Slides
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5th of November 2025 DOF Group ASA – Q3-25 presentation
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22 Based on the audited consolidated annual accounts of the former DOF ASA for the period from 2016-2021 and DOF Group ASA for 2022. Historical figures (2016-2022) are adjusted using the average USD/NOK rates. DOF at a glance 913 875 876 807 877 - 500 1.000 1.500 2.000 USDm ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 LTM 1 045 1 116 1 265 1 513 1 883 Historical EBITDA split 0 100 200 300 400 500 600 700 800 USDm ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 LTM 335 277 254 304 318 324 391 463 529 729 Global reach Key operating areas for DOF Employees per region An integrated offshore services company combining asset ownership and project engineering 40+ years operational history 751 vessels in fleet 6 operating continents USD 4.7bn backlog as of Q3 ’25 >6,000 employees Norway headquartered Vessels per region AtlanticNorth America South America Asia-Pacific Historical revenues 700 North America Asia- Pacific South America Atlantic 1 080 2 054 2 192 10 13 25 27 Asia- Pacific North America South America Atlantic Shipowning + subsea regions Norskan DOFCON JV 163 owned vessels, 4 vessels hired in and 8 vessels under management
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33 OFFSHORE SOULUTIONS DOF is an offshore service provider, vessel owner and operator 2022 figures are adjusted using the average USD/NOK rates. EBITDA excluding gain/loss. Vessel owner & marine management Specialised subsea service provider Integrator of offshore services PROJECT MANAGEMENT Diving Engineering ROV services Survey and Inspection A purpose built fleet and knowledgeable, dedicated core crews to support safe operations. End-to-end customised project delivery. A single point of access to all project resources including design and engineering, vessels and marine management. SPECIALIST FLEET AHTS and PSV fleet Construction fleet and subsea assets Skilled and dedicated personnel Offshore energy value chain One-stop shop for offshore project development and execution 63 owned offshore vessels 80 ROVs and AUV equipment + 4 hired in offshore vessels Skilled workforce of ~2,000 dedicated project and subsea employees Combined company strategically positioned between pure asset-focused and subsea companies 328 368 392 578 2022 2023 2024 LTM Asset EBITDA 63 88 134 137 2022 2023 2024 LTM Subsea region EBITDA 2022 2023 2024 LTM Subsea region EBITDA Asset EBITDA 391 456 526 715
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44 Key takeaways Q3-25 operational and financial update According to management reporting. (1) Including gain/loss. (2) NIBD / LTM EBITDA excluding gain/loss on sale • EBITDA of USD 205 million for the quarter including gain on sale of two vessels − Sales gain of two sold and delivered vessels of USD 12 million − DOF Denmark EBITDA contribution of USD 54 million including the gain on sale • Average fleet utilisation of 87% (92%) during the quarter • Firm backlog of USD 4.7bn at the end of the quarter − Further additions after the balance date, bringing the total beyond USD 5 billion • EBITDA guidance range for 2025 narrowed to USD 750 – 760 million • NIBD/LTM EBITDA2 at 1.9x • Active quarter for capital market activities − 5-year USD 150m senior unsecured bond placed − USD 140m senior secured USPP notes to finance Skandi Norseman (newbuild field support vessel with 15-year contract in Canada) • Norskan’s international debt of USD 78m with final maturity in January 2026 repaid using parts of the proceeds from the bond issue • Quarterly dividend increased to USD 0.35 per share, to be paid 27 November 2025 39 43 46 30/09/2024 31/12/2024 30/09/2025 1 143 1 195 1 378 1 772 1 332 1 978 NIBD Equity Equity ratio % Operational performance1 (USD million) Net interest-bearing debt & Equity (USD million) 522 596 1 513 529 1 883 729 376 141 501 151 205 Q3 ‘24 Q3 ‘25 2024 LTM Revenue EBITDA ex DOF Denmark EBITDA DOF Denmark
