Interim report
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2026 Second quarter and first half results
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P age | 2 CREA TING SUPERIOR RETURNS IN THE ENERGY INDUSTRY SED Energy Holdings Plc (“Energy Holdings”, the “Company” or together with its consolidated subsidiaries the “Group”) is a strong industrial investor, established to deliver superior, sustainable distributions to shareholders by building a scalable platform of leading energy companies. Energy Holdings operates a portfolio of resilient, cash-generative assets, supported by a conservative capital structure and attractive long-term market fundamentals. Current holdings Energy Drilling – a global leader in tender assisted drilling, controlling approximately 38% of the world’s actively marketed tender rigs, strategically positioned to address Southeast Asia’s growing demand for natural gas. SeaBird Exploration – a market leader in source vessel solutions for the oil and gas industry. Strategic rationale Energy Holdings is committed to building leading companies in the energy sector and deliver high shareholder value through stable, predictable cash flows. Distributions to shareholders are supported by a robust contract backlog with high revenue visibility, efficient operations that ensure strong cash conversion, and a capital structure designed to support quarterly payouts of excess liquidity. With deep sector expertise and disciplined capital allocation, Energy Holdings is well positioned to deliver attractive returns while selectively pursuing accretive growth opportunities, building a scalable platform for sustained value creation. Value proposition Strong leadership with industrial expertise Exposure to resilient offshore energy markets with a focus on brownfield development High cash conversion and strong earnings visibility Scalable platform with proven operational execution Clear commitment to shareholder value through quarterly distributions and disciplined growth Cover photo credit: Gordon King, Party Chief
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P age | 3 T ABLE OF CONTENTS Letter from the CEO ................................................................................................................................................................................................................ 4 Second quarter and first half 2026 results highlights ...................................................................................................................................................... 5 Key figures ................................................................................................................................................................................................................................. 6 Interim management statement .......................................................................................................................................................................................... 7 Financial review ........................................................................................................................................................................... 7 Energy Drilling ............................................................................................................................................................................. 9 SeaBird Exploration ................................................................................................................................................................. 10 Risk and uncertainties .............................................................................................................................................................. 11 Environmental, social and governance (ESG) ....................................................................................................................... 11 Condensed interim consolidated financial statements .............................................................................................................................................. 13 Notes to the condensed interim financial statements ................................................................................................................................................. 18 Alternative performance measures .................................................................................................................................................................................. 28
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P age | 4 CONTINUED STRONG PERFORMANCE AND SHAREHOLDER RETURNS Energy Holdings delivered another solid quarter, with continued high utilization and consistent performance across both Energy Drilling and SeaBird Exploration. Energy Drilling delivered economic utilization of 99%, while SeaBird secured new work for its vessels, providing enhanced visibility for the coming periods. The results demonstrate the quality of our operations and the cash-generating capacity of the platform. SeaBird has continued to build backlog despite a marine seismic market that has been softer over the past year. New contracts for both Eagle Explorer and Fulmar Explorer provide important visibility for the coming periods. We are also seeing early signs of improving activity in the broader marine seismic market, where OBN remains one of the stronger seismic segments. and SeaBird is well positioned to maintain high utilization and capture further opportunities. Within drilling, the situation in the Middle East has introduced increased uncertainty into the broader market, particularly in the shallow-water segment. This has contributed to more measured customer decision- making and longer tender processes. Underlying activity in Southeast Asia remains robust, supported by continued demand for offshore gas development, production maintenance and brownfield drilling activity. Energy Drilling remains in close dialogue with its customers and is actively engaged in several tender processes for rigs becoming available over the coming 12 months. We are confident about securing continued employment, supported by a modern fleet, competitive cost structure, proven operational track record and long-standing customer relationships. Delivering attractive and sustainable shareholder distributions remains a core priority. For the second quarter of 2026, the Board of Directors has proposed a distribution of USD 25 million. This brings total distributions for the first half of the year to USD 50 million, well on track for our full-year guidance of USD 90–110 million. Since inception we have distributed USD 132.5 million, equivalent to around 30% of the market capitalization at the time of the merger. Looking ahead, our priorities remain unchanged: safe and efficient operations, maintaining high utilization and building backlog, disciplined capital allocation and consistent shareholder returns. Although some contracting processes are progressing more gradually, we remain confident in the underlying market fundamentals and enter the second half of 2026 from a position of strength. With solid cash generation, low leverage, limited capital expenditure requirements and high contract coverage, we have a robust foundation for continued shareholder returns and financial flexibility to act on value-accretive opportunities. Sincerely, Kurt M. Waldeland Chief Executive Officer Energy Holdings
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Highlights P age | 5 SECOND QUARTER AND FIRST HALF 2026 RESUL TS HIGHLIGHTS 1 Energy Holdings continued to deliver strong results in the second quarter of 2026. Revenue and EBITDA2 increased substantially year-over-year, driven by a fully active fleet, strong operational execution and continued capital discipline. Cash generation remained strong and net interest-bearing debt was reduced further, supporting continued financial flexibility. The Board has proposed a USD 25 million shareholder distribution for the second quarter, bringing total distributions for the first half of 2026 to USD 50 million . Strong earnings growth and cash generation • Revenue increased 50% in Q2 2026 and 40% in H1 2026 year-over-year. • Adjusted EBITDA2 increased 72% in Q2 2026 and 44% in H1 2026, driven by strong operational performance across both Energy Drilling and SeaBird Exploration. • Net cash flow from operating activities amounted to USD 80.6 million in H1 2026. • Net interest-bearing debt2 reduced to USD 17.6 million in the quarter, corresponding to 0.1x LTM adjusted EBITDA2 Strong operational performance and earnings visibility • Energy Drilling achieved high technical utilization2 of 98% and economic utilization2 of 99% during the quarter. • SeaBird Exploration secured new contracts for both vessels, increasing firm backlog to USD 24 million. • Firm revenue backlog2 of USD 342 million provides significant earnings visibility. Second quarter shareholder distribution and full year guidance • The Board has proposed a USD 25 million shareholder distribution for Q2 2026, bringing total distributions to USD 50 million year-to-date. • Full-year distribution guidance of USD 90-110 million reiterated. 1 The consolidated financial statements of Energy Holdings reflect a continuation of Energy Drilling’s financials and include SeaBird Exploration’s results from the transaction closing date, 26 May 2025. 2 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report. Operating revenue USD million Adj. EBITDA2 USD million Net interest-bearing debt2 USD million 47.6 50.7 60.8 70.2 71.5 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 24.7 24.0 30.1 39.0 42.6 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 25.6 23.4 46.1 30.5 17.6 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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Highlights P age | 6 KEY FIGURES Consolidated 2025 financials for SED Energy Holdings Plc consist of full-period results for Energy Drilling and results for SeaBird Exploration from the closing date of the business combination of SeaBird Exploration and Energy Drilling on 26 May 2025. Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 Change H1 2026 H1 2025 Change Revenue 71,511 47,625 50% 141,281 100,609 40% EBITDA1 42,557 17,404 145% 81,052 49,008 65% Adj. EBITDA1 42,557 24,688 72% 81,514 56,519 44% Operating profit 31,750 8,637 268% 59,403 29,459 102% Profit for the period 25,591 -5,765 nm 47,359 7,582 525% Earnings per share (USD) 0.03 -0.01 nm 0.06 0.01 466% Adj. EBITDA-margin (%)1 60% 52% 8pp 58% 56% 2pp Revenue backlog (USDm)1 342 567 -40% Shareholder distribution2 25,000 20,000 25% 50,000 40,000 25% Distribution per share (NOK)2 0.318 0.274 16% 0.642 0.548 17% Total assets 468,636 501,371 -7% Cash and cash equivalents 53,647 79,559 -33% Net debt1 17,602 25,633 -31% Net Debt/LTM Adj. EBITDA (x)1 0.1x 0.3x -54% Equity 334,143 345,385 -3% Equity ratio (%)1 71% 69% 2pp 1 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report. 2 Q2 2026 shareholder distribution has been proposed by the board and is subject to general meeting approval. Distribution per share will depend on FX rate and is estimated based on USDNOK FX rate 9.31 and total shares outstanding of ~731m. USD 40m cash distribution for H1 2025 (~NOK 0.55 per share) paid on October 3 2025, shown in Q1 and Q2 for illustrative purposes.
