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FOURTH QUARTER 2025 RESULTS PRESENTATION 19 FEBRUAR 2026 | BERGEN
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This presentation by Scana ASA is designed to provide a high -level overview of aspects of the operations of Scana ASA. The material set out in the presentation is current as of 19 February 2026. This presentation contains forward-looking statements relating to operations of Scana ASA that are based on the management’s own current expectations, estimates and projections about matters relevant to Scana ASA’s future financial performance. Words such as «likely», «aims», «looking forw ard», «potential», «anticipates», «expects», «predicts», «plans», «targets», «believes» and «estimates» and similar expressions are intended to identify forward -looking statements. References in the presentation to assumptions, estimates and outcomes and forward -looking statements about assumptions, estimate s and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factor s. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of Sc ana ASA or the likelihood that the assumptions, estimates or outcomes will be achieved. Scana ASA’s divisions engages in project activities which means that significant fluctuations in sales and order intake from qua rter to quarter can be expected. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided fo r information only. Scana ASA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and Scana AS A assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitut e an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investmen t in the company’s shares or in making a decision to hold or sell your shares. 2 DISCLAIMER 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025
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3 Visit Scana’s website to learn more: www.scana.no INDUSTRIAL HISTORY SOLUTIONS FOR TOMORROW
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+19 % to 392 MNOK HIGHLIGHTS – Q4 2025 VS Q4 2024 4 +0 % to 450 MNOK +18 % to 1188 MNOK +166 % to 70 MNOK REVENUE EBITDA ORDER BACKLOGORDER INTAKE +48 % to 74 MNOK ADJ. EBITDA* *) EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods. Ref appendix, Alternative Performance Measures 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 448 368 396 383 450 26 -7 8 38 70 50 4 23 39 74 0 100 200 300 400 500 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue EBITDA EBITDA adjusted* 1 008 1 166 1 174 1 246 1 188 329 524 403 453 392 0 100 200 300 400 500 600 700 0 200 400 600 800 1 000 1 200 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Order backlog Order intake
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5 HIGHLIGHTS OFFSHORE High activity period at Mongstad supported by production shutdown at Equinor’s Mongstad refinery. Seasystems delivers a historically strong quarter, supported by strong project execution. Received first LNG infrastructure study, following the Seasystems Stena License agreement. 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 Strong and stable performance. POST Q4: Subseatec awarded sizable contract for riser products from Singapore-based client for an oil and gas field in Malaysia.
