Slides
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4 November 2026 Q3 2026 Presentation
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Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Maritime 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. 2 Disclaimer
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3 Highlights | Q3 2026 Adjusted EBITDA Order intake & book- to-bill Dividend ▪ Solid operational and financial performance, with key figures improving ▪ The AHTS North Sea spot/project fleet continues to drive improvements in earnings, with the CSV fleet also improving quarter-over-quarter ▪ Solid balance sheet, together with earning visibility, provides a robust platform for shareholder returns ▪ Solstad Offshore has declared the USD 125 million purchase option for the CSV Normand Maximus with scheduled delivery in October 2027 Distributes cash dividend for Q3 2026 of USD 0.12/share, totaling USD ~56 million ▪ USD 117 million in the quarter compared to USD 69 million same quarter last year ▪ USD 308 million year-to-date compared to USD 229 million last year ▪ Full-year Adjusted EBITDA guidance narrowed to USD 375 – 390 million Total order intake of USD 235 million in the quarter resulting in a book-to-bill ratio of 1.2x Order intake includes a 3-year contract for CSV Normand Cutter, a 2-year contract for CSV Normand Valiant, a 1-year contract extension for CSV Normand Vision, and combined 475 days of work for the AHTS vessels Normand Saracen and Normand Scorpion Business update
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4 Another quarter with all key figures improving Q3 2026 Financial and operational summary 145 148 180 176 198 69 74 103 88 117 0 50 100 150 200 250 -10 0 10 20 30 40 50 60 70 80 90 USDm % 79% Q3’25 79% Q4’25 84% Q1’26 82% Q2’26 88% Q3’26 +68% Utilization Operating Income Adjusted EBITDA Operational performance Key takeaways • Record high Adjusted EBITDA in Q3’26 driven by improvements in day rates and utilization • A further improvement in utilization and day rates in the AHTS spot/project market has contributed to increased earnings compared to the previous four quarters • Compared to same quarter last year and Q2’26, increased utilization for CSVs has led to growth in earnings. The increased utilization is partly due to lower maintenance activity • Adjusted NIBD/LTM Adjusted EBITDA at 1.3x at quarter end Utilization Operating Income Adjusted EBITDA Net Result Q3 YTD Q3 YTD Q3 YTD Q3 YTD 88% (79%) 85% (78%) 198 (145) 554 (442) 117 (69) 308 (229) 79 (32) 208 (124) Equity Adjusted NIBD Cash Backlog 984 – 55% (804 – 48%) 488 (580) 189 (124) 1,086 (964) Note: All figures in USD million unless otherwise indicated. Prior year figures in parentheses
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5 Dividend | Q3 2026 ▪ Distributes cash dividend for Q3 2026 of USD 0.12/share, totaling USD ~56 million ▪ 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 17 November 2026 21 22 35 35 15 15 40 47 56 0 10 20 30 40 50 60 USDm Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Dividend development1 – USD ~276 million distributed 1: Quarterly dividends of NOK 0,5/share in 2024. Development above presents the paid amounts
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GLOBAL PRESENCE 6 Market Update 3 2 4 8 1 2 10 Office locations Solstad Offshore supporting offices ▪ The demand within offshore-energy services remains positive ▪ AHTS segment: Robust North Sea spot- market combined with an active global project market. Australia will have lower activity the coming quarters ▪ 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 1
