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Presentation Q2 2026 21 August 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 / Q2 2026 P&L key figures Q2 2026 vs. Q2 2025 Balance sheet key figures Q2 2026 vs. FY 2025 MNOK 204 (198) in freight revenue MNOK 2 868 (3 391) in total backlog incl. share of JV MNOK 71 (76) in adj. EBITDA 35% (38%) in adj. EBITDA margin MNOK 3 667 (3 683) in assets MNOK 339 (340) in cash MNOK 920 (967) in NIBD 59% (58%) in equity ratio
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Business update / Q2 2026 • Eidesvik entered into a new frame agreement with Aker BP for the provision of Platform Supply Vessels (“PSV”). The frame agreement has a duration of four years, with the option of two additional periods of two years each. • Under the new frame agreement, Eidesvik was awarded a 3-year firm contract with further options for extensions for the PSV Viking Prince. • Equinor Energy AS declared the remaining options to extend the contract for the supply vessel Viking Avant to end of 2026 Subsequent events: • Eidesvik Reach AS, a subsidiary of Eidesvik Offshore ASA whereas Eidesvik owns 50.1%, has entered into a Memorandum of Agreement for the sale of IMR vessel Viking Reach. The transaction is expected to be completed early Q4 2026, subject to customary conditions.
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Operational update / Q2 2026 • Fleet utilisation in Q2 2026 was 95% • Supply utilisation was 92% during the quarter • Subsea/Offshore renewables utilisation was 100% during the quarter • One LTI during the quarter • The retrofit of Viking Energy is progressing well • Dual-fuel propulsion system (ammonia- based) • Estimate Q4 2026 and Q2 2027 delivery of new builds
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408 732 530 1 198 0 200 400 600 800 1 000 1 200 1 400 2026 2027 2028 From 2029 mNOK Consolidated incl. share of JV's Contract backlog / Q2 2026 MNOK 2 868 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 20 August 2026. ** Assumes TBN “Viking Vigor” (hull 71) and hull 76 (newbuild) to operate 50/50 in the subsea and offshore renewables space 38% 62% Total fixed backlog Renewable backlog Other
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90% 91% 70% 70% 64% 64% 64% 64% 59% 55% 45% 45% 45% 45% 45% 45% 90% 91% 60% 55% 55% 55% 42% 36% 36% 36% 36% 33% 27% 27% 27% 21% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 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 Q1 2030 Q2 2030Contract coverage incl JV Option Firm Contract coverage incl. JV / Q2 2026
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1 2 3 Market update Subsea/Renewables: The subsea market outlook remains favourable, supported by strong underlying fundamentals and record-high backlog levels among major subsea contractors. Activity from the main European players in the renewable market remains robust Supply: The North Sea PSV market strengthened during the quarter, with expectations of improved market conditions towards the autumn supported by increased drilling activity and a growing number of vessels on forward commitments The geopolitical instability in the Middle East leading to increased focus on energy security combined with focus on reserve replacement, continues to support offshore investment activity and demand for offshore vessels
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204,5 198,5 Q2 2026* Q2 2025* Freight revenue Q2 2026 financial results * Unaudited 3% • Increase in freight revenue (3%) quarter on quarter mainly driven by improved day rates for the supply vessels • Personnel expenses affected by general salary increase, in addition to higher travel expenses and increased costs for expensive substitute personnel mainly due to changes in operation area for some of the vessels • Other operating expenses affected by costs related to unplanned repairs needed for several of the vessels during the quarter • Negative currency effect impact pre-tax result for the quarter (positive effect YTD) Financial results (NOK1000) Q2 2026* Q2 2025* Q1 2026* YTD2026* YTD2025* FY2025 Freight revenue 204,5 3 % 198,5 185,2 389,7 397,3 785,1 Total Revenue 204,5 198,5 183,2 389,7 397,3 785,1 Personnel expenses 97,2 8 % 90,1 92,1 189,4 181,9 357,7 Other operating expenses 35,9 12 % 32,0 35,4 71,3 66,8 133,6 OPEX 133,1 9 % 122,1 127,5 260,6 248,7 491,3 EBITDA 71,4 -7 % 76,4 57,7 129,1 148,6 293,8 EBITDA margin 35 % 38 % 32 % 33 % 37 % 37 % Result from JVs and associated 0,8 -0,7 -4,7 -4,0 -2,8 -3,2 Operating result 26,1 22,5 5,6 31,6 51,7 102,1 Pre-tax result 21,4 30,1 41,5 62,9 59,4 109,3 71,4 76,4 35% 38% 0,0 20,0 40,0 60,0 80,0 Q2 2026* Q2 2025* EBITDA