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6 HIGHLIGHTS ENERGY 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 Organization and cost-level aligned to market. Cost program finalized. BESS facility at Ågotnes completed. Market entry expected in Q2 based on final approval. Lease BESS facilities operational. Challenging projects finalized. POST Q4: PSW Power & Automation informed of substantial contract for Megawatt Charging Systems. *) Battery Energy Storage System *
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19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 7 PROJECT EXECUTION AND GLOBAL PRESENCE 2025 Offshore Energy
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TURRET CONNECTORS Delivery autumn 2025 Installation offshore GoM 2027
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FINANCIAL PERFORMANCE
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Revenue of NOK 450 million Stable revenue compared to Q4 last year. Increase in revenue in the offshore division, reduction in the energy division. EBITDA of NOK 70 million, EBIT of NOK 40 million Improved profitability driven by the offshore division with higher activity levels and completion of projects with margins above expectations. Low activity and revenue in the energy division still places pressure on margins, reflecting lower absorption of fixed costs in the division. Profit before tax of NOK 27 million 19 FEBRUARY 2026 10 Q4 P&L OVERVIEW: YEAR-HIGH REVENUE AND PROFITABILITY FOURTH QUARTER RESULTS 2025 *) Ref appendix Alternative Performance Measures NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue 450,3 448,4 1 596,6 1 970,1 Materials, goods and services (184,6) (198,0) (678,8) (919,3) Payroll expenses (157,5) (171,9) (665,3) (634,1) Other operating expenses (37,8) (52,0) (142,8) (156,0) EBITDA 70,4 26,4 109,7 260,6 EBITDA-margin 16 % 6 % 7 % 13 % Depreciation, amortisation, impairment (30,9) (29,7) (122,7) (113,0) Operating profit/(loss) - EBIT 39,5 (3,2) (13,0) 147,6 EBIT-margin 9 % -1 % -1 % 7 % Income from interests in associated companies 0,3 - 0,3 - Net financial income/expenses (-) (13,0) (10,8) (30,6) (37,7) Profit/(loss) before tax 26,8 (14,1) (43,3) 109,9 Income tax expense (8,6) 2,4 6,9 (26,6) Profit/(loss) 18,3 (11,7) (36,3) 83,3 Adjusted EBITDA* 73,8 49,8 139,7 253,3 Adjusted EBITDA-margin 16 % 11 % 9 % 13 %
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11 Revenue of NOK 333 million Increase in revenue of 15% compared to Q4 last year. Increase in revenue of 11% compared to Q3 2025. The increase in revenue is mainly due to: High activity at Mongstad in connection with the finalization of the production shutdown at the refinery High activity related to the completion of several mooring and installation projects EBITDA of NOK 76 million EBITDA margins improved over the year. EBITDA at its highest level since Q1 2024. Improved profitability is mainly driven by higher activity and the completion of several mooring and installation projects with margins above expectations. Order intake of NOK 283 million Stable order intake with a book to bill of 0,9. Order backlog of NOK 814 million Approximately NOK 431 million of the order backlog is expected to be delivered in 2026. NOK 370 million of the total backlog is related to Equinor frame agreement. OFFSHORE 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 288 248 279 301 333 28 9 27 44 76 0 100 200 300 400 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue EBITDA 695 966 861 863 814 202 518 174 301 283 (500) (300) (100) 100 300 500 700 0 200 400 600 800 1 000 1 200 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Order backlog Order intake 0,7 2,1 0,6 1,0 0,9 0,0 0,5 1,0 1,5 2,0 2,5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Book to bill
