Slides
Page 1
Q3 2024 Find out more at reachsubsea.com 4Q 2025 Everything within Reach Quarterly Consolidated Presentation Sustainable access to ocean space Jostein Alendal, CEO | Arne Joa, CFO | 12 February 2026
Page 2
4th Quarter 202 5 Disclaimer IMPORTANT – You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Reach Subsea ASA (the "Company") or any person on behalf of the Company, and any question - and - answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions. The Information does not constitute or form part of and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase shares or other securities of the Company, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding such shares or other securities. Any shares or other securities of the Company may not be offered or sold in the United States or any other jurisdiction where such a registration would be required unless so registered, or an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, or other applicable laws and regulations is available. The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for publication, release or distribution in any jurisdiction in which offers or sales would be prohibited by applicable law. The Information has been prepared by the Company, and no other party accepts any responsibility whatsoever, or makes any representation or warranty, express or implied, for the contents of the Information, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with the Company and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Information contains forward - looking statements. All statements other than statements of historical fact included in the Information are forward - looking statements. Forward - looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "ambition", "outlook", "believe", "expect", "aim", "intend", "may", "anticipate", "estimate", "plan", "project", "will", "can", "have", "likely", "should", "would", "could" and other words and terms of similar meaning or the negative thereof. Such forward - looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward - looking statements. Such forward - looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. Furthermore, information about past performance given in this Information is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward - looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward - looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward - looking statements are based, or other events or circumstances arising after the date of this document. This presentation contains statistics, data, statements and other information relating to the group's markets and the industry in which it operates. Where such information has been derived from third - party sources, such sources have been identified herein. In addition, the Company has been named as a source for certain market and industry statements included in this presentation. Such "Company information" reflects the Company's views based on one or more sources available to it (some of which are not publicly available, but can be obtained against payment), including data compiled by professional organisations , consultants and analysts and information otherwise obtained from other third - party sources. By reviewing this information, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Information must be read in conjunction with the recent financial reports of the Company and the disclosures therein This Information shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts. Reach Subsea | Quarterly Consolidated Report
Page 3
4th Quarter 202 5 9 4th Quarter 2025 Weaker Results, Solid Performance on Remote Milestones Reach Subsea | Quarterly Consolidated Report Contents Sustainability Finance Financial Statements Weaker 4Q than last year driven by lower utilisation, reduced project margins, start - up costs associated with the Reach Remote - concept, adverse currency movements and increased depreciations. NOK 606,1 million Revenue 4Q 2025 NOK – 60,5 million EBIT 4Q 2025 NOK 1 175 million Order backlog NOK 10 billion Tender volume The outlook remains sound, with a backlog of NOK 1.2 billion and tender volume of NOK 10 billion. Progressing work to explore options to further accelerate the scale - up of Reach Remote. The Reach Remote concept strengthened its market position through multiple successful campaigns and the launch and certification of a highly advanced remote operations centre in Australia, which has already delivered successful operations for Woodside The Board will propose a dividend per share of NOK 0.17, in line with the stated dividend policy.
