Slides
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Q3 2026 Presentation 4 November 2026
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Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the currentviews with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person’s officers or employees provide anyassurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations, except as required by law, to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. Disclaimer 2
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Highlights | Q3 2026 Adjusted EBITDA Order intake Dividend ▪ A quarter with continued solid performance ▪ Declared the USD 125 million purchase option for Normand Maximus in October 2026 with delivery in October 2027. Intention is to finance the purchase price through external debt financing ▪ Delivered Normand Tonjer to its new owners in September 2026. The sale resulted in an accounting gain of USD 24 million1 ▪ Distributes cash dividend for Q3 2026 of USD 0.30/share, totaling USD ~25 million ▪ Solstad Offshore’s share of Solstad Maritime dividend amount for Q3 2026 is USD ~15 million Total Adjusted EBITDA of USD 41 million in the quarter compared to USD 29 million same quarter last year ▪ Operational Adjusted EBITDA of USD 17 million in the quarter compared to USD 19 million same quarter last year ▪ Share of result from JV and AC2 of USD 24 million in the quarter compared to USD 10 million same quarter last year Normand Maximus secured a firm 26-month contract with Saipem with an 11-month option, replacing the previous Letter of Intent. Commencement is after the 10-year class renewal in Q1 2027 Business update 3 1: The accounting gain is on 100% basis, however the vessel is 56%-owned by Solstad Offshore 2: Joint ventures and associated companies
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A financially robust platform positioned to deliver attractive shareholder returns Q3 2026 Financial and operational summary 73 70 86 105 125 19 10 12 22 17 0 20 40 60 80 100 120 140 160 0 10 20 30 40 50 60 70 80 90 100 USDm % 97% Q3’25 71% Q4’25 79% Q1’26 85% Q2’26 92% Q3’26 Utilization Operating Income Operational Adjusted EBITDA Operational performance Key takeaways • Significant increase in Operating Income in Q3’26 compared to Q2’26 due to a USD 24 million gain on sale of Normand Tonjer • In addition to the gain, Operating Income in Q3’26 has increased compared to same quarter last year due to increase in number of Solstad Maritime vessels operated through Solstad Offshore’s Brazil setup • Solid cash position enabling an extraordinary dividend payment related to Normand Tonjer sales proceeds • Retaining cash for upcoming vessel maintenance projects with associated off hire periods • Share of result from JV and AC of USD 24 million in the quarter, an increase of USD 14 million compared to same quarter last year due to improved contribution from all JV and ACs Utilization Operating Income Adjusted EBITDA Net Result Q3 YTD Q3 YTD Q3 YTD Q3 YTD 92% (97%) 85% (97%) 125 (73) 316 (220) 41 (29) 116 (91) 63 (26) 130 (88) Equity Adjusted NIBD2 Cash Backlog1 528 – 47% (375 – 44%) -39 (57) 151 (87) 404 (280) Note: All figures in USD million unless otherwise indicated. Prior year figures in parentheses. 1: In addition, the Company has firm backlog related to Solstad Maritime vessels operated through Solstad Offshore’s Brazil setup 2: Excludes the present value of the Normand Maximus lease liability 4
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Debt overview NIBD overview as per 30.09.2026 IBD movement Q2’26 vs. Q3’26 40 (39) 332 70 223 -100 0 100 200 300 400 USDm Solstad Brazil SOFF ASA 2 Accrued interest 151 Cash Adjusted NIBD 30 114 Normand Maximus lease 4 Other leases NIBD 144 227 1:Excluding cash sweeps. Amortization overview term loans as per 30.09.2026 40 29 70 60 0 20 40 60 80 100 120 USDm Term loans 1 10 Q4’26 5 2027 5 2028 2029 and onwards 110 11 65 Solstad Brazil1 SOFF ASA Normand Maximus Lease Other leases Consist of present value of remaining bareboat lease payments to Solstad Maritime for CSV Normand Maximus until October 2027 (USD 30 million) and the declared purchase option at USD 125 million (USD 114 million) Mainly consist of lease commitments for Solstad Maritime vessels (USD 223 million) operating through Solstad Offshore’s Brazil setup. These lease agreements are entered into based on contracts with Brazilian end clients. The remaining portion of Other leases (USD 4 million) relates to ROV leases and property leases SOFF ASA USD 70 million term loan with a 5-year amortization profile drawn in November 2024 with maturity in November 2027 Solstad Brazil USD 40 million term loans financing of four Brazilian built vessels with BNDES with maturity from 2026-2031 40 40 70 70 112 114 36 30 242 223 0 50 100 150 200 250 300 350 400 450 500 550 USDm 41Q2’26 42Q3’26 505 483 Solstad Brazil SOFF ASA Accrued interest Normand Maximus purchase option Normand Maximus lease commitment SOMA leased vessels ROV & office leases 5
