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aqualis-group.com © 2026 Aqualis 29th October 2026 2026 Q3 Results
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© 2026 Aqualis 1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO
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3 Disclaimer ▪ This Presentation has been produced by Aqualis ASA (the “Company” or “Aqualis”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. ▪ This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. ▪ AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. ▪ SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. ▪ By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.
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4 4.8 -2.6 -5.4 Q4 24 Q3 25 Q4 25 Q3 2026 Highlights • Revenue of USD 83.8m (Q2 2026: USD 90.8m) • Revenue reduction primarily driven by AGR • Increased revenue in OWC and Longitude • Adjusted EBIT of USD 5.0m (Q2 2026: USD 5.3m) • Adj EBIT margin of 5.9%, up from 4.2% in Q3 2025 and 5.8% in Q2 2026 • Improved segment profitability and reduced underlying corporate costs • Negatively impacted by Group Investment Programmes of USD 1.1 million • Net debt of USD 21.7m (Q2 2026: Net debt USD 20.4m) • Positive operating cash flow due to increased profit • Increased capex driven by SynergenOG acquisition, completed and consolidated in July • Semi-annual dividend of NOK 0.45 per share declared, to be paid on 30 November Revenue (USDm) Adj. EBIT (USDm) Net Debt (USDm) Adjusted EBIT and Net Cash: Refer to Alternative Performance Measures in Appendix. 87.8 90.8 83.8 Q3 25 Q2 26 Q3 26 3.7 5.3 5.0 Q3 25 Q2 26 Q3 26 2.6 20.4 21.7 Q3 25 Q2 26 Q3 26
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5 Aqualis – a global consultancy group in energy and oceans 1 LTM Pro-forma: Last twelve months simplified pro-forma combination with acquired companies 2 Includes freelancers on FTE basis. Calculated as average during Q3 2026 3 Segment adjusted EBIT split, excluding corporate costs LTM revenue by segment LTM EBIT by segment3 Revenue and Group adjusted EBIT, USDm1 1,944 Employees2 79 Offices 44 Countries LTM revenue by market 55 77 151 168 251 310 354 351 1.3 4.8 9.6 15.3 18.8 12.5 13.5 16.3 2019 2020 2021 2022 2023 2024 2025 LTM Revenue Adj. EBIT Oil&Gas, 74% Renewables, 15% Maritime, 11% ABL, 44% AGR, 40% OWC, 8% Longitude, 7% ABL, 73% AGR, 16% OWC, 3% Longitude, 8%
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6 The AQUALIS family A specialist renewable and environmental consultancy. Experts in design and engineering delivering end-to-end projects for assets and operations. Leading marine consultancy, loss prevention and loss management in energy and maritime. Specialists in drilling, wells and subsurface for all energy sectors. AQUALIS ASA – a global group of specialist technical consultancies, delivering marine, engineering and technical services that drive safety, sustainability and efficiency in energy and oceans. Key services: • Renewables consultancy • Project development • Owner’s engineering • Technical due diligence Key services: • Marine ops engineering • Ship design • Facilities & subsea • Offshore wind engineering Key services: • Resourcing • Drilling and Wells • Subsurface • Subsea operations Key services: • MWS & other asset surveys • Marine consultancy • Marine casualty support • Asset integrity management
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7 • MWS on World’s Heaviest Single-Lift Offshore Op. • Country: Norway • Client: Allseas • Scope of work: • MWS: Decommissioning • Removal of Statfjord A platform – with an offshore lift of <60,000 T • Project Particulars: • Will use Allseas’ Pioneering Spirit • Denmark’s Ruby CO2 Onshore Storage • Country: Denmark • Scope of work: • Seismic interpretation • Fault seal analysis • Structural and geomechanical modelling • Fault reactivation risk assessment Selected projects won or executed during the quarter • Technical & Environmental DD Supporting Cadeler’s Acquisition of Menck • Country: Germany • Scope of work: • Technical, environmental and insurance Due Diligence for M&A • Project Particulars: • OWC mobilised a Germany-led, multidisciplinary team of technical, engineering, asset management and ESG specialists • Process Safety & Risk Engineering on FPSO Replacement • Country: Asia-Pacific region • Project Particulars: • Process safety studies • Risk engineering • Supplied by SynergenOG
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8 Investing in growth and productivity improvements • Aqualis allocating capital to Group Investment Programmes aimed at: • Materially improving productivity • Developing new products and services • Expanding existing business to new sectors or geographies • Managed at group level to allow: • Improved control over investments • Enhance visibility of underlying business performance • Investments subject to IRR threshold of 30% • Group Investment Programmes are largely expensed, not capitalised • Q3 2026 cost of USD 1.1 million, expected at similar levels through 2027 Securing a sustainable future at 20% ROCE 5.0 1.1 6.1 Adj EBIT Group Investment Programmes Adj EBIT ex GIP 7.2% 5.9% 1 Adjusted EBIT as reported for Q3 2026, with cost of Group Investment Programmes added back EBIT ex Group Investment Programmes1
