Interim report
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1 REV Eidesvik Offshore ASA Report for Q 2 2026 Vestvikvegen 1, 5443 Bømlo, Norway
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2 Message from the CEO Revenue for the quarter was NOK 204 million, an increase of NOK 6 million compared to Q2 2025. Performance was affected by lower utilisation due to Viking Energy being off hire for its intermediary class renewal, while Viking Queen operated in the spot market throughout the quarter. Compared to Q1 2026, revenue increased by NOK 19 million. The EBITDA margin was 35%, 3.5 percentage points lower than Q2 2025. Vessel utilisation was 92% for PSVs and 100% for subsea/renewable. Personnel expenses increased with 7.9% quarter on quarter. Travel cost for crew both in Norway and internationally have swelled following the onset of the conflict in the Middle East. In addition payroll cost grew as a result of the United Kingdom visa regulations related to one vessels operation in the UK. Other operating expenses increased due to several unplanned repairs for our vessels in the quarter. We recorded one lost time incident (LTI) during the quarter. This is not satisfactory. We have further intensified our efforts to identify root causes and implement measures to prevent similar incidents in the future. Safety remains our highest priority. The market played out much as we anticipated within the quarter with a strengthening in rates and utilisation in the North Sea PSV market. Viking Queen operated in the spot market throughout the quarter achieving an attractive rate. Equinor declared all options for Viking Avant through year end. It was a pleasure to be able to announce the renewal of a long- term frame agreement with AkerBP for an additional four years, together with the corresponding call off for Viking Prince for three years. We are proud to continue our long- standing collaboration with AkerBP, and this award reflects the strong capabilities and performance delivered by the entire Eidesvik organisation. The retrofit of Viking Energy undertaken in partnership with Equinor to enable operation with ammonia as fuel progressed well during the quarter. The project remains a key milestone in advancing low -emission solutions for the offshore vessel industry. Our newbuild program, comprising two state- of- the- art subsea vessels continue to progress. Subsequent to the quarter we entered into an agreement to sell the IMR vessel Viking Reach which we have owned together with Reach Subsea since 2023. Taking advantage of a strong market for second- hand tonnage, Eidesvik secures a substantial return on its investment. T he sale aligns with our strategic focus on fleet renewal and high grading of vessels and confirms our ability to monetize investments in the right circumstance. We remain committed to our communicated strategic focus with disciplined growth and continues fleet renewal. All investment opportunities are carefully assessed to ensure they support positive cash flow generation and alignment with the company’s long- term fleet strategy. We continue to prioritise operational excellence, financial discipline, and safety across all activities. Helga Cotgrove CEO
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3 Highlights Eidesvik Offshore ASA and its subsidiaries (“Eidesvik” , the “Group” or the “Company” ) generated revenue of NOK 204.5 million in the quarter with an EBITDA of NOK 71.4 million which is a margin of 35%. Utili sation was 95%. The Group’s current NIBD/EBITDA (adjusted, last twelve months ) is 3.1 ( excluding IFRS 16). 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. This continues the strategic collaboration between the two companies that was first established in 2019. 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. The contract extension runs in direct continuation of the current contract, extending the firm period to end of 2026. Key Financials *Including IFRS 16. Operational update HSEQ Safety of the employees and operations constitute the foundation of all activities in Eidesvik. The goal is to have zero lost time incidents (LTI), where the focus always is on doing the work safe. The Group had one LTI in Q 2 2026 , and has two LTI’s per year to date Q2 2026. T wo LTI’s YTD are not acceptable. The Company continues to focus on identifying the root causes of incidents so that our processes can be further improved to avoid occurrences in the future Reported Total Recordable Case Frequency for Q2 2026 was 3.73 *. * The number of Total Reportable Cases per million Exposure Hours worked during the period (excluding first aid). Operations The overall utili sation for the supply and subsea & offshore renewable fleet in Q 2 2026 was 95% ( 98% in Q2 2025 ). The supply segment delivered a utilisation of 92% i n Q2 2026 ( 96%). The decrease was prima rily driven by one vessel operating