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2Q 2026 Find out more at reachsubsea.com 2Q 2026 Everything within Reach Quarterly Consolidated Presentation Sustainable access to ocean space Jostein Alendal, CEO | Arne Joa, CFO | 18 August 2026
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2nd Quarter 202 6 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 The Information is not for publication, release or distribution in any jurisdiction in which offers or sales would be prohibited by applicable law.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
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2nd Quarter 202 6 9 2nd Quarter 2026 2Q Highlights Reach Subsea | Quarterly Consolidated Report 2026 Contents Sustainability Finance Financial Statements Record - high 2Q results, driven by improved asset utilisation and strong operational performance. NOK 988 million Revenue 2Q 2026 Progress continues on the establishment of Reach Remote as a stand - alone company, supporting the execution of its rapid scale - up strategy. Signed an agreement after quarter end for the sale of Viking Reach and its onboard WROV, expected to unlock more than NOK 200 million in liquidity and support the Company’s fleet renewal strategy. Reach Remote continues to strengthen its position as a leading provider of remote and uncrewed operations, driven by a growing track record and continuously developing capabilities. NOK 192 million EBIT 2Q 2026 NOK 1 850 million Order backlog NOK 9 billion Tender volume Strong results, Reach Remote continues to strengthen its position, Sale of Viking Reach.
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Our Business OFFSHORE CABLES OFFSHORE WIND OIL & GAS SUBSEA SERVICES Ranging from construction and decommissioning services to specialized inspection, maintenance, and repair operations. SURVEY Cost - efficient high - end seabed mapping and pipeline inspection survey services. MONITORING Innovative services for hydrocarbon production, CCS projects and environmental monitoring. 3 2 1 Supporting projects, start to finish We assist clients at every stage of their projects, from initial concept to decommissioning. Serving a range of industries Our expertise supports multiple industries, ensuring efficient and reliable operations. Our service capabilities Delivering tailored solutions and specialised services for the global offshore industry. CONCEPT DESIGN & ENGINEERING INSTALLATION & COMMISSIONING DECOMMISSIONING INSPECTION, MAINTENANCE & REPAIR EMERGING SECTORS 10 2nd Quarter 2026 Contents D i r e c t o r s R e p o r t
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2nd Quarter 202 6 9 Vessel capacity combining visibility and flexibility Reach Subsea | Quarterly Consolidated Report 2026 Finance Financial Statements 740 815 590 690 1200 1300 1600 1500 1200 1300 1150 1050 1175 1000 1850 Order backlog +61% *Does not include options and expected call - off extensions under frame agreements 2nd Quarter 2026 Outstanding tender volume NOK 9 billion (NOK 8 billion), whereof approx NOK 1.3 billion in USV tenders
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2nd Quarter 202 6 The Reach Remote Platform is Continuing to Evolve The Reach Remote Platform is Continuing to Evolve Reach Remote 1: World’s First Vessel Operating in the UK Sector Remotely Controlled from Norway. During the quarter, Reach Remote 1 became the first vessel to conduct operations in the UK sector while being remotely operated from Norway, including its first port call in Aberdeen. Together with the award of the world's first AROS (Autonomous and Remotely Operated Ships) notation from DNV, the milestone represents another important step in validating both the technology and regulatory framework underpinning remote offshore operations. As operational experience grows, the Reach Remote platform continues to evolve through ongoing technology development and capability enhancements, supporting the further scaling of remote operations. Operations within 500m safety zone During the quarter, Reach Remote successfully completed multiple operations within 500 - metre safety zones for several clients, demonstrating the maturity, repeatability and growing acceptance of the remote operating model. DNV's world - first AROS notation Reach Remote 1 and 2 received DNV's world - first AROS notation, marking a significant milestone in certified remote vessel operations . Reach Remote 1 entering the Port of Aberdeen ~ 750 UNCREWED OPERATIONS DAYS 24/7 OPERATIONS AROUND THE CLOCK Remote Sailing permits With sailing permits secured across Norway, the UK and Australia, Reach Remote 1 and 2 continue to expand the operational footprint of remote offshore operations. Norway Australia UK 18 2nd Quarter 2026 Reach Subsea | Quarterly Consolidated Report 2026 Contents Sustainability Finance Financial Statements
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2nd Quarter 202 6 Safer Operations Remote operations reduce offshore exposure by moving personnel from vessels to onshore control centres, helping clients lower operational risk while maintaining full operational oversight. Lower Environmental Impact By reducing offshore personnel requirements and optimising vessel utilisation, Reach Remote helps clients lower emissions and minimise the environmental footprint of subsea operations. Improved Efficiency Remote operations enable more efficient use of personnel and experts, vessels and equipment, helping clients reduce operating costs while maintaining high - quality project delivery. Proven operations and measurable value Proven operations and measurable value Proven Operations, Measurable Value Reach Remote 1 and Reach Remote 2 have built a strong operational track record, supporting an expanding range of commercial subsea operations across multiple markets. Combined with Reach Horizon, which enables seamless access to offshore operations, data and expertise from onshore locations, the Reach Remote ecosystem is transforming how subsea services are delivered. The result is tangible value for clients through reduced offshore exposure, lower emissions and more efficient project execution. Reach Remote 1 • Equinor Survey: Seabed mapping campaign. Equinor IMR: Subsea inspection campaign 1 & 2. Equinor: Pipeline inspection of all Gassco operated pipelines. gWatch reservoir monitoring Troll. Subsea inspection campaign • Shell: Ormen Lange gWatch Campaign • Statnett: Cable inspections • Vår Energy: Subsea Inspection campaign • Total Energies: Subsea inspection campaign • Harbour Energy: Seabed survey • AkerBP: Pipeline inspection Reach Remote 2 • Woodside Energy: gWatch Campaign.Plus numerous survey and IMR campaigns • Equus Energy/Western Gas: IMR campaign • Australian Hydrographic Office: HIPP campaign 21 2nd Quarter 2026 Reach Subsea | Quarterly Consolidated Report 2026 Contents D i r e c t o r s R e p o r t Sustainability Finance Financial Statements
