Slides
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BW Offshore Q2 2026 24 August 2026 CEO Marco Beenen CFO Ståle Andreassen
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2 Disclaimer This Presentation has been produced by BW Offshore Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore 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 BW Offshore 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 BW Offshore 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. BW Offshore 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. 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 BW Offshore nor any of its parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences may be material. By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein. This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Offshore. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the “Prospectus Regulation”), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.
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3 Highlights • Q2 EBITDA USD 63 million • H1 EBITDA of USD 110 million • Q2 net loss USD 102 million, including non-cash impairment on BW Opal • Underlying Q2 net profit USD 23 million and H1 USD 46 million • Strategic review ongoing with extended timeline BW Opal in stable production, Practical Completion moved to Q2 2027 2026 EBITDA guidance revised to USD 250-280 million Q2 cash dividend of USD 11 million equal to USD 0.063 per share
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Operational Update
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BW Opal producing at ~85% of nameplate capacity 5 • Gas production and revenue generation since May restart • Commissioning substantially complete; vendor-related technical issues identified during production ramp-up • Close collaboration with client on production optimisation and spare-parts lead times, shifting Practical Completion to Q2 2027 • USD ~65 million of incremental investment to completion, largely offset by additional revenue • Practical Completion marks the commencement of the 15-year fixed contract period and 10-years of options Loading first condensate cargo in July (~300,000 bbls)
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Fleet and HSE performance 6 98.9% 98.9% 99.2% 100.0% 99.9% 98.7% 100.0% 100.0% 100.0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 0.0 1.0 2.0 3.0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 LTI TRI HPI Weighted average fleet uptime1 HSE record (LTM)2 1) Weighted average fleet uptime based on units’ actual vs. potential revenue contribution 2) The incident statistics include incidents by BW Offshore employees and contractors 3) Lost time injuries per million man-hours 4) Total recordable incidents per million man-hours 5) High potential incidents per million man-hours 3 4 5
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Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BW Opal BW Adolo BW Catcher Pioneer BW Hurra 2026, 7% 2027, 13% 2028, 13% 2029, 11% >2030, 55% BW Energy, Gabon: 2018-2028 (2038) Santos, Australia: 2027-2042 (2052) Pioneer • BWO providing O&M services under a five- year contract BW Catcher • Q2 production of ~19,928 bbls/day BW Opal • ~75% commercial uptime in Q2 since restart 3 May • 15-year contract with 10 years of options starting at Practical Completion BW Adolo • Q2 gross oil production of ~26,300 bbls/day • Put/call option in 2028 after O&M handover to BW Energy in 2025 Strong cash flow underpinned by core FPSO fleet 7 Lease & Operate - fixed period Lease & Operate - option period Construction / EPC O&M Available for redeployment Harbour Energy, UK: 2018-2030 Murphy Oil, US: 2012-2030 Operating cash flow backlog By year of expected recognition USD ~2.2bn1 1) 97% is firm operating cash flow backlog