in the spot market with lower utilisation and another vessel being in for a scheduled intermediate class renewal. For the subsea & offshore renewable vessels, the utilisation was close to 100% for the quarter (close to 100%). The number of owned vessels ( wholly or partially) in the quarter was ten ( ten per Q2 2025) , in addition to two vessel s under construction. During the quarter, Eidesvik added Cecon Vigor to its managed fleet, bringing the total number of external vessels under management to four. Financial summary All financial numbers are in NOK unless stated otherwise. Revenue for Q 2 2026 was NOK 204.5 million compared to 198.5 million in Q 2 2025 with an EBITDA o f NOK 71.4 m illion compared to 76.4 million in Q 2 202 5. Revenue and EBITDA YTD 2026 were NOK 389. 7 million (NOK 1 000) 2026 2025 2026 2025 1.4 - 30.6 1.4 - 30.6 1.1 - 30.6 1.1 - 30.6 Total operating income 204 493 198 499 389 729 397 324 EBITDA 71 382 76 361 129 103 148 597 EBITDA margin 35 % 38 % 33 % 37 % 30.06.2026 31.12.2025 Equity 2 163 966 2 135 655 Equity ratio 59 % 58 % Cash end equivalents 338 507 340 499 Net interest-bearing debt* 920 317 967 408
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4 and NOK 129.1 million (397.3 million and 148.6 million). Freight revenue in Q2 2026 increased 3.0% compared to Q2 202 5, and EBITDA decreased 6.5% . The increase in revenue is mainly driven by improved day rates for the supply vessel s in the quarter , but is more than offset by increased e xpenses . YTD the numbers decreased 1.9% and 12.1% respectively , mainly driven by a weak spot market for supply vessels in Q1. EBITDA margin decreased from 38.5% in Q 2 2025 to 34.9 % in Q 2 2026. In the s upply segment revenue increased quarter on quarter to NOK 112. 1 million from 105 .5 million in Q 2 2025 due to increased day rates for several vessels. In subsea & offshore renewable revenue increased quarter on quarter to NOK 105. 5 million from 104 .0 million in Q 2 2025 . Operating expenses for the quarter were NOK 133.1 million compared to 122.1 million in Q 2 2025 , and 2 60.6 million YTD (248.7 million) . Personnel expenses increased by 7.9% quarter on quarter and 4.1% YTD. The increase i n Q2 was primarily driven 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 increased by 12.0% quarter on quarter . The increase is mainly due to costs related to unplanned repairs needed for several of the vessels during the quarter . YTD other operating costs increased by 6.6 %. Q2 depreciation was NOK 46.1 million (46.5 million ). Depreciation YTD was NOK 93.5 million (94.2 million). Operating result before other income and expenses for Q 2 was NOK 25.3 million (29.9 million ). The decrease is mainly driven by increased costs . YTD operating result before other income and expenses was NOK 35.6 millio n ( 54.4 million). The joint venture had a profit of NOK 0.8 million for the quarter ( 0.7 million loss ) and YTD a loss of NOK 4.0 million (loss of 2.8 million). The result of the JV YTD is affected by the vessel Seven Viking being in for intermediate class renewal in Q1. Net financial items for Q 2 were NOK -4.7 million (0.9 million ). YTD net financial income and expenses was NOK 31.2 million (7.7 million) . Reduced financial expenses for Q2 2026 and YTD 2026 vs. Q2 2025 and YTD 2026 are mainly due to reduced debt and increased capitalised borrowing cost on the newbuilds according to IAS 23. Changes in currency affected the result in Q2 and YTD NOK -8.2 million and 25. 2 million (2.3 million and 13.7 million). The negative impact in Q2 and positive impact YTD is mainly related to unrealised loss and gain related to the loans in USD and EUR. Result after tax for Q 2 was N OK 21.4 million (30.1 million ). Result YTD was 62. 9 million (59.4 million). Balance sheet and liquidity Q2 2026 Total current assets per 30 June 2026 were NOK 614.4 million (617.7 million per 31 December 2025 ), where of cash balance was NOK 338. 5 million (340.5 million ). 98.7 million is funding tied for use towards Eidesvik’s joint development project with multiple partners for the use of green ammonia as a fuel source on vessels . Total non- current assets were NOK 3,052.6 million on 30 June 2026 , compared to 3,0 65.4 million at year end 2025 . Broker values are used to support the assessment and decisions made by value in use calculations. Average broker value conducted by two independent brokers evaluate the consolidated part of the fleet value free of charter to NOK 2,369 million on 30 June 2026 (2,376 million at 31 December 2025 ), which indicates an excess value before tax of 919 million ( 854 million) compared to the book value of the vessels . Equity on 3 0 June 2026 was NOK 2,16 4.0 million (2,135.7 million per 31 December 2025 ), i.e., an equity ratio of 59.0 % (58.0%). Current liabilities on 3 0 June 2026 were NOK 374.3 million ( 369.8 million per 31 December 2025 ).