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Interim management statement P age | 7 INTERIM MANAGEMENT ST ATEMENT SeaBird Exploration Plc (“SeaBird Exploration”) and Energy Drilling Pte Ltd completed a business combination on 26 May 2025, resulting in the establishment of SED Energy Holdings Plc. These interim financial statements are presented in accordance with a reverse acquisition under IFRS 3 Business Combinations, where Energy Drilling Pte Ltd is identified as the accounting acquirer and SeaBird Exploration Plc as the accounting acquiree. As a result of the reverse acquisition, the financial information presented for periods prior to the transaction reflects the operations, financial position, and cash flows Energy Drilling Pte Ltd only. The historical operations of SeaBird Exploration Plc prior to the acquisition are not included in the financial information for periods before 26 May 2025. The Group operates through two reporting segments: Energy Drilling, a leading provider of tender-assisted drilling services, and SeaBird Exploration, a provider of marine source vessel services focused on OBN source and selected 2D seismic opportunities. Certain financial measures presented in this section are defined as alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report. Financial review Profit and loss Group revenues in the second quarter of 2026 grew 50% to USD 71.5 million, compared to USD 47.6 million in the same period of 2025. For the first six months of 2026, revenues amounted to USD 141.3 million, compared to USD 100.6 million in the same period of 2025. The increase in revenue was mainly driven by higher activity and strong operational performance across the Group’s operating segments. Energy Drilling benefited from a fully contracted and active fleet throughout the quarter, while SeaBird Exploration contributed for the full reporting period in 2026, compared to being consolidated from 26 May 2025 only in the comparative period. Cost of sales was USD 24.7 million in the quarter, up from USD 21.0 million in the same period of 2025. For the first six months of 2026, cost of sales amounted to USD 50.8 million, up from USD 40.4 million in the same period of 2025. The increase primarily reflects operational activity across the fleet and full period consolidation of SeaBird Exploration in 2026. Selling, general and administrative (SG&A) expenses were USD 4.3 million in the quarter, compared to USD 9.3 million in the same period of 2025. For the first six months of 2026, SG&A expenses were USD 9.4 million, compared to USD 11.2 million in the same period of 2025. The decrease in SG&A expenses reflects significant non-recurring merger-related costs in the first half of 2025. Adjusted for these items, SG&A expenses increased year-over-year, reflecting the 1 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report. larger corporate structure following the business combination and recurring costs associated with operating as a listed holding company. EBITDA1 was USD 42.6 million in the second quarter of 2026, compared to USD 17.4 million in the same period of 2025. For the first six months of 2026, EBITDA was USD 81.1 million, compared to USD 49.0 million in the first half of 2025, while adjusted EBITDA was USD 81.5 million, compared to USD 56.5 million in the same period of 2025. The increase reflects higher revenues, strong operational execution, and continued operating leverage across the Group, as well as the inclusion of Seabird Exploration from 26 May 2025. The second quarter of 2025 was also impacted by non- recurring merger-related costs, which further reduced reported EBITDA. Operating profit was USD 31.8 million in the second quarter of 2026, compared to USD 8.6 million in the same period of 2025. For the first six months of 2026, operating profit amounted to USD 59.4 million, compared to USD 29.5 million in the corresponding period in 2025. The improvement was driven by higher EBITDA and the non-recurring merger-related costs in the same period of 2025, partly offset by increased depreciation reflecting a larger asset base following the business combination. The Group reported a profit for the period of USD 25.6 million in the second quarter of 2026, compared to a loss of USD 5.8 million in the same period of 2025. For the first six months of 2026, profit for the period was
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Interim management statement P age | 8 USD 47.4 million, compared to USD 7.6 million in the corresponding period in 2025. The improvement reflects higher operating profit and that the comparative period included a non-recurring withholding tax adjustments related to prior periods and merger- related costs. Basic and diluted earnings per share were USD 0.03 for the second quarter of 2026 and USD 0.06 for the first six months of 2026. Cash flow Net cash from operating activities was USD 80.6 million in the first six months of 2026, compared to USD 38.5 million in the same period of 2025, reflecting higher profit before income tax and continued strong cash generation from operations. Capital expenditure was USD 8.1 million in the first six months of 2026, compared to USD 1.1 million in the same period of 2025, mainly reflecting normal capex scheduling and classing activity on the assets. Net cash used in financing activities was USD 54.1 million in the first six months of 2026, compared to net cash from financing activities of USD 7.6 million in the same period of 2025. Financing cash flows in 2026 included capital distributions of USD 42.5 million, repayment of borrowings of USD 5.6 million, interest of USD 2.4 million and lease payments of USD 4.9 million, partly offset by proceeds from issuance of shares. Cash and cash equivalents were USD 39.4 million as of 30 June 2026, compared to USD 64.8 million as of 30 June 2025. Including restricted cash of USD 14.2 million, cash and bank balances were USD 53.6 million as of 30 June 2026. Balance sheet Total assets as of 30 June 2026 were USD 468.6 million, consisting of USD 338.9 million in non-current and USD 129.8 million in current. This compares to USD 468.1 million as of 31 December 2025. Total liabilities were USD 134.5 million as of 30 June 2026, compared to USD 141.0 million as of 31 December 2025. Interest-bearing liabilities amounted to USD 61.1 million and lease liabilities were USD 10.1 million as of 30 June 2026. The decrease in total liabilities reflects lower borrowings and reduced lease liabilities, partly offset by other liability movements. During the first six months of 2026, the Group’s USD 75 million bank loan facility was amended, among other things, to reduce the amortization profile. As a result, scheduled annual amortization was reduced from approximately USD 19.8 million to approximately USD 8.1 million. As of 30 June 2026, both the Group and Energy Drilling were compliant with all applicable financial covenants. The Group’s net interest-bearing debt, including lease liabilities, was USD 17.6 million as of 30 June 2026, compared to USD 46.1 million as of 31 December 2025. Net interest-bearing debt to last twelve months adjusted EBITDA was 0.1x as of 30 June 2026, compared to 0.4x as of 31 December 2025. The reduction reflects strong cash generation during the period and reduced net debt despite shareholder distributions in the first half of 2026. Total equity was USD 334.1 million as of 30 June 2026, compared to USD 327.1 million as of 31 December 2025. The equity ratio was 71% as of 30 June 2026, compared to 70% as of 31 December 2025. The Group’s financial position remains strong, with low leverage and a conservative capital structure. Shareholder distributions The Group continued to return capital to shareholders during the first half of 2026. The USD 25 million capital distribution relating to the first quarter of 2026 was paid to shareholders in August 2026. The Board of Directors has proposed a shareholder distribution of USD 25 million relating to the second quarter of 2026 subject to approval by the General Meeting, payable in November 2026. Total distributions relating to the first six months of 2026 will amount to USD 50 million. Subsequent events On 6 July 2026, the Company announced that a subsidiary of SeaBird Exploration had secured a contract for a 2D seismic survey offshore India. SeaBird Exploration will deploy the Eagle Explorer for the campaign. The vessel commenced mobilization in mid- July, with the project expected to keep the vessel utilized through the first half of 2027. For further details, see Note 16 - Events after the reporting period. Related party transactions There were no related party transactions during the period. For further details, see Note 14 – Related party disclosures.