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Ongoing FEED phase with Equinor • FEED ongoing and expected to run through end-2026 • First long-lead items ordered • Equinor acquired BP’s interest in the Bay du Nord project, increasing ownership to 100%1 • Final Investment Decision (FID) and potential contract award expected in early 2027 • Official office opening in St. John’s, Newfoundland and Labrador 8 1) See Equinor’s website for more information
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Finance
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EBITDA performance 10 • Increased EBITDA driven by commercial uptime in line with expectations for the quarter • Partly offset by new charter hire rates on BW Catcher, from February 2026 • Earning incremental revenue from BW Opal ahead of contract commencement • BW Opal post Practical Completion annual EBITDA USD 265-275 million Q2 EBITDA 63 USD million 57 44 48 48 63 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revised 2026 EBITDA outlook 250-280 USD million Previously USD 310-340 million ~USD 50 million BW Opal ~USD 10 million tender and ADMEX Net cash impact from revised guidance limited to ~USD 10 million
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USD million Q2 2026 Q1 2026 2025 Operating revenues 163.1 130.2 509.5 Operating expenses (100.6) (82.3) (269.4) EBITDA 62.5 47.9 240.1 Depreciation & amortisation (20.3) (20.4) (95.5) Impairment (125.3) 0.0 (14.5) Gain (loss) on sale of assets 0.0 0.0 14.8 EBIT (83.1) 27.5 144.9 Net interest income (expense) (1.3) (1.1) (4.0) Gain (loss) on financial instruments (1.3) 4.7 13.3 Other financial items 3.5 (2.0) 13.1 Net financial income (expense) 0.9 1.6 22.4 Share of profit (loss) from equity- accounted investments (7.7) (2.7) (12.0) Profit (loss) before tax (89.9) 26.4 155.3 Income tax expense (12.2) (3.0) (21.1) Net profit (loss) for the period (102.1) 23.4 134.2 Income statement 11 • EBITDA increased due to BW Opal revenue recognition • Non-cash impairment of USD 125 million on BW Opal reflecting revised completion timeline and cost – reversible if assumptions improve • Higher tax relates to BW Opal operating profit, while depreciation and interest recognition start at Practical Completion • Underlying net profit of USD 23 million, stable quarter-on- quarter
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340 257 251 42 38 25 27 15 2 7 11 7 25 Q2 cash flow overview 12 • Operating cash flow remain stable quarter on quarter • Increased investment activity in Q2 relates to BW Opal and investment into money market funds USD million
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0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x -101 -240 -140 -40 60 160 260 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 USD million 28.3% 0% 10% 20% 30% 40% 50% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 13 Net cash balance provides flexibility through the investment cycle Equity ratio2Consolidated net debt and leverage ratio1 Consolidated net debt / LTM reported EBITDA 1) Not including lease liabilities (USD 15.8 million as of Q2 2026) and finance liability related to BW Opal lease (USD 1,430.2 million as of Q2 2026) 2) Equity ratio impacted by Barossa accounting, which includes both the finance liability and deferred revenues of USD 1,196.3 million