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12 Revenue of NOK 127 million Reduction in revenue of 25% compared to Q4 last year. Increase in revenue of 38% compared to Q3 2025. The order intake in recent quarters has not contributed enough to drive higher revenue in the quarter. EBITDA of NOK 1 million Low activity and revenue results in lower absorption of fixed costs. Q4 one-off effects: - NOK 4 million in restructuring costs Order intake of NOK 117 million Order backlog of NOK 382 million NOK 279 million of the order backlog is expected to be delivered in 2026. ENERGY 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 0,8 0,1 1,9 1,8 0,9 0,0 0,5 1,0 1,5 2,0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Book to bill 170 128 130 92 127 15 -2 -7 -1 1 0 20 40 60 80 100 120 140 160 180 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue EBITDA 318 205 317 392 382 140 14 242 168 117 (200) (100) 0 100 200 300 0 100 200 300 400 500 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Order backlog Order intake
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19 FEBRUARY 2026 13 Q4 CASH GENERATION OF NOK 105 MILLION FOURTH QUARTER RESULTS 2025 CHANGE IN CASH AND CASH EQUIVALENTS | NOK MILLION Equity Cash from operating activities Cash from investing activities Cash from financing activities Change in net working capital of NOK 69 million • Reduction in net working capital in both divisions CAPEX of NOK 7 million • Rental equipment – NOK 3 million • Other investments – NOK 4 million Lease payments of NOK 21 million Liquidity reserve of NOK 214 million • Strengthens financial flexibility, and will be used to support operational needs 141 -7 -29 70 69 1 ( 7) 1 ( 21) ( 8) ( 0) 54 ( 51) Q3 2025 EBITDA Change in working capital Other changes in cash flow from operating activities CAPEX Other changes in cash flow from investing activities Lease payments Interests paid Other changes in cash flow from financing activities Q4 2025
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NIBD of NOK 38 million • NOK 50 million - bank loans • NOK 30 million – green financing facility • NOK 10 million - Seller credit and provision for earnout related to the acquisition of Mongstad Industrier last year • NOK 1 million – Other • NOK 54 million – net cash Financial covenants Scana is compliant with all financial covenants as of 31 December 2025 From Q1 2026 onwards, the financial EBITDA covenant will revert to its original level, requiring a NIBD to EBITDA ratio of below 2.5 19 FEBRUARY 2026 14 NET INTEREST-BEARING DEBT (NIBD) FOURTH QUARTER RESULTS 2025 Right of use assets 347 Property, plant & Equipment 163 Intangible assets and Goodwill 381 Deferred tax assets 55 NWC 94 Other 6 Equity 628 NIBD 38 Lease liabilities 379 Net Capital Employed Finance FUNDING 31 DEC, 2025 | NOK MILLION NIBD | NOK MILLION 64 110 40 60 128 128 142 38 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FINANCIAL COVENANT COVENANT EBITDA >15 MNOK Q4 2025 NIBD / COVENANT EBITDA < 2.5x Q1 2026
