FY 2025 Results Presentation

FY 2025 Results -Conference Call

March 30, 2026

Message from the Chairman

Giovanni Ranieri

CEO of NextGeo

"We close 2025 with results above expectations that confirm the validity of our business model and the Group's ability to grow in a solid and profitable way, even in a complex and rapidly evolving market environment.

During the year, we made significant progress in the development of our core activities, expanding the operating perimeter, diversifying the offering and strengthening the geographical presence.

Looking ahead, we believe that the conditions to continue along a path of structured growth are solid. We intend, in fact, to continue strengthening our presence in the markets with the highest potential, seizing emerging opportunities, despite a complex geopolitical context, while maintaining a selective and value-oriented approach.

The objective is to further consolidate NextGeo's role as a reference partner for offshore services at international level, with a vision of sustainable, concrete, organic and inorganic growth over the long term".

Next Geosolutions Europe SpA

100%

Next Geosolutions UKCS Ltd

100%

Next Geosolutions BV

100%

Next Geosolutions Middle East FZE

100%

Phoenix Offshore Srl

50%

NextPoli Srl

80%

Seashiptanker Srl

100%

Subonica Srl

Rana Congo Sarl

Ilmar Srl

Società controllate escluse dall'area di consolidamento: Aalea Offshore Srl in 2

liquidazione, Res Marina Srl, Rana Works BV, Rana EG Sas e Rana Libya Sea Services.

€267.3 m

Total Revenues

+ 31.5%

YoY Growth

Interconnector

Oil&Gas

Wind Farm

Other*

€69.8 m

EBITDA

26.1%

EBITDA

Margin1

€58.4 m

EBIT

21.9%

EBIT

Margin2

FY 2025 Snapshot

Backlog3

~€483 m

31.12.2025

Pipeline4

~€525 m

31.12.2025

* of which ~ 78% from environmental - scientific studies

3

Notes: 1) EBITDA / Total Revenues; 2) EBIT / Total Revenues; 3) Backlog includes all signed contracts excluding pipeline; 4) Pipeline represents the value of the bids submitted for which a probable award is estimated

FY 2024 - 2025 Segments Evolution

12.7%*

2025

9.8 M

4.80%

2024

Other

51.5 M

19.3%

2025

63.4 M

31.20%

2024

Wind Farm

73.6 M

27.5%

2025

2024 3.6% 7.3 M

Oil&Gas

40.5%

2025

Interconnector

2024

33.9 M

108.3 M

Key FY 2025 Results

Giovanni Ranieri

NextGeo CEO

Main Projects of FY 2025 and Scope of Works

FY 2025 Revenue Areas & Main Projects Examples

Mediterranean Sea

North Seas

Atlantic Ocean

* The table does not include all the projects carried out during the year

2025 - 2026 Roadmap

UXO survey for DDW

of NG Surveyor

detail. survey for EGL1

LOI with Saipem for

SAT diving services

- € 150 M

Purchase of NG Supporter

Award with Saipem Bouri project - € 8.5 M

Signing an 8 years FWA with 50Hertz

Establishing of NextGeo Middle East in the UAE

Award with Prysmian BoB / IJVa / NDW1

- €20 M

NextGeo Group's key pillars

VESSEL FLEET

EQUIPMENT

MULTINATIONAL TEAM

# NextGeo s Marnavi Offshore Vessels1

14**

10*

8*

5

16 Annual

80 cumulated value

14 of investments in

32.7

20.6

7.3

70 assets2

12

60

10

50

8

40

6

30

4

20

2

10

0

68.4

700

600

Value of Capex (Eur mln)

500

400

300

200

100

0

Strong internal s external personnel growth

# of personnel

550

659

425

371

2022 2023 2024 2025

Marnavi Fleet NextGeo Fleet

0

2022 2023 2024 2025

2022 2023 2024 2025

Internal Personnel External Personnel

Notes: 1) Excluding vessels chartered by external parties; 2) Increase in value of assets net of depreciation 8

Notes: *One of them is a nearshore vessel; **Two of them are nearshore vessels and other two are crane barges owned by Ilmar Srl

FY 2025 Financial Results

Giuseppe Maffia

NextGeo CFO

Economics

2024 - 2025

31.5%

YoY Growth

Change 2024 - 2025 Comparison

2025

2025

EBITDA margin

2025

2024

EBIT margin

2025

21.8%

2024

23.6%

Net Income margin

18.7%

21.9%

YoY Growth

29.4%

YoY Growth

2024

26.1%

26.5%

21.2%

15.7%

YoY Growth

2024

Value expressed in millions of Euro

• Total revenues growth from 203.3m to 267.3m (+31.5%)

  driven by:

  • M&A effects and related preliminary synergies;

  • Diversification into new markets;

  • Increased number of projects and higher average project

    size;

  • Positive market trends;

  • Strengthening of long-standing client relationships.