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Interim management statement P age | 9 Energy Drilling Energy Drilling is a leading provider of tender assisted drilling services. Headquartered in Singapore, Energy Drilling controls approximately 38% of the world’s actively marketed tender rigs, strategically positioned to address Southeast Asia’s growing demand for natural gas. Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 Change H1 2026 H1 2025 Change Revenue 64,425 44,524 45% 126,383 97,508 30% OPEX1 19,998 19,400 3% 40,722 38,889 5% EBITDA1 41,615 16,285 156% 79,533 47,889 66% Adj. EBITDA1 41,615 23,341 78% 79,533 55,172 44% Operating profit 33,214 8,277 301% 62,724 29,099 116% Revenue backlog (USDm)1 318 552 -42% Technical utilization (%)1 98 99 -1pp 98 98 - Economic utilization (%)1 99 76 23pp 98 84 14pp Operating performance Energy Drilling delivered solid performance during the second quarter, with technical utilization of 98% across active rigs. All rigs were operational and on contract for the entire quarter with limited downtime, and the team achieved a solid 99% economic utilization. Total firm revenue backlog1 at the end of the quarter was USD 318 million. Financial results Revenues were USD 64.4 million in the second quarter of 2026, up 45% compared to the same period in 2025, driven by a fully contracted and active fleet. Revenues for the first six months of 2026 were USD 126.4 million, up from USD 97.5 million in the same period of 2025. The GHTH was fully operational for the entire quarter and T-15 benefited from a higher day rate, contributing to both revenue and EBITDA growth. Operating expenses increased slightly in the second quarter, reflecting timing of regular repair and maintenance of the rigs. Reported EBITDA 1 was USD 41.6 million for the period, compared to USD 16.3 million in the same period in 2025. EBITDA increased for the first six months of 2026, from USD 47.9 million to USD 79.5 million. Market The offshore drilling market in Asia Pacific remained challenging during the first half of 2026, with regional 1 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report. activity affected by heightened geopolitical instability in the Middle East, disrupting jackup rig supply and the timing and decision-making of tender processes. At the same time, energy security and development of domestic resources remain key priorities for several fast-growing Southeast Asian economies, continuing to support the medium-term outlook for offshore oil and gas activity in the region. Demand in Southeast Asia remains intact, with several long-term tenders issued primarily by national oil companies. Tender awards and contract commencements have progressed more slowly than anticipated in light of the prevailing geopolitical uncertainty, and day rates have remained under pressure throughout most of the first half of 2026. The programs themselves remain in place, and a normalization of Middle East activity would be the principal catalyst for a broader recovery. Energy Drilling maintains close dialogue with its customers and is actively engaged in ongoing tender processes. Timing has become less predictable given the current geopolitical uncertainty, but the company is well positioned to capitalize on opportunities as they materialize and remains confident about securing continued employment across its fleet.
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Interim management statement P age | 10 SeaBird Exploration SeaBird Exploration is a leading global provider of marine source vessel services to the oil and gas industry. Headquartered in Bergen, Norway, SeaBird Exploration owns and operates two high-end source vessels positioned to address demand for OBN source services and selected 2D seismic opportunities. SeaBird Exploration’s results are included in the consolidated financial statements from 26 May 2025. Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 Change H1 2026 H1 2025 Change Revenue 7,307 3,101 136% 15,339 3,101 395% OPEX1 4,692 1,556 202% 10,064 1,556 547% EBITDA1 1,567 1,366 15% 2,799 1,366 105% Adj. EBITDA1 1,567 1,366 15% 3,210 1,366 135% Operating profit -493 723 nm -1,350 723 nm Revenue backlog (USDm)1 24 15 60% Technical utilization (%)1 94 96 -2pp 92 97 -5pp Economic utilization (%)1 76 72 4pp 82 79 3pp Operating performance SeaBird Exploration delivered technical utilization of 94% in the second quarter of 2026, compared with 96% in the same period in 2025. Economic utilization was 76% for the quarter, compared with 72% in the same period of 2025. The lower economic utilization compared with the first quarter was mainly due to Eagle Explorer completing her firm OBN source contract in late May. Fulmar Explorer continued her OBN source contract in the U.S. Gulf of America during the second quarter. After quarter-end, the contract was completed and the vessel commenced her scheduled yard stay for five- year classing. The vessel has subsequently been awarded a source contract in West Africa, with mobilization expected in September 2026. Eagle Explorer is mobilizing for a 2D seismic contract offshore India and the project is expected to keep the vessel utilized through the first half of 2027. Firm revenue backlog 1 was USD 24 million as of 30 June 2026, including contracts awarded after quarter- end, compared with USD 15 million in the comparative period. Financial results SeaBird Exploration reported revenue of USD 7.3 million in the second quarter of 2026, compared with USD 3.1 million in the same period of 2025. For the first half of 2026, revenue was USD 15.3 million, 1 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report. compared with USD 3.1 million in the first half of 2025. The increase reflects that SeaBird Exploration contributed for the full first half in 2026, whereas the comparative period only included results from the completion of the business combination. EBITDA for the second quarter of 2026 was USD 1.6 million, compared with USD 1.4 million in the same period of 2025. Adjusted EBITDA for the first half of 2026 was USD 3.2 million, compared with USD 1.4 million in the first half of 2025. Market OBN seismic remains one of the stronger segments of the seismic market, supported by continued focus on increased recovery rates, near-field exploration and reduced project cycle times, with limited supply of relevant high-end tonnage supporting SeaBird’s market position. Near-term contracting activity has been affected by geopolitical volatility and delayed investment decisions. The Company remains focused on maintaining high utilization, securing follow-on employment and positioning the vessels for opportunities in the OBN source and selected 2D markets.