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6 Dividend | Q3 2026 ▪ Distributes cash dividend for Q3 2026 of USD 0.3/share, totaling USD ~25 million, whereof 0.12/share is considered as extraordinary dividend following the sale of Normand Tonjer ▪ The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q3 2026 dividend: o Last day incl. right to dividend: 5 November 2026 o Ex-date: 6 November 2026 o Record date: 9 November 2026 o Distribution date: On or about 20 November 2026 Dividend development 4 4 8 12 15 0 5 10 15 20 25 USDm Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 10 25
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• Associated company 35,8%-owned with Omega 365 as majority shareholder • Omega Subsea is an owner and operator of ROVs and survey services • Owns 20 ROVs as of Q3‘26 with further 10 scheduled for delivery • The last twelve months Omega Subsea has had an average of 14 ROVs operational and generated revenue and EBITDA of USD ~102 million and USD ~32 million respectively Investments in associated companies & joint ventures Notes: All investments are accounted for using equity method, i.e. share of result. 1: NOK 28,75 per share and USDNOK 9,60 7 Joint Ventures with SBM Offshore • The Company has two 50%-owned joint ventures together with SBM Offshore; o Normand Installer S.A. (NISA), which owns the vessel Normand Installer built in 2006 o Normand Installer (Norway) AS (NI2), which has a newbuild scheduled to be delivered from yard in 1H 2029 • The vessel Normand Installer is predominantly utilized on SBMs FPSO projects around the world through a frame agreement securing average 200 days per year until 2034 • From delivery, the newbuild vessel will have a 14-year charter agreement with SBM Offshore and options up to 11 additional years • The newbuild builds on key learnings from Normand Installer, which Solstad and SBM Offshore have jointly operated since 2006 • Associated company 27,3%-owned with Aker as majority shareholder • Owns 31 high-end AHTS and CSV vessels • Q3’26 dividend of USD ~56 million whereof Solstad Offshore’s share is USD ~15 million • Share of market cap per Q3’26 is USD ~380 million1 9.3 25.0 19.8 16.8 21.9 -5 0 5 10 15 20 25 30 9.3 25.0 19.8 16.8 21.9 -5 0 5 10 15 20 25 30 USDm (0.3) 1.4 Q3’25 (0.4) 0.1 Q4’25 1.4 1.0 Q1’26 1.4 0.8 Q2’26 0.5 1.9 (0.2) Q3’26 10.4 24.7 22.1 18.9 24.1 Solstad Maritime NISA Omega Subsea NI2 Share of result Book value of shares 212 233 249 254 263 -50 0 50 100 150 200 250 300 350 212 233 249 254 263 -50 0 50 100 150 200 250 300 350 USDm 20 16 Q3’25 20 16 Q4’25 21 17 Q1’26 23 18 Q2’26 23 20 0 Q3’26 249 270 287 295 306 Solstad Maritime NISA Omega Subsea NI2
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Market Update ▪ The demand within offshore-energy services remains positive ▪ AHTS-segment: Brazil, in general a long-term market, but vessels with spot exposure obtains decent utilization ▪ CSV-segment: Project-oriented market, in general high utilization, but some availability in the market including a number of uncommitted newbuilds ▪ Geography: South America, West-Africa and the North Sea with highest activity 8 STRONG FOOTHOLD IN BRAZIL Office locations 3 + 4 owned by Solstad Maritime 2 + 6 owned by Solstad Maritime 1 Solstad Maritime supporting offices 1 owned by Solstad Maritime (N. Maximus)
