Argeo AS

Earnings Release • Aug 29, 2024

Argeo achieves significant growth in the second quarter

Argeo achieves significant growth in the second quarter

Asker, 29 August 2024: Argeo reports good growth performance for Q2 2024, driven by significant contract wins and strategic advancements in our technology portfolio.

Revenue improved to USD 15.7 million, marking an increase of 1037% year-over-year (YoY). EBITDA rose to USD 4.2 million, alongside an improved EBIT of USD 1.6 million. Net loss for the quarter was USD -0.9 million, improving from USD -2.6 million in Q2 2023. The remaining backlog for 2024 totals USD 45 million.

“Our Q2 results underscore our project execution performance, delivering value to our clients and maintaining operational excellence,” says Trond Figenschou Crantz, CEO of Argeo. “We are on schedule on several key projects, including those with TotalEnergies and Woodside along with very good performance on the RWE Canopy project".

Simultaneously, our operational capacity continues to grow along with the executing organization, bringing in valuable expertise to support ongoing projects and future growth.

Key Q2 2024 Financial Highlights: (in USD 1.000)

• Revenue: USD 15.664, up from USD 1.379, marking a YoY increase of 1037%.

• EBITDA: USD 4.217, up from USD -1.574, representing a YoY increase of 368%.

• EBIT: USD 1.638, up from USD -2.708, reflecting a YoY increase of 160%.

• Net Profit/Loss: USD -911, an improvement from USD -2.658, a YoY increase of 66%. The loss in Q2 includes a USD 714 unrealised exchange loss.

• Backlog: USD 45 million

Main Events in Q2 2024:

• Argeo awarded substantial contract with Woodside Energy for Calypso AUV survey

• Argeo awarded substantial contract with RWE for Canopy offshore wind project

• Subsequent offering completed raising NOK 30,250,000 in gross proceeds

• Argeo Venture started transit for TotalEnergies project

• Argeo is granted new patent for acoustic tracking of buried subsea objects

• Argeo granted patent from the Norwegian Industrial Patent office (Patentstyret) safeguarding the high-performance electromagnetic system “Argeo Listen”

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo

Argeo is an Offshore Service company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (AUV’s) will significantly increase efficiency and imaging quality in addition to contributing to significant reduction in CO2 emissions from operations for the global industry in which the Company operates.

The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic, and geological methods from shallow waters to the deepest oceans for the market segments Oil & Gas, Renewables, Marine Minerals and Offshore Installations. Argeo was established in 2017 and has offices in Asker (Oslo), Tromsø, Stockholm, Houston, and Singapore. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field. The company is listed on Euronext Growth Oslo under the ticker: ARGEO. Please visit www.argeo.no for more information.

The company is listed on The Euronext Growth in Oslo under the ticker: ARGEO.

Please visit www.argeo.no for more information.