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THIRD QUARTER 2025 RESULTS PRESENTATION 6 NOVEMBER 2025 | 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 6 November 2025. 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 6 NOVEMBER 2025 THIRD 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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-8 % to 453 MNOK HIGHLIGHTS – Q3 2025 VS Q3 2024 4 -12 % to 383 MNOK +10 % to 1246 MNOK -33 % to 38 MNOK REVENUE EBITDA ORDER BACKLOGORDER INTAKE -39 % to 39 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 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 436 448 368 396 383 57 26 -7 8 38 64 50 4 23 39 0 100 200 300 400 500 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue EBITDA EBITDA adjusted* 1 135 1 008 1 166 1 174 1 246 492 329 524 403 453 0 100 200 300 400 500 600 700 0 200 400 600 800 1 000 1 200 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Order backlog Order intake
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5 HIGHLIGHTS OFFSHORE Order intake 301 MNOK - solid quarter with strong project activity. Seasystems signed substantial contract for mooring system delivery for an FPSO project in the Campos Basin, Brazil, with BW Energy. High activity during the production shutdown at Equinor’s Mongstad refinery. Margin improvement supported by cost-reduction and redundancy program. Remaining company portfolio operating steadily, with segment performance improved compared to Q2. Continued focus on building recurring revenue through prefabrication, maintenance, and modification projects, both onshore and offshore. 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025
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Order intake 168 MNOK Two sizeable contracts secured: E-House modules for offshore project in Gulf of America. Emergency power modules for data center terminals. Lower revenues, but continued improvement in cost efficiency. Cost program nearing completion, with effects from Q4 onwards. POST Q3 Secured contract for delivery of E-House modules that will be used for an offshore wind project. Expanding product portfolio with new contract for a Battery-Integrated Marine Megawatt Charging System. 6 HIGHLIGHTS ENERGY 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025
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7SEPTEMBER 2025 PARETO SECURITIES' ANNUAL ENERGY CONFERENCE EXPANDING PRODUCT PORTFOLIO New contract for a Battery-Integrated Marine Megawatt Charging System. Combines two of our strongest segments – battery storage and shore power – in a solution supporting the growing demand for sustainable maritime electrification. . POST QUARTER EVENT
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FINANCIAL PERFORMANCE
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Revenue of NOK 383 million • Reduction in revenue of 12% compared to Q3 last year. • Increase in revenue in the offshore division, reduction in the energy division. EBITDA of NOK 38 million, EBIT of NOK 6 million Improved profitability in the offshore division as a result of increased activity and the effect of cost reductions Low activity and revenue in the energy division still places pressure on margins, reflecting lower absorption of fixed costs in the division. Loss before tax of NOK -1 million 6 NOVEMBER 2025 9 Q3 P&L OVERVIEW: STABLE REVENUE, IMPROVED PROFITABILITY THIRD QUARTER RESULTS 2025 *) Ref appendix Alternative Performance Measures NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Revenue 382,7 435,8 1 146,3 1 521,7 1 970,1 Materials, goods and services (159,3) (187,0) (494,1) (721,3) (919,3) Payroll expenses (151,1) (155,7) (507,8) (462,2) (634,1) Other operating expenses (34,2) (36,0) (105,0) (104,0) (156,0) EBITDA 38,1 57,1 39,3 234,2 260,6 EBITDA-margin 10 % 13 % 3 % 15 % 13 % Depreciation, amortisation, impairment (32,2) (27,6) (91,8) (83,4) (113,0) Operating profit/(loss) - EBIT 5,8 29,5 (52,5) 150,8 147,6 EBIT-margin 2 % 7 % -5 % 10 % 7 % Net financial income/expenses (-) (6,8) (11,4) (17,6) (26,9) (37,7) Profit/(loss) before tax (1,0) 18,1 (70,1) 123,9 109,9 Income tax expense 0,2 (7,0) 15,5 (29,0) (26,6) Profit/(loss) (0,8) 11,2 (54,6) 95,0 83,3 Adjusted EBITDA* 38,9 63,9 65,9 203,5 253,3 Adjusted EBITDA-margin 10 % 15 % 6 % 13 % 13 %
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10 Revenue of NOK 301 million Increase in revenue of 22% compared to Q3 last year. The increase in revenue is mainly due to higher activity for our subsidiaries at Mongstad in connection with the production shutdown at the refinery. EBITDA of NOK 44 million EBITDA reduced with 5% compared to Q3 last year. Positive development in EBITDA and EBITDA-margin compared with the previous quarter in 2025. Order intake of NOK 301 million Order backlog of NOK 863 million Approximately NOK 195 million of the order backlog is expected to be delivered in 2025. NOK 422 million of the total backlog is related to Equinor frame agreement. OFFSHORE 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 783 695 966 861 863 189 202 518 174 301 (500) (300) (100) 100 300 500 700 0 200 400 600 800 1 0 00 1 20 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Order backlog Order intake 0,8 0,7 2,1 0,6 1,0 0,0 0,5 1 ,0 1 ,5 2,0 2,5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Book to bill 246 288 248 279 301 47 28 9 27 44 0 100 200 300 400 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue EBITDA
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11 Revenue of NOK 92 million Reduction in revenue of 55% compared to Q3 last year. The order intake in Q2 and Q3 has not yet materialized in revenue. EBITDA of NOK -1 million The reduction in activity and revenue gives pressure on margins, reflecting lower absorption of fixed costs. EBITDA is reduced with 106% compared to Q3 last year. Cost reduction measures have been initiated to reduce the cost base while at the same time maintaining capacity to maintain future position in the market. Order intake of NOK 168 million Second consecutive quarter of solid order intake. Order backlog of NOK 392 million NOK 123 million of the order backlog is expected to be delivered in 2025. ENERGY 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 204 170 128 130 92 21 15 -2 -7 -1 0 50 100 150 200 250 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue EBITDA 354 318 205 317 392 319 140 14 242 168 (200) (100) 0 100 200 300 0 100 200 300 400 500 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Order backlog Order intake 1,6 0,8 0,1 1,9 1,8 0,0 0,5 1 ,0 1 ,5 2,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Book to bill
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Right of use assets 364 Property, plant & Equipment 167 Intangible assets and Goodwill 380 Deferred tax assets 60 NWC 165 Other 11 Equity 609 NIBD 142 Lease liabilities 396 Net Capital Employed Finance 12 NET INTEREST-BEARING DEBT (NIBD) - NET WORKING CAPITAL (NWC) FUNDING 30 SEPT, 2025 | NOK MILLION NIBD Equity NIBD | NOK MILLION NWC | NOK MILLION NIBD of NOK 142 million NOK 50 million - bank loans NOK 51 million – net cash & credit facility 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 Scana is compliant with all financial covenants as of 30 September 2025. 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 64 110 40 60 128 128 142 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 161 221 164 159 175 139 165 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NWC of NOK 165 million The increase in Q3 is primarily related to increased activity in the Offshore segment towards the end of the quarter. Fluctuations in working capital are to be expected and will vary over time depending on the scale, timing, and nature of individual projects
