the sector, the Interconnectors represent a sector with sustained growth, influenced both by the need to increase cross-border trade capacity and by the need to build infrastructures more resilient to technological and market changes. The increase in renewable generation, the greater complexity of supply chains, and the growing focus on flow stability make a more advanced design approach essential, capable of anticipating future scenarios and integrating safety and flexibility parameters from the early stages of development.

In this framework, the technical guidelines and forward-looking analyses developed at European level, including the methodological contributions provided by coordinating bodies such as the European Network of Transmission System Operators for Electricity (ENTSO-E), are progressively leading towards a more coherent regulatory and infrastructure framework. The adoption of digital solutions for grid management, the evolution of control systems, and the strengthening of subsea transmission capacity are key elements in shaping an increasingly integrated electricity market capable of supporting long-term objectives, both in terms of operational efficiency and security of supply.

The offshore renewable energy market

Offshore wind energy is confirmed as one of the strategic elements of the global energy transition, thanks to the capacity of offshore wind farms (OWF) to generate high volumes of energy with reasonable continuity. In recent months, the sector has experienced a slowdown, due, among other factors, to cost pressures, macroeconomic uncertainties, and lengthening authorisation processes-dynamics that are, however, typical of infrastructure development cycles. Even in this temporary context, industrial interest remains solid and supported by a pipeline

of broad and diversified projects. On the international front, Europe maintains a leading position, thanks to an advanced technological ecosystem and also to the constant evolution of transmission infrastructures, elements that simplify the integration of offshore wind power in national electricity systems.

The expansion of plants in the Northern European regions, and the progressive adaptation of the grid, contribute to a greater absorption capacity of renewable generation, while strengthening the security of the electricity system. At the same time, China and the Asian region continue to represent the most active markets in terms of new installed capacity, supported by ambitious investment policies and highly competitive production chains. Technological evolution, from turbine design to offshore management solutions, and the increasing digitalisation of control systems, continue to consolidate the role of offshore wind as a structural component of the global energy mix, progressively reducing operational barriers and expanding the sector's growth potential.

Offshore Wind Farms: current scenario and future developments

At the end of 2025, the offshore wind capacity installed worldwide reached approximately 86.3 GW, distributed between 378 operational plants, confirming the progressive growth of the sector at an international level. There Asian region is confirmed as the most developed and active region in the installation of new units, with 236Offshore Wind Farms installed, equal to 62.4% of the total at global level, with Europe which follows with 139 installations, equivalent to 36.8%, showing a global share of installed projects down approximately 2 percentage points compared to the previous year. As a last region, we find North America which, without changes compared to the previous year, especially due to the numerous political events that have characterised 2025, presents only 3 plants currently operational, equal to 0.8% of the global total.

From the point of view of the distribution of installed power in terms of GW, a substantial balance prevails between the European and Asian regions, with the latter having a slightly higher share, specifically around 48.7 GW are located in Asia (equal to 56.5% of the global total), while approximately 37.4 GW represent the installed power in the European region (equal to 43.3% of the global total). The remaining share, equal to 0.2%, that is, approximately 0.17 GW, is currently located in the United States of America.

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Values in GW GW %

Asia 48.7 56.5%

Europe 37.4 43.3%

America 0.2 0.2%

Total 86.3 100.0%

Asia Europa America

From the point of view of individual nations, in the framework updated at the end of 2025, China emerges as a dominant player in the offshore wind sector, exceeding 50% of global installed capacity for the first time, with approximately 44.1 GW fully operational, equal to 51.1% of the global installed capacity. This is a consolidated leadership, supported by an extremely competitive industrial apparatus, public policies aimed at the rapid expansion of plants, and a domestic supply chain capable of covering the entire design cycle, from components to plant commissioning.

The table below shows the share held by the main countries in terms of installed capacity (GW) (so-called fully commissioned capacity).

Total 86.3 100.0%

In the European context, offshore wind is now in a defined development phase, with installed capacity distributed across a number of national markets. In this context, the United Kingdom confirms itself as the main contributor with 16.1 GW installed (18.7% of global power), followed by Germany (9.0 GW, 10.4%), The Netherlands (5.4 GW, 6.3%) and Denmark (2.7 GW, 3.1%). Overall, these countries represent approximately 38.6% of installed capacity worldwide.

With reference to the period 2026-2033, estimates indicate that Capex investments intended for the development of Offshore Wind Farms in the EMEA region could reach a total of approximately EUR 321.9 billion. In this scenario, United Kingdom (EUR 70.4 billion), Germany (EUR 56.9 billion), The Netherlands (EUR 35.8 billion), Denmark (EUR 34.8 billion) and France (EUR 27.8 billion) continue to be the markets with the greatest weight in terms of expected investments.

The table below shows the investment estimates for the development of the Offshore Wind Farms, expected by EMEA countries over the next ten years.

Values in EUR millions

Country Geographical area

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Offshore Wind Farms - Subsea Cables: current scenario and future developments

Within the Offshore Wind Farm context, subsea cables used to connect offshore wind farms to mainland, continue to play an important role, as they are necessary infrastructure both for the interconnection of wind turbines and for the transfer of energy produced offshore to the onshore electricity grid. These connections are mainly divided into Array, Grid and Export Cables, depending on whether they are intended for connections within wind farms or for connections between the farms themselves, converter stations, and the on-shore grid.

Globally, cables for Offshore Wind Farm installed to support wind farms reached a total length of 39,191 km at the end of 2025, of which 22,729 km (58.0%) were installed in Asia, 16,258 km (41.5%) in Europe, and 204 km (0.5%) in North America, with no new additions recorded over the past three years.