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Remaining committed investments BW Opal: ~USD 120 million remaining cash to completion2 BW Elara desalination unit: ~USD 20 million remaining3 0 10 20 30 40 50 60 70 80 90 100 2026 2027 2028 BW Catcher facility NOK bond 14 Available liquidity USD 511 million1 USD 11.3 million cash dividend for Q2 2026 USD 0.063 per share USD million Maturity profile Solid financial position provides resilience and flexibility 1) Includes undrawn amount of USD 203 million on the RCF, excludes USD 6.6 million in consolidated cash from BW Ideol AS, includes USD 31.9 million in BW Opal Asset Co 2) Includes incremental USD 65 million investment to completion and USD 37.5 million in remaining pre-payments 3) 50% share of ~USD 60m budget
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Strategic priorities
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Promising FPSO market outlook 16 70+ likely FPSO awards 2026-20301 Contracting type by region • Secure return requirement through firm contract period • Strong counterparties • Partner model Selection criteria Competitive offering • Gas FPSO expertise • Harsh-environment solutions • Newbuild rapid framework hull • Redeployment and conversion track-record • Comprehensive operational experience • Structuring and financing capabilities 7 9 1 1 1 5 15 4 3 3 2 4 1 3 3 2 0 5 10 15 20 Africa Brazil South East Asia Australia/New Zealand South America Northern Europe Lease Lease/Own Own Source: Energy Maritime Associates Pte Ltd July 2026 1) Planned FPSO awards
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17 15 10 14 3 6 Bay du Nord Buzios 12 + others Target Progressing new prospects Approximate locations Source: Energy Maritime Associates Pte Ltd July 2026 5 Focus on 2-4 prospects each year, ambition to win one project every other year Buzios 12, KAN and Zama are identified tender targets for 2026 Identified projects for BW Hurra redeployment Leveraging BW Opal experience 2 2 4 4 3 Kan + others
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Floating transition solutions Solution Commercial viability Project status Floating offshore wind 3-5 years • Full capacity reached for the 30 MW EolMed project • Onshore consent awarded for the Buchan 960 MW project • Partnership agreement with NGE for the Fos3F floating foundation serial fabrication line in France Floating desalination <2 years • Matthew White appointed CEO, former head of BW Water • Delivery of first barge in progress. Completion and transport to site targeted for early 2027 FLNG and Floating gas to power w/CCS 0-5 years • Exploring opportunities 18 68% owned 50/50 JV BW Offshore/BW Group
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• Progress BW Opal to Practical Completion in Q2 2027 • Complete FEED for Bay du Nord in 2026 • Target one FPSO FID within 12 months • Bring first FDU to market • Maintain an attractive shareholder return programme Outlook 19
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We engineer offshore production solutions to progress the future of energy. 20