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5 Net interest- bearing debt 30 June 2026 was NOK 920.3 millio n (967.4 million per 31 December 2025 ). The de crease is due to repayments of long term debt in the period. Cash flow from operating activities per Q2 2026 amounted to NOK 139. 5 mill ion ( 114.2 million). The increase YTD is mainly driven by net received funds towards ammonia project of NOK 45.8 million per Q2, offset by periodic movement in working capital . Cash flow from investment activities per Q2 2026 was NOK - 68. 4 mil lion ( -233.1 million) , mainly due to investment in vessels under construction. Cash flow from financing activities per Q2 2026 was NOK -73.1 million ( 28.3 million). This is mainly due to payment of dividend, instalments and interests, offset by new debt related to the newbuilds. Market and outlook The global energy landscape continued to be influenced by the geographical instability in the Middle East, reinforcing the importance of energy security. Combined with the need for reserve replacement, this favors offshore activity and therefore offshore v essel demand. The quarter has seen an increase in offshore drilling rig fixtures supporting increased drilling activity into 2027 and 2028. There is also a substantial increase in offshore commitment from 2026 to 2027 (Rystad Energy, July 2026). The major operators already have stellar production goals in the foreseeable future, and several have recently notified of further increases. Combined with the growing emphasis on regional energy security this is expected to drive stronger demand for offshore energy and supports a positive outlook for vessel owners. Platform supply vessels (PSV) The North Sea PSV spot market strengthened considerably in Q2. However, the supply and demand balance remains finely poised and the rates are sensitive to movement in just a couple of vessels. An ongoing labour conflict related to the Oil Service Agreement hampered activity on the Norwegian Continental Shelf into the summer months. Moving into the autumn, there is an expectation that increased drilling activity and several vessels having forward commitments will favor owners. The newbuild orderbook is still close to non- existent for high- quality PSVs. The day rates in the North Sea are still insufficient to justify investment in a newbuild vessel. However, the age of the fleet, and increasingly stringent emission reduction requirements combined with high cost of retrofit and maintenance makes it likely that newbuilds will have to materialise. Subsea/Offshore renewable The outlook for the subsea market remains attractive. It is supported by strong underlying fundamentals which are coupled with a record- high subsea backlog for the main subsea suppliers. Market expectations of increased vessel availability resulting from the current newbuild program persist. Nevertheless, the quarter saw several significant term contract awards, indicating continued healthy demand for subsea tonnage. Although some market reports are indicating a muted offshore renewable market, activity from the main European players remains robust and is assisting in maintaining strong sale and purchase values for older subsea tonnage. The delay in the newbuild deliveries is also assisting in keeping the rates at attractive levels, in particular in the short- term market. Subsequent events Eidesvik Reach AS, a subsidiary of Eidesvik Offshore ASA where Eidesvik owns 50.1%, has entered into a Memorandum of Agreement (“MoA ”) for the sale of IMR vessel Viking Reach. The transaction is expected to be completed early Q4 2026,
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6 subject to customary conditions. Expected gain from the sale is approximately NOK 80 million. The requirements for classi fication as held for sale under IFRS 5 have not been met as of 30 June 2026 and the vessel remains classified as non -current asset. No other events have occurred after the balance sheet date with significant impact on the interim financial statements for Q 2 2026. Bømlo , 20 August 2026 Kenneth Walland Chair of the Board Annicken G. Kildahl Board Member Lauritz Eidesvik Board Member Kjetil Eidesvik Board Member Bjørg Marit Eknes Board Member Petter Lønning Deputy Board Member Helga Cotgrove CEO
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7 Declaration from the Board of Directors and the Chief Executive Officer The Board of Directors and the Chief Executive Officer have today addressed and adopted the consolidated semi -annual accounts for Eidesvik Offshore ASA per 30 June 2026 , and 1st Half of 2026 , including the consolidated corresponding figures per 30 June 2025 , and 1st Half of 2025 . The semi -annual report is prepared in accordance with IAS 34 Interim Financial Reporting, as provided by the EU and Norwegian additional requirements in the Securities Trading Act. By the Board of Directors and the Chief Executive Officer opinion the semi -annual accounts are prepared in accordance with current regulations, and the information in the accounts give a true and fair view of the Group’s assets, liabilities and