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55 Selected contracts announced from the start of Q3-25 until the date of this presentation Selected new contract awards since the start of Q3-25 Geoholm Skandi Carla Client: Petrobras Location: Brazil Duration: 4 years Skandi Lifter Skandi Fluminense Client: Petrobras Location: Brazil Duration: 4 years PIDF Client: Petrobras Location: Brazil Duration: 3 years Value: USD 390m Skandi Inventor Client: Int’l operator Location: APAC Duration: 1 year Value: USD 25 – 50m Skandi Flora Skandi Mongstad Client: Equinor Location: North Sea Duration: 1 year extension Skandi Hercules Location: APAC Duration: 4 weeks Value: <USD 15m Skandi Patagonia Client: TotalEnergies Location: Argentina Duration: 3 + 2 years Skandi Skansen Location: Guyana Duration: 6 weeks Skandi Implementer Client: Int’l oil companies Location: Mexico Duration: >2 months Cade Candies (third party vessel) Location: USA Duration: 8 months Skandi Nomad Location: Guyana Duration: 1 year ext. Skandi Constructor Location: Guyana Duration: 1 year ext. Skandi Olympia Skandi Chieftain Client: Petrobras Location: Brazil Duration: 4 years Skandi Açu Skandi Niterói Skandi Vitória Client: Petrobras Location: Brazil Contract extensions (all now firm until 2030) Value: ~USD 100m of backlog to DOF
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66 Extension of PLSV contracts in Brazil secures backlog through the decade • Three of DOFCON’s PLSVs (pipelay support vessels) owned 50/50 with TechnipFMC have had their current contracts with Petrobras extended by between ~7 and ~14 months • All three vessels were due to commence new 3-year contracts with Petrobras during Q4-25 and H2-26 • Commencement of the new contracts will be shifted to Q1-27 with the 3-year firm duration maintained, meaning that all three vessels have secured firm backlog until 2030 following the extensions • All other terms and conditions than commencement of the 3-year contracts remain unchanged • The three extensions add approximately USD 100m of backlog to DOF Comments 2025 2026 2027 2028 2029 2030 Skandi Vitória Skandi Niterói Skandi Açu Current firm contracts New extensions to current contracts Previously announced 3-year contracts with postponed commencement due to extensions
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77 USD ~4.7 billion of profitable backlog with tier 1 clients per Q3-25 Large end of Q3 2025 backlog Significant backlog execution in 2025 Q4 ’25 ’26 ’27 ’28 ’29 and later 486 1 492 1 083 893 1 163 2 084 ’19 ’20 ’21 ’22 ’23 ’24 Q3 ’25 1,793 1,633 2,100 1,946 3254 5117 USD million1 USD million • ~ USD 1.5 billion order intake in Q3 2025 • Further ~USD 0.4bn order intake after the end of Q3 • 99% of remaining mid-point revenue guidance for 2025 secured through confirmed backlog DOF excl. DOFCON DOFCON JV Additions after 30.09 DOF excl. DOFCON DOFCON JV Additions after 30.09 Historical backlog figures (2019-2022) are adjusted using year-end FX rates.
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88 PIDF in Brazil: utilising hired in vessels for attractive project economics PIDF project vessels Stril Explorer – Hired in Sea1 Atlas – Hired in (charter yet to commence) Third vessel - To be decided PIDF – service contracts in Brazil • The previously sanctioned PIDF contracts in Brazil were signed towards the end of Q3 with commencement in H1 2026 • The contracts go over three years and encompass more than 4,000 planned inspections for Petrobras, covering the Santos, Campos and Espirito Santo basins • Total contract value of approximately USD 390 million • DOF has executed on similar contracts since 2021 using a mix of hired in and owned vessels
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99 Three AHTS vessels announced sold during Q3-25 Comments DOF AHTS vessel fleet prior to sales1 Year built 150 200 250 300 350 400 2002 2004 20062000 2008 2010 2012 2014 2016 2018 2020 2022 Skandi Trader Skandi Ipanema Skandi Clipper Skandi Cutter Skandi Botafogo Skandi Rio Skandi Fluminence Skandi Lifter Skandi Laser Skandi Logger Skandi Hera Skandi Asserter Skandi Mariner Skandi Master Bollard pull (t) Skandi Mobiliser Skandi Minder Skandi Urca Skandi Angra Skandi Paraty Skandi Iceman Skandi Mover Skandi Amazonas Skandi Iguacu Skandi Skansen Skandi Handler Skandi Hercules Skandi Tender Skandi Vega • DOF has announced the sale of three AHTS vessels during Q3 • The three vessels were among the lowest capacity AHTS vessels in DOF’s fleet and the sales are thus in line with the company’s strategy to high-grade the AHTS fleet • Skandi Tender and Skandi Trader were delivered to their new owner, Seacontractors, in September and the financial effects of the two sales have been included in the Q3 figures • Skandi Handler to be delivered to its buyer during Q4 • Marginal (~USD 1m) total EBITDA contribution from the three vessels YTD Skandi Handler Skandi Tender (now Sea Branckert) Skandi Trader (now Sea Evertsen) Note:1) Includes AHTS vessels with subsea crane installed