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© 2026 Aqualis 1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO
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10 Revenue and adjusted EBIT bridge Revenue bridge Q2’26 to Q3’26 Adj. EBIT bridge Q2’26 to Q3’26 • Revenue down from Q2, primarily driven by AGR • Improved profitability at segment level driven by AGR and OWC • Corporate cost increase of USD 0.8 million relative to Q2 2026 • Group Investment Programmes cost of USD 1.1m in this quarter • Underlying corporate costs reduced by USD 0.3m from last quarter Comments 90.8 ( 1.5) ( 7.7) 1.0 0.9 0.2 83.8 5.3 -0.2 0.3 0.4 0.0 -0.8 5.0
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11 Comments Segment snapshot: ABL 1 Average full-time equivalent in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff Key financials, USDm Tech staff development 1 • The business continues to perform well in seasonally weaker quarter • Adj. EBIT margin of 19.2%, in line from 19.0% in Q2 2026 • Strong performance in Europe and Middle East • Middle East continues to perform admirably despite challenging market due to ME conflict – focus on protecting EBIT • Technical staff (including freelancers) up 3% from Q2 2026 • Permanent tech staff increased 2% from Q2 2026 • Freelancer share at 30%, up from 29% in Q2 2026 maintaining a flexible cost base 37.7 37.1 37.2 40.6 39.0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue 7.6 6.8 6.5 7.7 7.5 20.2 % 18.4 % 17.5 % 19.0 % 19.2 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. EBIT Adj. EBIT margin 25% 27% 26% 29% 30% 0 200 400 600 800 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Permanent tech staff Freelancers Freelancer share
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12 Segment snapshot: AGR 1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff 2 Techconsult consolidated from Q2 2025 Tech staff development 1 • Still some softening of the Norwegian market resulting in a decline in vessel revenues and resourcing businesses • Vessel revenues declined to near-zero in Q3 2026, from USD 3.5m in Q2 2026 • Increased EBIT despite revenue reduction • Margin increased to 5.8%, positively impacted by strong performance in Wells Australia • Structurally, 60-80% of AGR revenues are pass-through • Resourcing and vessel revenues are primarily passed through to vendors at modest markup – with quarterly variations distorting segment margins • Excluding the pass-through revenues, AGR delivered adjusted EBIT / net revenue margin of 22% in Q3 2026, improvement from 17% in Q2 2026 • Technical staff (including freelancers) down 6% from Q2 2026 • AGR has a highly flexible cost base and has been able to quickly adapt cost base to market headwinds in Resourcing • AGR down 2% permanent staff from Q2 2026 Key financials, USDm Comments 36.2 38.8 33.2 37.2 29.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue 1.7 2.2 1.2 1.4 1.7 4.6 % 5.6 % 3.7 % 3.7 % 5.8 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. EBIT Adj. EBIT margin 53% 55% 57% 56% 55% 0 200 400 600 800 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Permanent tech staff Freelancers Freelancer share
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13 Comments Segment snapshot: OWC 1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff Key financials, USDm Tech staff development 1 • Improved performance in Q3 2026 with revenue up 15% from last quarter • Adj. EBIT margin of 10.2% in Q3 2026, increased from 5.8% in Q2 2026 reflecting • Improved utilisation of the technical staff base up from 63% to 66% • Cost reductions and office closures • Technical staff (including freelancers) increased 3% from Q2 2026 • Permanent tech staff reduced 3% from Q2 2026 • Freelancer share at 21%, up from 16% in Q2 2026 • No headcount reductions in Q326 as part of restructure plan. Technical headcount stable across Q326 bolstered by strong third-party support 8.6 7.3 7.1 6.9 7.9 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue 0.5 -0.2 0.2 0.4 0.8 5.6 % -2.4 % 2.2 % 5.8 % 10.2 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. EBIT Adj. EBIT margin 15% 17% 14% 16% 21% 0 50 100 150 200 250 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Permanent tech staff Freelancers Freelancer share
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14 Segment snapshot: Longitude 1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff Tech staff development 1 • Revenue has increased from Q2 2026 to Q3 2026 by 14% • Adj. EBIT flat with a slightly lower margin due to decrease in average utilisation from 66% Q2 2026 to 63% Q3 2026 • SynergenOG acquisition consolidated from 1 July 2026 • Technical staff (including freelancers) increased 13% from Q2 2026 • Technical staff increased due to acquisition of Synergen consolidated this quarter • Freelancer share at 6%, down from 8% in Q2 2026 CommentsKey financials, USDm 5.3 5.9 5.3 6.4 7.3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue 0.5 0.9 0.1 1.2 1.2 8.6 % 14.5 % 1.8 % 19.2 % 16.2 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. EBIT Adj. EBIT margin 11% 8% 11% 8% 6% 0 50 100 150 200 250 300 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Permanent tech staff Freelancers Freelancer share