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Analytical information 1) Varies with BW Adolo production levels and corresponding tariffs 2) Hull value is depreciated over 25 years. Rest of book value is depreciated over 15 years Unit Contract status LDT Annual firm period EBITDA Annual depreciation Other information BW Adolo 2018-2028 (2038) 47,544 USD 60 - 70 million1 USD ~27 million • Production tariff: • USD 1.5/bbls up to 20,000 bbls/day production • USD 3/bbls for each bbls beyond 20,000 bbls/day BW Catcher 2018-2030 57,764 USD 140 - 160 million USD ~45 million From January 2028: • The base charter hire rate steps down with ~25% • A production-linked KPI activates: 25% of production revenue above 6,000 bbls/day multiplied by Brent oil price, capped at USD 200k/day • A new cap linked to oil price is introduced and production from any new wells are not included: • < USD 50/bbl: USD 0/day • USD 50–59.9/bbl: USD 75k/day • USD 60–79.9/bbl: USD 150k/day • > USD 80/bbl: USD 200k/day Pioneer 2025-2030 29,092 USD 6 - 14 million N/A • Service fee increases in tiers based on actual average daily production each quarter. • Murphy plans drilling in H2 2026, which will increase production BW Opal 2027-2042 (2052) 125,298 USD 265 - 275 million USD ~160 million2 • USD ~1.2 billion of non-cash revenue to be amortised until end of firm period • Cash flow to BW Offshore after debt service: USD 30-40 million per annum Fleet book values as of Q2 • Vessels in operation: USD 629 million • Vessels under construction: USD 2,721 million 21
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Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 CONTINUING OPERATIONS Operating revenue 168.6 151.9 150.9 135.3 606.7 153.4 127.8 101.2 127.1 509.5 130.2 163.1 Operating expenses (83.1) (74.5) (67.7) (63.4) (288.7) (62.1) (70.7) (57.3) (79.3) (269.4) (82.3) (100.6) Operating profit /(loss) before depreciation/amortisation 85.5 77.4 83.2 71.9 318.0 91.3 57.1 43.9 47.8 240.1 47.9 62.5 Depreciation (44.3) (44.1) (44.2) (39.8) (172.4) (31.0) (20.1) (19.9) (19.0) (90.0) (19.0) (18.8) Amortisation (1.4) (1.4) (1.4) (1.3) (5.5) (1.4) (1.3) (1.5) (1.3) (5.5) (1.4) (1.5) Impairment vessels and other assets 1.1 - - - 1.1 - (14.5) - - (14.5) - (125.3) Gain/(loss) sale of assets - - - - - 14.8 - - - 14.8 - - Operating profit/(loss) 40.9 31.9 37.6 30.8 141.2 73.7 21.2 22.5 27.5 144.9 27.5 (83.1) Interest income 2.9 5.7 4.4 4.7 17.7 6.4 5.1 2.6 3.9 18.0 3.4 2.8 Interest expense (11.6) (10.5) (8.7) (7.7) (38.5) (5.3) (5.1) (5.2) (6.4) (22.0) (4.5) (4.1) Gain/(loss) on financial instruments 3.1 2.5 (8.1) 2.6 0.1 6.5 6.3 1.5 (1.0) 13.3 4.7 (1.3) Other financial items 6.4 (2.2) (4.0) 19.8 20.0 2.8 (0.5) 7.8 3.0 13.1 (2.0) 3.5 Net financial income/(expense) 0.8 (4.5) (16.4) 19.4 (0.7) 10.4 5.8 6.7 (0.5) 22.4 1.6 0.9 Share of profit/(loss) from equity-accounted investees (2.2) 4.1 (5.7) (9.5) (13.3) (4.6) (1.9) (3.6) (1.9) (12.0) (2.7) (7.7) Profit/(loss) before tax 39.5 31.5 15.5 40.7 127.2 79.5 25.1 25.6 25.1 155.3 26.4 (89.9) Income tax expense (2.7) (2.3) (2.5) 0.1 (7.4) (17.3) (0.5) (2.3) (1.0) (21.1) (3.0) (12.2) Profit/(loss) from continuing operations 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 23.4 (102.1) DISCONTINUED OPERATION Profit/(loss) from discontinued operation - - - - - - - - - - - - Net profit/(loss) for the period 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 23.4 (102.1) Attributable to shareholders of the parent 37.0 29.2 13.7 40.7 120.6 61.7 25.0 23.5 24.1 134.3 23.5 (101.9) Attributable to non-controlling interests (0.2) 0.0 (0.7) 0.1 (0.8) 0.5 (0.4) (0.2) 0.0 (0.1) (0.1) (0.2) EARNINGS PER SHARE Basic earnings/(loss) per share (USD) net 0.20 0.16 0.08 0.23 0.67 0.34 0.14 0.13 0.13 0.74 0.13 (0.56) Diluted earnings/(loss) per share (USD) net 0.19 0.15 0.08 0.21 0.63 0.34 0.14 0.13 0.13 0.74 0.13 (0.56) Income statement 22