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Financial highlights
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1111 61 62 59 82 71 38 40 25 42 30 26 30 32 28 33 17 17 16 19 1627 45 43 Q3’ 24 7 Q4’ 24 Q1’25 Q2’25 Q3’25 141 151 158 214 194 Q3-25 EBITDA stronger than Q3-24 According to management reporting. (1) JV figures on 50% basis. Total EBITDA includes eliminations & corporate. Excluding gai n/loss on sale of assets DOF Group EBITDA by segments1 P&L DOF Denmark Norskan DOFCON JV Subsea regions Shipowning (ex. DOF Denmark) USD millions Q3 2025 Q3 2024 LTM 2024 Operating revenue 501 376 1 883 1 513 EBITDA 205 141 729 529 EBIT 138 88 578 458 Financial income 7 7 31 24 Financial costs (27) (29) (146) (127) Net gain/(loss) on currencies 19 13 21 (160) Net financial cost (1) (9) (94) (263) Profit/loss before tax 138 79 484 195 Tax (31) (9) (70) (17) Net profit/loss 107 69 414 178 Key takeaways • Continued strong performance across segments • Gain on sale of assets of USD 12m included in the USD 205m figure • Uplift of USD 9m vs. comparable segments (i.e. excluding DOF Denmark) in the same quarter last year USD 9m
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1212 NIBD / LTM EBITDA now at 1.9x - inside target range According to management reporting. (1) NIBD / LTM EBITDA excluding gain/loss on sale DOF Group leverage (USDm) IBD & NIBD development Q3 2025 (USDm) 1 368 228 (73) (52) 30.06.2025 Cash received on new loans Norskan debt repayment (11) Cash paid on sold vessels Normal amortisation (10) Cash paid lease debt 7 Proceeds lease debt -6 FX gain/loss 1 332 30.09.2025 1 841 1 923 NIBD IBD • Increase in gross interest-bearing debt driven by proceeds from the bond loan and USPP financing of Skandi Norseman • Reductions from repayment of Norskan international debt, scheduled amortisation and extraordinary amortisation from sold vessels • Cash position increased by >USD 120m during the period, thus reducing the net interest bearing debt level somewhat 2,9x 2,7x 2,3x 2,6x 2,4x 2,1x 1,9x 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 1 729 1 358 1 659 1 286 1 610 1 143 1 932 1 378 1 820 1 383 1 841 1 368 1 923 1 332 IBD NIBD NIBD / EBITDA LTM • NIBD/LTM EBITDA1 at 1.9x at the end of Q3-25 • Leverage level now inside the communicated target range of 1.5 – 2.0x 1
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1313 Skandi Norseman funded through US private placement • The process to secure funding for the newbuild vessel Skandi Norseman (previously referred to under the concept name “SeaDragon”) concluded at the end of Q3-25 • USD 140 million issuance of Senior Secured US Private Placement notes amortising over 15 years until 2042 with a fixed coupon of 6.24% • The transaction was structured as a ringfenced, non-recourse project financing covering both construction and operational phases of the vessel • The structure enables dividend payments from the SPV to DOF from the first year of operation while DOF will not need to contribute with cash towards yard instalments or interest • Funding to be split across four drawdowns aligned with the remaining payment schedule to the yard – USD 79m drawn in Q3-25 • Delivery of the vessel scheduled for H1 2027 Financing & structure update Simplified structure DOF Group ASA Canadian wholly owned subsidiary DOF Seadragon Canada Ltd. Senior Secured US PP Notes Dividends USD 140m Charterer Principal and interest Vessel hire payments Ringfenced financing structure Vessel and services For illustrative purposes only