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15 Abbreviated Financials: Income Statement • Reduction in revenue (-8% QoQ) accompanied with a reduction in operating cost (-8% QoQ) • Net FX gain is primarily revaluation of instruments, including intercompany trading positions, denominated in non- functional currencies • EBIT adjustments relate to: • Restructuring and integration costs • M&A transaction costs and acquisition costs classified as operating expenses under IFRS • Amortisation of PPA intangible assets (1) Refer to appendix for pro-forma combined financials Refer to full income statement and definition of APMs in Appendix USD million Abbreviated income statement Q2 26 Q3 26 Total revenue 90.8 83.8 Operating costs (84.5) (77.6) Depreciation and amortisation (1.9) (1.8) EBIT 4.4 4.3 Net FX gain (loss) (1.8) 1.4 Other financial items (0.7) (0.6) Profit before tax 1.9 5.2 Taxation (1.0) (1.2) Profit after tax 0.9 4.0 EBIT adjustments: Restructuring and integration costs 0.1 (0.0) Transaction costs related to M&A 0.0 0.0 Acquisition costs classified as opex 0.3 0.2 Amortisation and impairment 0.4 0.4 Adjusted EBIT 5.3 5.0 Adjusted EBIT margin 5.8% 5.9%
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16 Abbreviated Financials: Cash Flow Refer to full cash flow statement and definition of APMs in Appendix • USD 2.1m increase in cash flow from operations but net working capital yet to unwind: • Negative cash flow from changes in working capital of USD 0.2m during quarter, before impact of exchange differences • Net exchange differences of USD 5.0m primarily relates to reversal of non-cash FX gains in P&L and revaluation of instruments denominated in non-functional currencies • Cash outflow from investing activities • Includes USD 1.3 million net cash payment during quarter for SynergenOG acquisition • Cash inflow from financing activities, largely driven by USD 3.0 million drawdown on the RCF with the remainder relating to interest expenses as well as lease payments USD million Abbreviated cash flow Q2 26 Q3 26 Profit before taxes 1.9 5.2 Non-cash adjustments 1.9 1.9 Changes in working capital (4.3) (0.2) Net interest, income tax (0.4) 0.2 Net exchange differences 0.9 (5.0) Cash flow from operating activities (0.0) 2.1 Cash flow from investing activities (0.4) (1.8) Cash flow from financing activities (2.7) 1.6 Net cash flow (3.1) 1.9 Cash, beginning of period 12.1 8.7 FX revaluation of cash (0.3) 0.2 Cash, end of period 8.7 10.8
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17 Abbreviated Financials: Balance Sheet • Net debt1 increased to USD 21.7m • Working capital remained flat at USD 45.6m maintaining high YTD levels: • Softer Norwegian market impacting AGR revenues • AGR runs on a zero or negative net working capital basis • Disappointing collections and billing in OWC and LONG • One-off items arising in the year (including SynergenOG consolidation) • USD 32.4m drawn on the USD 40m RCF with HSBC • Drawdown of USD 3.0m in Q3 2026 • The RCF is USD 40m plus additional USD 5m overdraft facility and a 20m accordion option, giving strategic and operational flexibility • Facility matures in January 2029 Working capital ratio2 (% of quarterly revenue) (1) Net cash is cash minus interest bearing debt excluding capitalised leases. Negative values signify net debt. Refer to full balance sheet and definition of APMs in Appendix (2) Working capital ratio calculated as net working capital over quarterly revenues. Refer to definition of APMs in Appendix 49% 47% 44% 44% 40% 40% 43% 38% 47% 39% 49% 50% 54% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 USD million Abbreviated balance sheet Q2 26 Q3 26 Cash and cash equivalents 8.7 10.8 Other current assets 103.6 103.2 Non-current assets 81.6 83.2 Total assets 193.9 197.2 Short term borrowings 29.1 32.5 Other current liabilities 57.1 55.3 Long term borrowings - - Other non-current liabilities 16.7 18.3 Equity 87.2 86.9 Total equity and liabilities 193.9 197.2 Net Working Capital 45.0 45.6 Net cash / (Net debt) (20.4) (21.7) Working capital ratio 50% 54%
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18 Declaring semi-annual dividend of NOK 0.45 per to be paid in November • Continued focus on returning cash to shareholders • Declaring dividend of NOK 0.45 per share, corresponding to USD 6.4 million ▪ The dividend was resolved and declared in accordance with the authorisation granted by the AGM held in May 2026 ▪ The dividend will be paid on or about 30 November 2026. Shareholders owning the shares at the end of 30 October 2026 are entitled to dividends. The ex-dividend date will be 2 November 2026. ▪ The distribution will for tax purposes be considered a repayment of paid-in capital Paid and proposed dividends 4.3x 2.3x 0.20 0.20 0.25 0.25 0.30 0.30 0.35 0.35 0.40 0.40 0.45 0.45 0.45 0.45 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 NOK/share 1.5 1.6 2.8 2.7 2.9 3.0 4.0 4.0 4.8 5.0 5.8 6.0 6.3 6.4 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 USD million
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© 2026 Aqualis 1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO
