Slides
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19th of February 2026 DOF Group ASA – Q4-25 presentation Skandi Lifter and Skandi Logger mobilising before departing for new 4-year contracts in Brazil commencing in Q1-26
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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 2.500 USDm ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 1 045 1 116 1 265 1 513 2 014 Historical EBITDA split 0 100 200 300 400 500 600 700 800 USDm ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 335 277 254 304 318 324 391 463 529 796 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 741 vessels in fleet 6 operating continents USD 5.1bn backlog as of Q4 ’25 ~6,000 employees Norway headquartered Vessels per region AtlanticNorth America South America Asia-Pacific Historical revenues 701 979 2,076 2,207 North America Asia- Pacific Atlantic South America 11 11 22 30 Asia- Pacific North America Atlantic South America Shipowning + subsea regions Norskan DOFCON JV 162 owned vessels, 4 vessels hired in and 8 vessels under management
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33 OFFSHORE SOLUTIONS DOF is an offshore service provider, vessel owner and operator 2022 figures are adjusted using the average USD/NOK rates. EBITDA excluding gain/loss. Notes: 1) Avg. broker estimates as of 31 December 2025. 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. 62 owned offshore vessels Fair market value1 USD 4 106m + 4 hired in offshore vessels 80 ROVs and AUV equipment Skilled workforce of ~2,000 dedicated project and subsea employees Combined company strategically positioned between pure asset-focused and subsea companies 328 368 392 635 2022 2023 2024 2025 Asset EBITDA 63 88 134 146 2022 2023 2024 2025 Subsea region EBITDA 2022 2023 2024 2025 Subsea region EBITDA Asset EBITDA 391 456 526 781
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44 Key takeaways Q4-25 operational and financial update According to management reporting. (1) Including gain/loss. (2) NIBD / LTM EBITDA excluding gain/loss on sale • EBITDA of USD 220 million for the quarter including gain on sale of Skandi Handler − Sales gain of USD 4 million − DOF Denmark EBITDA contribution of USD 55 million including the gain on sale • Average fleet utilisation of 87% (85%) during the quarter • Firm backlog of USD 5.1bn at the end of the quarter − Further additions after the balance date, bringing the total to USD 5.2 billion • 2026 financial guidance initiated with an EBITDA guidance of USD 830 – 880 million • NIBD/LTM EBITDA2 at 1.7x • Quarterly dividend of USD 0.35 per share declared, to be paid 5 March 2026 43 46 31.12.2024 31.12.2025 1 378 1 772 1 321 2 044 NIBD Equity Equity ratio % Operational performance1 (USD million) Net interest-bearing debt & Equity (USD million) 522 615 1 513 529 2 014 796 445 145 577 165 152 220 Q4 ‘24 Q4 ‘25 2024 2025 Revenue EBITDA ex DOF Denmark EBITDA DOF Denmark
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55 Selected contracts announced from the start of Q4-25 until the date of this presentation Selected new contract awards since the start of Q4-25 Skandi Nomad Location: Guyana Duration: 1 year ext. Skandi Constructor Location: Guyana Duration: 1 year ext. Skandi Olympia Skandi Chieftain Skandi Commander Client: Petrobras Location: Brazil Duration: 4 years Value: USD 350m Skandi Açu Skandi Niterói Skandi Vitória Client: Petrobras Location: Brazil Contract extensions (all now firm until 2030) Value: ~USD 100m of backlog to DOF Havila Phoenix (third party vessel) Client: bp Location: North Sea Duration: 3 years Subsea services contract (IMR) Skandi Implementer Client: Shell Location: US Gulf Duration: 75 – 120 days Value: USD 25 – 50m Skandi Skansen Location: North Sea Value: <USD 15m 5x AHTS 3x RSV Client: Petrobras Location: Brazil contract extensions Value: USD 160m Project award Location: Argentina Duration: 250 vessel days Value: USD 25 – 50m Skandi Kvitsøy Location: Australia Duration: 6-month extension Value: <USD 15m Project award Client: MODEC Location: Guyana Skandi Installer Project awards Location: North Sea Duration: 130 days combined Project awards Location: West Africa Duration: 2 months Project awards Location: APAC Value: USD 25 – 50m