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1414 No near-term balloon maturities in the debt amortisation profile Note: Excluding leases in subsea regions Maturity profile of existing debt as of Q3 2025 0 100 200 300 400 500 600 700 800 USDm Q4-2025 2026 2027 2028 2029 2030 > 2030 DOF Shipowning (USD 940m total) Norskan BNDES (USD 411m total) DOFCON 50% basis (USD 243m total) Bond (USD 150m) USPP (USD 140m) Comments • Norskan’s international debt of USD 78m, all of which had maturity before or in Jan 2026, was repaid using parts of the proceeds from the USD 150m bond issue done in September 2025 • There are consequently no balloon maturities remaining prior to 2030, when both the USD 150m bond and the remainder of the DOF Shipowning fleet loan mature • Some of DOFCON’s debt facilities will be amortised to zero during 2027 and 2028, reducing the annual amortisation profile going forwards • Sweep mechanism in addition to mandatory amortisation in Norskan • Amortisation schedule assumes full draw down of Skandi Norseman USD 140m private placement (currently USD 79m drawn)
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1515 Healthy cash balance of USD 520m at the end of Q3-25 According to management reporting Q2-25 to Q3-25 cash flow bridge 396 520 194 (23) 29 (71) 228 (137) (73) 30.06.2025 EBITDA before gain/loss on sale (10) Changes in WC 6 0 Net FX effects 30.09.2025Dividends paid Proceeds from borrowing Repayment of lease (10) Repayment of debt Other investing activities 9 Payment on ROU assets (2) CapexSale of assetsNet interest cost Amortisation of contract cost Taxes paid (11) Addition of contract costs (3) Net cash from operating activities: USD 152m Net cash from investing activities: USD -35m Net cash from financing activities: USD 7m USD millions
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1616 USD 86m (USD 0.35 per share) dividend to be paid in November Key information relating to dividend USD 234m paid and declared YTD • Dividend amount: USD 0.35 per share • Declared currency: USD • Last day including right: 18 November 2025 • Ex-date: 19 November 2025 • Record date: 20 November 2025 • Payment date: 27 November 2025 • Date of approval: 4 November 2025 • Other information: The dividend will be paid in NOK and the amount in NOK will be announced at a later date. 74 234 74 86 Jun-25 Sep-25 Nov-25 YTD dividends USD million
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Guiding and outlook
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1818 Updated 2025 financial guiding Note: 1) Ex. one-off effects relating to refinancing (non-cash effect totalling approx. USD 10m) Revenue EBITDA (ex gain on sale of assets) Depreciation Net operating income Net interest cost1 Tax payable CAPEX of which - Maintenance - Growth capex - Newbuild Previous 2025 guiding Comments • EBITDA guidance range narrowed to USD 750 – 760 million • Maintenance capex range reduced somewhat due to timing of dockings • Growth capex range increased by USD 10m due to purchase of additional ROVs to be deployed on DOF Denmark vessels USD 740 – 770 million USD 240 - 250 million USD 490 – 530 million USD 100 - 110 million USD 50 - 60 million USD 290 - 310 million USD 130 – 140 million USD 70 – 80 million USD 90 million USD 1.9 – 2.0 billion Updated 2025 guiding USD 750 – 760 million USD 240 - 250 million USD 500 – 520 million USD 100 - 110 million USD 45 - 55 million USD 290 - 310 million USD 120 – 130 million USD 80 – 90 million USD 90 million USD 1.9 – 2.0 billion
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1919 Outlook Full-year 2025 EBITDA guidance range narrowed to USD 750 – 760 million • All time high backlog in nominal terms and coverage for coming years (~75% for 2026 and >50% for 2027) • Large number of prospects and continued high tendering activity across regions
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2020 Q&A
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21 Appendix
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2222 USD million Q3 2025 Q3 2024 LTM 2024 Operating revenue 501 376 1 883 1 513 Operating expenses (308) (235) (1 167) (987) Share of net profit from joint ventures and associates 0 - 0 0 Net gain (loss) on sale of tangible assets 12 0 13 2 Operating profit before depreciation and impairment - EBITDA 205 141 729 529 Depreciation (67) (53) (248) (205) Impairment (-)/reversal of impairment (0) - 97 134 Operating profit - EBIT 138 88 578 458 Financial income 7 7 31 24 Financial costs (27) (29) (146) (127) Net realised gain/loss on currencies 1 (4) (25) (27) Net unrealised gain/loss on currencies 20 17 43 (133) Net changes in unrealised gain (loss) on derivatives (2) - 3 - Net financial costs (1) (9) (94) (263) Profit (loss) before taxes 138 79 484 195 Taxes (31) (9) (70) (17) Profit (loss) for the period 107 69 414 178 DOF Group P&L Q3 2025 (1) EBIT adj. defined as EBIT less impairment/reversal 141 152 158 214 205 88 91 99 151 138 37% 34% 41% 23% 21% Q3 2024 Q4 2024 37% 23% Q1 2025 42% 30% Q2 2025 28% Q3 2025 EBITDA EBIT adj. EBITDA margin EBIT adj. margin EBITDA & EBIT adj.1 1 1