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20 Flat offshore trajectory – uncertainty prevails amid Middle East conflict Source: SB1 Markets, Rystad Energy, Barclays Research, IHS Petrodata E&P capex growth Rigs under contract OIL & GAS • MWS Services • MWS sees activity peaks 2–3 years after FID, hence current and expected activity remains strong despite flatter near-term E&P capex • Activity in APAC, West Africa and South America remains high • Middle East exposure face some timing uncertainty, but there will be delayed activity demand post conflict expected • Continued deepwater and near/onshore modular project developments supports the pipeline over the medium term • Rigs market • Consolidation in the Rig operator market and conflict in the ME has reduced overall active rig count in all regions except West Africa • However, activity remains high and ABL has managed to increase its market share in rig move services within all global regions • India is entering its seasonal activity period supporting near term demand, and likely delayed demand in ME region provides upside potential post conflict Comments -3% 5% -40% -30% -20% -10% 0% 10% 20% 30% 40% E&P spending (Y/Y chg) 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 # Floaters # Jackups Jackups Floaters
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21 Offshore Wind market: selective progress amid continuing cost and delivery pressures • Offshore renewables (offshore wind) • The market has stabilised. Offshore wind is seeing new FID’s in 'bankable' markets: UK, France, Poland, Denmark, NL, DE, Taiwan, Japan, Korea. • Costs, financing and grid constraints continue to delay decisions, but the trend is steady growth globally. Consultancy work providing due diligence, owner’s engineering, auction support, and cost engineering remain in demand. • There are signs of a pickup in renewables FEED, with more projects progressing to the engineering phases ahead of future construction. This is positive for longitude, where we already have strong renewables engineering capabilities. • Renewables MWS could slow as delayed projects and cost pressures may results in fewer projects reaching transportation and installation phase. However, this is an outlook risk rather than a decline already observed and ABL’s activity remains high and continue to win work in the sector. • Onshore renewables (solar, wind, BESS) • Financing and delivery require due diligence, grid studies and owner’s engineering. Most sites now include BESS. • Interconnector activity is also increasing, supported by growing investment in grid infrastructure and renewable integration, particularly across Europe. Offshore wind projects by installation year (GW)1 Comments 1 Source: Global Wind Energy Council, Global Wind Report 2022 – 2026 – Excludes China RENEWABLES OWC’s main market: 3-5 years before installation 5.1 7.4 6.1 15.4 17.6 22.9 26.7 34.1 38.9 2.7 10.0 11.6 11.2 10.4 13.3 2022 2023 2024 2025 2026 2027 2028 2029 2030 2022 report 2023 report 2024 report 2025 report 2026 report
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22 Robust demand base as global trade continues to increase • Stable underlying drivers • The long-term driver of Aqualis maritime activities is the size of the global shipping fleet • The global shipping fleet has grown by 3.3% annually over the past decade, fluctuating between 2%-4% in line with global economic growth • Maritime conflicts affecting insurance markets • Middle East conflict means China and the Far East increase dominance in vessel repair market – leading to increased repair costs and larger insurance claims • Increase in maritime conflicts and has led to significant increase in War Risk claims – ABL has strong reputation as specialists in that area Comments Source: Arctic Securities, Clarksons World fleet growth, in dwt and world GDP, % MARITIME 0.0 2.0 4.0 6.0 8.0 10.0 12.0 World Fleet Growth % Yr/Yr World GDP % Yr/Yr
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23 Summary and outlook • Improved profitability with highest EBIT margin since 2023 • Continued strong delivery from ABL • Increased EBIT in AGR, despite reduced revenue in resourcing and marine operations • Continued improvement in OWC and Longitude • Semi-annual dividend of NOK 0.45 per share declared, to be paid in November 2026 • Outlook positive through 2026 into 2027 • Energy market volatility, inflation and elevated financing cost are delaying client decision making • Long-term positive as energy security increasingly important, reflected in discussions with clients across all energy sources • War Risk insurance market and higher repair costs underpins high activity in ABL’s Maritime business • Investing in the future of Aqualis • Introduced Group Investment Programmes driving future growth and profitability • We remain active in consolidation of the energy consultancy industry • Expecting improving performance from cost and efficiency initiatives, targeting ROCE of 20% in 2027
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Appendix © 2026 Aqualis
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25 890+ ...worked on 272+ GW wind, solar and battery projects with a potential capacity of …worked on In 2025, Aqualis… 7 CCS projects 2,600+ ...received 1,300+ maritime instructions, incl. loss management In 2025, Aqualis… 380+ engineering & consulting 890+ marine warranty & assurance In 2025, Aqualis… 1,300+ ...carried out rig moves 1600+ MWS projects 190+ well & reservoir projects 950+ vessel surveys/audits* *Not included suitability surveys as part of MWS scope – estimated in their 1000s.
