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Presentation Q4 2025 24 February 2026
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Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in an accessible format. The presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that has not been included in the this presentation. No representation or warranty (express or implied) is made or intended to be made as to the accuracy or completeness of any or all of the information contained herein and it should not be relied upon as such. The recipient of this presentation acknowledges that it will be solely responsible for its own assessment of the information. This presentation contains forward-looking statements. Such forward-looking statements give the Company's current expectations and projections relating to its financial condition, the market in which it operates and the future performance of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward- looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. Neither the Company's nor any of its affiliates (nor any department in any of those entities), nor any such person’s directors, officers, employees, advisors or representatives (collectively the "Representatives"), in any capacity, shall have any liability whatsoever arising directly or indirectly from the use of this presentation, including (but not limited to) as a result of any liability for errors, inaccuracies, omissions or misleading statements in this presentation.
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Financial highlights / Q4 2025 P&L key figures Q4 2025 vs. Q4 2024 Balance sheet key figures FY 2025 vs. FY 2024 MNOK 183 (187) in freight revenue MNOK 3 219 (2 605) in total backlog incl. share of JV MNOK 58 (58) in adj. EBITDA 31% (31%) in adj. EBITDA margin MNOK 3 685 (2 937) in assets MNOK 340 (396) in cash MNOK 967 (499) in NIBD 58% (62%) in equity ratio
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Business update / Q4 2025 • Aker BP ASA declared an option to extend the contract for the supply vessel Viking Lady, extending the firm period to end of February 2027. In addition, Aker BP ASA extended the firm period for the supply vessel Viking Prince with approximately three months, till end of February 2026. • The supply vessel Viking Princess was awarded contracts with operators DNO Norge, Sval Energi and Wellesley Petroleum covering a campaign with the Deepsea Yantai drilling rig. Estimated duration at 300-365 days. • As previously mentioned newbuild Viking Vigor has a new estimated delivery date of Q3 2026.
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Business update / Q4 2025 • We are excited to see progress on the retrofit of Viking Energy where the installation of a dual fuel ammonia engine is starting this spring. This is a major rebuild made possible by Equinor and Eidesvik. Viking Energy will be the first offshore vessel with the ability to operate on ammonia and the first actual project in the industry testing out ammonia as fuel for a vessel in normal operation. Subsequent events: • Equinor Energy AS has extended the contract for the supply vessel Viking Avant. The contract extension runs in direct continuation of the current contract, extending the firm period to end of May 2026 with further options for extension.
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Operational update / Q4 2025 • Fleet utilisation in Q4 2025 was 93% • Supply utilisation was 88% during the quarter • Subsea/Offshore renewables utilisation was 100% during the quarter • FY2025 utilisation was 97% compared to 96% in FY2024 • No LTIs during the quarter
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Contract backlog / Q4 2025 MNOK 3 219 Contract backlog incl. share of JV* Renewable backlog as share of total backlog** Fixed backlog from renewables projects as share of total backlog Renewable backlog Other * Does not include variable contractual mechanism, 100% utilisation. Including all new contracts per 23 February 2026. ** Assumes TBN “Viking Vigor” (hull 71) and hull 76 (newbuild) to operate 50/50 in the subsea and offshore renewables space 37% 63% Total fixed backlog Renewable backlog Other 725 766 560 1 168 0 200 400 600 800 1 000 1 200 1 400 2026 2027 2028 From 2029 mNOK Consolidted incl. share of JV's
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Contract coverage incl. JV / Q4 2025 87% 80% 77% 82% 64% 64% 58% 58% 58% 58% 54% 50% 42% 33% 33% 33% 87% 77% 68% 73% 54% 50% 50% 50% 39% 33% 33% 33% 33% 25% 25% 25% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Contract coverage incl. JV Option Firm
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1 2 3 Market update Subsea/Renewables: EPC contractors continue to add backlog but are still slow in adding vessel capacity Supply: Temporary imbalance in supply and demand in the quarter. Longer term, the market is expected to tighten due to anticipated increased activity Solid underlying oil and gas demand is expected to continue to drive increase in activity
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183,2 186,8 Q4 2025 Q4 2024 Freight revenue Q4 2025 financial results * Unaudited -2% • Decrease in freight revenue in Q4 2025 (-2%) due to reduced utilisation for one of our vessels operating in the spot-market • For FY2025, freight revenue increased by 3% and adj. EBITDA increased by 2% compared to 2024 57,6 57,7 31% 31% Q4 2025 Q4 2024 Adj. EBITDA Financial results (NOK1000) Q4 2025* Q4 2024* Q3 2025* FY 2025* FY2024 Freight revenue 183,2 -2 % 186,8 204,6 785,1 759,4 Other income 0,0 0,0 0,0 0,0 15,7 Total Revenue 183,2 186,8 204,6 785,1 775,1 EBITDA 57,6 57,7 87,6 293,8 304,2 EBITDA adj. for other income 57,6 0 % 57,7 87,6 293,8 288,4 Adjusted EBITDA margin 31,5 % 30,9 % 43 % 37 % 38 % Result from JVs and associated -0,7 -0,3 0,2 -3,2 0,8 Operating result 9,4 10,4 41,0 102,1 124,3 Operating result adj. for other income 9,4 10,4 41,0 102,1 108,6 Pre-tax result 6,8 11,3 44,9 111,1 106,0