The table below shows, in km, the installations carried out up to 2025 globally.

Values in Km Pre-2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total

With reference to the EMEA region, the most recent estimates indicate that, in Europe, the subsea cable market for Offshore Wind Farms should reach within the 2036 an overall value of approximately EUR 24 billion, considering only the costs associated with the installation activities. The expected investments are mainly oriented towards HVDC (High Voltage Direct Current) and HVAC (High Voltage Alternating Current) technologies, in line with the connection needs of larger-scale offshore wind farms located further from the coast. The chart below represents the expected evolution over the next ten years, with reference to the expected annual expenditure in the EMEA region relating to new installations of subsea power cables for Offshore Wind Farms.

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In the EMEA region, the estimates relating to the period 2026-2036 indicate the laying of approximately 41,121 km of new cables serving the Offshore Wind Farms. The scale of the planned installations reflects the need to support the expansion of offshore wind power capacity through adequate connection infrastructures, both for the internal connection of the farms and for the transfer of the energy produced to the onshore electricity grids.

From the point of view of geographical distribution, the most significant volumes are concentrated in markets that have a consolidated project pipeline and operational continuity already underway. In particular, the United Kingdom is expected to record overall 11,984 km of new installations, followed by Germany with 7,599 km and The Netherlands with 5,757 km. These are accompanied by significant contributions from France (3,239 km) and Denmark (3,045 km), while for Italy the installation of approximately 622 km of cables is planned in the period considered. The rest of the European region contributes overall to 8,875 km, highlighting a diffusion of new installations across a broad and articulated geographical perimeter.

From a technical point of view, the composition of the new sections shows a substantial prevalence of the Array and Export type cables, which overall represent approximately 18,245 km (44.4% of the expected total) and 19,620 km (47.7% of the expected total). The Grid component is instead more contained, with approximately 3,256 km, in line with the characteristics of the projects currently in the pipeline and with the methods of network integration envisaged in the various national contexts.

Overall, the extension of the subsea cable network in the EMEA region is configured as a functional element in strengthening the transmission infrastructures to support offshore wind power, contributing to a more efficient integration of energy produced at sea into national electricity systems.

The table below shows the distribution of new installations, in km, in the EMEA region over the next ten years.

Values in Km 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 TOT

Market growth is supported by an increasingly structured offshore energy infrastructure planning context, in which the development of new facilities is progressively coordinated with the availability of subsea connections and onshore network capacity. In recent years, several countries in the EMEA region have launched specific

programmes to improve alignment between authorisation pipelines, farm construction time-lines, and transmission infrastructure upgrades, with the aim of reducing operational inefficiencies and congestion risks.

In this framework, the role of European institutions and national authorities has focused on strengthening coordination mechanisms between offshore plant development and network planning, promoting a medium- to long-term vision of subsea connections and greater predictability for the operators involved. These directions are contributing to a progressive integration between plant design and connection solutions, also through more integrated approaches to offshore network management.

At the same time, we observe an evolution of development models towards more complex infrastructural configurations, which involve the aggregation of multiple projects and offshore renewable sources around shared transmission systems. This approach represents a further factor supporting market growth, as it allows for more efficient management of energy flows and better integration of energy produced at sea into existing electricity systems.

Offshore Wind Farms - Drilling: current scenario and future developments

In the context of offshore wind power development, drilling represents an increasingly relevant operational component, as it is directly linked to the increase in installations planned for both bottom-fixed and floating solutions. The growth of this segment is driven by the need to acquire increasingly detailed information on the mechanical characteristics of the soil and marine subsoil, to support the design and installation choices of new plants.

Drilling activities mainly include geotechnical surveys, aimed precisely at evaluating the geomechanical conditions and defining the most suitable engineering solutions. Such studies are essential to ensure adequate levels of safety and reliability of foundations in the case of fixed structures, as well as for the correct design of anchoring systems for floating installations, in which stability is guaranteed by anchor cables connected to the seabed.

At the end of 2025, the offshore wind power capacity installed globally is divided into approximately 15,039 turbines, confirming the size the market has reached. The table below shows the distribution ofoffshore turbines currently installed globally, divided by geographical area as of the same date.

Analysis of the global distribution of offshore wind turbines highlights a greater concentration of installations in Asia, which represents the largest share both in terms of number of turbines and installed power. At the end of the reference period, in fact, the Asian region counts 8,248 turbines, equal to 54.9% of the global total, for an overall capacity of 48.7 GW (56.5%).

Europe follows with 6,772 turbines installed, corresponding to 45.0% of the total, and a total power equal to

37.4 GW (43.3%). North America instead still has a marginal presence, with 19 turbines (0.1%) and an installed capacity equal to 0.2 GW (0.2%). Overall, the offshore capacity installed globally amounts to the aforementioned

86.3 GW, distributed over a total of 15,039 turbines.

The comparison between the distribution of the number of turbines and that of installed power shows a substantial consistency between the two metrics, despite highlighting differences related to the technical characteristics of the plants. In particular, the European share of capacity is slightly lower than the Asian one, reflecting a mix of projects with different sizes and configurations, as well as greater heterogeneity in the technological solutions adopted in the different geographical areas.

This configuration confirms how the global offshore market is developing today along distinct regional lines, with Asia maintaining a leadership position in terms of size and Europe continuing to represent a reference market in terms of installed volumes and level of industrial maturity.