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26 Revenue base increased 10x since 2018 * Simplified pro-forma revenues, Aqualis including Proper Marine and Techconsult. Based on preliminary management accounts. Revenue development, Aqualis (USDm) • 2014: OWC • 2019: Braemar Technical Services (BTS), forming AqualisBraemar • 2020: LOC Group, forming ABL Group (now Aqualis) • 2021: East Point Geo, OSD-IMT • 2022: Add Energy • 2023: AGR, Delta Wind Partners • 2024: Ross Offshore, Hidromod • 2025: Proper Marine, Techconsult • 2026: SynergenOG Key acquisitions 36 55 77 151 168 251 310 354 351 2018 2019 2020 2021 2022 2023 2024 2025 LTM
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27 Billing ratio development 1 Billing ratio excludes management, business development, administrative support staff and temporary redundancies. Figure calc ulated as billable hours over available hours. Available hours excludes paid absence (public holidays, time off in -lieu, compassionate leave, authorized annual leave) and unpaid absence (sabbatical and other unpaid leave). 2 In Q4 2025, utilisation calculation methodology has been aligned across group companies following M&A integration. Historical utilisation has been restated to retain comparability. Billing ratio1,2 – Technical staff • Reduced in utilisation from Q2 2026 but in line with historical range • Freelancers are ~100% utilisation by definition Comments 64% 65% 66% 71% 68% 68% 69% 71% 69% 74% 76% 76% 80% 78% 78% 78% 80% 78% Billing ratio - Own staff Billing ratio - Inc freelancers
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28 Pro-forma combined financials (simplified) Note: These pro-forma combined figures are a simple combination of stand-alone accounts – not adjusted for other hypothetical effects if transactions occurred earlier Figures for acquired companies based on management accounts, converted to USD using average exchange rate for periods USD millions Revenue Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q/Q growth Y/Y growth ABL Group, as reported 87.8 88.7 82.4 90.8 83.8 -7.8% -4.5% Synergen, revenue (consolidated 3Q26) 1.1 1.6 1.1 1.1 - Pro-forma combined (simplified) 88.9 90.3 83.4 91.9 83.8 -8.9% -5.7% Adjusted EBIT Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q/Q growth Y/Y growth ABL Group, as reported 3.7 3.2 3.1 5.3 5.0 -5.6% 33.8% Synergen, adjusted EBIT (consolidated 3Q26) 0.1 0.5 0.2 0.2 - Pro-forma combined (simplified) 3.8 3.7 3.2 5.4 5.0 -8.3% 32.0% Adjusted EBIT margin Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ABL Group, as reported 4.2% 3.6% 3.7% 5.8% 5.9% Pro-forma combined (simplified) 4.2% 4.0% 3.8% 5.9% 5.9%
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29 Abbreviated segment revenues and EBIT Synergen consolidated from Q3 2026 Adjusted EBIT: Refer to Alternative Performance Measures in Appendix USD million Revenues Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ABL 37.7 37.1 37.2 40.6 39.0 OWC 8.6 7.3 7.1 6.9 7.9 Longitude 5.3 5.9 5.3 6.4 7.3 AGR 36.2 38.8 33.2 37.2 29.5 Eliminations (0.1) (0.3) (0.3) (0.1) 0.1 Group revenues 87.8 88.7 82.4 90.8 83.8 Adjusted EBIT Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ABL 7.6 6.8 6.5 7.7 7.5 OWC 0.5 (0.2) 0.2 0.4 0.8 Longitude 0.5 0.9 0.1 1.2 1.2 AGR 1.7 2.2 1.2 1.4 1.7 Corporate (6.5) (6.5) (4.9) (5.5) (6.2) Group Adjusted EBIT 3.7 3.2 3.1 5.3 5.0 Adjusted EBIT margin Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ABL 20.2% 18.4% 17.5% 19.0% 19.2% OWC 5.6% -2.4% 2.2% 5.8% 10.2% Longitude 8.6% 14.5% 1.8% 19.2% 16.2% AGR 4.6% 5.6% 3.7% 3.7% 5.8% Corporate (% of group revenues) -7.4% -7.4% -6.0% -6.0% -7.4% Group Adjusted EBIT margin 4.2% 3.6% 3.7% 5.8% 5.9%
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30 Segment revenues and adjusted EBIT margin – Last 3 years ABL, USDm AGR, USDm OWC, USDm Longitude, USDm 35.9 34.5 36.3 36.2 35.6 34.9 34.0 38.3 37.7 37.1 37.2 40.6 39.0 21.9% 20.5% 17.8% 18.0% 17.4% 15.5% 16.7% 17.2% 20.2% 18.4% 17.5% 19.0% 19.2% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenues Adj. EBIT 21.8 21.4 21.2 21.0 39.8 38.8 34.8 43.5 36.2 38.8 33.2 37.2 29.5 5.2% 6.7% 6.1% 4.6% 4.9% 5.1% 4.6% 4.5% 4.6% 5.6% 3.7% 3.7% 5.8% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenues Adj. EBIT 11.4 10.3 9.1 8.8 8.0 8.3 8.1 9.3 8.6 7.3 7.1 6.9 7.9 11.4% 2.1% 3.6% 1.9% -4.1% -0.2% 1.7% 6.2% 5.6% -2.4% 2.2% 5.8% 10.2% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenues Adj. EBIT 3.5 3.0 3.0 2.9 3.2 3.9 5.0 5.8 5.3 5.9 5.3 6.4 7.3 26.0% 14.0% 21.3% 9.8% 21.1% 34.0% 29.3% 14.3% 8.6% 14.5% 1.8% 19.2% 16.2% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue Adj. EBIT