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66 USD ~5.1 billion of profitable backlog with tier 1 clients per Q4-25 Large end of Q4 2025 backlog Significant backlog execution in 2026 and beyond ’26 ’27 ’28 ’29 ’30 and later 1 692 1 209 963 727 606 ’19 ’20 ’21 ’22 ’23 ’24 Q4 ’25 1,793 1,633 2,100 1,946 3254 5197 2,084 USD million1 USD million • ~ USD 1.0 billion order intake in Q4 2025 • Further ~USD 150m order intake after the end of Q4 • ~77% of mid-point revenue guidance for 2026 secured through confirmed backlog • Very strong backlog coverage for the years beyond 2026 DOF excl. DOFCON DOFCON JV Additions after 31.12 DOF excl. DOFCON DOFCON JV Additions after 31.12 Historical backlog figures (2019-2022) are adjusted using year-end FX rates. Backlog as of Q4-24 – large uplift in long-term backlog
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77 Delivering the largest subsea construction project in DOF’s history [][] • DOF delivered a large portion of its largest SURF project to date during Q4-25, with the final portion completed during Q1-26 • The project in West Africa involved 6 vessels and more than 600 personnel • Scope of work delivered: ➢ Mooring installation and hookup activities ➢ Flexibles and cables (including electrical and optical) ➢ Trenching and mattressing of cables ➢ Pre-commissioning of flexibles and cables ➢ Survey • Vessels utilised: Skandi Installer, Skandi Hera, Skandi Minder, Skandi Master, Skandi Laser, third party AHTS • DOF delivered the project ahead of the estimated schedule and with no injuries, resulting in a very happy client • Increased margin compared to base case from good project delivery
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88 Illustrative net asset value Q4-25 Interest bearing vessel debt defined as interest bearing debt excluding lease, USPP & ROV debt. 4,106 2,964 Fleet broker value 31.12.25 Interest bearing vessel debt Cash and cash equivalents Vessel NAV Project organisation Subsea assets Non-vessel IBD Theoretical NAV Illustrative X x 2025 EBITDA Y x 80 ROVs ++
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Financial highlights
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1010 62 59 82 71 60 40 25 42 30 48 30 32 28 33 33 17 16 19 16 22 27 45 43 51 7 Q4’ 24 Q1’25 Q2’25 Q3’25 Q4’25 151 158 214 194 216 Quarterly EBITDA by segment 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 Q4 2025 Q4 2024 2025 2024 Operating revenue 577 445 2 014 1 513 EBITDA (incl. gains) 220 152 796 529 EBIT 174 190 562 458 Financial income 6 7 30 24 Financial costs (33) (35) (144) (127) Net gain/(loss) on currencies (20) (83) 84 (160) Net financial cost (47) (111) (29) (263) Profit/loss before tax 128 78 533 195 Tax 21 18 (49) (17) Net profit/loss 148 96 484 178 Key takeaways • Continued strong performance across segments • Subsea regions with record high EBITDA • Gain on sale of assets of USD 4m included in the USD 220m figure, and USD 15m for the full year USD 796m (P&L table) • Uplift of USD 20m vs. comparable segments (i.e. excluding DOF Denmark) in the same quarter last year +USD 20m