Page 4
4th Quarter 202 5 9 4th Quarter 2025 Vessel capacity combining visibility and flexibility Reach Subsea | Quarterly Consolidated Report Finance Financial Statements 440 740 815 590 690 1200 1300 1600 1500 1200 1300 1150 1050 1175 Order backlog - 2% *Does not include options and expected call - off extensions under frame agreements Outstanding tender volume NOK 10 billion (NOK 9 billion) Whereof approx NOK 1 billion in USV tenders VESSEL TYPE OWNERSHIP STATUS 2025 2026 2027 2028 2029 Owned vessels Viking Reach Survey, IMR, Light Construction 49.9% Operational Reach Remote 1 Unmanned and robotics 100% Operational Reach Remote 2 Unmanned and robotics 100% Operational Reach Remote 3 Unmanned and robotics 100% Newbuild Reach Remote 4 Unmanned and robotics 100% Newbuild Chartered vessels Deep Cygnus Light Construction - Operational Go Electra Survey, IMR - Operational Olympic Triton IMR, Light Construction - Operational Havila Subsea Survey, IMR, Light Construction - Operational Olympic Taurus IMR, Light Construction - Operational Offshore Surveyor Survey - Operational Northern Maria Survey - Operational Viking Vigor IMR, Light Construction - Newbuild NB 76 IMR, Light Construction 33% Newbuild Project charter Pacific Crest Survey - Operational Charter fixed Option Project charters
Page 5
Where O perational E xperience meets T echnology D evelopment 9 4th Quarter 2025 Reach Subsea | Quarterly Consolidated Report 2025 Contents D i r e c t o r s R e p o r t
Page 6
4th Quarter 202 5 Reach Subsea | Fourth quarter consolidated report 2025 Reach Remote Driving Value Through Field Experience 3 70 + DAYS OF UNMANNED OPERATIONS 24/7 OPERATIONS AROUND THE CLOCK Track record gaining valuable experience Track record with key clients in the worlds most demanding environments 0 OFFSHORE HUMAN EXPOSURE 90% CARBON REDUCTION Delivering on its value proposition 2025 | RR 1 & 2 DELIVERED | SUCCESSFUL PILOTS | SAILING PERMITS | | ROC CERTIFICATIONS | COMMERCIAL DEPLOYMENT | | OPERATIONS ACROSS TIME - ZONES.| Time to market
Page 7
4th Quarter 202 5 Reach Subsea | Fourth quarter consolidated report 2025 Reach Remote value proposition www.reachsubsea.com Energy Companies Reach Horizon – The Remote Access and Intelligence Platform Reach Horizon is the intelligencehub for offshore operations, combining secure remoteaccess with advanced data capabilities.Developedin-house, it delivers real-time monitoring and seamless collaboration,giving clients 24/7 visibility and control. Built as a scalable data platform, Reach Horizon is designed to evolve—enabling predictiveintelligenceand autonomous operations, aligned with our vision of sustainable access to ocean space. Construction & Installation Companies Government Entities Emerging Marine & Subsea Industries Reach Remote: Bringing operations to you for safer, smarter, and more efficient decisions. Remote Marine & Subsea Robotics Marine Robotics Subsea Robotics Marine ROC* Subsea ROC* * Remote Operations Center Economy of scale Future robotic technologies Air Surface Subsea
Page 8
4th Quarter 202 5 Reach Subsea | Quarterly Consolidated Report Financials
Page 9
4th Quarter 202 5 4Q 2025 Highlights • Q4 2025 was weaker than last year due to reduced utilization, adverse currency movements, higher depreciation, lower project margins and the ramp - up of the Reach Remote concept • Strong operational cashflow and a solid cash position in 4Q 2025 • New NOK 735 million loan facility closed in December 2025 Revenue NOK 606 million (NOK 685 million in 4Q 2024 ) Profit NOK – 57,5 million (NOK 21,82 million in 4Q 2024 ) Cash and cash equivalents NOK 514 million (NOK 278 million in 4Q 2024 ) Equity Ratio ~ 33,8 % (compared to ~33,6 % in 4Q 2024) EBIT NOK – 60,5 million (NOK 79,9 million in 4Q 2024 ) Reach Subsea | Quarterly Consolidated Report
Page 10
4th Quarter 202 5 EBIT Bridge – Key Drivers Q3 2025 to Q4 2025 Reach Subsea | Quarterly Consolidated Report (MNOK) 50,6 - 47,2 - 43,0 11,8 - 22,9 - 1,2 - 8,5 - 60,5 EBIT Q3 Project result ex idle cost Utilisation effect Reach Remote Impairment Foreign Exchange Other EBIT Q4 - 80,0 - 60,0 - 40,0 - 20,0 - 20,0 40,0 60,0
Page 11