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31 General (1/2) Basis of preparations This presentation provides consolidated financial highlights for the quarter of the Company and its subsidiaries. The consolidated financial information is not reported according to requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited. The accounting policies adopted in the preparation of this presentation are consistent with those followed in the preparation of the last annual consolidated financial statements for the year ended 31 December 2025. A description of the major changes and the effects are included in note 2 (standards issued but not yet effective) of the Aqualis annual report 2025 available on www.aqualis-group.com. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Alternative Performance Measures (APMs) The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures (“APMs”) that came into force on 3 July 2016. Alternative performance measures are meant to provide an enhanced insight into the operations, financing and future prospects of the company. The Company has defined and explained the purpose of the following APMs: Adjusted EBITDA which excludes depreciation, amortisation and impairments, share of net profit/ (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs is a useful measure because it provides useful information regarding the Company’s ability to fund capital expenditures and provides a helpful measure for comparing its operating performance with that of other companies Adjusted EBIT which excludes amortisation and impairments, share of net profit/(loss) from associates, transaction costs related to acquisitions, restructuring and integration costs is a useful measure because it provides an indication of the profitability of the Company’s operating activities for the period without regard to significant events and/ or decisions in the period that are expected to occur less frequently. Adjusted profit (loss) after taxes which excludes amortisation and impairments, share of net profit/ (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs and certain finance income is a useful measure because it provides an indication of the profitability of the Company’s operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently. Order backlog is defined as the aggregate value of future work on signed customer contracts or letters of award. Aqualis’ services are shifting towards “call-out contracts” which are driven by day-to-day operational requirements. An estimate for backlog on “call-out contracts” are only included in the order backlog when reliable estimates are available. Management believes that the order backlog is a useful measure in that it provides an indication of the amount of customer backlog and committed activity in the coming periods. Working capital is a measure of the current capital tied up in operations. The amount of working capital will normally be dependent on the revenues earned over the past quarters. Working capital includes trade receivables and other receivables, contact assets, trade and other payables, contract liabilities and income tax payable. Working capital may not be comparable to other similarly titled measures from other companies. The working capital ratio provides an indication of the working capital tied up relative to the average quarterly revenue.
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32 General (2/2) Alternative Performance Measures (APMs) continued Return on equity (ROE) ROE is calculated as the adjusted profit for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the total equity. Return on capital employed (ROCE) ROCE is calculated as the adjusted EBIT for the period, divided by average capital employed for the period. Capital employed is defined as total assets less non-interest bearing current liabilities. The adjusted EBIT is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the capital employed. Net debt Net debt is the measure of the Group’s interest bearing debt less cash and cash equivalents. Management believes that net debt is a useful measure of the Group's liquidity position. Negative net debt is also referred to as net cash.
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33 Adjustment items USD thousands Adjustment items (EBITDA) Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Restructuring and integration costs 25 1,688 2,116 724 61 (16) Transaction costs related to M&A 21 50 236 25 29 21 Acquisition costs classified as employment costs under IFRS 3 98 473 1,414 192 297 197 Total adjustment items (EBITDA) 144 2,211 3,766 941 387 202 Adjustment items (EBIT) Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Total adjustment items (EBITDA) 144 2,211 3,766 941 387 202 Amortisation and impairment 590 5,116 6,596 515 440 441 Total adjustment items (EBIT) 734 7,327 10,362 1,456 827 643 Adjustment items (profit (loss) after taxes) Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Total adjustment items (EBIT) 734 7,327 10,362 1,456 827 643 Payments to owner of previously acquired subsidiary - - - - - - Total adjustment items (profit (loss) after taxes) 734 7,327 10,362 1,456 827 643