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Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Net profit/(loss) for the period 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 23.4 23.2 Currency translation differences (2.2) (0.9) 4.8 (6.8) (5.1) 4.8 6.8 (0.9) 0.7 11.4 (1.4) 0.4 Equity-accounted investees - share of OCI 12.8 1.6 (22.3) 22.8 14.9 (9.5) (6.8) (4.8) (0.2) (21.3) 1.6 1.5 Net profit/(loss) on cash flow hedges (0.7) 0.2 0.6 (0.6) (0.5) - - - - - - - Net items to be reclassified to profit or loss: 9.9 0.9 (16.9) 15.4 9.3 (4.7) - (5.7) 0.5 (9.9) 0.2 1.9 Remeasurement of defined benefit liability (asset) - - - (0.1) (0.1) - - (0.1) - (0.1) 0.0 - Equity Investments at FVOCI -net change in fair value - - - - - - - - - - - - Net items not to be reclassified to profit or loss: - - - (0.1) (0.1) - - (0.1) - (0.1) 0.0 0.0 Other comprehensive income, net of tax 9.9 0.9 (16.9) 15.3 9.2 (4.7) - (5.8) 0.5 (10.0) 0.2 1.9 Total comprehensive income 46.7 30.1 (3.9) 56.1 129.0 57.5 24.6 17.5 24.6 124.2 23.6 25.1 Attributable to shareholders of the parent 48.2 30.5 (5.3) 59.8 133.2 54.8 20.6 17.9 26.1 119.4 24.7 26.0 Attributable to non-controlling interests (1.5) (0.4) 1.4 (3.7) (4.2) 2.7 4.0 (0.4) (1.5) 4.8 (1.1) (0.9) Other comprehensive income 23 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Net profit/(loss) for the period 36.8 29.2 13.0 40.8 119.8 62.2 24.6 23.3 24.1 134.2 23.4 (102.1) Currency translation differences (2.2) (0.9) 4.8 (6.8) (5.1) 4.8 6.8 (0.9) 0.7 11.4 (1.4) 0.4 Equity-accounted investees - share of OCI 12.8 1.6 (22.3) 22.8 14.9 (9.5) (6.8) (4.8) (0.2) (21.3) 1.6 1.5 Net profit/(loss) on cash flow hedges (0.7) 0.2 0.6 (0.6) (0.5) - - - - - - - Net items to be reclassified to profit or loss: 9.9 0.9 (16.9) 15.4 9.3 (4.7) - (5.7) 0.5 (9.9) 0.2 1.9 Remeasurement of defined benefit liability (asset) - - - (0.1) (0.1) - - (0.1) - (0.1) 0.0 - Equity Investments at FVOCI -net change in fair value - - - - - - - - - - - - Net items not to be reclassified to profit or loss: - - - (0.1) (0.1) - - (0.1) - (0.1) 0.0 0.0 Other comprehensive income, net of tax 9.9 0.9 (16.9) 15.3 9.2 (4.7) - (5.8) 0.5 (10.0) 0.2 1.9 Total comprehensive income 46.7 30.1 (3.9) 56.1 129.0 57.5 24.6 17.5 24.6 124.2 23.6 (100.2) Attributable to shareholders of the parent 48.2 30.5 (5.3) 59.8 133.2 54.8 20.6 17.9 26.1 119.4 24.7 (99.3) Attributable to non-controlling interests (1.5) (0.4) 1.4 (3.7) (4.2) 2.7 4.0 (0.4) (1.5) 4.8 (1.1) (0.9)
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ASSETS 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Vessels 2,889.2 2,969.3 3,037.1 3,138.6 3,086.4 3,217.1 3,299.7 3,373.2 3,399.7 3,350.0 Other property, plant & equipment 2.6 2.4 2.3 2.1 2.0 1.9 2.4 2.5 2.4 2.2 Right-of-use assets 25.9 24.0 22.2 21.4 21.5 20.7 19.1 18.3 17.0 15.6 Intangible assets and goodwill 85.2 84.0 86.5 80.4 83.4 89.9 89.1 88.0 85.8 84.8 Equity-accounted investees 224.8 235.4 212.2 226.4 218.8 217.2 209.7 210.8 215.2 200.3 Finance lease receivables - - - - - - - - - - Deferred tax assets 61.6 61.6 62.1 64.1 62.1 62.2 61.5 61.5 61.5 53.2 Pension assets - - - - Other investments, including derivativ - long-term 31.4 28.9 19.9 25.2 6.2 10.1 10.6 7.1 11.1 9.2 Other non-current assets 11.9 11.6 8.4 8.0 8.3 7.1 6.7 9.2 10.5 10.6 Total non-current assets 3,332.6 3,417.2 3,450.7 3,566.2 3,488.7 3,626.2 3,698.8 3,770.6 3,803.2 3,725.9 Inventories 3.7 3.7 3.6 3.7 - - - - - - Trade receivables and other current assets 174.0 181.2 183.4 169.7 224.2 116.4 85.3 113.6 113.7 151.7 Oth Investments including derivatives, short term 0.2 0.0 0.5 - - 0.6 - 1.6 1.1 25.6 Cash and cash equivalents 