4th Quarter 202 5 EBIT Bridge – Key Drivers Q4 2024 to Q4 2025 Reach Subsea | Quarterly Consolidated Report (MNOK) 79,9 - 25,0 - 43,4 - 39,9 - 22,9 - 13,7 4,6 - 60,5 EBIT Q4 2024 Project result ex idle cost Utilisation effect Reach Remote Impairment Foreign Exchange Other EBIT Q4 2025 - 80,0 - 60,0 - 40,0 - 20,0 - 20,0 40,0 60,0 80,0 100,0
Page 12
4th Quarter 202 5 4Q 2025 Revenue mix by segments Revenue mix by sector Revenue mix by segment 494 341 195 262 0 100 200 300 400 500 600 700 800 4Q 2025 Oil and gas Renewables and others • Revenue mix continues to diversify across sectors, segments and geographies • Renewables show growth, helping offset weaker oil and gas activity. • Segment mix shifts year - on - year with lower Data and higher Solutions. • Reduced activity in Norway balanced by stronger international markets. • Overall, 4Q revenue profile is geographically distributed and resilient. Revenue mix by geography 258 69 430 535 0 100 200 300 400 500 600 700 800 4Q 2024 260 227 146 199 176 84 106 94 0 100 200 300 400 500 600 700 800 4Q 2024 4Q 2025 Americas Other Data Solutions Reach Subsea | Quarterly Consolidated Report 4Q 20254Q 2024 Europe Norway
Page 13
4th Quarter 202 5 Positioned for Growth • Solid financial position with an equity ratio of ~34%. • Lower cash and net working capital driven by asset investments and debt reduction. • NOK 500m bond issued in July 2025 ensures long - term financing flexibility. • Well positioned for continued development of Reach Remote and strategic initiatives. Solid Foundation Heading Into 2026 (MNOK) 2019 2020 2021 2022 2023 Financial debt * Cash and working capital ** Equity 40 26 31 28 68 94 94 148 145 210 292 811 801 70 130 207 257 331 350 315 374 414 554 447 851 607 160 210 287 579 928 938 931 1 028 1 092 1 292 1 229 1 272 1 218 1Q Reach Subsea | Quarterly Consolidated Report 2Q 3Q 4Q 1Q 2Q 3Q 2024 2025 *Financial debt consists of interest - bearing liabilities to credit institutions and bond loan. ** Cash and working capital consists of current assets minus current non - interest - bearing liabilities 4Q
Page 14
4th Quarter 202 5 Sustainability highlights of the quarter Environment Social Governance Reach Subsea | Quarterly Consolidated Report Operational maturity of remote services Process for ISO27001 certification Year - to - date, 8 remote service projects on both manned and unmanned vessels have been completed, surpassing the annual sub - target. Additionally, 34 tenders have included USV solutions, highlighting strong market interest and commitment to sustainable innovation. So far this year, 2 lost - time injuries and 1 work - related injury have been recorded, with all affected personnel fully recovered. Safety performance is benchmarked against IMCA standards, reflecting a commitment to continuous improvement and a strong safety culture. Safety at the core Throughout the year, we established our Information Security Management System (ISMS) and made solid progress integrating ISO 27001 controls and policies, laying the foundation for continued strengthening of our cybersecurity efforts in the year ahead.
Page 15
4th Quarter 202 5 Reach Subsea | Quarterly Consolidated Report Summary
Page 16
4th Quarter 202 5 ATTRACTIVE LONG TERM MARKET OUTLOOK POSITIONED FOR GROWTH Positioned for continued growth Reach Subsea | www.reachsubsea.com Sustainable access to ocean space STRONG CAPABILITIES Global reach: US, Trinidad & Tobago, Brazil, United Kingdom, Norway, Sweden, Singapore, Australia . TECHNOLOGY LEADER ATTRACTIVE FINANCIALS Expanded service offerings, flexible vessel capacity, and a global footprint. Focus on scaling remote operations, fleet upgrades, and tapping into emerging subsea sectors. Well - positioned in a dynamic market, navigating uncertainty with adaptability. Growing demand across industries. Strong execution, proven track record in subsea solutions, data gathering, inspection, and monitoring. Secured vessel capacity at attractive terms and bolstered project execution capabilities. Global leader in marine robotization with remote subsea solutions driving efficiency and commercial traction. Advancing remote capabilities through Reach Remote USVs. Strong operational cash flow, solid balance sheet, and shareholder - friendly strategy. Positioned for sustainable growth with increasing demand for remote, sustainable solutions.
Page 17
4th Quarter 202 5 Reach Subsea | Quarterly Consolidated Report Q&A