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34 APMs and Key Figures USD thousands Profitability measures Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Operating profit (loss) (EBIT) 2,977 (4,168) 3,117 1,598 4,434 4,324 Depreciation, amortisation and impairment 1,873 6,677 11,882 1,896 1,861 1,830 EBITDA 4,850 2,509 14,999 3,494 6,295 6,154 Total adjustment items (EBITDA) 144 2,211 3,766 941 387 202 Adjusted EBITDA 4,994 4,720 18,765 4,435 6,682 6,356 Operating profit (loss) (EBIT) 2,977 (4,168) 3,117 1,598 4,434 4,324 Total adjustment items (EBIT) 734 7,327 10,362 1,456 827 643 Adjusted EBIT 3,711 3,159 13,479 3,054 5,261 4,967 Profit (loss) after taxes 6,666 (9,095) (5,875) 1,718 881 3,983 Total adjustment items (profit (loss) after taxes) 734 7,327 10,362 1,456 827 643 Adjusted profit (loss) after taxes 7,400 (1,768) 4,487 3,174 1,708 4,626 Basic earnings/(loss) per share (USD) 0.05 (0.07) (0.04) 0.01 0.01 0.03 Adjusted basic earnings/(loss) per share (USD) 0.06 (0.01) 0.03 0.02 0.01 0.03
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35 APMs and Key Figures 1) Full time equivalent numbers include freelancers on FTE basis 2) Billing ratio for technical staff includes freelancers on 100% basis USD thousands Net Cash Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Cash and cash equivalents 15,320 14,583 14,583 12,130 8,697 10,801 Less: Interest bearing bank borrowings 17,904 20,001 20,001 24,163 29,050 32,532 Net Cash (Debt) (2,584) (5,418) (5,418) (12,033) (20,353) (21,731) USD thousands Working capital Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Trade and other receivables 73,157 77,344 77,344 75,503 77,414 77,142 Contract assets 28,455 22,038 22,038 23,031 26,176 26,046 Trade and other payables (57,275) (59,820) (59,820) (51,678) (53,418) (52,916) Contract liabilities (3,416) (3,651) (3,651) (4,683) (3,669) (2,425) Income tax payable (52) (1,557) (1,557) (1,518) (1,495) (2,200) Net working capital 40,869 34,354 34,354 40,654 45,008 45,647 Working capital ratio 47% 39% 39% 49% 50% 54% Return on equity (ROE), annualised 28.1% -7.2% 4.8% 3.5% 7.6% 21.3% Return on capital employed (ROCE), annualised 10.3% 9.2% 10.2% 8.9% 15.6% 14.5% Operational metrics Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Order backlog at the end of the period (USD million) 100.1 126.8 126.8 146.8 145.1 136.1 Average number of full-time equivalent employees(1) 2,062 2,023 2,002 1,937 1,925 1,944 Average billing ratio during the period(2) 78% 78% 78% 78% 80% 78%
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36 Consolidated Statement of Income USD thousands Consolidated income statement Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Revenue 87,758 88,706 354,358 82,361 90,834 83,783 Staff costs (43,561) (42,208) (170,081) (42,340) (43,322) (39,914) Other operating expenses (39,347) (43,989) (169,278) (36,527) (41,217) (37,715) Depreciation, amortisation and impairment (1,873) (6,677) (11,882) (1,896) (1,861) (1,830) Operating profit / (loss) (EBIT) 2,977 (4,168) 3,117 1,598 4,434 4,324 Finance income 102 253 470 134 25 42 Finance expenses (734) (1,047) (3,114) (921) (740) (618) Net foreign exchange gain (loss) 4,524 (1,488) (2,318) 1,340 (1,835) 1,410 Profit / (loss) before income tax 6,884 (6,450) (1,485) 2,151 1,884 5,158 Income tax expenses (218) (2,645) (4,390) (433) (1,003) (1,175) Profit / (loss) after income tax 6,666 (9,095) (5,875) 1,718 881 3,983 Other comprehensive income Translation differences (7,046) (1,426) 5,144 10 1,083 (4,542) Income tax on translation differences - (147) (147) - - - Total items that may be classified to profit and loss (7,046) (1,573) 4,997 10 1,083 (4,542) Remeasurement of defined benefit obligations - 62 62 - - - Total items that will not be classified to profit and loss: - 62 62 - - - Other comprehensive income (loss) for the period (7,046) (1,511) 5,059 10 1,083 (4,542) Total comprehensive income (loss) for the period (380) (10,606) (816) 1,728 1,964 (559) Profit for the year attributable to: Equity holders of the parent company 6,774 (9,006) (5,617) 1,689 712 3,654 Non-controlling interests (108) (89) (258) 29 169 329 Total profit (loss) for the period 6,666 (9,095) (5,875) 1,718 881 3,983 Total comprehensive income for the period is attributable to: Equity holders of the parent company (272) (10,517) (558) 1,699 1,795 (888) Non-controlling interests (108) (89) (258) 29 169 329 Total comprehensive income (loss) for the period (380) (10,606) (816) 1,728 1,964 (559)