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Right of use assets 347 Property, plant & Equipment 163 Intangible assets and Goodwill 381 Deferred tax assets 55 NWC 94 Other 6 Equity 628 NIBD 38 Lease liabilities 379 Net Capital Employed Finance FUNDING 31 DEC, 2025 | NOK MILLION NWC of NOK 94 million • The reduction in net working capital in Q4 relates to completion of several projects including the finalization of the production shutdown at the Mongstad refinery • Fluctuations in working capital are to be expected and will vary over time depending on the scale, timing, and nature of individual projects • NWC of NOK 94 million 19 FEBRUARY 2026 15 NET WORKING CAPITAL (NWC) FOURTH QUARTER RESULTS 2025 161 221 164 159 175 139 165 94 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NWC | NOK MILLION
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1 008 1 166 1 174 1 246 1 188 690 961 857 854 806 431 156 138 81 318 205 317 392 382 285 84 5 9 360 0 200 400 600 800 100 0 120 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2026 2027 2028 2029 -> Energy Offshore 16 Order backlog of NOK 1.188 million at end of Q4 2025. NOK 716 million of the order backlog related to projects estimated to be executed in 2026. Conservative approach to backlog where only firm commitments on frame agreements are included. ORDER BACKLOG Order backlog by execution year * 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 * Options framework contract Equinor 3year option, renewal in 2029 ** Inter-segment order backlog is not included in the presented segment figures. * **
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ADDITIONAL INFORMATION
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20 INCOME STATEMENT 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Revenue 540,5 545,4 435,8 8,4 1 970,1 367,9 395,8 382,7 450,3 1 596,6 Materials, goods and services (266,5) (267,8) (187,0) (198,0) (919,3) (158,2) (176,6) (159,3) (184,6) (678,8) Payroll expenses (148,5) (158,0) (155,7) (171,9) (634,1) (181,9) (174,8) (151,1) (157,5) (665,3) Other operating expenses (28,8) (39,3) (36,0) (52,0) (156,0) (34,3) (36,5) (34,2) (37,8) (142,8) EBITDA 96,7 80,4 57,1 26,4 260,6 (6,6) 7,8 38,1 70,4 109,7 EBITDA-margin 18 % 15 % 13 % 6 % 13 % -2 % 2 % 10 % 16 % 7 % Depreciation, amortisation, impairment (27,2) (28,6) (27,6) (29,7) (113,0) (29,2) (30,4) (32,2) (30,9) (122,7) Operating profit/(loss) 69,5 51,8 29,5 (3,2) 147,6 (35,7) (22,5) 5,8 39,5 (13,0) EBIT-margin 13 % 9 % 7 % -1 % 7 % -10 % -6 % 2 % 9 % -1 % Income from interests in Joint Ventures - - - - - - - - 0,3 0,3 Net financial income/expenses (-) (12,2) (3,2) (11,4) (10,8) (37,7) (1,0) (9,9) (6,8) (13,0) (30,6) Profit/(loss) before tax 57,2 48,6 18,1 (14,1) 109,9 (36,7) (32,4) (1,0) 26,8 (43,3) Income tax expense (12,6) (9,5) (7,0) 2,4 (26,6) 8,1 7,3 0,2 (8,6) 6,9 Profit/(loss) 44,7 39,1 11,2 (11,7) 83,3 (28,7) (25,1) (0,8) 18,3 (36,3)
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21 FINANCIAL POSITION 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NON-CURRENT ASSETS Deferred tax assets 55,3 45,0 39,4 44,2 52,4 59,8 59,9 54,9 Goodwill 285,9 308,5 308,5 313,1 313,1 313,1 313,1 313,1 Intangible assets 71,7 69,1 69,7 69,8 68,6 69,1 67,1 67,9 Right of use assets 431,9 418,6 404,3 389,2 395,7 385,4 364,0 347,3 Property, plant and equipment 105,7 119,7 141,0 151,5 162,4 167,0 167,2 163,1 Investment in joint ventures 1,1 1,1 1,1 1,1 1,1 1,3 1,3 1,7 Other non-current assets 14,1 14,7 14,7 14,8 14,7 13,9 8,3 7,9 Total non-current assets 965,7 976,6 978,7 983,8 1 008,1 1 009,7 981,0 956,1 CURRENT ASSETS Inventories 87,8 124,5 108,1 99,4 120,2 96,9 102,4 107,1 Trade receivables 285,1 313,0 241,7 327,6 182,4 265,1 253,1 239,8 Contract assets 135,4 154,4 153,6 108,0 157,5 168,5 216,2 117,6 