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Interim management statement P age | 11 Risk and uncertainties Following the business combination of SeaBird Exploration and Energy Drilling in 2025, the Group has a broader operational scope with a more complex risk landscape, including operational, financial, geopolitical, and compliance-related exposures. Energy Holdings is committed to active and structured risk management. The Group applies mitigating measures including contractual risk assessments, comprehensive insurance, preventative maintenance and asset integrity programs, and compliance monitoring. These measures are designed to reduce exposure and maintain resilience across market cycles, regulatory environments, and operational challenges. Operational risks The Group’s operations face risks that can affect asset utilization, safety, and business continuity. Offshore drilling involves high-risk activities such as blowouts, well control incidents, equipment failures, and environmental hazards. Mobilization and demobilization across regions require complex logistics, regulatory compliance, and heavy-lift operations, which may cause injuries, asset damage, or extended downtime. In the Group’s seismic operations, additional risks include capsizing, grounding, and collisions. Cybersecurity threats have increased alongside ongoing digitalization. Successful attacks could disrupt operational control systems, offshore activities, and result in safety incidents or financial losses. The Group’s reliance on third-party suppliers and skilled offshore personnel further exposes it to potential delays, cost increases, and reduced efficiency. Although the Group maintains comprehensive insurance, coverage may not fully protect against catastrophic events or environmental incidents involving hazardous substances such as fuel or drilling fluids, risk regulatory penalties, reputational damage, and cleanup liabilities. Macroeconomic and industry risks The Group’s performance is closely tied to global oil and gas activity, which is influenced by commodity prices, geopolitical developments, regulatory changes, and the energy transition. Prolonged price downturns or reduced exploration spending may lower demand and impact utilization and day rates. Prolonged low demand that increases rig idleness could significantly affect operations. Geopolitical and regulatory risks The Group operates in regions with elevated political and regulatory risks. Instability, conflict, or regulatory changes may disrupt operations or increase costs. Exposure to sanctioned jurisdictions or counterparties could lead to reputational damage, contract loss, or legal penalties. Operations in jurisdictions with elevated corruption and compliance risks may lead to fines or reputational damage. Ongoing tax audits and complex cross- border tax regulations may also lead to additional liabilities or disputes. The Group is also exposed to currency and tax risks from multi-jurisdictional operations Financial risks Failure to secure financing on acceptable terms could materially impact liquidity, debt servicing, operational flexibility, and overall financial health. As of the date of this report, the Group’s financial position is considered to be strong, and liquidity risk is considered low Environmental, social and governance (ESG) Sustainability is a core consideration in Group’s operations. Through its seismic services, the Group enables more efficient exploration, helping clients lower their environmental footprint. The Group also works to minimize its own impact by renewing its fleet, optimizing transit speeds, and investing in modern equipment. In its rig operations, it maintains a young and capable fleet, providing high-quality assets that meet international standards while supporting safe, efficient, and responsible offshore activities. Across all operations, the Group is committed to practices that strengthen both environmental and social performance, from maintaining safe working environments to driving continuous efficiency improvements. Energy Holdings recognizes the importance of aligning with global sustainability goals and continues to explore opportunities to further reduce its footprint and contribute to the energy transition.
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Interim management statement P age | 12 Responsibility statement Declaration of the members of the board of directors and the officials responsible for the preparation of the interim condensed financial statements. In accordance with Article 10, subsections (3) (c) and (7) of the Cyprus Transparency Requirements (Securities for Trading on Regulated Market) Law of 2007 (the “Law”) we, the members of the Board of Directors and the Company official responsible for the drafting of the condensed consolidated interim financial statements of SED Energy Holdings Plc for the period 1 January 2026 to 30 June 2026, to the best of our knowledge, declare that: • The condensed consolidated interim financial statements for the period 1 January to 30 June 2026 that are presented on pages 14 to 31: i. have been prepared in accordance with the applicable IFRS Accounting Standards IAS 34 “Interim Financial Reporting” as adopted by the European Union and the provisions of Article 10, subsection (4), of the Law ii. provide a true and fair view of the assets and liabilities, the financial position and the profit or losses of SED Energy Holdings Plc and the entities included in the consolidated financial statements as a whole. • The Interim Management Report includes a fair review of the information required by subsection (6) of Article 10 of the Law. Limassol, Cyprus – 25 August 2026 The Board of Directors and Management of SED Energy Holdings Plc Alf Christian Thorkildsen Chairman Kurt Magne Waldeland Director & Chief Executive Officer Kjell Erik Jacobsen Director Marcus Chew Siong Huat Director Lefki Savvidou Director Pantelakis Evangelou Director Tan Ching Chin Director Savvas Savvides Director Zhao Beijia Director
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Financials | Consolidated Interim financial statements P age | 13 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
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Financials | Consolidated Interim financial statements P age | 14 CONDENSED INTERIM CONSOLIDATED ST ATEMENT OF COMPREHENSIVE INCOME All figures in USD '000 Second Quarter Half Year Note Q2 2026 Q2 2025 H1 2026 H1 2025 Contract revenues 3 68,704 45,796 135,624 96,572 Other revenues 3 2,807 1,829 5,656 4,037 Total revenues 3 71,511 47,625 141,281 100,609 Cost of sales 4 -24,688 -20,956 -50,784 -40,445 Selling, general and administrative expenses -4,266 -9,266 -9,426 -11,157 Other net expenses -0 - -19 - EBITDA1 42,557 17,404 81,052 49,008 Depreciation 7 -10,807 -8,767 -21,649 -19,549 Operating profit 31,750 8,637 59,403 29,459 Finance Income 169 31 226 40 Finance expense -1,652 -765 -3,157 -5,505 Other financial items, net -274 -1,558 -474 -2,084 Profit before income tax 29,993 6,345 55,998 21,911 Income tax 6 -4,402 -12,110 -8,639 -14,329 Profit/(loss) for the period 25,591 -5,765 47,359 7,582 Other comprehensive income, net of tax - - - - Total comprehensive profit for the period 25,591 -5,765 47,359 7,582 Average earnings per share - in USD Basic 12 0.03 -0.01 0.06 0.01 Diluted 12 0.03 -0.01 0.06 0.01 1 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report.