401.4 448.0 446.3 305.8 408.6 428.3 387.6 395.2 339.6 257.3 Assets held for sale 7.0 - - - - - - - - - Total current assets 586.3 632.9 633.8 479.2 632.8 545.3 472.9 510.4 454.4 434.6 TOTAL ASSETS 3,918.9 4,050.1 4,084.5 4,045.4 4,121.5 4,171.5 4,171.7 4,281.0 4,257.6 4,160.5 EQUITY AND LIABILITIES 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Shareholders' equity 1,037.5 1,057.2 1,041.0 1,089.8 1,119.3 1,130.0 1,131.6 1,146.4 1,138.0 1,042.8 Non-controlling interests 180.9 173.3 167.6 156.8 152.4 149.3 142.3 146.6 140.5 132.8 Total equity 1,218.4 1,230.5 1,208.6 1,246.6 1,271.7 1,279.3 1,273.9 1,293.0 1,278.5 1,175.6 Interest-bearing long-term debt 220.3 207.7 194.5 173.9 166.8 157.3 144.1 126.6 116.5 100.3 Non Current Finance Liability related to BW Opal lease 1,093.2 1,196.2 1,266.6 1,347.4 1,409.2 1,408.1 1,395.0 1,385.3 1,397.4 1,375.4 Pension obligations 4.2 1.8 1.8 1.8 1.9 1.9 1.9 1.9 1.9 1.9 Other long-term liabilities 950.4 988.7 1,014.2 1,040.2 1,044.3 1,080.0 1,127.9 1,168.6 1,146.3 1,152.9 Long-term lease liabilities 18.1 17.1 16.7 15.1 15.6 15.5 13.9 13.1 11.9 10.2 Derivatives 1.0 0.0 1.9 7.3 1.0 1.0 0.9 0.0 0.0 - Total non-current liabilities 2,287.2 2,411.5 2,495.7 2,585.7 2,638.8 2,663.8 2,683.7 2,695.5 2,674.0 2,640.7 Trade and other payables 183.3 178.0 149.0 137.6 126.3 144.4 129.8 179.3 188.6 216.3 Derivatives 1.6 0.1 0.1 - 0.1 - - 0.9 0.5 0.3 Interest-bearing short-term debt 209.3 211.3 213.4 57.5 57.5 57.6 56.9 56.8 56.4 56.0 Short-term lease liabilities 4.6 4.4 4.5 4.2 4.7 5.1 5.1 5.2 5.4 5.6 Income tax liabilities 14.5 14.3 13.2 13.8 22.4 21.3 22.3 9.4 11.2 11.2 Current finance liability related to BW Opal lease - - - - - - - 40.9 43.0 54.8 Liabilities held for sale - - - - - - - - - - Total current liabilities 413.3 408.1 380.2 213.1 211.0 228.4 214.1 292.5 305.1 344.2 Total liabilities 2,700.5 2,819.6 2,875.9 2,798.8 2,849.8 2,892.2 2,897.8 2,988.0 2,979.1 2,984.9 TOTAL EQUITY AND LIABILITIES 3,918.9 4,050.1 4,084.5 4,045.4 4,121.5 4,171.5 4,171.7 4,281.0 4,257.6 4,160.5 Balance sheet 24
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Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Profit/(loss) before taxes 39.5 31.5 15.5 40.8 127.2 79.5 25.1 25.6 25.1 155.3 26.4 (89.9) Adjustments for: Depreciation and amortisation 45.7 45.5 45.6 41.1 177.9 32.4 21.4 21.4 20.3 95.5 20.4 20.3 Impairment (1.1) - - - (1.1) - 14.5 - - 14.5 - 125.3 Change in fair value of derivatives (3.1) (2.5) 8.1 (2.6) (0.1) (6.5) (6.3) (1.5) 1.0 (13.3) (4.7) 1.3 Unrealised currency exchange loss/(gain) (5.7) 1.0 0.2 (6.0) (10.5) 6.5 1.7 (0.5) 0.4 8.1 5.3 (3.6) Add back of net interest expense 8.7 4.8 4.3 3.1 20.9 (1.1) - 2.6 2.5 4.0 1.1 1.3 Share of loss/(profit) from equity-accounted investees 2.2 (4.1) 5.7 9.5 13.3 4.6 1.9 3.6 1.9 12.0 2.7 7.7 Loss/ (gain) on disposal of property, plant & equipment - - - - - (14.8) - - - (14.8) - - Share-based payment expense 0.4 0.4 0.4 0.3 1.5 0.1 0.3 1.8 2.6 4.8 3.2 (1.8) Changes in: Instalment on financial lease - - - - - - - - - - - - Inventories - - 0.1 (0.1) - 3.7 - - - 3.7 - - Trade and other receivables 4.1 3.2 (1.1) 14.9 21.1 (66.6) 57.7 31.1 (1.8) 20.4 1.9 (38.0) Trade and other payables 1.4 (24.2) 4.5 (25.4) (43.7) 11.7 (13.8) (4.2) 1.5 (4.8) (11.5) 13.7 Other balance sheet items and items related to operating activities (4.6) (3.9) 8.7 9.5 9.7 10.4 (26.2) (7.7) (5.0) (28.5) (1.4) (6.0) Deferred revenues 11.9 59.2 (2.2) (4.0) 64.9 3.2 28.3 70.3 73.0 174.8 3.3 15.4 Cash generated from operating activities 99.4 110.9 89.8 81.1 381.1 63.1 104.6 142.5 