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6 NOVEMBER 2025 13 CASH GENERATION THIRD QUARTER RESULTS 2025 CHANGE IN CASH AND CASH EQUIVALENTS | NOK MILLION NIBD Equity Cash from operating activities Cash from investing activities Cash from financing activities Change in net working capital of NOK 25 million • Higher activity in the Offshore segment towards the end of the quarter. CAPEX of NOK 8 million • Rental equipment – NOK 5 million • Other investments – NOK 3 million Proceeds from sale of Investment of NOK 5 million Liquidity reserve of NOK 109 million 38 ( 25) 5 ( 8) 5 1 ( 21) ( 8) ( 0) ( 51) ( 37) Q2 2025 EBITDA Change in working capital Other changes in cash flow from operating activities CAPEX Proceeds from sale of shares Other changes in cash flow from investing activities Lease payments Interests paid Other changes in cash flow from financing activities Q3 2025 17 -2 -29
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1 135 1 008 1 166 1 174 1 246 781 690 961 857 854 195 291 150 217 354 318 205 317 392 123 205 51 14 360 0 200 400 600 800 100 0 120 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2025 2026 2027 2028 -> Energy Offshore 14 Order backlog of NOK 1.246 million at end of Q3 2025. NOK 318 million of the order backlog related to projects estimated to be executed in 2025. Conservative approach to backlog where only firm commitments on frame agreements are included. ORDER BACKLOG Order backlog by execution year * 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 * Options framework contract Equinor 3year option, renewal in 2029 ** Inter-segment orderbacklog is not included in the presented segment figures. * **
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ADDITIONAL INFORMATION
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18 INCOME STATEMENT 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue 540,5 545,4 435,8 448,4 367,9 395,8 382,7 Materials, goods and services (266,5) (267,8) (187,0) (198,0) (158,2) (176,6) (159,3) Payroll expenses (148,5) (158,0) (155,7) (171,9) (181,9) (174,8) (151,1) Other operating expenses (28,8) (39,3) (36,0) (52,0) (34,3) (36,5) (34,2) EBITDA 96,7 80,4 57,1 26,4 (6,6) 7,8 38,1 EBITDA-margin 18 % 15 % 13 % 6 % -2 % 2 % 10 % Depreciation, amortisation, impairment (27,2) (28,6) (27,6) (29,7) (29,2) (30,4) (32,2) Operating profit/(loss) 69,5 51,8 29,5 (3,2) (35,7) (22,5) 5,8 EBIT-margin 13 % 9 % 7 % -1 % -10 % -6 % 2 % Net financial income/expenses (-) (12,2) (3,2) (11,4) (10,8) (1,0) (9,9) (6,8) Profit/(loss) before tax 57,2 48,6 18,1 (14,1) (36,7) (32,4) (1,0) Income tax expense (12,6) (9,5) (7,0) 2,4 8,1 7,3 0,2 Profit/(loss) 44,7 39,1 11,2 (11,7) (28,7) (25,1) (0,8)