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• The market for high-end AHTS vessels in the North Sea has been solid since Q4’25 with further improvements in Q3’26 • Solstad has achieved strong utilization in the quarter from project work, however utilization across the overall North Sea AHTS fleet has remained moderate • Supply of vessels in the market is expected to increase in the coming quarters through relocations, potentially impacting utilization and day rates AHTS North Sea Spot/Project Market Combined operational performance – three SOMA AHTS vessels -5 0 5 10 15 20 25 30 -20 0 20 40 60 80 100 USDm % 38% Q3’25 89% Q4’25 63% Q1’26 67% Q2’26 89% Q3’26 Utilization EBITDA 7
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…adding visibility for large CSVs into 2027 and beyond Significant CSV contract additions… Normand Ocean Client: DeepOcean Awarded: November 2025 Duration: 3 years firm + 2 years options Commencement: Q1’27 Normand Vision Client: Ocean Installer Awarded: October 2025 & July 2026 Duration: 2 years firm + 2 years options Commencement: Q1’26 Normand Cutter Client: Undisclosed Awarded: August 2026 Duration: 3 years firm + 3 years option Commencement: Q1’27 Normand Jarstein Client: Reach Subsea Awarded: May 2026 Duration: 2 years firm + 1 year option Commencement: Q2’26 Normand Navigator Client: Saipem Awarded: February 2026 Duration: 450 days firm + 150 days options Commencement: Q2’26 Normand Sentinel Client: Undisclosed Awarded: November 2025 Duration: 1,8 years firm + 1 year option Commencement: Q1’26 Vessel schedule – CSVs with crane capacity from 150T and above • Active approach to secure contracts through the period where the newbuild CSV capacity enters the market • Close collaboration with key clients entails direct negotiation and follow up • Offer additional services, adding value to clients • Local presence in many of the key geographical regions diversifies opportunities 8 2026 2027 2028 Vessel Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Firm contract end Normand Cutter → Q1 2030 Normand Energy → Q1 2032 Normand Flower → Q1 2030 Normand Frontier Normand Jarstein Normand Maximus To be sold to SOFF in Oct’27 Normand Navigator Normand Ocean → Q4 2029 Normand Pacific → Q4 2030 Normand Samson Normand Sentinel Normand Subsea Normand Vision Firm Option Unavailable Note: Vessel schedule as per Q3’26 and contract additions are last twelve months from this date Commercial enablers
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9 Backlog and earning visibility ▪ Book to bill of 1.2x in both the quarter and last twelve months respectively Book to bill ▪ Tender activity remains positive ▪ ~9% of fleet capacity categorized as AHTS spot/project fleet, i.e. three vessels ▪ Firm backlog1: USD 1.086 million ▪ Backlog incl. options: USD 1.676 million ▪ Current2 backlog has an average EBITDA margin of ~63%, i.e. USD ~683 million of USD 1.086 million is EBITDA 1.2x1.2x 1.9x 1.0x 0.8x Firm backlog per year Backlog developmentFirm-/option days per year 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 Days 67% 7%17% 9% Q4’26 67% 4% 20% 9% 2027 40% 13% 37% 9% 2028 Firm days3 Option days Available days AHTS spot/project fleet 964 1,091 1,088 1,049 1,086 180 275 177 137 235 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 USDm Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Backlog Order intake 0 50 100 150 200 250 300 350 400 450 500 550 USDm Q4’26 2027 2028 2029 and onwards 122 492 233 238 EBITDA Opex 1: The lease payments under the bareboat contract for Normand Maximus until October 2027 is included in backlog, however not reported as Operating Income. The declared purchase option of USD 125 million in October 2027 is not included in the backlog fig ures 2: The estimated EBITDA margin is solely related to the current backlog. Contracts are a combination of time charter and bare boat with associated Adjusted EBITDA margins 3: Firm days and backlog is not adjusted for potential downtime related to planned maintenance