Derivatives 1,7 4,3 2,7 0,4 7,7 7,0 4,7 0,9 Prepayments and other current receivables 16,9 18,0 17,6 44,8 36,1 27,2 20,9 25,9 Cash and cash equivalents 36,0 23,9 72,9 7,3 2,0 7,4 3,9 53,8 Total current assets 562,9 638,1 596,6 587,5 505,9 572,2 601,1 545,1 Total assets 1 528,7 1 614,7 1 575,4 1 571,3 1 514,0 1 581,8 1 582,1 1 501,2 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EQUITY Paid-in capital 1 153,1 1 153,1 1 166,6 1 166,6 1 166,6 1 166,6 1 166,6 1 166,6 Other equity (545,6) (505,3) (492,3) (503,6) (531,1) (557,0) (557,8) (538,4) Total equity 607,4 647,8 674,3 663,0 635,4 609,6 608,8 628,2 NON-CURRENT LIABILITIES Loans and borrowings 48,8 58,4 58,5 58,0 58,2 53,9 54,0 54,1 Lease liabilities 354,3 349,4 334,9 322,5 325,3 313,8 296,0 279,3 Other non-current liabilities 2,2 2,2 2,2 2,8 2,8 2,8 3,2 10,4 Total non-current liabilities 405,3 410,0 395,6 383,2 386,3 370,4 353,2 343,8 CURRENT LIABILITIES Loans and borrowings 28,9 75,4 54,4 9,5 71,9 81,3 91,6 37,7 Lease liabilities 98,0 91,7 91,9 92,5 98,2 101,1 99,9 100,2 Trade payables 115,6 134,6 90,5 109,8 86,1 95,5 84,4 74,9 Contract liabilities 80,3 53,0 89,9 97,6 43,9 88,0 116,2 91,9 Derivatives 2,1 0,6 1,6 2,6 0,9 0,7 0,6 1,5 Dividend 22,6 0,0 0,0 - 0,0 0,0 - - Other current liabilities 168,4 201,7 177,2 213,0 191,2 235,3 227,5 223,0 Total current liabilities 515,9 556,9 505,5 525,1 492,3 601,8 620,1 529,3 Total equity and liabilities 1 528,7 1 614,7 1 575,4 1 571,3 1 514,0 1 581,8 1 582,1 1 501,2
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22 CASH FLOW 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit / (loss) before tax 57,2 48,6 18,1 (14,1) 109,9 (36,7) (32,4) (1,0) 26,8 (43,3) Taxes paid (0,2) (0,4) (1,5) (4,1) (6,2) (0,2) (1,0) (0,1) (0,9) (2,3) Gain / loss (45,5) (0,0) (0,0) (0,1) (45,6) (0,0) (0,1) 0,3 0,6 0,8 Currency exchange differences and non cash element 5,1 (1,9) 3,9 4,6 11,7 (7,7) 1,6 2,8 5,0 1,7 Depreciation, amortisation, impairment 27,2 28,5 27,6 29,7 113,0 29,2 30,4 32,2 30,9 122,7 Net interest costs 8,1 8,7 8,4 7,3 32,6 7,8 9,0 8,0 8,5 33,3 Interest received 1,5 1,1 1,1 1,0 4,6 0,5 0,5 0,3 0,6 1,9 Change in net working capital (78,7) (58,4) 57,8 5,7 (73,6) (15,6) 36,8 (25,4) 69,0 64,7 Net cash flow from operating activities (25,0) 26,1 115,3 30,0 146,5 (22,8) 44,7 17,1 140,6 179,6 CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sales of property, plant, equipment 105,7 0,0 0,2 0,1 106,1 0,1 0,3 (0,3) 0,0 0,1 Acquisition of property, plants, equipment and intangible assets (19,9) (13,0) (29,9) (18,2) (81,0) (18,2) (14,2) (7,3) (7,3) (47,1) Proceeds from sale of shares - - - - - - - 5,3 - 5,3 Acquisition of subsidiaries - (18,2) 0,2 (0,0) (18,0) - (8,7) - - (8,7) Net changes associated companies and other non-current assets 0,8 (0,1) 0,2 (0,2) 0,8 0,2 0,7 0,7 0,7 2,4 Net cash flow from investing activities 86,7 (31,2) (29,4) (18,3) 7,8 (17,8) (21,9) (1,6) (6,5) (48,0) NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 CASH FLOW FROM FINANCING ACTIVITIES Proceeds from borrowings - - - - - 20,0 10,0 - - 30,0 Payments of borrowings (55,0) (5,0) (5,0) - (65,0) - - - - - Payments of lease liabilities (17,3) (16,6) (19,5) (18,4) (71,8) (18,7) (19,7) (20,7) (20,8) (79,9) Proceeds from issue of new share capital 3,4 0,0 13,5 - 16,8 - - - - - Dividend paid - (22,6) - (0,0) (22,6) 0,0 - (0,0) - - Paid other finance costs (0,2) (0,5) (0,5) (1,0) (2,2) (0,2) (0,2) (0,3) (0,3) (1,0) Interests paid (10,7) (9,9) (9,5) (8,3) (38,5) (8,1) (9,6) (8,4) (8,1) (34,2) Net cash flow from financing activities (79,8) (54,7) (21,1) (27,7) (183,3) (6,9) (19,5) (29,4) (29,3) (85,2) Net cash flow (18,2) (59,7) 64,8 (16,0) (29,0) (47,6) 3,2 (13,9) 104,8 46,5 Cash and cash equivalents at beginning of period 36,4 18,2 (41,5) 23,3 36,4 7,3 (40,3) (37,0) (51,0) 7,3 Net foreign exchange difference 0,0 0,0 (0,0) (0,0) (0,0) (0,0) (0,0) (0,0) 0,0 0,0 Cash and cash equiv. at end of period 18,2 (41,5) 23,3 7,3 7,3 (40,3) (37,0) (51,0) 53,8 53,8
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23 SPLIT PER SEGMENT 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 REVENUE ENERGY 8,6 232,2 203,8 170,0 824,6 128,1 130,0 92,2 126,9 477,2 OFFSHORE 336,1 330,6 246,2 288,2 1 201,2 248,0 278,7 300,6 332,7 1 160,1 SCANA HQ 0,2 1,5 0,8 3,3 5,9 2,7 0,8 0,6 4,0 8,1 ELIMINATION / INTERSEGMENT (14,4) (18,9) (15,1) (13,2) (61,6) (11,0) (13,7) (10,8) (13,2) (48,8) REVENUE 540,5 545,4 435,8 448,4 1 970,1 367,9 395,8 382,7 450,3 1 596,6 EBITDA ENERGY 20,5 29,3 21,3 15,3 86,5 (2,2) (7,4) (1,2) 1,1 (9,8) OFFSHORE 88,0 62,7 46,9 28,2 225,7 8,6 27,2 44,4 75,5 155,8 SCANA HQ (11,9) (11,6) (11,1) (17,1) (51,6) (12,9) (12,0) (5,1) (6,2) (36,2) EBITDA 96,7 80,4 57,1 26,4 260,7 (6,6) 7,8 38,1 70,4 109,7 EBITDA% ENERGY 9 % 13 % 10 % 9 % 10 % -2 % -6 % -1 % 1 % -2 % OFFSHORE 26 % 19 % 19 % 10 % 19 % 3 % 10 % 15 % 23 % 13 % EBITDA% 18 % 15 % 13 % 6 % 13 % -2 % 2 % 10 % 16 % 7 % ADJUSTED EBITDA ENERGY 20,5 29,3 21,9 15,3 87,0 (2,2) (5,6) (0,5) 4,6 (3,7) OFFSHORE 42,4 66,4 48,8 46,8 204,5 15,3 36,8 44,1 75,4 171,6 SCANA HQ (10,7) (8,3) (6,8) (12,3) (38,1) (9,1) (8,1) (4,7) (6,2) (28,2) ADJUSTED EBITDA 52,3 87,4 63,9 49,8 253,4 4,0 23,0 38,9 73,8 139,7 ADJUSTED EBITDA% ENERGY 9 % 13 % 11 % 9 % 11 % -2 % -4 % -1 % 4 % -1 % OFFSHORE 13 % 20 % 20 % 16 % 17 % 6 % 13 % 15 % 23 % 15 % ADJUSTED EBITDA% 10 % 16 % 15 % 11 % 13 % 1 % 6 % 10 % 16 % 9 % NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 EBIT ENERGY 12,7 19,2 13,1 5,0 50,0 (12,3) (17,5) (14,4) (9,9) (54,1) OFFSHORE 68,7 44,3 27,6 8,9 149,6 (10,4) 7,0 25,3 55,6 77,6 SCANA HQ (11,9) (11,6) (11,1) (17,2) (51,8) (13,0) (12,0) (5,1) (6,2) (36,4) EBIT 69,5 51,8 29,5 (3,2) 147,6 (35,7) (22,5) 5,8 39,5 (13,0) EBIT% ENERGY 6 % 8 % 6 % 3 % 6 % -10 % -13 % -16 % -8 % -11 % OFFSHORE 20 % 13 % 11 % 3 % 12 % -4 % 3 % 8 % 17 % 7 % EBIT% 13 % 9 % 7 % -1 % 7 % -10 % -6 % 2 % 9 % -1 % NET ORDER INTAKE ENERGY 198,2 187,6 319,3 140,1 845,1 14,3 242,3 167,8 116,6 541,0 OFFSHORE 368,9 308,6 188,6 201,6 1 067,7 517,7 173,7 300,7 283,3 1 275,5 ELIMINATION / INTERSEGMENT (14,2) (17,4) (15,8) (13,0) (60,4) (7,9) (12,9) (15,0) (8,2) (44,1) NET ORDER INTAKE 552,8 478,8 492,1 328,7 1 852,4 524,1 403,1 453,5 391,7 1 772,4 ORDER BACKLOG ENERGY 278,7 237,7 353,9 318,2 318,2 204,5 316,8 392,4 382,1 382,1 OFFSHORE 859,0 836,7 782,8 694,5 694,5 965,7 861,4 862,6 814,2 814,2 ELIMINATION / INTERSEGMENT - - (1,5) (4,6) (4,6) (4,3) (4,3) (9,1) (7,9) (7,9) ORDER BACKLOG 1 137,7 1 074,5 1 135,1 1 008,1 1 008,1 1 165,9 1 174,0 1 246,0 1 188,4 1 188,4