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2323 DOF Group Balance sheet Q3 2025 According to management reporting 3 087 4 097 4 067 4 197 4 337 1 195 1 772 1 861 1 942 1 978 30.09.2024 31.12.2024 46% 31.03.2025 46% 30.06.2025 46% 30.09.2025 39% 43% Assets Equity Equity ratio % DOF Group capital structure developmentUSD million 30.09.2025 30.09.2024 31.12.2024 Assets Tangible assets 2 981 2 057 2 883 Contract costs 24 35 30 Goodwill 3 - 3 Deferred tax assets 108 64 113 Investment in joint ventures and associates companies - - 0 Other non-current receivable 62 21 16 Total non-current assets 3 178 2 177 3 045 Trade receivables 493 350 401 Other current assets 145 110 111 Current assets 639 460 511 Restricted deposits 16 85 88 Unrestricted cash and cash equivalents 505 365 453 Cash and cash equivalents incl. restricted deposits 520 450 541 Total current assets 1 159 910 1 052 Total Assets 4 337 3 087 4 097 EQUITY AND LIABILITIES Share capital 59 42 59 Other equity 1 918 1 152 1 713 Non-controlling interests - - 0 Total equity 1 978 1 195 1 772 Bond loan 148 73 53 Debt to credit institutions 1 478 1 327 1 640 Lease liabilities 51 43 26 Other non-current liabilities 52 8 39 Non-current liabilities 1 729 1 451 1 759 Current portion debt to credit institutions 213 126 195 Current portion lease liabilities 37 45 23 Trade payable 232 194 243 Other current liabilities 148 76 105 Current liabilities 630 441 566 Total liabilities 2 359 1 892 2 325 Total equity and liabilities 4 337 3 087 4 097
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2424 USD million Q3 2025 Q3 2024 LTM 2024 Operating result 137 88 388 458 Depreciation and impairment 67 53 189 71 Gain (loss) on disposal of tangible assets (12) (0) (12) (2) Share of net income from associates and joint ventures - - - (0) Dividend from joint ventures - - - - Amortisation of contract costs 6 9 18 27 Addition contract costs (3) (1) (8) (19) Changes in trade receivables (32) (32) (93) (16) Changes in trade payable 3 (5) (11) 31 Changes in other working capital 18 13 20 (14) Cash from operating activities 185 123 491 535 Interest received 4 4 21 23 Interest cost and finance costs paid (27) (24) (106) (112) Taxes paid (11) (6) (34) (29) Net cash from operating activities 152 97 373 418 Payments received for sale of tangible assets 29 0 29 39 Purchase of tangible assets (71) (24) (184) (108) Payment of additions to right-of-use assets (2) - (14) - Payment of acquisition, net of cash - - - 172 Purchase of shares - (1) (0) (567) Dividend receieved - - 1 - Net cash from other non-current receivables 9 2 15 11 Net cash from investing activities (35) (23) (154) (454) Proceeds from borrowings 228 - 1 244 491 Repayment of debt to financial institutions (137) (44) (1 334) (270) Repayment of lease liabilities (10) (11) (21) (37) Share issues - 75 - 74 Dividend paid (73) (1) (144) (1) Net cash from financing activities 7 19 (257) 257 Net changes in cash and cash equivalents 124 93 (37) 221 Cash and cash equivalents at the start of the period 396 355 541 353 Exchange gain/loss on cash and cash equivalents 0 2 17 (33) Cash and cash equivalents at the end of the period 520 450 520 541 DOF Group Cash flow Q3 2025 According to management reporting (1) Free cash flow defined as net operating cash flow less cash flow from investments excluding business acquisitions & sale of assets. (2) FCF conversion defined as free cash flow / EBITDA excluding gain/loss. 75 139 90 87 54% Q3’ 24 91% Q4’ 24 12 8% Q1’ 25 42% Q2’ 25 Q3’ 25 45% DOF Group free cash flow1 conversion Free cash flow FCF conversion %2 DOF Group cash development 396 520 152 (35) 30.06.2025 Net operating activity Investing activity Financing activity -0 Exchange gain/loss on cash 30.09.2025 7