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10 Outlook and guiding 1: Excluding working capital ▪ Full year Adjusted EBITDA guidance is narrowed by increasing the lower range due to improved earnings year-to-date. The Adjusted EBITDA guidance has been increased and narrowed quarterly from the initial USD 330 – 380 million range provided in February 2026 ▪ Capex guidance is narrowed by increasing the lower range ▪ Dividend policy: Intention to distribute quarterly dividends corresponding to majority of annual free cash flow to equity (FCFE) Updated range Previous range (July-26) Adjusted EBITDA USD 375 – 390 million USD 360 – 390 million Taxes payable USD 5 – 15 million USD 5 – 15 million Capex USD 60 – 70 million USD 55 – 70 million Net interest USD 35 – 45 million USD 35 – 45 million Vessel sale USD 32 million USD 32 million Debt amortization USD 1 million USD 1 million 2026 guiding Illustrative free cash flow bridge based on mid-range guidance1, USDm 383 (10) (65) 32 339 (40) 299 100 (101) 298 Adjusted EBITDA Taxes payable Capex Vessel sale proceeds Free cash flow before debt servicing Net interest Free cash flow after interest Incremental financing Debt amortization Free cash flow to equity
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11 Summary A quarter with solid operational and financial performance, with key figures improving year-over-year Strong AHTS performance in the quarter combined with stable order intake and high activity in the CSV segment Full-year Adjusted EBITDA guidance narrowed to USD 375 – 390 million Continued shareholder friendly approach with an increased dividend to USD ~56 million for the quarter
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Q&A
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Appendix
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14 Income Statement & Adjusted EBITDA EBITDA development Key commentary 145 148 180 176 198 61 67 97 93 112 69 74 103 88 117 0 50 100 150 200 250 0 10 20 30 40 50 60 USDm % 48% Q3’25 50% Q4’25 57% Q1’26 50% Q2’26 59% Q3’26 Operating Income EBITDA Adjusted EBITDA Adjusted EBITDA margin • Adjustments from EBITDA to Adjusted EBITDA is mainly related to inclusion of IFRS 16 lease payments • Q2’26 also excludes gain on sale of assets which impacts Adjusted EBITDA margin • Adjusted EBITDA margin in the quarter of 59%. Margin-level is affected by the vessels’ contract structure1 1: Time charter vs. bareboat charter. Solstad Maritime’s contract structure when operating in Brazil is predominantly bareboa t contracts through Solstad Offshore 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 198 145 546 442 Gain on sale of assets 0 0 8 0 Total operating income 198 145 554 442 Vessel operating expenses (51) (46) (138) (131) Personnel expenses (33) (36) (104) (93) Administrative expenses (2) (2) (10) (11) Total operating expenses (86) (84) (252) (235) Operating result before depreciations and impairment 112 61 302 207 Depreciation (23) (17) (67) (56) Impairment and reversal of impairment 0 0 0 0 Operating result 89 43 235 152 Income from investments in associates (0) 0 (1) (0) Interest income 4 4 13 15 Net currency gain/-loss 1 (2) 3 10 Interest charges (16) (16) (47) (53) Other financial income/expenses (0) 0 (0) 0 Net financial items (11) (14) (32) (28) Result before taxes 78 29 203 124 Tax on result 1 2 6 (0) Net Result 79 32 208 124 EBITDA 112 61 302 207 Adjustments: Leases 5 5 14 16 Restructuring cost 0 0 0 2 Net gain/loss on sale of assets (0) 0 (8) (0) Result associated companies (0) 0 (1) (0) Loss on accounts receivables 0 3 (0) 3 Adjusted EBITDA 117 69 308 229
