Beerenberg

Investor Presentation • Nov 23, 2023

Third quarter 2023

Arild Apelthun and Harald Haldorsen

1. November 2023

2. Result presentation

AGENDA

• Q3 highlights
• Financial Performance
• ESG
• Additional information

Q3 HIGHLIGHTS

• Higher activity in Services.
• Gina Krogh included in portfolio from 2024
• Refinancing in Q3 and listing in October. Debt significantly reduced
• Extraordinary costs relating to listing

Q3 HIGHLIGHTS

4

Q3 2023 Revenue 579mnok YTD 23: 1 729mnok Q3 22: 541mnok Adjusted Q3 EBITDA 48mnok Adjusted EBITDA %: 8.2% EBITDA: 41mnok (7%) Q3 22 EBITDA :46mnok (8.6%) Revenue Q3 23 vs 22 Order intake Q3 23: +7% 353mnok 0rder intake Q3 22: 93mnok

ORDER BACKLOG

• Order backlog NOK 7 billion
• Order intake in Q3 23 NOK 353 million

SERVICE

Contracts

• Gina Krogh
  • Existing offshore frame agreement as part of FLX (Late life)
  • Estimated NOK 260 million
  • End 2031
• Contract at Kårstø
  • Replacement of flare towers
  • < NOK 50 million
• Smaller contract within mechanical services

Operations

• Relatively high activity both onshore and offshore in Q3
• Mainly related to turnaround activities and annual maintenance program
• Strong demand for additional services including robotics
• Successfully completed robotics projects both in Brazil and on the NCS
• Cost pressure still an issue related to labour, travel and materials

Outlook

• Ongoing tender processes related to offshore frame agreements
• Several tenders related to robotic surface treatment, both on the NCS and internationally. Brazil contract secured in Q4, <NOK 50 million
• Commercial discussions regarding cost increase recovery progressed

Harnessing the power of robotic solutions to transform our position in the maintenance market

New Product Launches in 2024

Proteus Smart Proteus Safe Pluto Designed for versatile use in confined spaces, pressure vessels and pipes Reduce the need for personnel in confined spaces Equipped with camera and light, remotely controlled from the outside. The robot can be used for sandblasting, UHP, NDT, CVI A compact magnetic robot for confined spaces In compliance with strict international regulations The future of confined spaces operations The future of robotic surface treatment The world`s first ATEX Zone 01 magnetic robot Built on the foundation of the cutting-edge RoboCoat technology Can be used beyond line-of-sight and in line-of-sight operations Advanced yet user-friendly and intuitive remote control Versatile tooling options, offers flexibility depending on tasks. Can be used for sandblasting, UHP, Coating, Grinder, NDT Designed to excel in both beyond and in-line-of-sight Built on the foundation of the cutting-edge RoboCoat technology Designed for Atex Zone 01 Advanced yet user-friendly and intuitive remote control Versatile tooling options, offers flexibility depending on tasks. Can be used for sandblasting, UHP, NDT

Raising the bar once again – maintaining our market leading technology & performance

BENARX

Contracts

• Stable order intake related to subsea insulation
• High tender activity although only smaller contracts signed for insulation products

Operations

• A weak quarter for our product segment due to low activity, especially in Asia
• With delay both on awarded contracts and on award of new contracts we saw limited activity in Asia
• In Europe activity has been steadier but with many smaller orders
• Within the subsea insulation activity was stable with several deliveries both in Norway and internationally

Outlook

• New build market in Asia and on the NCS is looking attractive with high overall activity
• Market for replacement of Passive Fire Protection (PFP) solutions is developing
• We are progressing qualifications for new applications of aerogel, both for construction and subsea

FINANCIAL PERFORMANCE

FINANCIAL PERFORMANCE

• 7% revenue growth compared to Q3 2022
• Adjusted EBITDA NOK 48 million
  • NOK 7 million in one offs (Listing process)
  • EBITDA NOK 41 million
• Adjusted EBITDA YTD NOK 152 million vs NOK 134 million EBITDA YTD 22
• Finance cost high due to refinancing and early redemption of bond

Condensed Consolidated Income

Statement
Group Summary	Q3	Q3	YTD	YTD
Amounts in NOK million	2023	2022	2023	2022
Operating revenue	579	541	1 729	1 653
Operating expenses	538	495	1 590	1 521
EBITDA	41	46	139	131
EBITDA margin	7.0 %	8.6 %	8.1 %	8.0 %
Adjusted EBITDA	48	49	152	134
Adjusted EBITDA margin	8.2 %	9.0 %	8.8 %	8.1 %
Depreciation	17	15	47	41
EBITA	24	32	93	90
Amortisation	3	4	12	12
Operating profit (EBIT)	21	27	81	78
Finance costs - net	29	20	64	55
Profit before tax (EBT)	-9	8	17	22
Income Tax expense	-2	2	4	5
Net profit	-7	6	13	17