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Financials | Consolidated Interim financial statements P age | 15 CONDENSED INTERIM CONSOLIDA TED ST A TEMENT OF FINANCIAL POSITION Figures in USD '000 Not e Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Property, plant and equipment 7 319,206 342,469 330,215 Right-of-Use asset 7 4,779 10,523 7,646 Goodwill 14,562 13,857 14,562 Non-current investments 327 101 - Total non-current assets 338,875 366,949 352,423 Inventories 8 27,823 23,174 25,810 Trade receivables 39,288 23,169 30,423 Other current assets 9,003 8,520 24,235 Restricted cash 11 14,202 14,792 14,206 Cash and cash equivalents 11 39,445 64,767 21,036 Total current assets 129,761 134,422 115,711 Total assets 468,636 501,371 468,133 EQUITY AND LIABILITIES Paid in capital 12 270,038 304,400 310,659 Other Equity 64,105 40,985 16,450 Total Equity 334,143 345,385 327,109 Non-current borrowings 9 52,890 57,970 44,973 Non-current lease 10 - 10,118 4,620 Non-current contract liabilities 1,275 4,267 4,600 Other non-current liabilities 2,303 1,789 2,069 Total non-current liabilities 56,469 74,144 56,262 Current borrowings 9 8,238 29,112 20,960 Current lease 10 10,121 7,991 10,766 Current contract liabilities 8,519 5,629 10,575 Trade payables 11,054 7,269 5,544 Other payables 35,365 20,286 35,530 Tax payable 6 4,727 11,555 1,388 Total current liabilities 78,024 81,842 84,763 Total liabilities 134,493 155,987 141,025 Total equity and liabilities 468,636 501,371 468,133
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Financials | Consolidated Interim financial statements P age | 16 CONDENSED INTERIM CONSOLIDA TED ST A TEMENT OF CASH FLOWS All figures in USD '000 Half Year Note H1 2026 H1 2025 Profit / (loss) before income tax 55,998 21,911 Adjustments for: Depreciation, amortization and impairment 7 21,649 19,549 Employee share option expense 1,058 - Financial income -226 - Financial expenses 2,626 2,318 Other items -3,141 1,290 Net paid income tax -5,300 -4,389 (Increase)/decrease in inventories 8 -2,013 -1,139 (Increase)/decrease in trade and other receivables 6,367 13,205 Increase/(decrease) in trade and other payables 3,538 -14,271 Net cash from operating activities 80,556 38,475 Capital expenditures 7 -8,070 -1,070 Proceeds from disposal of property, plant and equipment 1 - Cash acquired through business combination - 1,397 Net cash used in investing activities -8,069 327 Proceeds from issuance of shares 1,138 100 Receipts from borrowings 9 - 75,000 Repayment of borrowings 9 -5,570 -63,710 Interest paid -2,405 -2,335 Interest received 119 37 Repayment of lease payments 10 -4,864 -202 Capital distribution -42,500 - Change in restricted cash 4 -1,282 Net cash from financing activities -54,078 7,607 Cash and cash equivalents at beginning of the period 11 21,036 18,358 Net change in cash and cash equivalents 18,409 46,409 Cash and cash equivalents at end of the period 11 39,445 64,767
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Financials | Consolidated Interim financial statements P age | 17 CONDENSED INTERIM CONSOLIDATED ST ATEMENT OF CHANGES IN EQUITY Figures in USD 000's Note Paid-in capital Share options Retained earnings Other reserves Total equity Equity as of 1 January, 2025 304,400 705 -28,843 -100 276,162 Total income and comprehensive income - - 7,582 - 7,582 Net share options movement 4,766 4,766 Capital distribution - - - - - Other equity transactions - - 53,772 3,102 56,874 Equity as of 30 June 2025 304,400 5,472 32,511 3,002 345,385 Equity as of 1 January, 2026 310,659 5,789 7,670 2,990 327,109 Total income and comprehensive income - - 47,359 - 47,359 Net share options movement 3,214 -1,036 - - 2,179 Share premium reduction -1,335 - 1,335 - - Capital distribution -42,500 - - - -42,500 Other equity transactions - -3 -3 Equity as of 30 June 2026 270,038 4,754 56,361 2,990 334,143
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Financials | Notes to the Interim financial statements P age | 18 NOTES TO THE CONDENSED INTERIM FINANCIAL ST A TEMENTS All figures in USD 1,000, if not stated otherwise. Note 1 | General information SED Energy Holdings Plc (“Energy Holdings”, the “Company” or the “Group”) consists of SED Energy Holdings Plc and its subsidiaries. The parent company’s registered address is Arch. Makariou III 195, NEOCLEOUS HOUSE, 3030 Limassol, Cyprus. The Company is listed on the Oslo Stock Exchange under the ticker symbol “ENH” . The principal activity of the Group is to invest in and operate assets within tender assisted drilling and the seismic acquisition shipping segment. Note 2 | Basis of preparation The condensed interim consolidated financial statements for the period ended 30 June 2026, have been prepared in accordance with the International Accounting Standard 34 “Interim Financial Reporting” (IAS 34). The condensed interim consolidated financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the consolidated financial statements of SED Energy Holdings Plc. for the year ended 31 December 2025, available on www.energyholdings.cy. The accounting policies applied in these condensed interim consolidated financial statements are consistent with those presented in the 2025 audited annual consolidated financial statements of the Group. The financial statements for the three months and six months ending June 30, as approved by the board of directors on 25 August 2026, are unaudited. The Board has assessed the Group's liquidity, forecast cash flows and covenant compliance and concluded that the going concern basis remains appropriate. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were consistent with those described in the latest annual consolidated financial statements. New standards and interpretations There were no applicable new and amended Standards, Interpretations and Amendments issued by the IASB and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB adopted by the Company in the current interim financial period. New and amended Standards, Interpretations and Amendments that are issued, but not yet effective, up to the date of issuance of the Company’s interim financial statements are disclosed below. The below list includes the new standards and amendments that we believe are the most relevant for the Company: IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The new standard is effective for annual reporting periods beginning on or after January 1, 2027 and must be applied retrospectively. The key new concepts introduced in IFRS 18 relate to: • the structure of the statement of profit or loss and statement of cash flow; • required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and • enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