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37 Consolidated Statement of Cash Flow USD thousands Consolidated Cashflow Statement Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Profit (loss) before income tax 6,884 (6,450) (1,485) 2,151 1,884 5,158 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1,873 6,677 11,882 1,896 1,861 1,830 Share-based payment expenses 322 360 1,090 207 383 357 Other non-cash adjustments (27) (856) (761) (1,370) (319) (264) Changes in working capital: Changes in trade and other receivables 9,843 (2,619) (4,862) 848 (5,056) 980 Changes in trade and other payables (14,521) 4,420 3,056 (7,110) 726 (1,183) Interest costs (net) 632 794 2,644 787 715 576 Income taxes paid (310) (2,849) (4,153) (568) (1,158) (375) Net exchange differences (7,873) 7,125 3,001 (1,272) 923 (4,978) Cash flow from (used in) operating activities (3,177) 6,602 10,412 (4,431) (41) 2,101 Payments for property, plant and equipment and intangible assets (236) (1,756) (3,526) (618) (418) (581) Interest received 102 309 470 134 25 42 Net cash acquired (paid) on acquisition of subsidiaries - - (2,216) - - (1,257) Proceeds from sale of business - - 550 - - - Cash flow from (used in) investing activities (134) (1,447) (4,722) (484) (393) (1,796) Dividends paid - (5,960) (11,796) - (6,348) (151) Purchase of treasury shares - - - (332) - - Lease payments (395) (1,353) (2,848) (625) (732) (863) Proceeds from loans and borrowings - 8,500 11,500 4,057 5,009 2,984 Repayment of borrowings - (6,501) (6,524) - - - Proceeds from issuance of shares 1,096 - 1,452 (4) - - Interest paid (734) (631) (2,081) (596) (607) (372) Cash flow from (used in) financing activities (33) (5,945) (10,297) 2,500 (2,678) 1,598 Net change in cash and cash equivalents (3,344) (790) (4,607) (2,415) (3,112) 1,903 Cash and cash equivalents at the beginning of the period 18,804 15,320 19,474 14,583 12,130 8,697 Effect of movements in exchange rates (140) 53 (284) (38) (321) 201 Cash and cash equivalents at the end of the period 15,320 14,583 14,583 12,130 8,697 10,801
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38 Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Goodwill and intangible assets 71,494 64,967 65,946 65,732 67,295 Property, plant and equipment 12,338 11,896 11,453 10,745 10,710 Investment in associates 40 39 40 40 41 Deferred tax assets 4,923 5,264 5,081 5,049 5,163 Trade and other receivables 73,157 77,344 75,503 77,414 77,142 Contract assets 28,455 22,038 23,031 26,176 26,046 Cash and cash equivalents 15,320 14,583 12,130 8,697 10,801 Total assets 205,727 196,131 193,184 193,853 197,198 EQUITY AND LIABILITIES Equity 105,894 89,418 91,419 87,235 86,882 Deferred tax liabilities 4,285 4,175 4,151 4,138 4,156 Long term borrowings - - - - - Lease liabilities (non-current) 8,175 6,822 6,634 5,895 5,625 Provisions and other payables (non-current) 7,029 7,666 6,106 6,002 6,776 Other payables (non-current) 409 569 595 630 1,716 Trade and other payables 57,275 59,820 51,678 53,418 52,916 Contract liabilities 3,416 3,651 4,683 3,669 2,425 Short term borrowings 17,904 20,001 24,163 29,050 32,532 Lease liabilities (current) 1,288 2,452 2,237 2,321 1,970 Income tax payable 52 1,557 1,518 1,495 2,200 Total equity and liabilities 205,727 196,131 193,184 193,853 197,198
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39 Revenues and EBIT - split per segments USD thousands Revenues Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 ABL 35,582 34,874 142,911 33,999 38,268 37,747 37,084 147,098 37,172 40,557 39,034 OWC 7,980 8,318 34,220 8,143 9,343 8,639 7,292 33,417 7,058 6,864 7,913 Longitude 3,183 3,936 13,010 5,041 5,846 5,285 5,872 22,044 5,284 6,378 7,252 AGR 39,785 38,826 120,890 34,780 43,483 36,225 38,771 153,259 33,190 37,150 29,500 Eliminations (286) (57) (1,407) (216) (793) (138) (313) (1,460) (343) (115) 84 Total revenues 86,244 85,897 309,624 81,747 96,147 87,758 88,706 354,358 82,361 90,834 83,783 Operating profit (loss) (EBIT) Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 ABL 6,199 5,411 24,484 5,580 6,470 7,500 6,336 25,886 6,437 7,611 7,390 OWC (328) (204) (35) (262) 581 475 (5,088) (4,294) (525) 396 786 Longitude 671 1,224 2,814 1,367 375 172 514 2,428 (118) 880 984 AGR 1,923 2,010 6,017 917 1,514 1,336 1,251 5,018 780 1,049 1,391 Corporate (5,978) (6,084) (22,837) (5,773) (6,461) (6,506) (7,181) (25,921) (4,976) (5,502) (6,227) Total EBIT 2,487 2,357 10,443 1,829 2,479 2,977 (4,168) 3,117 1,598 4,434 4,324
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40 Top 20 shareholders Source: VPS, 22 Oct 2026 Aqualis treasury shares as of Q3 2026: 142,684 # Name of shareholder No. of shares % ownership 1 GROSS MANAGEMENT AS 15 579 351 11.7% 2 HOLMEN SPESIALFOND 12 102 348 9.1% 3 DNB MARKETS AKSJEHANDEL/-ANALYSE 7 638 059 5.7% 4 BJØRN STRAY 6 524 743 4.9% 5 RGA ENERGY HOLDINGS AS 6 055 556 4.5% 6 VERDIPAPIRFONDET HOLBERG NORGE 6 000 000 4.5% 7 VPF FONDSFINANS UTBYTTE 5 800 000 4.3% 8 HAUSTA INVESTOR AS 4 477 804 3.4% 9 MELESIO INVEST AS 4 289 329 3.2% 10 CITIBANK EUROPE PLC 4 020 507 3.0% 11 MP PENSJON PK 3 315 195 2.5% 12 KRB CAPITAL AS 2 639 065 2.0% 13 THE BANK OF NEW YORK MELLON 2 053 017 1.5% 14 INNOVEMUS AS 1 946 505 1.5% 15 INTERTRADE SHIPPING AS 1 850 000 1.4% 16 SAXO BANK A/S 1 736 391 1.3% 17 VARDE NORGE AS 1 710 000 1.3% 18 SBAKKEJORD AS 1 666 667 1.2% 19 BADREDDIN DIAB 1 652 695 1.2% 20 CATILINA INVEST AS 1 635 339 1.2% Top 20 shareholders 92 692 571 69.5% Other shareholders 40 734 772 30.5% Total outstanding shares 133 427 343 100.0%
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