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Backlog and earning visibility ▪ 2-year contract award for Normand Valiant added to backlog for SOMA vessels in the quarter 1: Backlog related to Solstad Maritime vessels operated through Brazil structure in Solstad Offshore 2: Backlog for 6 owned and controlled vessels in Solstad Offshore i.e. including Normand Maximus, but excluding Normand Installer 3: Firm days includes days assumed spent related to 10 -year class renewal for Normand Maximus in Q1’27. Firm days and backlog is otherwise not adjusted for potential downtime related to planned maintenance ▪ Normand Maximus is reflected with an option month in Dec’26, drydock3 in Jan-Feb’27 and a firm contract from Mar’27 until May’29 ▪ Normand Superior’s current contract ends in Feb- 27 and Normand Carioca has options for 2028 ▪ Firm backlog – SOFF vessels: USD 404m ▪ Firm backlog – SOMA vessels: USD 567m 9 Firm backlog per vessel type Backlog developmentFirm-/option2 days per year 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Days 95% 5% Q4’26 85% 2027 67% 17% 17% 2028 15% Firm days3 Option days Available days 51 52 6724 72 92 34 0 50 100 150 200 250 300 350 USDm 55 Q4’26 220 2027 172 2028 120 2029 and onwards 11 AHTS CSV Solstad Maritime1 vessels 280 325 306 432 404 0 100 200 300 400 500 600 700 800 900 1,000 1,100 USDm 640 Q3’25 609 Q4’25 570 Q1’26 554 Q2’26 567 Q3’26 920 934 876 986 971 Solstad Offshore2 vessels Solstad Maritime1 vessels
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Financial guidance for 2026 1: Adjusted EBITDA excluding share of result from JV & AC 10 Metric 2026 Comments Operational Adjusted EBITDA1 USD 60 – 70 million ▪ Whereof USD 51 million YTD Q3’26 ▪ Reflects the assumption that the Normand Maximus will remain on contract towards the end of the year before commencing its 10-year class renewal ▪ Excludes share of result from JV and AC Dividend ▪ Distributes cash dividend for Q3 2026 of USD 0.3/share, totaling USD ~25 million, whereof 0.12/share is considered as extraordinary dividend following the sale of Normand Tonjer
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11 Summary A quarter with overall solid operational and financial performance Sale of Normand Tonjer contributes to significant increase in cash position and operating income in the quarter Declared purchase option of the CSV Normand Maximus Dividend distribution for the quarter of USD ~25 million Headquarters in Skudeneshavn, Norway
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Q&A
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Appendix
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Income Statement & Adjusted EBITDA 14 EBITDA development Key commentary 73 86 105 125 37 30 37 54 73 19 10 12 22 17 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 USDm % 26% Q3’25 14% Q4’25 14% Q1’26 21% Q2’26 14% Q3’26 70 Operating Income EBITDA Operational Adjusted EBITDA Operational Adjusted EBITDA margin • Operating Income and EBITDA in Q3’26 is impacted by the USD 24 million gain on the sale of Normand Tonjer. The gain is excluded in Operational Adjusted EBITDA, hence impacting margins negatively • Operating Income and EBITDA has increased the past year as count of Solstad Maritime vessels operating through Solstad Offshore’s Brazil setup has increased. However the increase has limited impact on Operational Adjusted EBITDA as its mostly offset by increased opex and lease cost • Adjustments from EBITDA to Operational Adjusted EBITDA is mainly related to inclusion of IFRS 16 leases and exclusion of gain/loss of sold assets Unaudited 2026 2025 2026 2025 USDm 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 Charter income and other operating income 101 73 292 220 Gain on sale of assets 24 0 24 0 Total operating income 125 73 316 220 Vessel operating expenses (23) (18) (66) (47) Personnel expenses (25) (15) (76) (50) Administrative expenses (4) (4) (10) (11) Total operating expenses (52) (36) (152) (109) Operating result before depreciations and impairment 73 37 165 111 Depreciation (24) (13) (70) (44) Impairment and reversal of impairment 0 0 0 4 Operating result 49 24 95 72 Income from investments in joint ventures 0 (0) 3 (2) Income from investments in associates 24 11 62 41 Interest income 1 1 4 2 Net currency gain/-loss 0 1 1 2 Interest charges (10) (9) (32) (27) Other financial income/expenses (0) (0) (2) 2 Net financial items 14 3 36 17 Result before taxes 63 27 131 90 Tax on result 0 (1) (1) (2) Net Result 63 26 130 88 EBITDA 73 37 165 111 Adjustments: Leases (32) (20) (89) (61) Net gain/loss on sale of assets (24) 0 (24) 0 Loss on accounts receivables 0 2 0 2 Operational Adjusted EBITDA 17 19 51 53 Result Joint Ventures 0 (0) 3 (2) Result associated companies 24 11 62 41 Share of result from JV and AC 24 10 65 39 Adjusted EBITDA 41 29 116 91