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• Increased EBITDA in Q3’26 compared to same quarter last year for both segments, particularly for the AHTS segment achieving both higher utilization and improved day rates • The AHTS segment increased utilization from 76% to 89% while the CSV segment increased utilization from 81% to 88% • ‘Other-Vessel’ consist of the offsetting1 of Maximus bareboat lease income2 included in CSV-Vessel and unallocated administrative expenses • ‘Other-Services’ consist of the offsetting1 of ROV bareboat lease cost included in AHTS/CSV-Services • Services reflected as a valuable addition to vessel time charter earnings 15 Segment performance 1: EBITDA defined as Operating result before depreciation, impairment and reversal of impairment, ref. APM, i.e. does not includes IFRS 16 leases 2: Quarterly contribution of USD ~7,6 million EBITDA and utilization by segmentsKey takeaways 7 (15) (11) (9) (7) -20 -10 0 10 20 30 40 50 60 70 80 90 100 110 120 13 , 76% 1 44 , 81% 4 2 3Q’25 25 , 78% 1 49 , 80% (3) 5 2 70 , 88% 69 , 90% 1 30 , 72% 4 4Q’25 3 0 61 67 97 93 112 2 34 , 88% USDm 1Q’26 3 2 3 2Q’26 40 , 89% 62 , 79% 3Q’26 + 28 + 25 AHTS-Vessel AHTS-Services CSV-Vessel CSV-Services Other-Vessel Other-Services 57 74 99 95 110 (13) -20 0 20 40 60 80 100 120 USDm 5 (1) 3Q’25 6 4Q’25 8 (9) 1Q’26 3 (6) 2Q’26 6 (4) 3Q’26 61 67 97 93 112 Vessel (AHTS+CSV) Services (AHTS + CSV) Other EBITDA by operating segments
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16 Balance sheet Capital structure development Key commentary 1,665 1,627 1,683 1,742 1,789 804 880 933 952 984 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 0 5 10 15 20 25 30 35 40 45 50 55 60 USDm % 48% Q3’25 54% Q4’25 55% Q1’26 55% Q2’26 55% Q3’26 Equity ratio Assets Equity • Non-current receivables is predominantly the present value of the bareboat lease and purchase option related to Normand Maximus • Considerable increase in current assets compared to Q3’25 due to increased revenue and timing of receipts • Equity ratio of 55% per Q3’26 - an increase of 7%-points since Q3’25. USD 116 million in dividends has been distributed to shareholders in the period Unaudited 2026 2025 2025 USDm 30.09 30.09 31.12 ASSETS Non-current assets Deferred tax assets 85 53 76 Tangible fixed assets 1,092 1,131 1,110 Right-of-use assets 28 25 23 Investment in associates and joint ventures 5 5 5 Non-current receivables 145 161 157 Total non-current assets 1,354 1,374 1,372 Current Assets Inventory 14 8 10 Accounts receivables 106 112 84 Other current receivables 125 41 60 Market based shares 0 4 0 Cash 189 124 78 Total current assets 435 290 232 Assets held for sale 0 0 23 TOTAL ASSETS 1,789 1,665 1,627 EQUITY AND LIABILITIES Equity Paid-in equity 351 468 453 Other equity 632 340 427 Non-controlling interests 0 (4) 0 Total equity 984 804 880 Liabilities Non-current provisions 1 1 1 Interest bearing liabilities 544 547 490 Lease liabilities 23 21 19 Total non-current debt 568 569 510 Current liabilites Current interest bearing liabilities 101 149 92 Current lease liabilities 10 7 7 Other current liabilities 126 136 138 Total current liabilities 237 291 237 Total liabilities 805 861 747 TOTAL EQUITY AND LIABILITIES 1,789 1,665 1,627
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17 Cash Flow Statement Free cash flow Key commentary 92 78 37 54 91 63 64 34 79 84 0 20 40 60 80 100 120 140 0 10 20 30 40 50 60 70 80 USDm % 67% Q3’25 69% Q4’25 60% Q1’26 72% Q2’26 68% Q3’26 Net cash flow from operations FCFF1 LTM FCFF conversion2 • Net cash flow from operations year-to-date 2026 compared to EBITDA is impacted by working capital build due to timing of receipts/disbursements and increased revenues • LTM FCFF conversion2 is expected to trend upwards the next few quarters as a result of working capital release • Proceeds from the sale of Normand Clipper is reflected in Q2’26 1: FCFF defined as net cash flow from operations less net cash flow from investments, but excluding received interest 2: LTM FCFF conversion defined as Last twelve months FCFF divided by LTM Adjusted EBITDA 