In the period 2026-2036, the European offshore wind power market is expected to record an overall volume of 5,307 new turbines installed, of which 4,540 attributable to bottom-fixed solutions and 767 to floating technology. The temporal distribution of installations shows progressive growth over the decade, with an acceleration starting in 2028-2029.

The table below shows the number of turbines scheduled to be installed by 2036, broken down by year.

Year Floating Fixed Total

This dynamic translates into a strengthening of the role of the installation and drilling activities along the different stages of development of the Offshore Wind Farms, with direct effects on demand for dedicated vehicles and specialised technological solutions, particularly for projects characterised by greater operational depth and complexity. The increase in installed offshore capacity, together with the progressive diffusion of floating foundations, is contributing to making the drilling market increasingly structured, requiring continuous adaptation of the technical skills and technologies employed. In this context, the segment is expected to evolve in line with the needs of a sector that continues to expand and diversify its applications.

Offshore Wind Farms - OPEX Expenditure

In the EMEA region, the Opex segment associated with the Offshore Wind Farms represents an increasingly significant market component, as it is linked to the ongoing operation and management of plants throughout their entire life cycle. These activities include scheduled and corrective maintenance, operational management, and safety monitoring, with increasing use of advanced monitoring tools and predictive approaches.

Estimates indicate that the overall value of the Opex market in the EMEA region could reach approximately EUR

18.4 billion by 2036, then go up to EUR 40.7 billion by 2040, reflecting both the expansion in the number of offshore wind farms installed, as well as the increase in the operational complexity of the plants. In this context, the Opex market is characterised by a continuity of activities over time, generating recurring flows, less exposed to the cyclical nature of the construction phases.

The segment's evolution is also supported by the progressive diffusion of operating models geared towards optimising performance and reducing plant operational risks, with a direct impact on the demand for specialised services and dedicated technical expertise. This consolidates the role of the Opex market as a key element in ensuring offshore plant reliability and their full and constant integration into the energy systems of the EMEA region.

The chart below shows the expected cumulative evolution of overall Opex spending in the Offshore Wind Farm

segment in the EMEA region.

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The offshore Oil&Gas market

In the EMEA region, the offshoreOil&Gas sector continues to represent a significant segment of the energy landscape, characterised by a diverse geographical distribution of activities and differentiated investment dynamics among the main operating areas. Northern Europe, the Mediterranean basin, West Africa and Middle East constitute the fundamental poles of offshore development of the entire EMEA region, with industrial models and investment cycles that differ in the various regions.

In the period 2026-2031, the Offshore Oil&Gas market in the EMEA region is expected to generate an overall EPCI4 investment volume equal to approximately EUR 277.9 billion, considering jointly the activities related to offshore platforms and subseapipelines. Within this perimeter, the contribution of the offshore platforms is predominant, with an overall value equal to EUR 251.1 billion, of which EUR

103.8 billion attributable to the Capex activities and EUR 147.3 billion attributable to the Opex activities. The offshorepipeline segment contributes for approximately EUR 26.8 billion, with an Opex component (EUR 13.9 billion) slightly higher than the Capex share (EUR 12.9 billion), confirming the highly operational and maintenance-related nature of these strategic infrastructures.

A significant share of sector investments of the EMEA region is concentrated in Northern Europe, an area characterised by a high level of infrastructural maturity. In particular, the North Sea basin absorbs about 53% of the overall investments earmarked for pipelines by 2031, reflecting the presence of an extensive subsea network and the need to ensure operational continuity and integrity of existing assets. In the offshore platform sector, Northern Europe represents about 29% of estimated investments in the EMEA region by 2031, confirming itself as a market oriented towards the management and enhancement of mature infrastructures.

The Mediterranean has a more selective profile, with a more limited contribution compared to other basins in the EMEA region. The Southern European basin in fact concentrates about 9% of EPCI investments in pipelines expected overall by 2031 and about 7% of those expected in the offshore platform segment, reflecting a market characterised by targeted projects and a development pipeline mainly linked to natural gas and the modernisation of existing infrastructures. Investment dynamics are more influenced by regulatory and geopolitical factors, resulting in greater variability than other contexts in the EMEA region.

The Middle East, instead, emerges as one of the main growth poles in the offshore Oil&Gas sector in the EMEA region. In the pipeline segment, the region represents about 28% of the total investments estimated by 2031, while about 34% of the estimated total is concentrated in the offshore platform segment. This distribution highlights a market strongly oriented towards the development and maintenance of large production assets, with long-term investment cycles and a significant industrial scale.

‌4 Sources: Westwood Global Energy database and PwC Strategy& research.

West Africa constitutes a further strategic basin for this market in the EMEA region, with a particularly significant weight in the offshore platform segment, where it absorbs about 31% of the total overall investments estimated by 2031, while in the pipeline sector, the region represents about 10% of the EMEA total. The importance of West Africa is linked to the presence of large-scale projects and complex operating contexts, which determine a structural need for investments, constant throughout the entire life cycle of the assets.

In summary, the geographical distribution of investments in the offshore Oil&Gas sector in the EMEA region highlights a market structured on several poles, in which Northern Europe maintains a central role for mature infrastructures and consolidated networks, while the Middle East and West Africa confirm themselves as the main drivers in terms of future investment volumes, particularly in the offshore platform segment. The Mediterranean, on the other hand, continues to play a complementary role, with more limited investments but consistent with a selective strategic positioning.

The market for subsea telecommunications cables ( Telecom Cables) and the European context Over the past ten years, the global network of subsea telecommunication cables has shown marked growth in both area and transmission capacity. The overall length of installed systems has increased from approximately 1 million of km to over 1.5 million of km globally, while the overall capacity increased more than twentyfold between 2015 and 2025, in line with the structural acceleration of international data traffic, the incremental diffusion of cloud services globally, and the increase in connectivity needs on an intercontinental scale.