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Balance sheet 15 Capital structure development Key commentary 861 878 1,096 1,090 1,119 375 425 448 478 528 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 5 10 15 20 25 30 35 40 45 50 55 USDm % 44% Q3’25 48% Q4’25 41% Q1’26 44% Q2’26 47% Q3’26 Equity ratio Assets Equity • Significant increase in right-of-use assets and lease liabilities compared to year-end 2025 and same quarter last year due to new long-term lease contracts for Solstad Maritime vessels. The recognition in Q1’26 also impacted %-book equity • Significant increase in book value of associates and joint ventures following healthy results offset by dividends paid by SOMA • Solid improvement in cash position through 2026 – see separate slide for details • Increase in Non-controlling interest following gain on sale in the entity which owned the Normand Tonjer 1: Excluding interests. Unaudited 2026 2025 2025 USDm 30.09 30.09 31.12 ASSETS Non-current assets Deferred tax assets 16 0 15 Tangible fixed assets 122 130 130 Right-of-use assets 401 286 279 Investment in associates and joint ventures 306 249 270 Loans to associates and joint ventures 9 6 6 Non-current receivables 5 4 4 Total non-current assets 858 675 704 Current Assets Inventory 3 2 2 Accounts receivables 26 70 39 Other current receivables 81 27 59 Cash 151 87 74 Total current assets 261 186 175 TOTAL ASSETS 1,119 861 878 EQUITY AND LIABILITIES Equity Paid-in equity 36 65 61 Other equity 476 302 357 Non-controlling interests 17 8 7 Total equity 528 375 425 Liabilities Interest bearing liabilities 84 117 100 Lease liabilities 274 210 196 Total non-current debt 358 326 296 Current liabilites Current interest bearing liabilities 28 27 24 Current lease liabilities 97 57 56 Other current liabilities 107 75 77 Total current liabilities 233 159 158 Total liabilities 590 486 453 TOTAL EQUITY AND LIABILITIES 1,119 861 878
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Cash Flow Statement 16 Unaudited 2026 2025 2026 2025 USDm 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 CASH FLOW FROM OPERATIONS Result before tax 63 27 131 90 Taxes payable 0 1 (3) (0) Depreciation, impairments, and reversal of impairments 24 13 70 39 Gain (-)/loss non-current assets (48) (10) (89) (39) Interest income (1) (1) (4) (2) Interest expense 11 9 34 25 Unrealised currency gain/loss (1) (1) (0) (1) Change in current receivables and payables 28 32 29 6 Change in other accruals (4) (31) (12) 0 Net cash flow from operations 72 39 155 118 CASH FLOW FROM INVESTMENTS Investment in fixed assets (1) (1) (3) (1) Payment of periodic maintenance (3) (1) (7) (3) Proceeds of non-current receivables (2) 1 (2) 0 Received interests 1 1 4 2 Investments in other shares/ interests 0 0 0 (7) Dividend received 13 10 28 25 Net cash flow from investments 41 9 54 16 CASH FLOW FROM FINANCING Payment of dividends to non-controlling interests 0 0 (1) 0 Dividends paid (12) 0 (25) 0 Paid leases (32) (20) (89) (61) Paid interests (0) (1) (5) (7) Repayment of non-current debt (1) (1) (14) (16) Net cash flow from financing (46) (21) (134) (83) Effect of changes in foreign exchange rates 0 1 2 3 Net change in cash 68 26 75 51 Cash at beginning of period 83 60 74 34 Cash at balance sheet date 151 87 151 87 Proceeds from sale of fixed assets 34 0 34 0 Key commentary ▪ Higher net cash flow from operations in Q3’26 and YTD compared to same periods last year due to increased EBITDA and favorable working capital movements ▪ Increase in paid leases in Q3’26 and YTD compared to same periods las year due to more vessels leased from Solstad Maritime for Brazil operations ▪ The USD 34 million proceeds from the sale of Normand Tonjer significantly increases the cash position in the quarter. 56% of the proceeds belong to SOFF ▪ Gain/loss non-current assets is relating to the share of result from joint ventures and associated companies and the USD 24 million gain on sale of Normand Tonjer Adjusted NIBD and IBD movement last twelve months Adjusted NIBD Cash 57 151 87 (39) -50 0 50 100 150 200 USDm Q3’25 (20) SOFF ASA amortization (11) BNDES amortization (1) Interest payments Q3’26 144 112