financial standing and results as a whole per 30 June 2026 , and 30 June 2025 . By the Board of Directors and the Chief Executive Officer opinion the semi -annual report give a true and fair view of important events in the accounting period and their influence on the semi -annual accounts. By the Board of Directors and the Chief Executive Officer opinion the description of the most important financial risks the company is faced with in the following accounting period, and the description of related parties material transactions, give a true and fair view. Bømlo , 20 August 2026 Kenneth Walland Chair of the Board Annicken G. Kildahl Board Member Lauritz Eidesvik Board Member Kjetil Eidesvik Board Member Bjørg Marit Eknes Board Member Petter Lønning Deputy Board Member Helga Cotgrove CEO
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9 STATEMENT OF COMPREHENSIVE INCOME (Condensed, NOK 1 000) 2026 2025 2026 2025 1.4 - 30.6 1.4 - 30.6 1.1 - 30.6 1.1 - 30.6 Operating Revenue (Unaudited) (Unaudited) (Unaudited) (Unaudited) Freight revenue 204 493 198 499 389 729 397 324 Total operating revenue 204 493 198 499 389 729 397 324 Operating Expenses Personnel expenses 97 225 90 091 189 355 181 881 Other operating expenses 35 886 32 047 71 271 66 846 Total operating expenses 133 111 122 138 260 626 248 727 Operating result before depreciations 71 382 76 361 129 103 148 597 Ordinary depreciation 46 089 46 506 93 491 94 166 Operating result before other income and expenses 25 293 29 855 35 612 54 431 Result from Joint Ventures and associated companies 758 (714) (3 978) (2 750) Operating result 26 051 29 141 31 634 51 680 Financial Items (note 10) Financial income 2 237 2 692 4 239 6 183 Financial expenses 1 293 (4 106) 1 749 (12 193) Net agio (disagio) (8 196) 2 346 25 246 13 737 Net financial items (4 667) 932 31 234 7 726 Pre-tax result 21 385 30 073 62 868 59 407 Taxes 0 0 0 0 Result 21 385 30 073 62 868 59 407 Attributable to Equity holders of the parent 13 512 18 973 21 547 33 365 Non-controlling interests 7 873 11 100 41 321 26 042 Earnings per share 0,19 0,26 0,30 0,46 Profit 21 385 30 073 62 868 59 407 Comprehensive income 21 385 30 073 62 868 59 407 Attributable to Equity holders of the parent 13 512 18 973 21 547 33 365 Non-controlling interests 7 873 11 100 41 321 26 042 Total attributed 21 385 30 073 62 868 59 407
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10 STATEMENT OF FINANCIAL POSITION (Condensed, NOK 1 000) 30.06.2026 31.12.2025 ASSETS (Unaudited) Non-current assets: Vessels (note 5, 6) 1 450 188 1 5 22 255 Assets under construction (note 6) 1 400 304 1 3 31 375 Other assets (note 6) 18 788 19 017 Right-of-use asset 54 874 60 286 Shares in Joint Ventures (note 9) 126 094 13 0 072 Shares (note 9) 2 350 2 3 50 Total non-current assets 3 052 598 3 0 65 354 Current assets: Account receivables, freight income 212 059 19 0 171 Other short-term receivables 63 829 87 077 Cash and cash equivalents 338 507 34 0 499 Total current assets 614 396 61 7 747 TOTAL ASSETS 3 666 993 3 683 101 EQUITY AND LIABILITIES Equity Equity attributable to the company's shareholders: Share capital 3 649 3 6 49 Premium fund 301 054 30 1 054 Retained earnings 1 313 754 1 3 06 804 Total equity majority shareholders 1 618 458 1 6 11 507 Non-controlling interests 545 508 52 4 147 Total equity 2 163 966 2 1 35 655 Non-current liabilities: Lease liabilities (note 11) 49 975 55 009 Interest-bearing debt (note 11) 1 078 803 1 1 22 612 Total non-current liabilities 1 128 778 1 1 77 621 Current liabilities: Interest-bearing debt (note 11) 123 997 12 4 640 Lease liabilities (note 11) 9 447 9 3 19 Accounts payable 38 842 42 425 Other short-term liabilities 201 965 19 3 441 Total current liabilities 374 250 36 9 826 Total liabilities 1 503 028 1 547 447 TOTAL EQUITY AND LIABILITIES 3 666 993 3 683 101
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11 STATEMENT OF CHANGES IN EQUITY (Condensed, NOK 1 000) * Dividend paid to minority share owners of Eidesvik Reach AS during the period. ** Minority share of Eidesvik Agalas Reach AS. Equity contributions in 2025. STATEMENT OF CASH FLOWS (Condensed, NOK 1 000) Note 1 - Basis for preparation These condensed interim consolidated financial statements are prepared in accordance with the International Accounting Standard (“IAS”) 34 Interim Financial reporting. These condensed interim consolidated financial statements are unaudited. These condensed interim consolidated financial statements are condensed and do not include all of the information and notes required by IFRS® Accounting Standards as adopted by the EU (“IFRS ”) for a complete set of consolidated financial statements. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statement. The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for 2025. Share capital Share premium Retained earnings Total Minority share Total equity Equity as at 01.01.2026 3 649 301 054 1 306 804 1 611 507 524 147 2 135 655 Result in the period 0 0 21 547 21 547 41 321 62 868 Dividend 0 0 -14 597 -14 597 0 -14 597 Change in non-controlling interests* 0 0 0 0 -19 960 -19 960 Equity as at 30.06.2026 3 649 301 054 1 313 754 1 618 458 545 508 2 163 966 Share capital Share premium Retained earnings Total Minority share Total equity Equity as at 01.01.2025 3 649 301 054 1 262 595 1 567 298 259 864 1 827 162 Result in the period 0 0 66 413 66 413 45 207 111 620 Dividend 0 0 -21 895 -21 895 0 -21 895 Change in non-controlling interests ** 0 0 -309 -309 219 077 218 768 Equity as at 31.12.2025 3 649 301 054 1 306 804 1 611 507 524 147 2 135 655 1.1 - 30.6 1.1 - 30.6 1.1 - 31.12 2026 2025 2025 (Unaudited) (Unaudited) Net cash flow from operations excl. taxes 139 499 114 225 300 261 Cash flow from operating activity 139 499 114 225 300 261 Purchase of fixed operating assets (68 375) (233 118) (921 945) Cash flow from investment activity (68 375) (233 118) (921 945) Contribution from other interests related to new builds 0 109 525 217 901 Instalment financial lease (4 907) (4 555) (9 233) New debt 45 085 8 881 549 960 Repayment of debt (59 930) (60 678) ( 1 21 038) Paid interest (18 807) (24 885) (49 355) Dividend (14 597) 0 (21 895) Paid dividend to minority interest (19 960) 0 0 Cash flow from finance activity (73 117) 28 288 566 340 Changes in cash holdings (1 993) (90 604) (55 344) Liquid assets at the beginning of the period 340 499 395 843 395 843 Liquid assets at the end of the period 338 507 305 239 340 499
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12 The presentation currency of the Group is Norwegian kroner (NOK). Note 2 – Financial risk The Group has its income mainly in NOK, EUR and USD, while the material operating expenses are in NOK. Therefore, the Group is exposed to fluctuations in the exchange rate of EUR/NOK and USD/NOK. The Group has debt in NOK , USD and EUR and is exposed to changes in interest rate levels. The Group’s interest rate risk may be managed through interest derivatives. Per 30 June 2026 , the Group had no interest derivatives . The current liquidity position of the Group is satisfactory . For further information, reference is made to the 2025 annual accounts Note 3. Note 3 - Seasonal variations The interim accounts are moderately influenced by seasonal variations. Reference is made to the chapter “Market and future outlook” and the “Contract status”. The Group has currently one supply vessel operating in the spot market, and in addition two more that are coming off long- term contracts at the end of 2026. This increases the Group’s exposure to seasonal variations going forward. Note 4 – Estimates No changes in estimates materially influencing the interim results or balance have occurred. Note 5 – Impairment/reversal of impairment Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as P/B below 1, the vessels’ book values have been tested for impairment and reversal of previous impairments per 30 June 2026 . Based on these tests, Eidesvik has not recogni sed need for impairment or reversal of previous impairment. The assumptions per 31 December 2025 are considered to be representative for the assessment per 30 June 2026. For further information about the tests and other estimates, reference is made to the 2025 annual accounts Note 12. Note 6 - Fixed assets (NOK thousands) Property Port facilities Total other fixed assets Vessels Periodic maintenance Total vessels Assets under construction Total Acquisition cost 1 January 2026 37 414 3 594 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Addition 0 0 0 7 707 8 076 15 783 68 929 84 712 30 June 2026 37 414 3 594 83 232 3 880 646 477 375 4 358 021 1 400 304 5 841 557 Accumulated depreciation and impairments 1 January 2025 20 346 3 494 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Depreciation in the year 57 0 228 60 569 27 282 87 850 0 88 079 30 June 2026 20 403 3 494 64 444 2 494 158 413 675 2 907 833 0 2 972 276 Book value 17 011 100 18 788 1 386 488 63 700 1 450 188 1 400 304 2 869 280
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13 Depreciations of right- of- use assets are not included in the table above. Note 7 - Long- term debt drawn No new long- term debt was drawn during Q 2 2026, other than accrued interest and finance fee related to the new builds . Please see Note 18 in the annual accounts for further information regarding new debt drawn during 2025. Note 8 - Operating Segments *The JV's income, expenses and depreciation are included in the table with a share corresponding to the Group's ownership share in the JVs. (NOK thousands) Property Port facilities Operating equipment Total other fixed assets Vessels Periodic maintenance Total vessels Assets under construction Total Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 2 2 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 1 77 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 647 Operation segment 1.4 - 30.6 2026 1.4 - 30.6 2025 1.4 - 30.6 2026 1.4 - 30.6 2025 1.4 - 30.6 2026 1.4 - 30.6 2025 1.4 - 30.6 2026 1.4 - 30.6 2025 Segment result Operating income 65 737 63 968 50 047 45 427 8 470 7 365 124 253 116 760 Bareboat income 46 330 41 533 33 910 40 207 0 0 80 240 81 740 Operating income share from JV* 0 0 12 557 11 934 0 0 12 557 11 934 Bareboat income from JV* 0 0 9 