With reference to the current situation, about 216 systems were in operation in the EMEA region at the end of 2025, for a total extension equal to approximately 433,000 km, showing a strong increase in recent years, considering that in 2018 there were 173 systems in operation for a total of approximately 281,000 km of offshore telecom cables installed in this region. The EMEA region therefore confirms its role as an infrastructural hub between the main global traffic basins, thanks to the coexistence of int ra-regional routes and connections to North America and Asia, as well as corridors that cross strategic areas such as Europe, the Mediterranean and the Middle East.

Looking ahead, about 265,000 km of new offshore telecom cable systems are planned globally for the 2026-2028 period, with a strong concentration along the main intercontinental routes. In particular, the Australasia region represents the main development hub with approximately 88,000 km expected (approximately a third of new installations), followed by Transpacific corridors with over 55,000 km (just over 20% of the global total). Each Transatlantic and Polar route amounts to around 26,000 km. In parallel, corridors such as the Indian Ocean assume importance as a strategic axis for connections between Europe and Asia, even though they represent areas that do not partially overlap with the Company's operational perimeter.

Consistently with these dynamics, the available projections indicate, for the EMEA region, further growth in the extension of offshore telecom cables, which can achieve, by 2030, approximately 500,000 - 550,000 of km installed in the region, for a total of over 240 systems installed.

Next Geosolutions Europe's activities in the market of reference

In the context of its core offshore markets, Next Geosolutions Europe operates as a specialised supplier of technical services to support a variety of subsea infrastructures, along the entire life cycle of the projects. The Company's activities are firmly placed in the offshore sector, with a focus on markets characterised by high technical complexity, multi-year investment cycles and increasing integration between the different phases of the asset life cycle.

Distribution of production value for the 2025 financial year reflects this industrial setting. The high voltage subsea power connections (Interconnector) represent the main area of activity, contributing approximately 40.5% to the overall value. The offshore Oil&Gas sector affects for approximately 27.5%, confirming itself as a relevant market within the EMEA perimeter, particularly in basins characterised by mature infrastructures. The offshore renewable energies, with reference to the

Offshore Wind Farms, contribute to approximately 19.3%, while other activities, mainly attributable to scientific and environmental studies in deep marine habitats , represent approximately 12.7% of the production value.

From ta capabilities standpoint, Next Geosolutions Europe provides geophysical, geotechnical, UXO and environmental survey services, , operating in both offshore and near-shore contexts. Historically, such services have been provided mainly during the initial phases (of development and implementation, so-called "concept phase") of the projects, providing essential data and analysis for the design and engineering of the works, with a more limited presence in the installation phases, where it has always provided support services.

Starting from the 2025 financial year, also as a consequence of the acquisition of Rana Subsea SpA, the Company has structurally extended its scope of intervention, adding subsea services in support of the offshore infrastructure operation phase, especially with Inspection, Maintenance & Repair (IMR) activities, to the activities traditionally linked to the Capex phase. This expansion allows the Company and the group it heads to operate along the entireoffshore project life cycle, from the planning and implementation phase to the operational management of the assets and their disposal, strengthening the continuity of the business portfolio and the alignment with markets increasingly oriented towards long -term models and a growing incidence of the Opex component, within which the IMR activities play a central role. In this context, the ability to reallocate operational resources between different market segments represents a significant factor in creating value, as the vessels, equipment, and personnel employed are substantially common to the various operational areas. This flexibility allows the Company to seize a wider range of market opportunities and optimise the use of available assets.

‌SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Below please find the significant key events of the financial year 2025:

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

• In January 2025, the Company finalised the purchase of the vessel "Deep Helder" (IMO No. 9690872) by 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 above-mentioned 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 Company, through its UK subsidiary Next Geosolutions Ukcs Ltd, 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 and include comprehensive topographic land survey and marine geophysical and geotechnical survey activities, along the near-shore and offshore sections of the Eastern Green Link 1 (EGL 1) and Eastern Green Link 2 (EGL 2) subsea power cable corridors, key infrastructure projects that will improve the energy link between Scotland and England.

• In January 2025, the Company 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 April 2025, the Company 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 subsea cable, which will be the fir st 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 Company 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 Next Geosolutions Europe fleet, but also to support the company's diversification strategy, promoting business expansion, both in terms of revenues and presence in new market segments, including Oil&Gas.

• In July 2025, the Company signed a sale and purchase agreement for the acquisition of 75.42% of the share capital of Rana Subsea SpA (hereinafter also referred to as "Rana Subsea" or "Rana"), an Italian company that is one of Europe's leading operators in subsea services for the Oil&Gas industry. As part of the transaction, completed in September 2025, Next Geosolutions Europe SpA and Alessandro Buffa signed a shareholders' agreement, concerning the governance of Rana Subsea and the transfer of shares (drag-along and tag-along) for the five-year period following the Closing, including a put and call mechanism for a percentage equal to approximately 7.08% of the share capital of Rana Subsea, which was taken into account in the preparation of the financial statements as of 31 December 2025.