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19 FINANCIAL POSITION 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NON-CURRENT ASSETS Deferred tax assets 55,3 45,0 39,4 44,2 52,4 59,8 59,9 Goodwill 285,9 308,5 308,5 313,1 313,1 313,1 313,1 Intangible assets 71,7 69,1 69,7 69,8 68,6 69,1 67,1 Right of use assets 431,9 418,6 404,3 389,2 395,7 385,4 364,0 Property, plant and equipment 105,7 119,7 141,0 151,5 162,4 167,0 167,2 Investment in associated companies 1,1 1,1 1,1 1,1 1,1 1,3 1,3 Other non-current assets 14,1 14,7 14,7 14,8 14,7 13,9 8,3 Total non-current assets 965,7 976,6 978,7 983,8 1 008,1 1 009,7 981,0 CURRENT ASSETS Inventories 87,8 124,5 108,1 99,4 120,2 96,9 102,4 Trade receivables 285,1 313,0 241,7 327,6 182,4 265,1 253,1 Contract assets 135,4 154,4 153,6 108,0 157,5 168,5 216,2 Derivatives 1,7 4,3 2,7 0,4 7,7 7,0 4,7 Prepayments and other current receivables 16,9 18,0 17,6 44,8 36,1 27,2 20,9 Cash and cash equivalents 36,0 23,9 72,9 7,3 2,0 7,4 3,9 Total current assets 562,9 638,1 596,6 587,5 505,9 572,2 601,1 Total assets 1 528,7 1 614,7 1 575,4 1 571,3 1 514,0 1 581,8 1 582,1 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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 Other equity (545,6) (505,3) (492,3) (503,6) (531,1) (557,0) (557,8) Total equity 607,4 647,8 674,3 663,0 635,4 609,6 608,8 NON-CURRENT LIABILITIES Loans and borrowings 48,8 58,4 58,5 58,0 58,2 53,9 54,0 Lease liabilities 354,3 349,4 334,9 322,5 325,3 313,8 296,0 Other non-current liabilities 2,2 2,2 2,2 2,8 2,8 2,8 3,2 Total non-current liabilities 405,3 410,0 395,6 383,2 386,3 370,4 353,2 CURRENT LIABILITIES Loans and borrowings 28,9 75,4 54,4 9,5 71,9 81,3 91,6 Lease liabilities 98,0 91,7 91,9 92,5 98,2 101,1 99,9 Trade payables 115,6 134,6 90,5 109,8 86,1 95,5 84,4 Contract liabilities 80,3 53,0 89,9 97,6 43,9 88,0 116,2 Derivatives 2,1 0,6 1,6 2,6 0,9 0,7 0,6 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 Total current liabilities 515,9 556,9 505,5 525,1 492,3 601,8 620,1 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
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20 CASH FLOW 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit / (loss) before tax 57,2 48,6 18,1 (14,1) (36,7) (32,4) (1,0) Taxes paid (0,2) (0,4) (1,5) (4,1) (0,2) (1,0) (0,1) Gain / loss (45,5) (0,0) (0,0) (0,1) (0,0) (0,1) 0,3 Currency exchange differences and non cash element 5,1 (1,9) 3,9 4,6 (7,7) 1,6 2,8 Depreciation, amortisation, impairment 27,2 28,5 27,6 29,7 29,2 30,4 32,2 Net interest costs 8,1 8,7 8,4 7,3 7,8 9,0 8,0 Interest received 1,5 1,1 1,1 1,0 0,5 0,5 0,3 Change in net working capital (78,7) (58,4) 57,8 5,7 (15,6) 36,8 (25,4) Net cash flow from operating activities (25,0) 26,1 115,3 30,0 (22,8) 44,7 17,1 CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sales of property, plant, equipment 105,7 0,0 0,2 0,1 0,1 0,3 (0,3) Acquisition of property, plants, equipment and intangible assets (19,9) (13,0) (29,9) (18,2) (18,2) (14,2) (7,3) Proceeds from sale of shares - - - - - - 5,3 Acquisition of subsidiaries - (18,2) 0,2 (0,0) - (8,7) - Net changes associated companies and other non - current assets 0,8 (0,1) 0,2 (0,2) 0,2 0,7 0,7 Net cash flow from investing activities 86,7 (31,2) (29,4) (18,3) (17,8) (21,9) (1,6) NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 CASH FLOW FROM FINANCING ACTIVITIES Proceeds from borrowings - - - - 20,0 10,0 - Payments of borrowings (55,0) (5,0) (5,0) - - - - Payments of lease liabilities (17,3) (16,6) (19,5) (18,4) (18,7) (19,7) (20,7) Proceeds from issue of new share capital 3,4 0,0 13,5 - - - - Dividend paid - (22,6) - (0,0) 0,0 - (0,0) Paid other finance costs (0,2) (0,5) (0,5) (1,0) (0,2) (0,2) (0,3) Interests paid (10,7) (9,9) (9,5) (8,3) (8,1) (9,6) (8,4) Net cash flow from financing activities (79,8) (54,7) (21,1) (27,7) (6,9) (19,5) (29,4) Net cash flow (18,2) (59,7) 64,8 (16,0) (47,6) 3,2 (13,9) Cash and cash equivalents at beginning of period 36,4 18,2 (41,5) 23,3 7,3 (40,3) (37,0) Net foreign exchange difference 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 (40,3) (37,0) (51,0)