• EBITDA rose from 54.0m to 69.8m (+29.4%), delivering a solid EBITDA margin of 26.1%;

• EBIT increase from 47.9m to 58.4m, resulting in a robust EBIT margin of 21.8%;

• Notable marginality reflecting a strong operational performance driven by:

  • Improved productivity capacity mainly thanks to M&A transactions;

  • Optimization of personnel and assets allocation in a context of significant and rising investments;

  • Consistent focus on monitoring overhead costs to mantain a

    balanced cost structure.

  • ROI is equal to 34.6%.

• Net Income reached 49.9m, up from 43.1m (+15.7%),

  reflecting consistent and sustained earnings growth.

  • ROE is equal to 25.7%.

    
    
    Financials

    2024 - 2025

    92.0M

    YoY Growth

    Fixed Assets

Change 2024 - 2025 Comparison

2025

2024

2025

2024

41.2M

YoY Growth

2025

2024

51.8M

YoY Growth

2025

2024

Value expressed in millions of Euro

• Fixed assets rose from 68.9m to 161.0m (+92.0m), primarily reflecting 46.7m of capital expenditures (mainly for vessels and survey&subsea equipment) and 57.3m of fixed assets from M&A transaction (18.9m from existing assets purchase and 38.4m from Purchase Price Allocation - PPA process), net of D&A of the year (11.4m) and asset disposal (0.2m).

• Net Working capital increased from 9.0m to 20.2m (+11.2m), mainly driven by higher DSO partially offset by the increase in DPO, while remaining at a healthy level (7.5% of revenues) for a fast-growing business.

  • DSO and DPO increased to 98 days, up from 62 and 65 days respectively.

• NFD increased from -66.8m to -25.6m (+41.2m), mainly due to the combined effect of the M&A transaction and the significant investments made during 2025, which absorbed the significant Free Cash Flow from Operations (53.2m).

• Equity increased from 142.6m to 194.4m (+51.8m), mainly driven by the strong net result for the year (49.9m) and by the change in the consolidation perimeter (+2.2m) following the M&A transaction.

• The cost structure remains

  well-balanced even after the M&A transaction, confirming the effective mix between owned assets and the pay-per-use strategy, with relatively low D&A.

• The combined cost of services and lease & rental costs remains broadly in line with the previous year (60.2% in 2025 vs. 60.1% in 2024). Cost of services mainly relates to freelancers and subcontractors, while lease & rental costs refer to vessels and equipment.

• Business expansion is leading to higher personnel costs, as a result of the internalization of specialized staff.

• D&A increased significantly as a result of the substantial investment program.

• Raw materials decrease due to good management of outsourcing activities and slightly decrease of fuel price.

• Costs to Marnavi remains broadly in line with the previous year (32.3m vs. 32.2m), with its incidence on total costs decreasing from 15.9% to 15.4%.

Costs details

% on Total revenues

2024

TOTAL REVENUES

203.3 M

0.2 6.1

2025

+31.5%

TOTAL REVENUES

267.3 M

0.8

% on Total revenues

2024 2025

Value expressed in millions of Euro

47.9

+21.9%

OPERATING COSTS + D&A

76.4%

EBIT

EBIT

23.6%

EBIT

OPERATING COSTS + D&A

78.2%

OPERATING COSTS + D&A

208.9

+34.4%

OPERATING COSTS + D&A

155.4

58.4

EBIT

21.8%

11.6

12.5

Financials details

Net Invested Capital

+93.0 M

9.0 68.9

(2.0)

(12.3)

20.2

2024 2025

Net Working Capital

+11.2 M

72.8

11.2

Other current liabilities

Trade payables

Advances

Inventories

Trade receivables

Other current assets

(15.8)

(7.4)

(12.4)