  The transaction represents a major strategic step for the Company, which thus significantly strengthens its portfolio of competences and its ability to cover the entire life cycle of offshore infrastructures, from the survey and installation phases to inspection, maintenance & repair (IMR) activities. Thanks to the addition of Rana resources and expertise, the Company also expanded its offer in high-tech segments such as diving and complex underwater work, consolidating its presence in the Mediterranean and starting to expand into new areas of strategic interest, such as West Africa. The transaction, which is consistent with the company's strategic guidelines, helps diversify the customer base and strengthen competitiveness in international markets, while ge nerating operational synergies and opportunities for future growth. The acquisition is part of a clear strategy to strengthen the Company's competitive positioning. Rana's investment in the share capital enables Next Geosolutions Europe to expand its service offering, adding its subsea and diving activities into its already consolidated portfolio of geoscience and survey services. The transaction makes it possible to continuously monitor all phases of the offshore infrastructure life cycle, from planning and construction to maintenance and decommissioning, and to increase revenue diversification by reducing exposure to the seasonality of individual markets. Furthermore, opening up to high potential areas such as West Africa, where Rana is already active with a multi-year track record, contributes to expanding the Company's geographical footprint and strengthening the resilience of the business model.

  The maximum consideration for the purchase of 75.42% is approximately EUR 36.7 million, of which EUR 26.0 million will be paid upon execution of the sale ( closing) on 4 September 2025 and approximately EUR 10.7 million upon approval of Rana Subsea's pro-forma consolidated financial statements as of 31 December 2025. In addition to this consideration, there is the amount for the exercise of the call option to purchase a further 7.08% of Rana Subsea's capital, estimated at approximately EUR 7.25 million.

• In July 2025, the Company signed a five-year Framework Agreement with TotalEnergies for the provision of offshore investigation services in support of the French company's international projects. The agreement establishes a long-term relationship aimed at standardising contractual practices and increasing the efficiency of processes, enhancing the Company's technical expertise and the deployment of its fleet of high-tech offshore units.

• The opening of Next Geosolutions Middle East (FZE), based in the Sharjah Airport International Free Zone (SAIF-Zone) in the United Arab Emirates, was completed in September 2025, following the issuance of the relevant licence at the end of July 2025. This initiative is part of the geographic expansion strategy of the group headed by Next Geosolutions Europe SpA and marks the start of a direct presence in a basin of primary importance for the development of platforms and offshore pipelines in the Oil&Gas segment. The new company acts as a regional hub for the management of survey geophysical and geotechnical activities, supporting the main international operators active in the area and creating a reference point for the provision of integrated services. The geographical proximity and synergies resulting from the integration with Rana Subsea enable the Company to respond more promptly and effectively to growing local demand. The opening of the office in the United Arab Emirates therefore strengthens the position of the Company and its group in the Middle East market and represents an important lever towards increasing global visibility and competitiveness.

• In September 2025, the Company signed an eight-year framework agreement with 50Hertz, one of Europe's leading Transmission System Operators (TSO) and part of the Elia group. Under the aforementioned frame agreement, the Company becomes the reference partner for geotechnical seabed survey services to support the development of offshore substations in the North Sea and Baltic Sea basins. The multi-year agreement confirms the soundness of the Company's business strategy and reinforces its role as a recognised player in the development of Europe's offshore energy infrastructure

• In November 2025 the Company was awarded a new contract in the Oil&Gas segment worth approximately EUR 8.5 million with Saipem for the execution of various survey activities and support to installation for the development, within the framework of the Bouri Gas Utilization (BGUP) project, of one of the most important offshore projects in North Africa. With this award, the Company has strengthened its presence in the Oil&Gas sector, in which it boasts a solid track record and a consolidated experience in which it has strengthened its presence, also thanks to the acquisition of Rana Subsea. The latter, moreover, had signed a contract with Saipem within the same project (Bouri Gas Utilization), relating to specialised underwater services and installation support activities (Installation Operations and Diving activities ), for a total amount of approximately EUR 62.6 million.

The 2025 results, which stem from the aforementioned key events of the year, confirm the positive performance achieved in previous years and strengthen the Company's ability to look with optimism to an increasingly broad and diversified market with interesting development prospects.

‌SUMMARY DATA AS OF 31 DECEMBER 2025

The following tables show: (i) the reclassified income statement as of 31 December 2025, compared to the previous year, (ii) the reclassified balance sheet by sources and uses as of 31 December 2025, compared to 31 December 2024, (iii) cash flows from operating, investing and financing activities for the financial year 2025, and (iv) capital expenditures for the financial year 2025, compared to the same data for the previous year.

Reclassified income statement

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

In the financial year 2025, the Company achieved a significant increase in the value of production of EUR 25,137,663 compared to the previous year. The double digit increase (+15.5%) confirms the growth path that has proven constant and significant in recent years. This performance reflects the Company's solidity, the effectiveness of its development and diversification strategies, and the growing demand for specialised services in the segments in which it operates.

During 2025 the Company continued to execute projects in the main reference markets, such as Interconnectors (equal to 48.4% of the production value) and the Offshore Wind Farms (equal to 29.0% of the production value), also integrating important projects in the Oil&Gas market (equal to 4.6% of the production value) and environmental studies for scientific purposes (equal to 13.9% of the production value). The main geographical regions of operation remain the North Sea (63.7% of production value) and the Mediterranean region (34.4% of production value), although starting from this financial year, orders have also been received in the Atlantic Ocean region (1.9% of production value).

In the Interconnector segment, the Company has operated on major projects, including NeuConnect, on behalf of Prysmian, a major energy transmission infrastructure between the United Kingdom and continental Europe, and Eastern Green Link 1 (EGL 1), through its subsidiary Next Geosolutions Ukcs Ltd, also on behalf of Prysmian and with the end customer being the British TSO National Grid, a major interconnection in the north of the United Kingdom. In the Offshore Wind Farm sector, the Company continued to provide support for the construction of the offshore wind farm in Courseulles-sur-Mer, in northern France, providing services to Saipem, and also worked on the Doordewind 1-2 projects, part of Tennet's 2 GW program, located in Northern Europe, carrying out numerous preparatory activities for the development of large offshore electrical infrastructures.