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Vessel sale proceeds combined with working capital release and limited debt servicing improves cash position in the quarter Q3 2026 cash flow bridge Net cash from operating activities: 72 million Net cash from investing activities: 41 million 17 83 151 49 23 34 13 Q2’26 EBITDA ex. gain on vessel sale Changes in WC and other operational activities (4) Q3’26 0 Paid leases Net FX effectDividends paid (12) Repayment of debt (1) (32) Paid interests (0) Received interests Sale of vessel 1 Received dividend Net shareholder loans JV’s with SBM (2) Vessel capex EBITDA ex. gain on vessel sold less paid leases in the quarter equals Operational Adjusted EBITDA of USD 17 million Net cash from financing activities: -56 million Net of • shareholder loan repayment from NISA JV (+2 million) • shareholder loan granted to NI2 JV to fund yard instalments (-4,5 million)
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LTM cash flow bridge Net cash from operating activities: 184 million Net cash from financing activities: -179 millionNet cash from investing activities: 57 million 18 87 151 171 18 34 32 Q3’25 EBITDA ex. gain on vessel sale Changes in WC and other operational activities (4) Taxes paid Vessel capex Q3’26Net FX effect (30) 2 Dividends paid Repayment of debt (31) Paid leases (108) Paid interests (9) Received interest (13) 5 Sale of vessel Net shareholder loans JV’s with SBM (2) Received dividend LTM EBITDA ex gain on vessel sold less LTM paid leases almost equals LTM Operational Adjusted EBITDA of USD 61 million
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Segment performance 1: EBITDA defined as Operating result before depreciation, impairment and reversal of impairment, ref. APM. 19 EBITDA by segmentsKey takeaways EBITDA by operating segments 3 12 3 14 18 12 21 17 19 25 31 29 -5 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 3 12 3 14 18 12 21 17 19 25 31 29 -5 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 USDm Q3’25 (0) Q4’25 0 Q1’26 2 Q2’26 24 Q3’26 37 30 37 54 73 AHTS CSV CSV - gain on sale Other 37 29 37 51 45 -10 0 10 20 30 40 50 60 70 80 37 29 37 51 45 -10 0 10 20 30 40 50 60 70 80 USDm (0) Q3’25 1 Q4’25 1 Q1’26 4 Q2’26 24 4 Q3’26 37 30 37 54 73 Vessel Gain on sale Services • The sale of Normand Tonjer resulted in an accounting gain of USD 24 million • EBITDA is significantly increased in Q3’26 compared to same quarter last year, however the majority of the increase stems from ‘Other’ which is mostly attributed to leased vessels from SOMA with associated increased leasing cost • The AHTS segment decreased utilization from 96% to 80% whereas the CSV segment increased utilization from 98% to 100% • Q2’26 had income recognition of approximately USD 7,5 million related to arbitration outcome regarding disputed charter hire from 2024 and is reflected in CSV EBITDA and both Vessel & Services
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Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows: • EBITDA: Operating result before depreciation, impairment and reversal of impairment • Adjusted EBITDA: Operating result before depreciation and impairment adjusted for Joint Ventures, Associated Companies, net gain/loss on sale of assets, IFRS 16 leases and other non- recurring items • Operational Adjusted EBITDA: Adjusted EBITDA excluding share of result from Joint Ventures and Associated Companies • Adjusted EBITDA Margin: Adjusted EBITDA divided by Total operating income • Net interest-bearing debt (NIBD): NIBD is calculated as the total interest-bearing liabilities less cash and bank deposits • Adjusted NIBD: NIBD adjusted by excluding IFRS 16 lease obligations • Free Cash Flow to Equity (FCFE): Free Cash Flow to Equity (FCFE) is a measure of the amount of cash that a company can return to its shareholders on the basis of net cash flow from operations, net cash flow from investments, and net cash flow from financing, where dividends are added back • Backlog: Backlog is the total of undiscounted future revenues from contracts that the Company and the customer have mutually agreed in writing (firm/binding contracts) • Order Intake: Order intake represents the total, undiscounted value of new orders received by the Company from its customers during a specified period • B2B: Book-to-Bill ratio. B2B compares the value of new orders received (Order Intake) to the value of orders fulfilled (Operating Income) during the same period Alternative Performance Measures (APM) 20