SERVICES

• Positive revenue development
  • 10 % increase vs Q3 22
  • Carbon Capture Storage project with high activity
  • Strong activity within frame agreements.
  • New Build with smaller projects
  • High activity in Robotics
• EBITDA of NOK 43 million
  • vs NOK 40 million Q3 22
• Order intake NOK 310 million

BENARX

• Challenging quarter
  • Low activity in Asia
    • Delays on projects
  • Europe with many small deliveries
  • Subsea performing well
• EBITDA NOK -2 million
  • Low activity in the quarter
  • Measures taken to reduce overhead cost.
• Order intake NOK 43 million

12

CASH FLOW Q3

• Cash flow from operations was NOK 13 million negative due to NWC
  • NWC will normally be in the range of 4-6% of LTM revenue
• Capex was NOK 12 million in the quarter
• Net cash flow from financing activities influenced by:
  • Early redemption of bond
  • Entering into Bank financing
  • Repayment of interest-bearing debt
  • Normalization from Q4
    • Amortization NOK 10 million in the quarter
    • Interest cost NOK 10million

CASH FLOW YTD 23 • Cash flow from operations was NOK

• 146 million
  • NWC minor effects YTD
  • NWC will normally be in the range of 4-6% of LTM revenue
• Capex NOK 33 million YTD
• Net cash flow from financing activities influenced by:
  • Repayment of interest-bearing debt
    • Amortization Bond NOK 25 million
    • Repaid NOK 25 million when refinancing
    • IFRS Leasing
  • Early redemption of bond
    • Affects interest paid
    • Call cost NOK 25 million early redemption of bond
    • Bank fee NOK 10 million when refinancing
  • Entering into Bank financing
    • Normalization from Q4
      • Amortization NOK 40 million annually
      • Interest cost NOK 40 million annually
      • IFRS Leasing

15

EVENTS Q4

• Listed on Euronext Growth on October 5th
• Repaid Tranche C in SR Bank NOK 200 million

LISTED ON EURONEXT GROWTH October 5th.

PROFORMA BALANCE SHEET AS OF LISTING

CONSOLIDATED BALANCE SHEET 30 SEPTEMBER 2023 PROFORMA CONSOLIDATED BALANCE SHEET 30 SEPTEMBER 2023 AFTER IPO AND REPAYMENT OF DEBT

LISTED ON EURONEXT GROWTH October 5th.

PROFORMA BALANCE SHEET AS OF LISTING

CONSOLIDATED BALANCE SHEET 30 SEPTEMBER 2023 PROFORMA CONSOLIDATED BALANCE SHEET 30 SEPTEMBER 2023 AFTER IPO AND REPAYMENT OF DEBT

FINANCIAL COVENANTS

• 3 financial covenants
  • TLR

Fin15

• Current assets/Current liabilities
• Equity ratio
• Significant headroom

Focus area	#	Key KPIs	2023 Goal	Q3 2023 Actual	Impact on UN's SDGs
	1	Reduced release of microplastics in connection with surface treatment *	>20%	10 %
	2	Reduced CO2 footprint in connection with surface treatment**	>10%	16 %
	3	Number of new sustainable technology, materials or solutions studied, tested, developed or adopted	>8	7
	4	Share of turnover in new and sustainable markets	>8%	9 %
	5	SIF (serious incident frequency) - YTD	0	0,9
	6	TRIF (total recordable incident frequency) - YTD	3,0	6,4
	7	Proportion of sick leave	<6,5%	8 %
	8	Compentance development - Trade certificates	30	32
	9	Planned suppler follow up meetings and audits	80 %	33 %
	10	Proportion of employees who have completed training in ethics	90 %	80 %
	11	Proportion of operational employees who have completed training in HSE***	90 %	65 %
	12	Human rights due dillegance assessment	75 %	66 %
	13	Regularly publish articles on Beerenbergs ESG initiatives (external)	10	9