In the Oil&Gas segment, also thanks to the integration with Rana Subsea, the Company has carried out activities to support the development of offshore infrastructures in the Bouri Field project, in Libya, for Saipem, which represented the first significant example of operational integration between the parent company Next Geosolutions Europe, which employed two vessels carrying out survey, ROV support and installation assistance operations and Rana Subsea, which has carried out subsea and diving support activities. Further activities that represented a clear example of the operational integration between Next Geosolutions Europe and Rana Subsea were carried out in Angola (Atlantic Ocean), in support of offshore platforms and infrastructures. Furthermore, it is worth mentioning

the execution, through the subsidiary Rana Subsea, of decommissioning of the T1 offshore platform in the Adriatic Sea, on behalf of ENI, the first intervention of its kind in the area.

Finally, activities continued in environmental studies for scientific purposes, through the important project developed for ISPRA, aimed at mapping numerous seamounts in the Mediterranean Sea area.

The income statement data show, alongside the growth in production value, a 17.5% increase in production costs, directly attributable to the greater volume of activity developed during the financial year. The limited change in their impact on the production value (from 72.0% as of 31 December 2024 to 73.2% as of 31 December 2025) confirms the Company's ability to sustain growth through effective and balanced cost management, while maintaining a coherent and fully sustainable operating structure.

EBITDA amounted to EUR 50,172,838, an increase of EUR 4,799,768 (+10.6%) compared to the previous year. The double digit growth in production value (+15.5%), driven by the increase in the number and average size of projects and by diversification towards new segments, also thanks to the M&A transaction achieved during the financial year, constituted the main driver of EBITDA growth. The EBITDA margin, equal to 26.8%, reflects the company's ability to maintain a solid and sustainable level of operating profitability, despite the slight increase in the incidence of costs on the value of production.

The values reported in the table above highlight an increase in amortisation and provisions, equal to EUR 6,793,771 as of 31 December 2025 compared to EUR 4,580,582 as of 31 December 2024 (+48.3%), an increase attributable to the significant investments made during 2025 and the previous financial year. The significant investment volume, which is driving the increase in amortisation, responds to the need to support business growth and internally acquire high-strategic assets. The ratio of provisions and amortisation to the value of production increased from 2.8% as of 31 December 2024 to 3.6% as of 31 December 2025.

The EBIT shows a moderate improvement, going from EUR 40,792,488 as of 31 December 2024 to EUR 43,379,067 as of 31 December 2025, with an increase of EUR 2,586,579 (+6.3%). This performance demonstrates the effectiveness of the development strategies and the good balance between business expansion and operating cost management. The EBIT margin of 23.2% confirms the Company's ability to maintain robust profitability, supported by an efficient operating model, attention to monitoring structural costs and increasing asset enhancement.

Financial management shows a reduction in net financial charges, which go from EUR 115,088 as of 31 December 2024 to EUR 55,940 as of 31 December 2025, with a marginal impact on the value of production and substantially in line with the previous year. This result is attributable to the robust net financial position (cash positive both as of 31 December 2025 and as of 31 December 2024), to the significant cash flows generated by operating activities, to the careful management of working capital and to the returns obtained thanks to the investment in short-term and readily convertible financial assets of part of the available liquidity. The trend in exchange rates resulted in an overall exchange loss of EUR 580,154, compared to an exchange gain of EUR 20,619 as of 31 December 2024.

The item value adjustments to financial assets and liabilities shows a positive result of EUR 1,778,230, resulting from the equity valuation of the controlling investment in Next Geosolutions Ukcs Ltd.

As a result of the dynamics illustrated above, the pre-tax result stood at EUR 44,521,203, representing a 23.8% impact on production value compared to 28.1% in the previous financial year. Net profit amounted to EUR 41,599,790, corresponding to 22.3% of the value of production.

Reclassified Balance Sheet

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

The analysis of the reclassified balance sheet confirms, as of 31 December 2025, a stable and balanced capital and financial structure, in the context of the significant growth achieved by the Company during the financial year. Inventories stand at EUR 15,792,954, up 39.0% compared to 2024. The trend is influenced by the increase in raw, ancillary and consumable materials (+156.2%) and by the increase in contract work in progress (+24.0%), developments connected to purchasing policies and consumption levels of raw, ancillary and consumable materials and to the dynamics of job order progress. The Days Inventory Outstanding (DIO) remain broadly stable, increasing from 25 days as of 31 December 2024 to 30 days as of 31 December 2025.

Trade receivables went from EUR 34,519,915 as of 31 December 2024 to EUR 30,018,684 as of 31 December 2025, recording a decrease of EUR 4,501,231. The Days Sales Outstanding (DSO) reduced from 77 days as of 31 December 2024 to 58 days as of 31 December 2025, confirming the quality of the customer portfolio and the effectiveness of the credit management and collection policies.

Advance payments decreased by EUR 14,517,040, from EUR 19,501,535 as of 31 December 2024, to EUR 4,984,495 as of 31 December 2025, reflecting both the dynamics of job order progress and the variety of contractual provisions that characterise the projects from one financial year to the next.