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Financials | Notes to the Interim financial statements P age | 19 The Company is currently assessing the impact of the new and amended standards on its financial statements. The Company has not applied or early adopted any new IFRS requirements that are not yet effective as of June 30, 2026. Note 3 | Revenue The company has no outstanding performance obligations as of 30 June 2026. Revenue split on type of contract Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 Time-charter and service contract revenue 68,704 45,796 135,624 96,572 Other revenue 2,807 1,829 5,656 4,037 Total revenues 71,511 47,625 141,281 100,609 The amount of revenue as presented above represents the revenue net of discounts. Time of revenue recognition Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 At a point in time - - - - Over time 71,511 47,625 141,281 100,609 Total revenues 71,511 47,625 141,281 100,609 Set out below is the amount of revenue recognized from Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Amounts included in contract liabilities at the beginning of the period 15,175 13,041 13,041 Amounts included in contract liabilities at the end of the period 9,794 9,896 15,175 Revenue split on geography Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 Thailand 38,322 32,027 74,538 67,921 United States 7,086 3,101 14,898 3,101 Joint development area and Other 26,103 12,496 51,844 29,586 Total revenues 71,511 47,625 141,281 100,609
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Financials | Notes to the Interim financial statements P age | 20 Note 4 | Cost of goods sold Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 Repair and Maintenance 5,632 7,409 11,739 13,339 Seismic and maritime expenses 2,045 607 4,201 607 Personnel and related cost 14,652 10,980 30,116 22,347 Other operating expenses 2,360 1,959 4,729 4,152 Total cost of goods sold 24,688 20,956 50,784 40,445 Note 5 | Segment information SED Energy Holdings Plc. is a holding company focused on the energy space. The Company has two main verticals, notably Energy Drilling and SeaBird Exploration, which also forms the basis of the reporting segments. Energy Drilling is a leading provider of tender assisted drilling services. Headquartered in Singapore, Energy Drilling controls approximately 38% of the world’s actively marketed tender rigs, strategically positioned to address Southeast Asia’s growing demand for natural gas. SeaBird Exploration is a leading global provider of marine source vessel services to the Oil & Gas industry. Headquartered in Bergen, Norway, SeaBird Exploration owns and operates two high-end source vessels positioned to address the growing demand for OBN services in the Western Hemisphere. Half Year 2026 Figures in USD '000 Energy Drilling SeaBird Exploration Other and elimination Total Total revenues 126,383 15,339 -441 141,281 Cost of sales -40,722 -10,064 1 -50,784 Selling, general and administrative expenses -6,128 -2,457 -841 -9,426 Other expenses - -19 - -19 EBITDA1 79,533 2,799 -1,280 81,052 Depreciation -16,808 -4,150 -691 -21,649 Operating profit 62,724 -1,350 -1,971 59,403 Finance Income 332 - -106 226 Finance expense -3,093 -169 106 -3,157 Other financial items, net -320 -88 -65 -474 Profit before income tax 59,642 -1,608 -2,036 55,998
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Financials | Notes to the Interim financial statements P age | 21 Half Year 2025 Figures in USD '000 Energy Drilling SeaBird Exploration Other and elimination Total Total revenues 97,508 3,101 - 100,609 Cost of sales -38,889 -1,556 -1 -40,445 Selling, general and administrative expenses -10,730 -179 -247 -11,157 EBITDA1 47,889 1,366 -248 49,008 Depreciation -18,790 -644 -115 -19,549 Operating profit 29,099 723 -363 29,459 Finance Income 40 - - 40 Finance expense -5,340 -165 - -5,505 Other financial items, net -2,003 -74 -7 -2,084 Profit before income tax 21,797 484 -370 21,911 Second Quarter 2026 Figures in USD '000 Energy Drilling SeaBird Exploration Other and elimination Total Total revenues 64,425 7,307 -221 71,511 Cost of sales -19,998 -4,692 1 -24,688 Selling, general and administrative expenses -2,813 -1,048 -405 -4,266 EBITDA1 41,615 1,567 -625 42,557 Depreciation -8,401 -2,060 -345 -10,807 Operating profit 33,214 -493 -970 31,750 Finance Income 169 - - 169 Finance expense -1,634 -18 - -1,652 Other financial items, net -203 -56 -15 -274 Profit before income tax 31,546 -567 -986 29,993 Second Quarter 2025 Figures in USD '000 Energy Drilling SeaBird Exploration Other and elimination Total Total revenues 44,524 3,101 - 47,625 Cost of sales -19,400 -1,556 -1 -20,956 Selling, general and administrative expenses -8,839 -179 -247 -9,266 EBITDA1 16,285 1,366 -248 17,404 Depreciation -8,008 -644 -115 -8,767 Operating profit 8,277 723 -363 8,637 Finance Income 31 - - 31 Finance expense -600 -165 - -765 Other financial items, net -1,477 -74 -7 -1,558 Profit before income tax 6,231 484 -370 6,345
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Financials | Notes to the Interim financial statements P age | 22 Note 6 | Income tax For Energy Drilling, the current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where Energy Drilling operates and generates taxable income. In 2024 Energy Drilling and its subsidiaries was awarded Maritime Sector Incentive - Approved International Shipping Enterprise (MSI-AIS) Scheme by the Maritime Port Authority in Singapore. The main benefit of the scheme is a corporate tax exemption on qualifying income and covers a broad range of income derived from shipping acti vities that include offshore drilling rigs and other offshore oil & gas assets. The exemption also extends to qualifying dividends from approved subsidiaries and associated shipping companies. The exemption is for a 10-year period and is subject to a five-yearly review and can be extended for further ten-year periods upon re-application. For SeaBird Exploration, the current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries SeaBird operates and generates taxable income. Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 Current period 4,402 2,170 8,639 4,389 Adjustment for prior periods - 9,940 - 9,940 Total current tax 4,402 12,110 8,639 14,329 Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Current tax liabilities 4,727 11,555 1,388 Non-current tax liabilities - - - Total tax liabilities 4,727 11,555 1,388 Note 7 | Property, plant and equipment Figures in USD 000's Vessels and equipment Rigs and equipment Right of use assets Total Net book amount as of 1 January, 2025 - 307,748 739 308,487 Assets acquired through business combination 45,874 - - 45,874 Additions 436 1,611 14,640 16,687 Sale of assets - -821 821 - Depreciation -759 -13,000 -5,676 -19,435 Other - 1,379 - 1,379 Net book amount as of 30 June 2025 45,551 296,918 10,523 352,992 Cost 75,218 432,319 24,505 532,042 Accumulated depreciation and impairment -29,666 -135,401 -13,983 -179,050 Net book amount as of 30 June 2025 45,551 296,918 10,523 352,992
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Financials | Notes to the Interim financial statements P age | 23 Net book amount as of 1 January, 2026 43,800 286,414 7,646 337,861 Additions 1,345 6,725 - 8,070 Sale of assets - -1 -296 -297 Depreciation -4,840 -14,132 -2,676 -21,649 Other - -105 105 - Net book amount as of 30 June 2026 40,305 278,901 4,779 323,985 Cost 79,320 441,920 24,316 545,556 Accumulated depreciation and impairment -39,015 -163,019 -19,536 -221,570 Net book amount as of 30 June 2026 40,305 278,901 4,779 323,985 Depreciation on property, plant and equipment is calculated on a straight-line basis (historical cost less residual value) over their estimated useful lives, as follows: • Vessels, equipment and conversion expenditures: Up to 27 years • Rigs, equipment and conversion expenditures: Up to 30 years • Movable equipment: 3 to 10 years • Office equipment: 3 years Note 8 | Inventories Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Marine gas oil 442 - - Lube oil 271 - - Spare parts 27,111 23,174 25,810 Total inventories 27,823 23,174 25,810 Note 9 | Interest-bearing loans and borrowings Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Bank loan 61,030 87,083 65,932 Current 8,140 29,112 20,960 Non-current 52,890 57,970 44,973 Other financing 98 - - Current 98 - - Non-current - - - Total 61,128 87,083 65,932