002 6 431 0 0 9 002 6 431 Total operating income 112 067 105 501 105 515 103 999 8 470 7 365 226 052 216 865 Operating expenses 71 727 64 995 43 242 40 530 18 143 16 613 133 112 122 138 Operating expenses share from JV* 0 0 12 735 11 202 0 0 12 735 11 202 Total operating expenses 71 727 64 995 55 977 51 732 18 143 16 613 145 847 133 340 Depreciations 26 439 27 055 17 789 17 637 1 861 1 814 46 089 46 506 Depreciations share from JV* 0 0 6 285 5 575 0 0 6 285 5 575 Total depreciations/writedown on assets 26 439 27 055 24 074 23 212 1 861 1 814 52 374 52 081 Operating profit incl. share from JV* 13 901 13 451 25 465 29 055 -11 534 -11 062 27 832 31 444 Net finance and taxes from JV* 0 0 -1 782 -2 302 0 0 -1 782 -2 302 Operating profit 13 901 13 451 23 683 26 753 -11 534 -11 062 26 051 29 141 Number of vessels at end of period (incl. JV) 6 6 4 4 10 10 OtherSubsea/RenewablesSupply Total Operation segment 1.1.- 30.6 2026 1.1.- 30.6 2025 1.1.- 30.6 2026 1.1.- 30.6 2025 1.1.- 30.6 2026 1.1.- 30.6 2025 1.1.- 30.6 2026 1.1.- 30.6 2025 Segment result Operating income 126 432 134 062 89 127 90 170 15 489 13 786 231 049 238 017 Bareboat income 81 781 79 906 76 899 79 400 0 0 158 679 159 307 Operating income share from JV* 0 0 20 697 23 978 0 0 20 697 23 978 Bareboat income from JV* 0 0 17 121 12 791 0 0 17 121 12 791 Total operating income 208 213 213 968 203 844 206 339 15 489 13 786 427 546 434 093 Operating expenses 142 710 133 753 86 299 83 292 31 616 31 681 260 625 248 726 Operating expenses share from JV* 0 0 25 969 23 783 0 0 25 969 23 783 Total operating expenses 142 710 133 753 112 268 107 075 31 616 31 681 286 594 272 509 Depreciations 54 409 53 732 35 361 36 807 3 721 3 627 93 491 94 166 Depreciations share from JV* 0 0 12 383 11 150 0 0 12 383 11 150 Total depreciations/writedown on assets 54 409 53 732 47 744 47 957 3 721 3 627 105 874 105 316 Operating result incl. share from JV* 11 094 26 483 43 832 51 308 -19 848 -21 522 35 078 56 269 Net finance and taxes from JV* 0 0 -3 444 -4 587 0 0 -3 444 -4 587 Result from associated companies 0 0 0 0 0 0 0 0 Operating result 11 094 26 483 40 388 46 721 -19 848 -21 522 31 634 51 680 Number of vessels at end of period (incl. JV) 6 6 4 4 10 10 OtherSubsea/RenewablesSupply Total
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14 Note 9 - Joint venture and associated companies Summari sed financial infor mation per 3 0 June 2026 of the individual joint venture companies: Summari sed financial information per 30 June 2025 of the individual joint venture companies: Summari sed financial information per 30 June 2026 o f the individual associated companies: Summari sed financial information per 3 0 June 2025 of the individual associated companies: Note 10 - Financial items Reduced financial expenses for Q 2 2026 vs . Q2 2025 are due to reduced debt and increased capitalised borrowing cost on the newbuilds according to IAS 23. Changes in currency affected the result in Q2 and YTD NOK -8.2 million and 25.2 million (2.3 million and 13.7 million). The negative impact in Q2 and positive impact YTD is mainly related to unrealised loss and gain related to the loans in USD and EUR. Note 11 - Net interest -bearing debt Company Assets Liability Equity Revenues Profit Ownership Book value Result portion Eidesvik Seven AS 421 685 194 322 227 363 34 242 1 389 50 % 113 681 695 Eidesvik Seven Chartering AS 49 375 24 549 24 825 75 636 -9 346 50 % 12 413 -4 673 Profit from Joint Ventures 126 094 ( 3 978) Company Assets Liability Equity Revenues Profit Ownership Book value Result portion Eidesvik Seven AS 473 582 241 386 232 196 25 582 -6 895 50 % 116 098 -3 448 Eidesvik Seven Chartering AS 72 665 43 782 28 883 73 538 1 545 50 % 14 441 701 Profit from Joint Ventures 130 539 ( 2 750) Company Ownership/ voting Book value 30.06.2026 Result portion Bleivik Eiendom AS 23 % 2 335 0 Eidesvik Ghana Ltd. 49 % 15 0 Profit from associated companies 2 350 0 Company Ownership/ voting Book value 30.06.2025 Result portion Bleivik Eiendom AS 23 % 4 139 454 Eidesvik Ghana Ltd. 49 % 15 0 Profit from associated companies 4 154 454 1.4 - 30.6 1.4 - 30.6 1.1 - 30.6 1.1 - 30.6 1.1 - 31.12 2026 2025 2026 2025 2025 Financial income 2 237 2 658 4 239 5 974 12 889 Other interest and financial expenses 2 286 (3 102) 3 663 (10 153) (14 598) Interest cost - lease liabilities (994) (1 004) (1 914) (2 040) (3 949) Change in market value on interest instruments 0 33 0 209 211 Realised agio on foreign exchange contracts 10 83 28 214 380 Realised agio - others (21) 1 203 (163) 1 291 671 Unrealised agio - others (8 185) 1 061 25 380 12 232 11 647 Net financial items (4 667) 932 31 234 7 726 7 250 30.06.2026 31.12.2025 Current interest-bearing debt 123 997 124 640 Accrued interests (3 397) (3 673) 1st year instalment on long-term interest-bearing debt 120 600 120 967 Current lease liabilities (IFRS 16) 9 447 9 319 Current interest-bearing debt 130 047 130 286 Non-current interest-bearing debt 1 078 803 1 122 612 Non-current lease liabilities (IFRS 16) 49 975 55 009 Non-current interest-bearing debt 1 128 778 1 177 621 Total interest-bearing debt 1 258 825 1 307 907 Cash and cash equivalents (338 507) (340 499) Net interest-bearing debt 920 317 967 408