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 78 29 203 124 Taxes payable 0 (2) (3) (2) Depreciation, impairments, and reversal of impairments 23 17 67 56 Gain (-)/loss non-current assets 0 0 (7) (0) Interest income (4) (4) (13) (15) Interest expense 16 16 47 53 Non-cash refinance effects 0 0 0 0 Unrealised currency gain/loss (4) 1 (7) (16) Change in current receivables and payables (15) 35 (17) 37 Change in other accruals (4) (1) (87) (27) Net cash flow from operations 91 92 183 209 CASH FLOW FROM INVESTMENTS Investment in fixed assets (5) (14) (12) (32) Payment of periodic maintenance (10) (23) (28) (63) Proceeds from sale of fixed assets 0 0 32 10 Proceeds of non-current receivables 8 8 23 23 Received interests 1 0 3 3 Investments in other shares/ interests 0 0 (0) (1) Net cash flow from investments (6) (29) 16 (61) CASH FLOW FROM FINANCING Dividends paid (47) (35) (101) (92) Refinancing costs 0 0 (1) 0 Paid leases (3) (2) (8) (6) Paid interests 0 0 (21) (31) Drawdown of non-current debt 0 0 100 0 Net cash flow from financing (50) (37) (89) (205) Effect of changes in foreign exchange rates 0 0 1 4 Net change in cash 35 26 110 (57) Cash at beginning of period 154 98 78 177 Cash at balance sheet date 189 124 189 124 Repayment of non-current debt (0) 0 (57) (75)
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18 Cash increase in the quarter driven by operational cash flow partly offset by quarterly dividend payment Q3 2026 cash flow bridge Net cash from operating activities: 91million Net cash from financing activities: -50 million Net cash from investing activities: -6 million 154 189 112 Q2’26 EBITDA (19) Changes in WC (3) Other operational activities (15) Vessel capex 8 Maximus bareboat lease 1 Received interests (3) Paid leases (47) Dividends paid 0 Net FX effect Q3’26
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Solid increase in cash position despite a large working capital build LTM cash flow bridge Net cash from operating activities: 261 million Net cash from financing activities: -202 millionNet cash from investing activities: 5 million 19 124 189 361 30 32 (116) Dividends paid 1 Net FX effectQ3’25 EBITDA ex. gain on vessel sale Changes in WC and other operational activities (10) Taxes paid (65) Vessel capex Sale of vessel 6 Received interest (53) Paid interests and refinancing cost (11) (91) Paid leases (22) Maximus bareboat lease Net of debt draw and repayments 3 Other investing activities Q3’26 Net of ▪ scheduled amortization (-109 million) ▪ debt repaid on vessel sold (-13 million) ▪ incremental financing (+100 million)
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20 Debt overview NIBD overview as per 30.09.2026 Adjusted NIBD and IBD movement last twelve months 664 488 521189 0 200 400 600 800 1,000 USDm Bank debt 13 Accrued interest Cash Adjusted NIBD 33 Leases NIBD 1: Adjusted NIBD divided by LTM Adjusted EBITDA 2: The amoritization profile does not take into account the mandatory prepayment following sale of Normand Maximus in Q3’27 and the subsequent reduction in semi -annual instalments following the prepayment Leverage development Amortization overview as per 30.09.20262 580 545 539 512 488 1.9x 1.8x 1.7x 1.5x 1.3x 0.0 0.5 1.0 1.5 2.0 0 200 400 600 800 1,000 USDm x Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Adjusted NIBD Leverage ratio1 580 488 124 109 100 189 0 200 400 600 800 USDm Q3’25 Scheduled amortization 13 Debt repaid on sold vessels Incremental financing 5 Interest payments Q3’26 704 677 564 344 100 88 88 0 100 200 300 400 500 600 700 USDm Bank debt 44 Q4’26 50 2027 50 2028 Q1’29 Incremental financing Fleet Loan Adjusted NIBD Cash
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Solstad Maritime 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 • 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 21 Alternative Performance Measures (APM)