121.5 431.7 46.7 45.7 Taxes paid (8.3) (3.9) (4.3) (1.7) (18.2) (6.6) (1.6) (0.5) (13.8) (22.5) (3.4) (4.2) Net cash flow from operating activities 91.1 107.0 85.5 79.4 362.9 56.5 103.0 142.0 107.7 409.2 43.3 41.5 Interest received 2.9 7.2 4.4 4.7 19.2 6.3 5.2 2.6 3.9 18.0 3.3 2.9 Proceeds from disposal of property, plant & equipment 2.0 27.9 - - 29.9 100.0 24.3 - - 124.3 Proceeds from sale of investments 176.4 - - - 176.4 - - - 0.4 0.4 Investment in associated companies (6.0) (4.8) (3.3) (3.5) (17.6) (4.6) (5.2) (1.7) (5.3) (16.8) (7.1) (7.3) Acquisition of subsidiary, net of cash acquired - - - - - - - - - - Investment in mutual funds - - - - - - - - - - (25.0) Investment in property, plant & equipment and intangible assets (93.2) (112.2) (77.7) (96.8) (379.9) (70.2) (95.8) (117.2) (49.9) (333.1) (21.7) (30.3) Net cash flow from investing activities 82.1 (81.9) (76.6) (95.6) (172.0) 31.5 (71.5) (116.3) (50.9) (207.2) (25.5) (59.7) Proceeds from loans and borrowings - 62.6 28.0 72.4 163.0 50.0 25.5 0.7 - 76.2 Proceeds from share issue in Subsidiary - - - - - - - 0.4 8.9 9.3 Proceeds from sale of non-controlling interest - - - - - - - - - - 2.0 - Paid dividend and redemption (7.3) (7.2) (7.2) (7.1) (28.8) (7.2) (7.0) (7.0) (7.0) (28.2) (6.9) (6.8) Proceeds from sale of treasury shares - - - - - - 1.0 - - 1.0 Interest paid and settlement of interest rates swaps 1.2 (6.1) (3.5) (5.2) (13.6) 13.7 (3.7) (4.7) (3.2) 2.1 (4.0) (3.2) Repayment of loans and borrowings (74.2) (14.8) (15.1) (14.5) (118.6) (15.0) (14.8) (43.0) (35.2) (108.0) (29.8) (41.3) Repurchase of convertible notes (35.1) - - (156.8) (191.9) - - - - - Payment of lease liabilities (1.5) (1.7) (1.5) (1.7) (6.4) (1.4) (1.5) (1.5) (1.4) (5.8) (1.5) (1.6) Dividends paid (15.9) (11.3) (11.3) (11.3) (49.8) (25.3) (11.3) (11.3) (11.3) (59.2) (33.2) (11.3) Net cash flow from financing activities (132.8) 21.5 (10.6) (124.2) (246.1) 14.8 (11.8) (66.4) (49.2) (112.6) (73.4) (64.1) Net change in cash and cash equivalents 40.4 46.6 (1.7) (140.4) (55.2) 102.8 19.7 (40.7) 7.6 89.4 (55.6) (82.3) Cash and cash equivalents at beginning of period 361.0 401.4 448.0 446.3 361.0 305.8 408.6 428.3 387.6 305.8 395.2 339.6 Cash and cash equivalents at end of period 401.4 448.0 446.3 305.9 305.8 408.6 428.3 387.6 395.2 395.2 339.6 257.3 Cash flow 25
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Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 EBITDA-margin 50.7 % 51.0 % 55.1 % 53.1 % 52.4 % 59.5 % 44.7 % 43.5 % 37.6 % 47.1 % 36.8 % 38.3 % Equity ratio 31.1 % 30.4 % 29.6 % 30.8 % 30.8 % 30.9 % 30.7 % 30.5 % 30.2 % 30.2 % 30.0 % 28.3 % Return on equity 10.7 % 11.0 % 9.3 % 11.6 % 11.1 % 23.0 % 13.0 % 7.3 % 9.1 % 12.0 % 8.5 % -3.0 % Return on capital employed 8.7 % 7.1 % 8.3 % 7.0 % 7.5 % 18.5 % 5.4 % 6.2 % 7.9 % 9.1 % 8.0 % 3.4 % Net interest-bearing debt (USD million) 28.2 (29.0) (38.4) (74.4) (74.4) (184.3) (213.4) (186.6) (211.8) (211.8) (166.7) (101.1) Cash flow per share (USD) 0.48 0.58 0.49 0.43 2.0 0.31 0.56 0.77 0.58 2.21 0.23 0.22 EPS - basic (USD) 0.20 0.16 0.08 0.23 0.67 0.34 0.14 0.13 0.13 0.74 0.13 (0.56) EPS - diluted (USD) 0.19 0.15 0.08 0.21 0.63 0.34 0.14 0.13 0.13 0.74 0.13 (0.56) Outstanding shares - end of period (million) 180.8 180.8 180.8 180.8 180.8 180.8 181.2 181.2 181.2 181.2 181.2 181.2 Share price (NOK) 27.2 30.8 28.4 30.0 30.0 29.2 30.3 36.9 45.2 45.2 51.8 43.8 Market cap (NOKm) 4,918 5,560 5,135 5,415 5,415 5,280 5,482 6,678 8,191 8,191 9,387 7,937 Market cap (USDm) 455 521 477 476 476 503 545 669 814 814 970 802 Key figures 26