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1111 NIBD / LTM EBITDA now at 1.7x – comfortably inside target range According to management reporting. (1) NIBD / LTM EBITDA excluding gain/loss on sale DOF Group leverage (USDm) IBD & NIBD development Q4 2025 (USDm) (52) 38 30.09.2025 30 Cash received on new loans (2) Cash paid on sold vessels Normal amortisation (13) Cash paid lease debt Proceeds lease debt -3 FX gain/loss 1 321 31.12.2025 1 923 1 923 1 332 NIBD IBD • No major events impacting IBD / NIBD during the quarter • Increase in lease debt driven by extension of certain leased assets 2.9x 2.7x 2.3x 2.6x 2.4x 2.1x 1.9x 1.7x 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 31.12.2025 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 1 923 1 321 IBD NIBD NIBD / EBITDA LTM • NIBD/LTM EBITDA1 at 1.7x at the end of Q4-25 • Leverage inside the communicated target range of 1.5 – 2.0x 1
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1212 Updated amortisation profile on DOF Shipowning fleet loan facility • After balance date, DOF has reached an agreement with the lending banks under the fleet loan facility refinanced in Q1 2025 to reduce the current scheduled amortisation profile by 40% going forward • The reduction will be applicable from the first instalments in 2026 and continue until maturity • The reduced portion of the amortisation will be added to the balloon repayment at maturity in 2030 • The reduction in instalments is conditional upon a leverage threshold, measured quarterly • Subject to certain final credit approvals on the lenders’ side before the agreement enters into effect • The reduction in amortisation on an annual basis corresponds to approximately USD 58 million – flattening the maturity profile of the group as it reduces the need to seek alternative sources of financing ~USD 58m Reduction in annual fleet loan amortisation under the new agreement 40% reduction in annual amortisation, originally USD 144m
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1313 Good performance for DOF Denmark in 2025 Selection of freshly painted DOF Denmark vessels2025 DOF Denmark EBITDA • DOF Denmark delivered EBITDA of USD 181m for 2025 including gain on sale of vessels of USD 15m • Result well within guiding of USD 150 – 200m provided in December 2024, despite effects from e.g. termination of Skandi Implementer and downtime relating to mobilisation for contracts for Skandi Lifter and Skandi Logger that were not known at the time of guiding • The fleet has also facilitated for incremental earnings in the subsea regions on top of the USD 181m from the vessels • Reporting on DOF Denmark as a separate segment discontinued beyond the financial year of 2025 as the vessels are now integrated in DOF’s business model Commentary 27 181 45 43 51 Q1-25 Q2-25 Q3-25 Q4-25 FY 2025 54 12 55 4 FY 2025 guiding 150 - 200 Gain on vessel sale Operational EBITDA
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1414 Healthy cash balance of USD 535m at the end of Q4-25 According to management reporting Q3-25 to Q4-25 cash flow bridge 520 216 53 (26) (24) (106) 55 (53) (90) Repayment of debt (12) Repayment of lease Dividends paid Addition of contract costs Net FX effects 31.12.202530.09.2025 EBITDA before gain/loss on sale (4) Changes in WC 7 Amortisation of contract cost (11) Taxes paid Net interest cost 9 Sale of assets Capex Proceeds from borrowing (7) Payment on ROU assets 9 535 Other investing activities Net cash from operating activities: USD 214m Net cash from investing activities: USD -95m Net cash from financing activities: USD 100m USD millions
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1515 USD 86m (USD 0.35 per share) dividend to be paid in March Key information relating to dividend USD 320m distributed to shareholders so far • Dividend amount: USD 0.35 per share • Declared currency: USD • Last day including right: 24 February 2026 • Ex-date: 25 February 2026 • Record date: 26 February 2026 • Payment date: 5 March 2026 • Date of approval: 18 February 2026 • Other information: The dividend will be paid in NOK and the amount in NOK will be announced at a later date. 74 320 74 86 86 Jun-25 Sep-25 Nov-25 Mar-26 Total USD million
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Guiding and outlook