* Benchmark 2020. Scope surface treatment Offshore

** Benchmark 2020. Scope surface treatment Offshore and Onshore

*** Reported monthly

Additional information

Income statement
------------------

Group Summary		03	Q3	YTD	YTD	FY
Amounts in NOK million	Note	2023	2022	2023	2022	2022
Operating revenue	6	578,9	540,9	1 729,1	1 652,9	2 221,9
Operating expenses		538,3	494,5	1 589,7	1 521,4	2 041,9
EBITDA	6	40,6	46,4	139,4	131,4	180,0
Depreciation		17,0	14,6	46,7	41,4	56,7
EBITA		23,6	31,8	92,7	90,0	123,3
Amortisation		3,1	4,4	11,5	12,4	25,2
Operating profit (EBIT)		20,6	27,3	81,2	11,1	98,1
Finance costs - net	4	29,1	19,6	64,4	55,2	78,7
Profit before tax (EBT)		-8,5	7,7	16,8	22,4	19,4
Income Tax expense		-2,0	1,7	3,6	5,5	0,0
Net profit		-6,5	6,0	13,2	17,0	19,4
Profit for the period is attributable to:
Shareholders of the parent company		-8,1	6,0	13,2	17,6	19,6
Non controlling interests	7	1,6	0,0	0,0	-0,5	-0,2
Net profit		-6,5	6,0	13,2	17,0	19,4
Diluted earnings per share are identical as there are no dilutive effect
EBITDA margin		7,0 %	8,6 %	8,1 %	8,0 %	8,1 %
EBITA margin		4,1 %	5,9 %	5,4 %	5,4 %	5,6 %

Group Summary		Q2	Q3	YTD
Amounts in NOK million	Note	30.09.2023	30.09.2022	31.12.2022
Intangible assets		37,8	38,4	52,1
Goodwill		782,8	782,8	782,8
Property, plant and eguipment		259,7	200,1	210,0
Financial fixed assets		15,1	27,6	14,3
Deferred tax assets		0,0	0,0	0,0
Total non-current assets		1 095,4	1 048,8	1 059,2
Inventory		93,7	85,2	93,9
Accounts receivables from customers		286,3	341,1	261,7
Earned, not invoiced accounts receivables		154,1	137,8	215,9
Other receivables		49,5	35,1	41,9
Cash at bank		82,3	70,3	113,3
Total current assets		665,9	669,5	726,7
TOTAL ASSETS		1 761,3	1 718,3	1 785,8
Share capital		26,7	26,7	26,7
Share premium		240,3	240,3	240,3
Other equity		312,1	300,9	302,3
Non controlling interests	7	0,0	-0,7	-0,5
Total equity		579,1	567,3	568,8
Pension liabilities		21,7	17,8	19,3
Deferred tax liabilities		2,2	3,9	0,0
Interest bearing long-term liabilities	4	422,6	644,8	26,1
Total non-current liabilities		446,6	666,5	45,4
Interest bearing short-term liabilities	4	265,8	84,7	680,0
Supplier liabilities		131,5	121,5	133,9
Tax payable		-0,4	7,2	9,4
Social Security, VAT and other taxes		64,2	48,6	83,5
Other short-term liabilities		254,4	200,6	242,7
Warranty liabilities		20,2	21,9	22,2
Total Current Liabilities		735,7	484,6	1 171,6
TOTAL EQUITY & LIABILITY		1 761,3	1 718,3	1 785,8

Financial position

Cash flow

		Q3	03	YTD	YTD	EV
Amounts in NOK million	Note	2023	2022	2023	2022	2022
EBITDA		40,6	46,4	139,4	131,5	180,0
Taxes paid		0,0	0,7	-10,3	-12,4	-19,8
Change in net working capital		-47,6	8,3	19,8	-110,5	-23,5
Changes to other time restricted items		-6,5	2,0	-2,5	4,9	8,0
Net Cash flow from operating activities		-13,5	57,4	146,3	13,5	144,8
Capex		-12,2	-6,9	-33,3	-20,8	-36,6
Acquistion of shares in subsidiary		0,0	0,0	0,0	-25,2	-50,2
Net cash flow from investing activities		-12,2	-6,9	-33,3	-46,0	-86,8
Net repayment of interest bearing debt		-29,6	-3,8	-37,2	-33,9	-64,7
Net interest paid	4	-46,7	-18,4	-106,8	-56,6	-73,4
Net cash flow from financing activities		-76,3	-22,3	-144,1	-00'5	-138,1
Total cash flow		-101,9	28,2	-31,0	-123,0	-80,1
Opening balance net bank deposits		184,2	42,2	113,3	193,3	193,3
Closing balance net bank deposits		82,3	70,3	82,3	70,3	113,3

Split per segment

	Q3	Q3	YTD	YTD	FY
Amounts in NOK million	2023	2022	2023	2022	2022
Services	547,5	498,1	1 639,5	1 542,8	2 063,7
Benarx	43,6	59,8	138,0	153,9	219,2
Eliminations	-12,2	-17,1	-48,4	-43,8	-61,0
Total	578,9	540,9	1 729,1	1 652,9	2 221,9

	Q3	Q3	YTD	YTD	FY
Amounts in NOK million	2023	2022	2023	2022	2022
Services	43,1	40,4	143,2	124,0	159,2
Benarx	-2,5	6,0	-3,8	7,5	20,9
Total	40,6	46,4	139,4	131,4	180,0