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21 SPLIT PER SEGMENT 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 REVENUE ENERGY 218,6 232,2 203,8 170,0 128,1 130,0 92,2 OFFSHORE 336,1 330,6 246,2 288,2 248,0 278,7 300,6 SCANA HQ 0,2 1,5 0,8 3,3 2,7 0,8 0,6 ELIMINATION / INTERSEGMENT (14,4) (18,9) (15,1) (13,2) (11,0) (13,7) (10,8) REVENUE 540,5 545,4 435,8 448,4 367,9 395,8 382,7 EBITDA ENERGY 20,5 29,3 21,3 15,3 (2,2) (7,4) (1,2) OFFSHORE 88,0 62,7 46,9 28,2 8,6 27,2 44,4 SCANA HQ (11,9) (11,6) (11,1) (17,1) (12,9) (12,0) (5,1) EBITDA 96,7 80,4 57,1 26,4 (6,6) 7,8 38,1 EBITDA% ENERGY 9 % 13 % 10 % 9 % -2 % -6 % -1 % OFFSHORE 26 % 19 % 19 % 10 % 3 % 10 % 15 % EBITDA% 18 % 15 % 13 % 6 % -2 % 2 % 10 % ADJUSTED EBITDA ENERGY 20,5 29,3 21,9 15,3 (2,2) (5,6) (0,5) OFFSHORE 42,4 66,4 48,8 46,8 15,3 36,8 44,1 SCANA HQ (10,7) (8,3) (6,8) (12,3) (9,1) (8,1) (4,7) ADJUSTED EBITDA 52,3 87,4 63,9 49,8 4,0 23,0 38,9 ADJUSTED EBITDA% ENERGY 9 % 13 % 11 % 9 % -2 % -4 % -1 % OFFSHORE 13 % 20 % 20 % 16 % 6 % 13 % 15 % ADJUSTED EBITDA% 10 % 16 % 15 % 11 % 1 % 6 % 10 % NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBIT ENERGY 12,7 19,2 13,1 5,0 (12,3) (17,5) (14,4) OFFSHORE 68,7 44,3 27,6 8,9 (10,4) 7,0 25,3 SCANA HQ (11,9) (11,6) (11,1) (17,2) (13,0) (12,0) (5,1) EBIT 69,5 51,8 29,5 (3,2) (35,7) (22,5) 5,8 EBIT% ENERGY 6 % 8 % 6 % 3 % -10 % -13 % -16 % OFFSHORE 20 % 13 % 11 % 3 % -4 % 3 % 8 % EBIT% 13 % 9 % 7 % -1 % -10 % -6 % 2 % NET ORDER INTAKE ENERGY 198,2 187,6 319,3 140,1 14,3 242,3 167,8 OFFSHORE 368,9 308,6 188,6 201,6 517,7 173,7 300,7 ELIMINATION / INTERSEGMENT (14,2) (17,4) (15,8) (13,0) (7,9) (12,9) (15,0) NET ORDER INTAKE 552,8 478,8 492,1 328,7 524,1 403,1 453,5 ORDER BACKLOG ENERGY 278,7 237,7 353,9 318,2 204,5 316,8 392,4 OFFSHORE 859,0 836,7 782,8 694,5 965,7 861,4 862,6 ELIMINATION / INTERSEGMENT - - (1,5) (4,6) (4,3) (4,3) (9,1) ORDER BACKLOG 1 137,7 1 074,5 1 135,1 1 008,1 1 165,9 1 174,0 1 246,0
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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. 22 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. 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITDA 96,7 80,4 57,1 26,4 (6,6) 7,8 38,1 1) Gain from sale (45,6) - - - - 0,0 - 2) Strategy and M&A costs - 2,7 1,1 1,9 - 0,0 0,4 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 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) Total items excluded from EBITDA (44,4) 7,0 6,7 23,3 10,6 15,2 0,8 Adjusted EBITDA 52,3 87,4 63,9 49,8 4,0 23,0 38,9
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23 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. 6 NOVEMBER 2025 THIRD QUARTER RESULTS 2025 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Non-current loans and borrowings 48,8 58,4 58,5 58,0 58,2 53,9 54,0 Current loans and borrowings 51,5 75,4 54,4 9,5 71,9 81,3 91,6 Cash and cash equivalents (36,0) (23,9) (72,9) (7,3) (2,0) (7,4) (3,9) NIBD 64,2 109,8 40,0 60,1 128,1 127,7 141,7 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Adjusted EBITDA 52,3 87,4 63,9 49,8 4,0 23,0 38,9 Effect leasing - IFRS 16 (23,8) (22,9) (25,4) (24,8) (25,6) (26,3) (26,2) Covenant EBITDA 28,5 64,6 38,4 25,0 (21,6) (3,3) 12,7 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 WC Facility limit 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 Restricted cash - (2,7) (1,0) - - - - Liquidity reserve 178,2 115,8 182,3 167,3 119,7 123,0 109,0
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PHOTO CREDITS Nordhordaland Tekst & Foto Zpirit