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PROFIT MEASURES EBITDA Operating profit/loss before depreciation, amortization and impairment. Adjusted EBITDA EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods. EBIT Operating profit/loss. Margins EBITDA margin, Adjusted EBITDA margin and EBIT margin are calculated as EBITDA, Adjusted EBITDA and EBIT divided by revenue. 24 ALTERNATIVE PERFORMANCE MEASURES Alternative performance measures, which means financial target figures that are not defined within the current financial reporting framework, is used by Scana to provide additional information. Alternative performance targets are intended to improve the comparability of the results from period to period. It is Scana’s experience that these are often used by analysts, investors, and other parties. Alternative performance measures are not a substitute for measuring results in accordance with IFRS. ORDER INTAKE/BACKLOG MEASURES Order intake Consists of the period’s new orders as well as net changes to existing orders, including variation orders, cancellations and changes related to exchange rates. Order backlog Consists of estimated value of remaining deliveries on contracts entered at the end of the period. The order backlog does not include potential growth or value of options in existing contracts. The order backlog does not include framework agreements, except for estimates of firm scope to be delivered Book to bill Order intake divided by revenue in the period. 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITDA 96,7 80,4 57,1 26,4 (6,6) 7,8 8,1 70,4 1) Gain from sale (45,6) - - - - 0,0 - - 2) Strategy and M&A costs - 2,7 1,1 1,9 - 0,0 0,4 (0,0) 3) Option program / incentive scheme 1,2 1,2 3,2 0,5 0,9 (0,8) - - 4) Restructuring costs - - - 1,8 7,2 8,3 0,8 3,5 5) Business development - 0,3 1,3 0,7 - 0,0 - - 6) ERP - 2,8 1,2 3,2 0,2 - - - 7) Arbitration case - - - 15,2 2,3 7,7 (0,3) (0,1) Total items excluded from EBITDA (44,4) 7,0 6,7 23,3 10,6 15,2 0,8 3,4 Adjusted EBITDA 52,3 87,4 63,9 49,8 4,0 23,0 38,9 73,8
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25 ALTERNATIVE PERFORMANCE MEASURES (CONT.) FINANCING MEASURES Net working capital (NWC) Net working capital is a measure of the current capital necessary to maintain operations. Working capital includes inventories, trade receivables, trade payables, contract assets, contract liabilities, accruals and provisions. Net interest-bearing debt (NIBD) Total non-current and current interest-bearing financial debt (excluding lease liabilities), minus total cash. Equity ratio Total equity divided by total assets. Covenant EBITDA Adjusted EBITDA adjusted for financial lease. Liquidity reserve Available cash. Calculated by adding cash and cash equivalents and unused WC credit facility. 19 FEBRUARY 2026 FOURTH QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Non-current loans and borrowings 48,8 58,4 58,5 58,0 58,2 53,9 54,0 54,1 Current loans and borrowings 51,5 75,4 54,4 9,5 71,9 81,3 91,6 37,7 Cash and cash equivalents (36,0) (23,9) (72,9) (7,3) (2,0) (7,4) (3,9) (53,8) NIBD 64,2 109,8 40,0 60,1 128,1 127,7 141,7 38,0 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adjusted EBITDA 52,3 87,4 63,9 49,8 4,0 23,0 38,9 73,8 Effect leasing - IFRS 16 (23,8) (22,9) (25,4) (24,8) (25,6) (26,3) (26,2) (29,3) Covenant EBITDA 28,5 64,6 38,4 25,0 (21,6) (3,3) 12,7 44,5 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 WC Facility limit 160,0 160,0 160,0 160,0 160,0 160,0 160,0 160,0 WC Facility drawn (17,8) (65,5) (49,6) - (42,2) (44,4) (54,8) - Cash and cash equivalents 36,0 23,9 72,9 7,3 2,0 7,4 3,9 53,8 Restricted cash - (2,7) (1,0) - - - - - Liquidity reserve 178,2 115,8 182,3 167,3 119,7 123,0 109,0 213,8
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PHOTO CREDITS Nordhordaland Tekst & Foto Zpirit