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1717 2025 guiding vs. result Initial range (Feb-24) Last range (Nov-24) Result Revenue USD 1.8 – 1.9bn USD 1.9 – 2.0bn USD 2,014m EBITDA (ex. gain on sale of assets) USD 720 – 800m USD 750 – 760m USD 781m Depreciation USD 250-260m USD 240 – 250m USD 241m Net operating income (adj.) USD 470-540m USD 500 – 520m USD 539m Net interest1 USD 100 - 110m USD 100 – 110m USD 104m Tax payable USD 50 - 60m USD 45 – 55m USD 46m CAPEX ➢ Maintenance ➢ Growth capex ➢ Newbuild USD 270 - 290m USD 130-140m USD 50-60m USD 90m USD 290 – 310m USD 120-130m USD 80-90m USD 90m USD 288m USD 123m USD 75m USD 90m 2025: Guiding vs. result Comments • 2025 EBITDA towards the upper end of initial range and beyond the final range, driven by project milestones and less than anticipated planned downtime in Q4 for certain vessels • Maintenance capex range revised down through the year due to timing of dockings – outcome in the lower half of the revised range – The postponed dockings will be undertaken in 2026 instead, resulting in a “carry over” effect into 2026 on the maintenance capex figure • Growth capex range was revised up based on additional ROV purchases and vessel upgrades ahead of new contracts in Brazil that were awarded during the year (so not known at time of initial guiding) – More than half of the upgrade capex was incurred shortly after year-end instead of before, resulting in growth capex for 2025 coming in below the guided range, and carrying over to the 2026 figures Note: 1) Ex. one-off effects relating to refinancing (non-cash effect totalling approx. USD 10m)
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1818 2026 financial guiding Revenue EBITDA (ex gain on sale of assets) Depreciation Net operating income Net interest Tax payable CAPEX of which - Maintenance - Growth capex - Newbuild Comments • Secured 2026 backlog incl. recent awards of ~USD 1.7bn represents 77% of mid-point revenue guidance • Maintenance capex follows the vessels’ docking schedule – some carry over effect from net postponement of dockings in 2025 (cf. previous page) • Growth capex relates to 1) subsea equipment (incl. ROVs, subsea crane, AUV) which will continue to be financed with primarily debt to reduce liquidity effects, and 2) certain vessel upgrades in preparation for upcoming contracts – Carry over from 2025 on upgrades relating to new Brazil contracts – Strong investment case with short payback time for subsea equipment • Newbuild capex to be fully debt financed with further draw downs of the previously announced private placement notes 2026 guiding USD 830 – 880 million USD 270 - 280 million USD 550 – 610 million USD 90 million USD 80 - 85 million USD 250 - 270 million USD 140 – 150 million USD 80 – 90 million USD 30 million USD 2,150 – 2,250 million
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1919 Outlook Full-year 2026 EBITDA guidance of USD 830 to 880 million • Long-term backlog increased significantly through 2025 – T+2 backlog up 137% vs. same time last year • ~84% of vessel days on owned and chartered-in fleet covered by firm backlog for 2026
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2020 Q&A
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21 Appendix
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2222 USD million Q4 2025 Q4 2024 2025 2024 Operating revenue 577 445 2 014 1 513 Operating expenses (361) (295) (1 233) (987) Share of net profit from joint ventures and associates - - - 0 Net gain (loss) on sale of tangible assets 4 1 15 2 Operating profit before depreciation and impairment - EBITDA 220 152 796 529 Depreciation (54) (60) (241) (205) Impairment (-)/reversal of impairment 9 98 7 134 Operating profit - EBIT 174 190 562 458 Financial income 6 7 30 24 Financial costs (33) (35) (144) (127) Net realised gain/loss on currencies (42) (16) (51) (27) Net unrealised gain/loss on currencies 23 (67) 133 (133) Net changes in unrealised gain (loss) on derivatives - - 2 - Net financial costs (47) (111) (29) (263) Profit (loss) before taxes 128 78 533 195 Taxes 21 18 (67) (17) Profit (loss) for the period 148 96 467 178 DOF Group P&L Q4 2025 (1) EBIT adj. defined as EBIT less impairment/reversal 152 158 214 205 220 91 99 151 138 166 Q4 2024 37% 23% Q1 2025 42% 30% Q2 2025 28% Q3 2025 Q4 2025 29% 38% 21% 34% 41% EBITDA EBIT adj. EBITDA margin EBIT adj. margin EBITDA & EBIT adj.1 1 1