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Supply Subsea/ Renewables Segment performance • Revenue decreased by NOK 13.0 million due to one vessel operating in weak spot market • EBITDA decreased by NOK 13.2 million, where margin decreased from 37% to 28% • Utilisation was 88% in Q4 2025 compared to 94% in Q4 2024 EBITDA Q4 2025 vs. Q4 2024 • Increase in revenue of NOK 8.8 million due to higher utilisation • EBITDA improvement of NOK 6.6 million where margin increased from 46% to 48% • Utilisation was 100% in Q4 2025 compared to 92 % in Q4 2024 * Consolidated Viking Reach, Seven Viking included with 50%. 0% 10% 20% 30% 40% 50% 60% 80,0 85,0 90,0 95,0 100,0 105,0 110,0 Supply Subsea/Renewables EBITDA margin NOK million Revenue & EBITDA margin (incl. share of JV*) Q4 2025 Q4 2024 EBITDA margin Q4 2025 EBITDA margin Q4 2024
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Balance sheet Comments for the year • Non-current assets increased from year end, mainlydue to payments related to the newbuild contracts • Cash balance reduced due to the above • Strong equity ratio of 58% • Net interest-bearing debt of NOK 967 million, an increase mainly due to payment of yard instalment • Current NIBD/EBITDA is 3.1x**, up from 1.5 in Q3 2025 due to drawdown of debt related to payment of yard instalment in Q4 2025 ** Adjusted last twelve months, excluding IFRS 16 * Unaudited 58% 62% 77% 71% 0% 20% 40% 60% 80% 100% FY2025* FY2024 Equity ratio Debt ratio Vessels Cash Other assets Balance Sheet (NOK1000) 31.12.2025* 31.12.2024 Total non-current assets 3 067 2 316 Cash and cash equivalents 340 396 Other current assets 277 226 Total assets 3 685 2 937 Equity 2 137 1 827 Equity ratio 58 % 62 % Non-current liabilites 1 178 764 Current liabilites 370 347 Total equity and liabilites 3 685 2 937
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Cash flow 2025 Operating NOK 300.3 million The decrease compared to FY2024 is mainly related to movement in working capital Financing NOK 566.3 million Drawdown on construction loans on both newbuilds and contributions from other interests in the second newbuild, offset by payment of dividend, instalments and interests Investing NOK -921.9 million Mainly investment in vessels under construction * Unaudited 395,8 300,3 566,3 - 921,9 Cash 31.12.2024 EBITDA / WC Financing CAPEX Cash 31.12.2025* NOK 1000 0 200 400 600 800 1 000 1 200 1 400 340.5
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1 2 4 3 5 Highlights summary Strong operational performance Quarter impacted by low utilisation for vessel operating in spot market Long-term positive outlook in both segments Annual improvement in revenue and stable margins Continued focus on growth and fleet renewal
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Contact details CEO - Helga Cotgrove +47 90 73 52 46 VP IR - Sindre Stovner +47 91 78 64 31 investor.relations@eidesvik.no
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Appendix
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Company overview PS V 16 VESSELS* ~450 EMPLOYEES SUPPLY SUBSEA Large PSV • Seek and evaluate vessels that fits with the EIOF profile for additions to the fleet Subsea/Offshore renewables • Increase IMR fleet with dual use capabilities within offshore renewable Key words for future projects • Growth and fleet renewal based on long- term partnerships, positive cash flows and continued focus on emission reduction STRATEGY OFFSHORE RENEWABLES SEGMENTS THE COMPANY * Whereof two under construction and one is under building supervision
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LNG Dual Fuel Battery Hybrid NS Frayja (management) NS Orla (management) Viking Neptun (management) Viking Energy Viking Prince Viking Princess Viking Lady Viking Avant Viking Queen Supply Methanol Dual Fuel TBN (delivery 2026) (management) TBN (delivery spring 2027) Viking Wind Power Subsea Viking Seven Viking Viking Reach Subsea / Offshore Renewables TBN «Viking Vigor» (delivery Q3 2026) Energy transition fleet
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Contract status Firm Options Under construction Vessel Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Q1 2026 Q2 2028 Q3 2028 Q4 2028Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028Q3 2026 Q4 2026Q2 2026
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121 121 97 97 97 30 0 100 200 2026 2027 2028 2029 After 2029 Million NOK Instalments Balloons Debt maturity profile 31 December 2025 In addition, Eidesvik Agalas AS has drawn EUR 39.9 million on its construction loan per Q4 2025 and Eidesvik Agalas Reach AS has drawn EUR 18.9 million on its construction loan per Q4 2025. These loans is not included in the diagram above.
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Financial development • High utilisation and slightly higher adj. EBITDA FY2025 compared to same period last year • Increase in NIBD/adj. EBITDA in 2024 and 2025 due to draws on the construction loans • Healthy key metrics * Unaudited ** Adjusted for gain on sale, other income and reversal of impairments. *** LTV FY 2025 is based on broker values per 31.12.2025, excl newbuilds and debt related to newbuilds. **** Adjusted last twelve months, excluding IFRS 16 FY2022 FY2023 FY2024 FY 2025* Utilisation 95 % 94 % 96 % 97 % Revenue (NOKm) 919 772 775 785 Adj. Revenue (NOKm) 635 699 759 785 EBITDA (NOKm) 494 334 304 294 EBITDA margin 54 % 43 % 39 % 37 % Adj. EBITDA (NOKm) 210 261 288 294 Adj. EBITDA margin 33 % 37 % 38 % 37 % EBIT 551 577 124 102 Adj. EBIT** 58 95 109 102 Equity Ratio 40 % 59 % 62 % 58 % GIBD (NOKm) 1 197 876 894 1 312 LTV*** 0,66 0,40 0,37 0,21 NIBD/adj. EBITDA**** 2,5x 1,4x 1,5x 3.1x 2,5x 1,4x 1,5x 3,1x FY2022 FY2023 FY2024 FY 2025* NIBD/adj. EBITDA 210 261 288 29433% 37% 38% 37% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 FY2021 FY2022 FY2023 FY2024 Adj. EBITDA margin Adj. EBITDA (NOK million) Adjusted EBITDA