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Financials | Notes to the Interim financial statements P age | 24 Bank loan facility - USD 75m bank loan facility The Group’s borrowings are secured by first-ranking mortgages over certain tender rigs, together with pledges over shares in subsidiaries holding those assets and assignments over related bank accounts, insurances and material contracts. The Group’s borrowings are subject to financial covenants assessed at both Group level and at the level of Energy Drilling. These covenants primarily relate to minimum asset coverage ratios, minimum equity levels and debt service coverage ratios. The USD 75 million bank loan facility matures in the first quarter of 2028. As at 30 June 2026, both the Group and Energy Drilling were in compliance with all financial covenants applicable to the Group’s borrowings. The Group’s borrowings are also subject to certain non-financial covenants, with which the Group was in compliance as of 30 June 2026. In February 2026, the USD 75 million bank loan facility was amended, among other things, to reduce the amortization profile of the loan. As a result, the scheduled annual amortization was reduced from approximately USD 19.8 million to approximately USD 8.1 million. Other loan facility Seabird Exploration has one loan facility of USD 0.1 million that relates to equipment provided in the conversion of the “Fulmar Explorer” . The loan is contractually repayable on demand by the lender and has therefore been classified as current liability. Note 10 | Lease liabilities Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Current 10,121 7,991 10,766 Non-current - 10,118 4,620 Total lease liabilities 10,121 18,109 15,387 The Groups lease liabilities primarily relate to the lease of a drilling rig utilized in the Group’s offshore drilling operations. Note 11 | Cash and short-term deposits The restricted cash is mainly related to cash deposits to support issuance of performance bonds, bid-bonds and other bank guarantees required in the ordinary course of business as well as DSRA and retention funds related to the Bank loan Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Restricted cash 14,202 14,792 14,206 Cash and cash equivalents 39,445 64,767 21,036 Cash and bank balances 53,647 79,559 35,243
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Financials | Notes to the Interim financial statements P age | 25 Note 12 | Shares and share capital Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Number of authorized ordinary shares 800,000,000 658,681,918 658,681,918 Number of authorized B-shares 200,000,000 - - Total number of authorized shares 1,000,000,000 658,681,918 658,681,918 Number of issued ordinary shares 623,152,967 725,984,552 725,984,552 Number of issued B-shares 108,100,000 - - Total number of issued shares 731,252,967 725,984,552 725,984,552 Nominal value per share USD 0.19 The Class B Shares rank in all respects pari passu with and confer to their holders the same rights as ordinary shares, except voting rights. On 10 March 2026, the Company issued 5,268,415 new shares following the exercise of options under its share option programme. Following the transaction, SED Energy Holdings Plc’s issued share capital increased to USD 138,938,063.73 and the share premium increased to 216,480,922.00. Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 Weighted number of issued shares 731,252,967 677,345,048 729,273,673 661,343,272 Weighted number of fully diluted issued shares 749,380,562 691,075,211 749,380,562 674,665,701 The weighted average number of shares outstanding in the current interim period has been determined based on the actual number of the Company shares outstanding during the period. This includes 80.5 million shares outstanding prior to the reverse acquisition transaction, plus 645.5 million shares issued as consideration to the former shareholders of Energy Drilling Pte. Ltd. The weighted average reflects the timing of the share issue on 26 May 2025. For the comparative interim period, the weighted average number of shares has been restated to reflect the capital structure of the legal parent as if the reverse acquisition had occurred at the beginning of the earliest period presented. This is calculated by multiplying the number of ordinary shares of Energy Drilling P te. Ltd. outstanding during the comparative period by the exchange ratio defined in the transaction, with the resulting weighted average reflecting the movements in Energy Drilling Pte. Ltd.’s share capital during that period. Note 13 | Share-based payments The employee share option program consists of 18.1 million options as of 30 June 2026. All share-based payment arrangements are classified as equity-settled. The Group operates multiple share option programs with differing vesting conditions and exercise prices. All options are exercisable within 60 months from the respective vesting dates.
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Financials | Notes to the Interim financial statements P age | 26 H1 2026 H1 2025 Total number of options at 1 January 23,396,010 2,973,503 Exercised in year -5,268,421 - Total number of options at 30 June 18,127,589 2,973,503 of which is vested 9,566,404 2,973,503 of which is non-vested 8,561,185 - Total options 18,127,589 2,973,503 The total value of share options granted is calculated using the Black-Scholes model. Their fair value is determined at the grant date and is expensed over the vesting period less expected number of forfeited options. The calculation is based on: • Trailing 252 days logarithmic return volatility: 30% to 85% • Given exercise price at the grant date. The exercise prices range from NOK 2.88 to NOK 7.98 • Time to maturity. The expected life ranges from 2 to 8 years. • Assume no dividends • A risk-free interest rate; 3.9% - 4.7%. The weighted average exercise price of options outstanding at 30 June 2026 was NOK 4.53. Note 14 | Related party disclosures No related party transactions have occurred during the period Shareholding Management and the board of directors, as of 30 June 2026 held the following shares on own account: Name Title Ordinary shares % ownership total outstanding shares Outstanding options* Alf Christian Thorkildsen Chairman - - - Kjell Erik Jacobsen Board Member - - - Marcus Chew Siong Huat Board Member 10,755,277 1.47% - Zhao Beijia Board Member - - - Tan Ching Chin Board Member - - - Pantelakis Evangelou Board Member - - - Savvas Savvides Board Member - - - Lefki Savvidou Board Member - - - Kurt Magne Waldeland Board Member / CEO - - 3,951,316 Sveinung Bergene Alvestad CFO 44,843 0.01% 3,096,820 Viggo Pedersen CIO 443,034 0.06% 3,951,316 *Please see Note 13 for further information of the company's share option program.