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2323 DOF Group Balance sheet Q4 2025 According to management reporting 4,097 4,067 4,197 4,337 4,432 1,772 1,861 1,942 1,978 2,044 43% 31.12.2024 46% 31.03.2025 46% 30.06.2025 46% 30.09.2025 31.12.2025 46% Assets Equity Equity ratio % DOF Group capital structure developmentUSD million 31.12.2025 31.12.2024 Assets Tangible assets 3 047 2 883 Contract costs 42 30 Goodwill 3 3 Deferred tax assets 147 113 Investment in joint ventures and associates companies 0 0 Other non-current receivable 54 16 Total non-current assets 3 292 3 045 Trade receivables 465 401 Other current assets 141 111 Current assets 606 511 Restricted deposits 11 88 Unrestricted cash and cash equivalents 524 453 Cash and cash equivalents incl. restricted deposits 535 541 Total current assets 1 140 1 052 Total Assets 4 432 4 097 EQUITY AND LIABILITIES Share capital 59 59 Other equity 1 985 1 713 Non-controlling interests 0 0 Total equity 2 044 1 772 Bond loan 148 53 Debt to credit institutions 1 456 1 640 Lease liabilities 67 26 Other non-current liabilities 46 39 Non-current liabilities 1 717 1 759 Current portion debt to credit institutions 216 195 Current portion lease liabilities 43 23 Trade payable 270 243 Other current liabilities 142 105 Current liabilities 671 566 Total liabilities 2 388 2 325 Total equity and liabilities 4 432 4 097
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2424 USD million Q4 2025 Q4 2024 2025 2024 Operating result 174 190 562 458 Depreciation and impairment 45 (38) 234 71 Gain (loss) on disposal of tangible assets (4) (1) (15) (2) Share of net income from associates and joint ventures - 0 0 (0) Amortisation of contract costs 7 7 25 27 Addition contract costs (26) (5) (34) (19) Changes in trade receivables 28 36 (65) (16) Changes in trade payable 24 9 12 31 Changes in other working capital 1 (1) 21 (14) Cash from operating activities 249 196 740 535 Interest received 4 11 26 23 Interest cost and finance costs paid (28) (31) (134) (112) Taxes paid (11) (5) (46) (29) Net cash from operating activities 214 171 587 418 Payments received for sale of tangible assets 9 2 38 39 Purchase of tangible assets (106) (36) (290) (108) Payment of additions to right-of-use assets (7) 0 (21) - Payment of acquisition, net of cash - 172 0 172 Purchase of shares 0 (557) 0 (567) Dividend receieved - 0 1 - Net cash from other non-current receivables 9 4 24 11 Net cash from investing activities (95) (416) (249) (454) Proceeds from borrowings 55 491 1 298 491 Repayment of debt to financial institutions (53) (122) (1 388) (270) Repayment of lease liabilities (12) (9) (34) (37) Share issues - (1) 0 74 Dividend paid (90) 0 (234) (1) Net cash from financing activities (100) 359 (357) 257 Net changes in cash and cash equivalents 19 115 (18) 221 Cash and cash equivalents at the start of the period 520 450 541 353 Exchange gain/loss on cash and cash equivalents (4) (24) 12 (33) Cash and cash equivalents at the end of the period 535 541 535 541 DOF Group Cash flow Q4 2025 According to management reporting (1) Free cash flow defined as net operating cash flow less cash flow from investments exclu ding business acquisitions & sale of assets. (2) FCF conversion defined as free cash flow / EBITDA excluding gain/loss. 139 90 87 111 91% Q4’ 24 12 8% Q1’ 25 42% Q2’ 25 45% Q3’ 25 Q4’ 25 51% DOF Group free cash flow1 conversion Free cash flow FCF conversion %2 DOF Group cash development 520 535 214 (95) (100) 30.06.2025 Net operating activity Investing activity Financing activity Exchange gain/loss on cash 31.12.2025 (4)