2024 2025

2025 CAPEX of Euro 68.4 millions

Tangible Asset

Intangible Asset

MsA and

Financial Investments

Breakdown

NG Surveyor

18.3 Eur M

Breakdown

Vessel Leashold improvement

0.4 Eur M

Breakdown

Rana Subsea M&A*

21.7 Eur M

NG Supporter 9.5 Eur M

Office Leashold improvement

0.1 Eur M

Financial investments

0.4 Eur M

Improvement to vessels and

barges

Survey & Subsea Equipment

10.0 Eur M

6.5 Eur M

ICT 0.1 Eur M

Other tangible assets 1.5 Eur M

25.6%

+12.1 M +35.7 M

% on Total revenues

13.8%

1.7

16.1%

27.9

4.3

0.5

Intangible

Value expressed in millions of Euro

2023 2024 2025

* Amount calculated as follows: Consideration paid (26.1 M) - Assumed cash and cash equivalents (4.4 M) = 21.7 M 14

Detail of changes in NFP NFP remains positive, with M&A and investments absorbing the impressive operating cash flow

Free cash flow from operations

69.8

(5.0)

(0.8)

0.5

53.2

(11.2)

(46.7)

Consideration paid (26.1)

Assumed cash & cash equivalents 4.4

M&A capex (21.7)

Deferred consideration (10.5)

Put/Call option value (7.1)

Assumed NFP (8.5)

M&A effects on NFP (26.1) Total M&A transaction effects on NFP (47.8)

66.8

(21.7)

(68.4)

0.1

25.6

(26.1)

NFP 2024

EBITDA

Changes in

NWC

Net financial

expense and exchange rate differences

Taxes paid

Net changes in

funds and employee benefits

FCFO

Capex MCA effects on

NFP

Asset

disposals, translation differences and amortized

NFP 2025

Value expressed in millions of Euro

cost

Operating KPIs

Vessel days sold in 2025

G00 days

91%

156 days

96%

120 days

1.

0 500 1,000 1,500

Days Sold / Total Capacity

1173 days

Days Sold / Total Capacity

76%

Rented ROV

365 days

0 300 600 900 1200 1500

Market Trend

Giovanni ranieri

NextGeo Ceo

NextGeo Project Lifecycle

Infrastructure Stage

NextGeo is involved in all the stages of Projects Lifecycle

Operations & Maintenance

Decommissioning

20-25 Years

1-2 Years

Client Opex

Client Capex

EPC, Installation, and Commissioning

2-3 Years

Concept & Planning

4-10 Years

Concept Phase

Design & Engineering

Installation & Construction

Asset in Service

Decommissioning

Interconnector remain quite unchanged, while OWF shows slight delays…

Interconnector Market - EMEA (in € bln)

OWF Cables Market - EMEA (in € bln)

10.0

Cumulative EPCI costs for Interconnector

between 2026-2036 estimated to be ˷50€ bln

60.0

3.5

Cumulative installation costs for OWF subsea cables

between 2026-2036 estimated to be ˷24€ bln

25.0

9.0

8.0

7.0

Value in €bln

6.0

5.0

4.0

3.0

2.0

1.0

0.6

8.8

7.1

5.4

2.2

3.7

5.8

3.4

6.9

3.5

2.1

50.0

Cumulative value in €bln

40.0

30.0

20.0

10.0

3.0

2.5

Value in €bln

2.0

1.5

1.0

0.5

2.0

1.0

1.5

1.5

2.1

3.0

2.3 2.2

2.9 3.0

2.2

20.0

Cumulative value in €bln

15.0

10.0

5.0

0.0

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

0.0

0.0

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

0.0

Annual EPCI Expenditure Cumulative EPCI Expenditure Installation costs Cumulative Installation costs

… Drilling has no changes, OPEX Market also appears slightly slower

OWF Drilling Market - EMEA (in # of turbines)

OWF Opex Market - EMEA (in € bln)

700

600

500

Between 2026-2036 there're 5.307 offshore turbines to be installed (approx. 86% fixed - 14% floating)

6,000

5,000

Cumulative value in # of turbines

4,000

5.0

4.0

The OWF Opex until 2036 is estimated to reach approx. ˷ 18€ bln

25.0

20.0

Cumulative value in €bln

15.0

Number of turbines

400

300

200

646

362 358

359

662

519 435

346

285

451

3,000

2,000

1,000

3.0

Value in €bln

2.0

1.0

10.0

5.0

100

0

1 3 12

46 50

225

176

93

161

117

- - -

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Floating Fixed Cumulative # of turbines

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Annual OPEX value Cumulative OPEX value