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15 Note 12 - Related- party transactions Except for the ordinary operating related transactions with the joint ventures Eidesvik Seven AS and Eidesvik Seven Chartering AS, and the related companies Eidesvik Invest AS, Signatur Management AS, Langevåg Senter AS, Bømlo Skipsservice AS, Evik AS and Bømmelfjord AS, no other material related- party transactions have been conducted. Reference is made to the 2025 annual accounts Note 21. Note 13 - Shareholders No major changes in the shareholder positions have occurred in the period. 20 largest shareholders p er 30 June 2026: Note 14 - Subsequent events Eidesvik Reach AS, a subsidiary of Eidesvik Offshore ASA whereas Eidesvik owns 50.1%, has entered into a Memorandum of Agreement (“MoA”) for the sale of IMR vessel Viking Reach. The transaction is expected to be completed early Q4 2026, subject to customary conditions. Expected gain from the sale is approximately NOK 80 million. The requirements for classification as held for sale under IFRS 5 have not been met as of 30 June 2026 and the vessel remains classified as non -current asset. No other events have occurred after the balance sheet date with significant impact on the interim financial statements for Q 2 2026. 20 largest shareholders pr 30.06.2026 Name Stake Country EIDESVIK INVEST AS 59,86 % NORWAY JAKOB HATTELAND HOLDING AS 4,88 % NORWAY CAIANO INVEST AS 4,44 % NORWAY HELGØ FORVALTNING 3,21 % NORWAY M EIDESVIK OG SØNNER AS 2,62 % NORWAY VINGTOR INVEST AS 2,31 % NORWAY STANGELAND HOLDING AS 1,78 % NORWAY BERGTOR INVESTERING AS 1,72 % NORWAY DUNVOLD INVEST AS 1,60 % NORWAY ØSTLANDSKE PENSJONISTBOLIGER AS 0,88 % NORWAY HELGØ INVEST AS 0,84 % NORWAY DNB CARNEGIE INVESTMENT BANK AB 0,72 % SWEDEN LØNNING JR AS 0,52 % NORWAY COLORADO EIENDOM AS 0,51 % NORWAY CALIFORNIA INVEST AS 0,49 % NORWAY O H MELING & CO AS 0,44 % NORWAY IMAGINE CAPITAL AS 0,41 % NORWAY LØVLID, ARNE 0,38 % NORWAY CHREM CAPITAL AS 0,34 % NORWAY LGJ INVEST AS 0,34 % NORWAY 88,30 % Total other 11,70 % Total shares 100,00 %
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16 APPENDIX 1 – ALTERNATIVE PERFORMANCE MEASURES DEFINITIONS The Group’s financial information is prepared in accordance with international financial reporting standards (IFRS). In addition, the Group discloses alternative performance measures as a supplement to the financial statement prepared in accordance with IFRS. Such performance measures are used to provide better insight into the operating performance, financing and future prospects of the Group and are frequently used by securities analysts, investors and other interested parties. The definitions of these measures are as follows: • Contract coverage: Number of future sold days compared with total actual available days (incl. vessels in layup), excluding options. • Backlog: Sum of undiscounted revenue related to secured contracts in the future. • Utilisation: Actual days with revenue divided by total actual available days. • Equity Ratio: Equity divided by total assets. • Net interest bearing debt (“NIBD”): Interest bearing debt less cash and cash equivalents. The use of term “ net debt” does not necessarily mean cash included in the calculation is available to settle debt if included in the term. Reference is made to Note 11. • NIBD excluding IFRS 16: NIBD excluding all IFRS related elements. Reference is made to Note 11 where these elements are marked with “(IFRS 16)”. • EBITDA: Operating result (earnings) before depreciation, impairment, amortization, result from join ventures and associated companies, net financial costs and taxes is a key financial parameter. The term is useful for assessing the profitability of operati ons, as it is based on variable costs and excludes depreciation, impairment and amortized costs related to investments. EBITDA is also important in evaluating performance relative to competitors. See table below for matching to the accounts. • Adjusted EBITDA: EBITDA adjusted for Gain/loss on sale and Other income. • Last twelve months: The 12 preceding months prior to last date in the reporting quarter. • EBITDA margin: EBITDA divided on Total operating revenue. • Working capital: Current assets less short- term liabilities. • Minimum market value clause: Booked value of an asset shall not be lower than a given ratio compared to outstanding debt on the same asset. 2026 2025 1. 4 - 30.6 1.4 - 30.6 Freight revenue 204 493 198 499 Other income 0 0 Total operating revenue 204 493 198 499 Total operating expenses (133 111) (122 138) EBITDA 71 382 76 361 EBITDA margin 35 % 38 %
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17 APPENDIX 2 - DEBT MATURITY PROFILE 30 JUNE 202 6: * The remaining outstanding debt related to Viking Reach will be repaid in full at delivery of the vessel. In addition, Eidesvik Agalas AS has drawn EU R 4 2.3 million on its construction loan per Q 2 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. See Note 18 in the annual accounts for 2025 for further information.