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2nd Quarter 202 6 Positioning Reach Remote for the Next Phase of Growth Reach Remote has matured into a proven and scalable business platform, supported by a growing operational track record, expanding client adoption and a portfolio of proprietary technologies. Building on this foundation, work continues to establish Reach Remote as a standalone company, creating a dedicated platform for accelerating the commercialisation of remote and autonomous offshore operations. The process is progressing according to plan and continues to attract strong interest from a broad range of industry participants. Acoustic obstacle avoidance Highlights from the quarter • Carve - out project formally launched and progressing • Advisors engaged across legal, financial and strategic workstreams • Multiple industrial stakeholders evaluating the opportunity • Active management engagement through Q&A and due diligence processes • Internal restructuring and separation activities underway • Continued focus on maximizing value creation for shareholders 24 2nd Quarter 2026 Positioning Reach Remote for the next growth phase Reach Subsea | Quarterly Consolidated Report 2026 Contents
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2nd Quarter 202 6 Reach Subsea | Quarterly Consolidated Report 2026 Financials
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2nd Quarter 202 6 2Q 2026 Financial Highlights • The improvement in 2Q 2026 performance reflects higher project activity and increased utilisation across the fleet, including a positive contribution from Normand Jarstein, chartered from Solstad Maritime and added to the fleet from mid - May, partly offset by higher depreciation related to IFRS 16 assets.. • We have signed a 2+1 - year IMR and light construction contract offshore in the Black Sea, securing Normand Jarstein for the contract operations. • Eidesvik Reach AS has agreed to sell the vessel Viking Reach, expected to close in early Q4 2026, with an accounting gain of approx. NOK 65 million and a postive liquidity effect of approx. NOK 200 million. Revenue NOK 988.1 million (NOK 684.2 million in 2Q 2025 ) Net profit (loss) after tax NOK 133.6 million (NOK 72.6 million in 2Q 2025 ) Cash and cash equivalents NOK 410.4 million (NOK 169.7 million in 2Q 2025 ) Equity Ratio ~ 30.4 % (compared to ~39.4 % in 2Q 2025 ) EBIT NOK 192.4 million (NOK 91.1 million in 2Q 2025 ) Reach Subsea | Quarterly Consolidated Report
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2nd Quarter 202 6 EBIT Bridge – Key Drivers Q1 2026 to Q2 2026 Reach Subsea | Quarterly Consolidated Report (MNOK)
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2nd Quarter 202 6 EBIT Bridge – Key Drivers Q2 2025 to Q2 2026 Reach Subsea | Quarterly Consolidated Report (MNOK)
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2nd Quarter 202 6 2Q 2026 Revenue mix by segments Revenue mix by sector Revenue mix by segment 535 399 456 286 0 200 400 600 800 1000 1200 2Q 2025 Oil and gas Renewables and others • The Group's revenue base is becoming increasingly balanced, with Renewables and others now approaching parity with Oil and gas at 46 % of total revenue • Data revenue grew by roughly 75 % year - on - year, adding meaningful depth alongside the strong Solutions segment • Revenue is well spread across geographies, with Norway and Europe forming a solid core complemented by growing contributions from other regions • This broadening footprint reduces reliance on any single sector, segment or market Revenue mix by geography 278 159 712 526 0 200 400 600 800 1000 1200 2Q 2026 59 183 412 184 404 258 116 59 0 200 400 600 800 1000 1200 2Q 2026 2Q 2025 Americas Other Data Solutions Reach Subsea | Quarterly Consolidated Report 2Q 20252Q 2026 Europe Norway
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2nd Quarter 202 6 26 31 28 68 94 94 148 145 210,166 292 811 801 791 864 130 207 257 331 350 315 374 414 554 447 851 624 457 670 210 287 579 928 938 931 1 028 1 092 1 292 1 229 1 272 1 218 1 032 1 172 A Solid Financial Platform Strong financial position with ample liquidity and balance sheet flexibility Strong Balance Sheet and Financial Flexibility (MNOK) 2020 2021 2022 2023 Financial debt * Cash and working capital ** Equity 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 2Q 2026 1Q
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2nd Quarter 202 6 Reach Subsea | Quarterly Consolidated Report Summary
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2nd Quarter 202 6 2Q Strong Results Building the fleet for the future Strong Operational Performance, Positive Long - Term Outlook Reach Subsea | www.reachsubsea.com Sustainable access to ocean space Reach Remote progressing from validation to scale Global reach: US, Trinidad & Tobago, Brazil, United Kingdom, Norway, Sweden, Singapore, Australia . Fleet renewal initiatives, strengthened backlog and upcoming vessel additions position Reach to adapt and capture future market opportunities. Operational delivery and resilient performance High operational activity and strong project execution, demonstrating our ability to create value through efficiency, technology and lump - sum contract delivery. Growing operational track record, regulatory approvals and client adoption support the transition towards large-scale deployment and the ongoing carve-out process.
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2nd Quarter 202 6 Reach Subsea | Quarterly Consolidated Report Q&A