Trade payables increased from EUR 23,549,928 as of 31 December 2024 to EUR 34,327,762 as of 31 December 2025, an increase mainly attributable to the growth in production costs, with an incidence equal to 18.4% of the value of production. The Days Payable Outstanding (DPO) increase from 73 to 90 days, in line with the evolution of operating volumes and supply dynamics.

The difference between other current assets and other current liabilities went from a positive balance of EUR 31,342 as of 31 December 2024 to a positive balance of EUR 9,306,392 as of 31 December 2025, mainly due to the dividend receivables approved by the subsidiary Next Geosolutions Ukcs Ltd, the significant tax advances paid during the 2025 financial year, and the increase in prepaid expenses, trends partially offset by the increase in deferred income and the collection of contributions deriving from the Innovation Agreements.

Net working capital amounted to EUR 15,805,773 as of 31 December 2025, with an increase of EUR 12,945,068 compared to the previous financial year and an incidence of 8.5% on the value of production compared to 1.8% in the previous financial year. This trend reflects the expansion of the operating scope and the growth in volumes achieved by the Company during the financial year. The increase is mainly attributable to the aforementioned dynamic of job order progress, the variety of contractual provisions characterising the projects (which led to a decrease in advances) and the receivables for dividends approved by the subsidiary Next Geosolutions Ukcs Ltd, effects partially offset by the increase in trade payables and the decrease in trade receivables. Despite the increase, also linked to the development context, the level of working capital remains balanced and demonstrates careful and effective management of its main components.

Fixed assets, due to significant investments aimed at expansion and upgrading of the ship fleet, of the important investments in equipment and the acquisition of the controlling stake in Rana Subsea SpA, as part of the broader project to develop the Company's business, will increase from EUR 71,787,609 as of 31 December 2024 to EUR 139,313,345 as of 31 December 2025 (+94.1%).

The item "Other non-current assets/liabilities" showed a negative balance of EUR 4,147,595 as of 31 December 2025, compared to the negative balance of EUR 1,421,248 in the previous financial year, with an overall decrease of EUR 2,726,347. This trend is mainly attributable to the decrease in deferred tax assets and the increase in deferred income beyond the following financial year.

Net financial debt increased by EUR 36,475,278, resulting from the combined effect of the acquisition of a controlling stake in Rana Subsea SpA and the significant investments made during 2025, which absorbed the significant cash flow generated by operating activities. As of 31 December 2025, financial assets exceed financial liabilities by EUR 32,100,898, resulting in a net financial position cash positive which, in light of the investments made and the acquisition of Rana Subsea SpA, represents a particularly significant result.

Cash flows

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

Cash flow from operating activities amounted to EUR 44,112,328, down 27.2% from EUR 60,585,413 in the previous financial year. The significant level of cash flow from operating activities reflects the solid cash generation associated with the Company's economic performance and the careful management of working capital dynamics, despite a context characterised by diversification of activities and a significant expansion of operating volumes. The impact on the value of production stands at 23.6%.

Cash flow from investing activities absorbed resources equal to EUR 70,454,857, compared to EUR 36,481,674 in 2024. The increase of EUR 33,973,183 (+93.1%) is mainly connected to the purchase of the controlling stake in Rana Subsea SpA and to the significant investment plan carried out during the financial year for expansion and upgrading of the ship fleet and for the purchase of innovative equipment. The impact on the value of production stands at -37.7%, reflecting a significant investment intensity, consistent with the Company's development plan.

Financial management generated resources of EUR 20,221,935, compared to EUR 41,427,726 in the previous financial year. This figure is mainly due to the raising of new financing in 2025 and reflects a normalisation of cash flows from financing activities compared to the year of listing. The data, however, demonstrates the Company's ability to maintain a balanced financial profile, even in the presence of a context of strong growth and a significant level of investment.

Investments

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

Capital expenditure realised in the financial year 2025 totalled EUR 70,621,690 and represented 37.8% as a ratio on the value of production, up by EUR 34,137,770 (+93.6%) compared to the financial year 2024, when it amounted to EUR 36,483,920 (or 22.5% of the value of production). Excluding the investments (equal to EUR

4,000,000) of part of the liquidity raised through the IPO in short-term securities in the comparative financial year, the increase in investments in the 2025 financial year is equal to EUR 38,137,770 (+117.4%).

Investments in intangible assets mainly consist of the improvements to chartered vessels and investments in ICT. Investments in tangible fixed assets mainly refer to the completion of the purchase of the NG Surveyor, the advances for the purchase of the vessel Siem Day (renamed NG Supporter), the advances paid for the conversion works of the vessel NG Explorer, as well as investments in equipment for geophysical and geotechnical survey activities.

Investments in financial fixed assets mainly refer to (i) the purchase of the controlling interest in Rana Subsea SpA, for details of which please refer to the paragraph "Significant events during the financial year" above; (ii) the payment of the capital and the shareholder loan granted to the subsidiary Next Geosolutions Middle East FZE, for details of which please refer to the paragraph "Significant events during the financial year" above, as well as

(iii) the purchase, in February 2025, of the connecting shareholding and the shareholder loan granted to innovative startup 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.

‌NET FINANCIAL DEBT

Details of the Net Financial Debt as of 31 December 2025, compared to the previous year, are shown below.

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

Net financial debt as of 31 December 2025 increased by EUR 36,475,278 (-53.2%) mainly due to the significant investments made during the 2025 financial year. As of 31 December 2025, financial assets exceed financial liabilities by EUR 32,100,898, showing a net financial position cash positive. This result reflects solid operating cash generation and effective management of financial dynamics during the year, despite the acquisition of a controlling stake in Rana Subsea SpA and a significant level of investment.