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Supply Subsea/ Renewables Segment performance • Revenue increased by NOK 6.6 million due to increased day rates for several vessels • EBITDA decreased by NOK 0.2 million, where margin decreased from 38% to 36% • Utilisation was 92% in Q2 2026 compared to 96% in Q2 2025 EBITDA Q2 2026 vs. Q2 2025 • Increased revenue of NOK 1.5 million due to higher income from JV • EBITDA negatively impacted of NOK 2.8 million where margin decreased from 50% to 47% • Utilisation was 100% in both Q2 2026 and Q2 2025 * Consolidated Viking Reach, Seven Viking included with 50%. To be updated 0% 10% 20% 30% 40% 50% 60% 98 100 102 104 106 108 110 112 114 Supply Subsea/Renewables EBITDA margin NOK million Revenue & EBITDA margin (incl. share of JV*) Q2 2026 Q2 2025 EBITDA margin Q2 2026 EBITDA margin Q2 2025
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Balance sheet Comments for the year • Non-current assets flat from year end • Cash balance flat from year end • Strong equity ratio of 59% • Net interest-bearing debt of NOK 920 million, an increase from Q1 due to a negative currency effect in Q2. • Current NIBD/EBITDA is 3.1x** ** Adjusted last twelve months, excluding IFRS 16 * Unaudited Balance Sheet (NOK1000) 30.06.2026* 31.12.2025 Total non-current assets 3 053 3 065 Cash and cash equivalents 339 340 Other current assets 276 277 Total assets 3 667 3 683 Equity 2 164 2 136 Equity ratio 59 % 58 % Non-current liabilites 1 129 1 178 Current liabilites 374 370 Total equity and liabilites 3 667 3 683 59% 58% 78% 77% 0% 20% 40% 60% 80% 100% 30.06.2026* FY2025 Equity ratio Debt ratio Vessels Cash Other assets
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Cash flow YTD Q2 2026 Operating NOK 139.5 million The increase compared to YTD 2025 is driven by net received funds towards ammonia project of NOK 45.8 million during the quarter, offset by periodic movement in working capital Investing NOK -68.4 million Mainly investment in vessels under construction Financing NOK -73.1 million Payment of instalments, interests, and dividend offset by new debt related to the newbuilds * Unaudited 340,5 139,5 - 68,4 - 73,1 Cash 31.12.2025 Operating Investing Financing Cash 30.06.2026* NOK 1000 0 100 200 300 400 500 600 338,5
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1 2 4 3 5 Highlights summary Quarter impacted by higher utilisation for vessel operating in spot market Improved day rate for PSV fleet 100% uptime in the Subsea/Renewable segment Available tonnage in an improving market 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
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Energy transition fleetSupplySubsea/ Renewables Viking Wind Power Build: 2007 Owned: 100% Crane: 100t Viking Reach Build: 2009 Owned: 50.1% Crane: 70t Seven Viking Build: 2013 Owned: 50% Crane: 135t Subsea Viking Build: 1999 Owned: 100% Crane: 100t TBN Viking Vigor* Build: 2026 Owned: 50.1% Crane: 150t TBN* Build: 2027 Owned: 33.4% Crane: 150t Viking Avant Build: 2004 Owned: 100% Deck m2: 1010 Viking Energy Build: 2003 Owned: 100% Deck m2: 1030 Viking Prince Build: 2012 Owned: 100% Deck m2: 1050 Viking Queen Build: 2008 Owned: 100% Deck m2: 1000 Viking Lady Build: 2009 Owned: 100% Deck m2: 1000 Viking Princess Build: 2013 Owned: 100% Deck m2: 1020 NS Orla Build: 2014 Owned: Mgmt. Deck m2: 860 NS Frayja Build: 2014 Owned: Mgmt. Deck m2: 860 Viking Neptun Build: 2015 Owned: Mgmt. Crane: 400t TBN Cecon Vigor Build: 2026 Owned: Mgmt. Crane: 70t LNG Dual Fuel Battery Hybrid Methanol Dual Fuel * Under construction * Under construction
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Vessel Seven Viking Viking Reach Sold Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Q2 2029Q1 2029Q2 2028 Q3 2028 Q4 2028Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028Q3 2026 Q4 2026 Contract status Firm Options Under construction
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54 97 97 97 97 60 0 100 200 2026 2027 2028 2029 After 2029 Million NOK Instalments Balloons* Debt maturity profile 30 June 2026 * The remaining outstanding debt related to Viking Reach will be repaid in full at delivery of vessel. In addition, Eidesvik Agalas AS has drawn EUR 42.3 million on its construction loan per Q2 2026, and Eidesvik Agalas Reach AS has drawn EUR 20.6 million on its construction loan per Q2 2026. These loans are not included in the diagram above.
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Financial development • Freight revenue in Q2 2026 driven by improved rates for the supply vessels • Healthy key metrics * Unaudited ** Adjusted for gain on sale, other income and reversal of impairments. *** LTV YTD 2026 is based on broker values per 31.12.2025, excl. newbuilds and debt related to newbuilds. **** Adjusted last twelve months, excluding IFRS 16 Adjusted EBITDAFY2023 FY2024 FY 2025 YTD 2026* Utilization 94 % 96 % 97 % 95 % Revenue (NOKm) 772 775 785 390 Adj. Revenue (NOKm) 699 759 785 390 EBITDA (NOKm) 334 304 294 129 EBITDA margin 43 % 39 % 37 % 33 % Adj. EBITDA (NOKm) 261 288 294 129 Adj. EBITDA margin 37 % 38 % 37 % 33 % EBIT 577 124 102 32 Adj. EBIT* 95 109 102 32 Equity Ratio 59 % 62 % 58 % 59 % GIBD (NOKm) 876 894 1 312 1 259 LTV** 0,40 0,37 0,26 0,20 NIBD/adj. EBITDA*** 1,4x 1,5x 3,1x 3,1x 261 288 294 129 37% 38% 37% 33% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 FY2023 FY2024 FY 2025 YTD 2026 Adj. EBITDA margin Adj. EBITDA (NOK million) 1,4 1,5 3,1 3,1 FY2023 FY2024 FY 2025 YTD 2026 NIBD/adj. EBITDA