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2525 • Atlantic: Strong project activity in i.a. West Africa, 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: Good performance on PIDF. Shorter term projects for several vessels. Skandi Salvador, Skandi Achiever and Geoholm mobilising for new contracts for parts of the quarter Operational performance by segments in Q4 2025 Financials excluding gain/loss Shipowning • Owns 46 vessels • Skandi Handler delivered to new owners following sale during the quarter • DOF Denmark fleet utilisation of 83% 270 325 40 48 Q4 ’24 Q4 ’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 • 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 vessels had their current contracts extended until Q1 2027 at higher rates, at which point they will commence new 4-year contracts • Norskan is the vessel manager for the Group’s Brazil fleet N/A86% (79%) 91% (95%) 93% (91%) 919 133 146 2024 2025 1 080 68 85 17 22 Q4 ’24 Q4 ’25 263 289 61 72 2024 2025 39 43 30 33 Q4 ’24 Q4 ’25 139 164 97 126 2024 2025 157 209 67 115 Q4 ’24 Q4 ’25 494 822 241 442 2024 2025
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2626 External debt by segments Financials excluding gain/loss. (1) Interest bearing debt net of upfront fees Shipowning Refinanced fleet loan facility ~USD 903m • Scheduled annual amortisation of ~USD 144m, with reduced amortisation options until maturity in Q1 2030 • Interest SOFR3M term + 290bps US private placement: ~USD 100m • Contract-backed USD 140 million Senior secured USPP amortising over 15 years with a fixed coupon of 6.24% • Non-recourse newbuild project financing in a ringfenced structure ROV lease debt ~ 36m • Several facilities with an average 5-year tenor with interest NIBOR3M + 220bps DOFCON (JV)2 Other facilitiesNorskan EBITDA Vessel countLeverage Debt description 237 276 166 2024 2025 244 442 Long tenor debt ~ USD 230m • The vessels are financed individually. • Fully amortising to zero, with maturities in 2028–2037. • ~97% of outstanding debt is fixed with interest rates between 2.2% - 4.2% Long tenor BNDES debt ~ USD 409m • The vessels are financed individually • Bullet maturities in 2030–2033. • ~ All outstanding debt is fixed with interest rates between 3.1% - 4.4% • Cash sweep mechanism on top of scheduled amortisation with all free cash above USD 30m applied to excess debt repayment N/A Unsecured bond ~ USD 150m • Maturity Q3 2030 • Fixed coupon of 8.125% payable semi-annually • Listed on Euronext Oslo Børs • ISIN NO0013647701 N/A N/A IBD1 1048m NIBD 726m NIBD / EBITDA 1.6x IBD 230m NIBD 190m NIBD / EBITDA 1.5x IBD 409m NIBD 384m NIBD / EBITDA 5.3x 87 110 120 115 126 117 97 126 2018 2019 2020 2021 2022 2023 2024 2025 79 81 57 54 49 65 61 72 2018 2019 2020 2021 2022 2023 2024 2025 26 CSV, 13 AHTS, 6 PSV, 1 cable layer & 1 newbuild under construction 46 vessels 6 PLSV 9 AHTS Purpose built PLSVs continuously on long term contracts with Petrobras since delivery High-end Brazilian built and flagged vessels
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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 50 100 150 200 250 300 350 400 450 500 550 600 EBITDA margin % Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 USD million Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2022 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 below 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 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 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 19 February 2026. 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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