Liquid assets amounted to EUR 69,533,686, a decrease of EUR 6,120,594 compared to the previous financial year (-8.1%), remaining at high levels and consistent with the Company's operational and financial needs.

Current financial assets amount to EUR 4,000,000, substantially in line with 2024, and continue to refer to securities not intended to remain permanently among the Company's assets.

Current financial liabilities amount to EUR 16,104,839 compared to EUR 4,395,954 as of 31 December 2024. The change, equal to EUR 11,708,885, is mainly attributable to (i) EUR 10,512,717 of debt (to minority shareholders of Rana Subsea SpA and former shareholders of the same) connected to the purchase of the controlling stake in Rana Subsea SpA and relating to the payment of the second component of the purchase price

of 75.42% and (ii), for the residual portion, mainly to the short-term component of the existing medium-long term loans. Non-current financial liabilities, equal to EUR 27,993,881, also increased (EUR 19,109,757) and mainly refer to medium/long-term loans intended to support the Company's growth.

Excluding current financial debt related to the acquisition of a controlling stake in Rana Subsea SpA, net financial debt as of 31 December 2025, was a negative EUR 42,613,615.

Overall, the level of debt confirms the Company's financial solidity and its ability to maintain a balanced structure, even in a context characterised by external growth and significant investments to support development.

‌ECONOMIC, ASSET AND FINANCIAL INDICATORS

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

Economic indicators

Values in Euro units 2025 2024 Change Ch.%

Asset and financial indicators

Values in Euro units 2025 2024 Change Ch.%

‌OPERATIONAL INDICATORS

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

Offshore ship days sold

Values expressed in number of days 2025 % Capacity sold

ROV days sold

Values expressed in number of days 2025 % Capacity sold

Sold offshore personnel days

Values expressed in number of days 2025

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

As of 31 December 2025, the official closing price of the Next Geosolutions Europe SpA share (Borsa Italiana Ticker - BIT: NXT) is EUR 12.25 (+96.0% compared to the price per share fixed for the IPO, equal to EUR 6.25,

+47.2% compared to the closing value of the 2024 financial year, equal to EUR 8.32). Market capitalisation is EUR 588,000,000.

Below are the data recorded by the share and its performance during the period from 1 January 2025 to 31 December 2025.

15,00

14,00

13,00

12,00

11,00

10,00

9,00

8,00

January 2025

February 2025

March 2025

April 2025

May 2025

June 2025

July 2025

August 2025

September 2025

October 2025

November 2025

December 2025

7,00

As of 31 December 2025, the market capitalisation exceeds the book equity value in the financial statements by EUR 404,927,579.

‌DETAILS OF ALTERNATIVE PERFORMANCE INDICATORS

In order to provide a better analysis of the results of operations, the Company 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:

• External operating costs: represents the sum of the 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 the 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 due within the following financial year recorded under the items "CII1. Receivables from customers", "CII2. Receivables from subsidiaries", "CII3. Receivables from associates", "CII4. Receivables f rom parent companies" and "CII5. Receivables from undertakings controlled by the parent companies".

• Trade payables: represents the sum of trade payables due within the following financial year recorded 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", net of the item "D.6 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", "Financial receivables" and short-term accruals and deferrals.

• Other current liabilities: represents the sum of receivables due within the next financial year other than those falling under "Trade payables", "Financial 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 fixed assets", "Tangible fixed assets" and "Financial fixed assets" (excluding "Financial receivables" and "Other securities" 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 invested capital (NIC): represents the sum of "Net working capital" (NWC), "Fixed assets" and "Other non-current assets/(liabilities)".

• Net financial debt (NFD): represents the sum of "Current financial liabilities" and "Non -current financial liabilities", net of the sum of "Cash and cash equivalents", "Financial assets other than fixed assets", "Current financial receivables", "Non-current financial receivables" and "Non-current financial assets".

• 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 the items "D.3 Payables to shareholders for loans", "D.4 Payables to banks", "D.5 Payables to other lenders" and the financial debts classified in other items of class D of the Balance sheet, due within the next financial year.

• Non-current financial assets: refers to the securities recorded under item "B.III.3 Other securities" in the assets section of the Balance Sheet.

• 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 the items "D.3 Payables to shareholders for loans", "D.4 Payables to banks", "D.5 Payables to other lenders" and the financial debts classified in other items of class D of the Balance sheet, due beyond the next financial 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 between the sum of "Inventories", "Trade receivables", "Other current assets", "Current financial receivables" and "Cash and cash equivalents" and the sum of the item "D.6 Advances", "Trade payables", "Other current liabilities" and "Current financial payables".

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

• Long-term solvency ratio: represents the ratio between "Shareholders' equity" and "Non -current assets" (fixed assets, receivables due after the next financial 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 "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 expenses and deferred income) and "Non-current assets" (fixed assets, receivables due beyond the next financial year, deferred tax assets and medium/long-term accrued expenses and deferred income).

• (Equity + long term liabilities) - fixed assets: represents the ratio between 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 expenses and deferred income) and "Non-current assets" (fixed assets, receivables due beyond the next financial year, deferred tax assets and medium/long-term accrued expenses and deferred income).

• 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 between "Shareholders' equity" and total liabilities.

• Days Sales Outstanding (DSO): represents the ratio between trade receivables and production value multiplied by 360.

• Days Payables Outstanding (DPO): represents the ratio between trade payables and production costs multiplied by 360.

• Days Inventory Outstanding (DIO): represents the ratio between inventories and production value multiplied by 360.