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18 APPENDIX 3 – CONTRACT STATUS AND COVERAGE 30 JUNE 202 6:
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19 CONDENSED STATEMENT OF COMPREHENSIVE INCOME LAST 5 QUARTERS Consolidated 2026 2026 2025 2025 2025 (NOK 1 000) Q2 Q1 Q4 Q3 Q2 Operating Revenue: Freight revenue 204 493 185 235 183 206 204 596 198 499 Total operating revenue 204 493 185 235 183 206 204 596 198 499 Operating Expenses: Personell expenses 97 225 92 131 92 978 82 822 90 091 Other operating expenses 35 886 35 384 32 595 34 185 32 047 Total operating expenses 133 111 127 515 125 573 117 006 122 138 Operating result before depreciations 71 382 57 720 57 632 87 590 76 361 35 % 31 % 31 % 43 % 38 % Ordinary depreciation 46 089 47 402 47 536 46 825 46 506 (note 5, 6) Operating result before other income and expenses 25 293 10 319 10 096 40 765 29 855 Result from Joint Ventures and associated 758 (4 736) (680) 213 (714) companies Operating result 26 051 5 583 9 416 40 978 29 141 Financial Items: Financial income 2 237 2 002 892 6 025 2 692 Financial expenses 1 293 456 (2 782) (3 572) (4 106) Net agio (disagio) (8 196) 33 442 (2 500) 1 460 2 346 Net financial items (4 667) 35 900 (4 390) 3 914 932 Pre-tax result 21 385 41 483 5 026 44 892 30 073 Taxes 0 0 3 711 (1 416) 0 Result 21 385 41 483 8 737 43 476 30 073 Equity holders of the parent 13 512 8 035 1 765 31 283 18 973 Non-controlling interests 7 873 33 447 6 972 12 193 11 100 Earnings per share 0,19 0,11 0,02 0,43 0,26 Statement of comprehensive income Comprehensive income 21 385 41 483 8 737 43 476 30 073 Attributable to Controlling interests 13 512 8 035 1 765 31 283 18 973 Non-controlling interests 7 873 33 447 6 972 12 193 11 100 Total attributed 21 385 41 483 8 737 43 476 30 073
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20 CONDENSED STATEMENT OF FINANCIAL POSITION LAST 5 QUARTERS Consolidated 2026 2026 2025 2025 2025 (NOK 1 000) Q2 Q1 Q4 Q3 Q2 ASSETS Non-current assets: Vessels 1 450 188 1 483 544 1 522 255 1 553 431 1 595 419 Assets under construction 1 400 304 1 366 750 1 331 375 676 107 657 377 Other assets 18 788 18 903 19 017 19 241 19 225 Right-of-use asset 54 874 57 579 60 286 62 938 65 590 Shares in Joint Venture 126 094 125 336 130 072 130 752 130 539 Shares 2 350 2 350 2 350 4 154 4 154 Total non-current assets 3 052 598 3 054 462 3 065 354 2 446 622 2 472 304 Current assets: Account receivables, 212 059 215 483 190 171 205 891 190 323 Other short-term receivables 63 829 54 316 87 077 51 608 53 862 Financial derivatives 0 0 0 0 2 712 Cash and cash equivalents 338 507 371 060 340 499 290 546 305 239 Total current assets 614 396 640 859 617 747 548 044 552 136 TOTAL ASSETS 3 666 993 3 695 321 3 683 101 2 994 666 3 024 440 EQUITY AND LIABILITIES Equity attributable to the company's shareholders: Share capital 3 649 3 649 3 649 3 649 3 649 Premium fund 301 054 301 054 301 054 301 054 301 054 Retained earnings 1 313 754 1 314 840 1 306 804 1 305 348 1 295 960 Total equity majority shareholders 1 618 458 1 619 543 1 611 507 1 610 051 1 600 663 Non-controlling interests 545 508 557 595 524 147 297 610 285 416 Total equity 2 163 966 2 177 137 2 135 655 1 907 661 1 886 080 LIABILITIES: Non-current liabilities: Deferred tax liabilities 0 0 0 3 711 2 295 Lease liabilities 49 975 52 508 55 009 57 364 59 753 Interest-bearing debt 1 078 803 1 070 174 1 122 612 614 965 640 298 Total non-current liabilities 1 128 778 1 122 682 1 177 621 676 040 702 346 Current liabilities: Interest-bearing debt 123 997 123 693 124 640 121 780 122 360 Lease liabilities 9 447 9 383 9 319 9 311 9 254 Accounts payable 38 842 28 475 42 425 23 547 40 398 Other short-term liabilities 201 965 233 951 193 441 256 328 264 002 Total current liabilities 374 250 395 502 369 826 410 966 436 015 Total liabilities 1 503 028 1 518 183 1 547 447 1 087 006 1 138 361 TOTAL EQUITY AND LIABILITIES 3 666 993 3 695 321 3 683 101 2 994 666 3 024 440
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21 Financial Calendar 2026 12 Nov 2026 | 3 rd Quarter 2026 Company address | Vestvikvegen 1 NO -5443 Bømlo, Norway Telephone | +47 53 44 80 00 Webpage | www.eidesvik.no Email | investor.relations@eidesvik.no