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Financials | Notes to the Interim financial statements P age | 27 During the first six months of 2026, the Group recognized share-based payment expense of USD 1,057,704, of which USD 527,968 was recognized during the second quarter. On 10 March 2026, the Company issued 5,268,415 new shares following Marcus Chew Siong Huat’s exercise options under the Company’s share option programme. Note 15 | 20 largest shareholders 20 largest shareholders as of 30 June 2026 Name A-shares B-shares Total % ownership % voting PIONEER LOGISTICS HOLDINGS PTE. LT 185,300,179 108,100,000 293,400,179 40.1% 29.7% Euroclear Bank S.A./N.V. 27,393,275 - 27,393,275 3.7% 4.4% VERDIPAPIRFONDET DNB NORGE 19,357,295 - 19,357,295 2.6% 3.1% GLOBALFUND CAPITAL PTE LTD 14,643,051 - 14,643,051 2.0% 2.3% VERDIPAPIRFONDET DNB SMB 12,403,256 - 12,403,256 1.7% 2.0% Interactive Brokers LLC 12,268,006 - 12,268,006 1.7% 2.0% Citibank Europe plc 11,777,799 - 11,777,799 1.6% 1.9% VERDIPAPIRFONDET FONDSFINANS NORGE 11,250,000 - 11,250,000 1.5% 1.8% Chew 10,755,277 - 10,755,277 1.5% 1.7% Avanza Bank AB 10,037,311 - 10,037,311 1.4% 1.6% Pershing Securities Limited 10,015,643 - 10,015,643 1.4% 1.6% Brown Brothers Harriman (Lux.) SCA 10,002,877 - 10,002,877 1.4% 1.6% Brown Brothers Harriman & Co. 9,264,336 - 9,264,336 1.3% 1.5% The Bank of New York Mellon SA/NV 7,630,741 - 7,630,741 1.0% 1.2% SURFSIDE HOLDING AS 7,400,000 - 7,400,000 1.0% 1.2% BOREA NORGE VERDIPAPIRFOND 7,009,469 - 7,009,469 1.0% 1.1% DNB Carnegie Investment Bank AB 6,787,300 - 6,787,300 0.9% 1.1% Nordnet Bank AB 6,580,180 - 6,580,180 0.9% 1.1% Brown Brothers Harriman (Lux.) SCA 6,347,302 - 6,347,302 0.9% 1.0% ANDERSON INVEST AS 6,100,000 - 6,100,000 0.8% 1.0% Total top 20 392,323,297 108,100,000 500,423,297 68.4% 63.0% Total remaining shareholders 230,829,670 - 230,829,670 31.6% 37.0% Total shares outstanding 623,152,967 108,100,000 731,252,967 100.0% 100.0% Note 16 | Events after the reporting period On 6 July 2026, the Company announced that a subsidiary of SeaBird Exploration ("SeaBird") has secured a contract for a 2D seismic survey offshore India. SeaBird will deploy the Eagle Explorer for the campaign. The vessel commenced mobilization in mid-July, with the project expected to keep the vessel utilized through the first half of 2027.
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Financials | Alternative Performance Measures P age | 28 AL TERNATIVE PERFORMANCE MEASURES In addition to the financial figures prepared in accordance with IFRS Accounting Standards, the Group presents certain Alternative Performance Measures (APMs) that are used by management to monitor the company’s financial performance, financial position, cash flows, and operational development. The APMs are not standardized financial measures under IFRS and may therefore not be comparable with similar measures used by other companies. The Group’s APMs should not be viewed in isolation or as a substitute for the IFRS financial measures, but rather as a complement to better understand the company's development and financial health. Profit Measures OPEX Operating expenses (OPEX) represents cost of sales and includes all direct operating costs incurred in providing the Group's services. EBITDA Earnings before interest, taxes, depreciation and amortization (EBITDA), calculated by adding back depreciation and amortization to the operating profit (EBIT). EBIT Earnings before interest and taxes (EBIT) corresponds to “operating income” in the consolidated income statement in the report. Margins EBITDA margin and EBIT margin are used to compare relative profit between periods. EBITDA margin and EBIT margin are calculated as EBITDA or EBIT divided by total revenue. Special items Special items may not be indicative of the recurring operating results or cash flows of the company. Profit measures excluding special items are presented as alternative measures to improve comparability of the underlying business performance between the periods. Figures in USD '000 Second Quarter Half Year Q2 2026 Q2 2025 H1 2026 H1 2025 Total revenue 71,511 47,625 141,281 100,609 Special items excluded from total revenue - - 392 - Adj. total revenue 71,511 47,625 141,673 100,609 SG&A 4,266 9,266 9,426 11,157 Special items excluded from SG&A - -7,284 -51 -7,511 Adj. SG&A 4,266 1,981 9,375 3,645 EBITDA 42,557 17,404 81,052 49,008 Special items excluded from total revenue - - 392 - Special items excluded from EBITDA - 7,284 70 7,511 Adj. EBITDA 42,557 24,688 81,514 56,519
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Financials | Alternative Performance Measures P age | 29 EBITDA margin 60% 37% 57% 49% Adj. EBITDA margin 60% 52% 58% 56% EBIT 31,750 8,637 59,403 29,459 Special items excluded from EBITDA - 7,284 462 7,511 Special items excluded from EBIT - - - - Adj. EBIT 31,750 15,921 59,865 36,970 EBIT margin 44% 18% 42% 29% Adj. EBIT margin 44% 33% 42% 37% Net profit 25,591 -5,765 47,359 7,582 Special items excluded from EBIT - 7,284 462 7,511 Special items excluded from financing items - 1,056 - 1,101 Special items excluded from tax items - 9,940 - 9,940 Adj. Net profit 25,591 12,515 47,821 26,134 Weighted number of shares 731,252,967 677,345,048 729,273,673 661,343,272 Weighted number of fully diluted shares 749,380,562 691,075,211 749,380,562 674,665,701 Average earnings per share - in USD Basic 0.03 -0.01 0.06 0.01 Diluted 0.03 -0.01 0.06 0.01 Average Adj .earnings per share - in USD Basic 0.03 0.02 0.07 0.04 Diluted 0.03 0.02 0.06 0.04 Balance sheet measures Net interest-bearing debt (NIBD) Net interest-bearing debt (NIBD) consists of total interest-bearing debt, including lease liabilities, less cash and cash equivalents Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Current borrowings 8,238 29,112 20,960 Current lease 10,121 7,991 10,766 Current interest-bearing debt 18,359 37,104 31,726 Non-current borrowings 52,890 57,970 44,973 Non-current lease - 10,118 4,620 Non-current interest-bearing debt 52,890 68,089 49,593
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Financials | Alternative Performance Measures P age | 30 Restricted cash 14,202 14,792 14,206 Cash and cash equivalents 39,445 64,767 21,036 Cash and cash equivalents 53,647 79,559 35,243 Net interest-bearing debt 17,602 25,633 46,076 NIBD/L TM EBITDA NIBD/LTM EBITDA is derived by dividing net-interest bearing debt by EBITDA for the last twelve months (LTM). Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Net interest-bearing debt 17,602 25,633 46,076 Adj. EBITDA (Last twelve months) 135,621 91,696 110,626 NIBD/LTM Adj. EBITDA (x) 0.1x 0.3x 0.4x Equity ratio Equity ratio is derived by dividing total equity by total assets. Figures in USD '000 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Total assets 468,636 501,371 468,133 Total Equity 334,143 345,385 327,109 Equity ratio (%) 71% 69% 70% Order backlog and operational measures Revenue backlog Represents the sum of estimated future undiscounted revenue from secured customer contracts, including contracts signed after the balance sheet date, but excluding contract options that may be exercised after the initial contract term. Revenue backlog may be subject to price indexation or other factors that could delay or impact revenue realization. Economic utilization Economic utilization is calculated based on actual paid operating days divided by available days for all rigs and vessels. T echnical utilization Technical utilization is calculated based on actual paid operating days divided by number of contracted days for rigs and vessels excluding yard-stays, transit or idle time between contracts.
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Financials | Alternative Performance Measures P age | 31