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2525 • Atlantic: Skandi Installer, Skandi Inventor and Skandi Hera have been working on multiple projects, and long-term contracts continued to plan • Asia-Pacific: High utilisation across the fleet with Skandi Singapore and Skandi Hercules working on projects, while Skandi Hawk and Skandi Darwin have continued long-term contracts • North America: Skandi Skansen and Skandi Implementer working on projects – long-term contracts continued to plan. • South America: Skandi Salvador and Skandi Achiever working for tier 1 contractors. Various short-term work for multiple vessels. Operational performance by segments in Q3 2025 Financials excluding gain/loss Shipowning • Owns 47 vessels • Two AHTS, Skandi Tender and Trader sold and delivered during the quarter • Skandi Handler sold and to be delivered Q4 2025 • DOF Denmark fleet utilisation was 79%, compared to 82% last quarter. 242 275 34 30 Q3 ’24 Q3 ’25 Financials Revenue EBITDA Utilisation Internal transactions adjusted in the Group numbers DOFCON (JV)2 DOF Subsea regionsNorskan • DOFCON owns 6 PLSV • All vessels on firm Petrobras contracts • Stable operations and improved earnings outlook • Skandi Acu, Niteroi & Vitoria had their current contracts with Petrobras extended by between 8 and 14 months at higher rates, announced in November • Norskan owns 9 Brazilian built AHTS vessels – majority equipped with ROV • All vessels are under firm contracts with Petrobras • Five of the AHTS have been awarded new 4- year contracts with Petrobras, scheduled to commence in the first half of 2026. • Norskan is the vessel manager for the Group’s Brazil fleet N/A88% (94%) 97% (91%) 84% (90%) 919 133 137 2024 LTM 1 02565 68 17 16 Q3 ’24 Q3 ’25 263 272 61 67 2024 LTM 38 42 26 33 Q3 ’24 Q3 ’25 139 160 97 122 2024 LTM 115 218 61 114 Q3 ’24 Q3 ’25 494 770 241 395 2024 LTM
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2626 External debt by segments (1) All JV figures on 50% basis. (2) Excluding Skandi Salvador. Skandi Africa defined as a CSV. (3) Interest bearing debt inc lude lease liabilities. NIBD/EBITDA defined as NIBD / LTM EBITDA (3) Excluding gain/loss. DOF Shipowning Secured debt ~ USD 940 million • Interest SOFR + 2.90% • Annualised amortisation of USD ~ 145 million (i.e. USD 36 million per quarter) Long tenor debt ~ USD 243 million • ~ 97% of outstanding debt is fixed with interest rates between 2.2% - 4.2% Long tenor debt ~ USD 411 million Fixed interest at 3.1% to 4.4% 6 PLSV 9 AHTS47 vessels2 DOFCON (JV)1 Norskan 237 274 2024 LTM 244 395 87 110 120 115 126 117 97 122 2018 2019 2020 2021 2022 2023 2024 LTM 79 81 57 54 49 65 61 67 2018 2019 2020 2021 2022 2023 2024 LTM EBITDA3 Vessel countLeverage3 IBD 1042m NIBD 753m NIBD / EBITDA 1.9x IBD 243m NIBD 192m NIBD / EBITDA 1.6x IBD 411m NIBD 389m NIBD / EBITDA 5.8x 26 CSV, 14 AHTS, 6 PSV & 1 cable layer
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2727 Operational development Based on the audited consolidated annual accounts of the former DOF ASA for the period from 2016-2021 and DOF Group ASA for 2022. Stable EBITDA margins through different economic cycles. The increased revenue is mainly driven by subsea projects and DOF Denmark. DOF Denmark contribution incorporated from November 2024. Revenue & EBITDA development Comments 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 300 350 400 450 500 550 USD million EBITDA margin % Q3 2018 Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 EBITDA margin % Operating revenue EBITDA (excl. gain/loss)
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2828 Debt development Based on the audited consolidated annual accounts of the former DOF ASA for the period from 2016-2021 and DOF Group ASA for 2022. Continued deleveraging Further reducing debt and leverage after the financial restructuring in 2023 Net interest-bearing debt at post- restructuring level following the acquisition DOF Denmark, which added 22 vessels to the fleet IBD & NIBD development Comments 500 1 000 1 500 2 000 2 500 3 000 USD million Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 IBD NIBD
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29 DISCLAIMER This presentation by DOF Group ASA is designed to provide a high-level overview of aspects of the operations of the DOF Group. The material set out in the presentation is current as of 4 November 2025. This presentation contains forward-looking statements relating to operations of the DOF Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF Group ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF Group ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF Group ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.
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