Scana

Investor Presentation • Nov 6, 2025

DISCLAIMER

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 forward», «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, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. 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 Scana 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 quarter 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 for 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 ASA assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute 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 investment in the company's shares or in making a decision to hold or sell your shares.

INDUSTRIAL HISTORY SOLUTIONS FOR TOMORROW

Visit Scana's website to learn more:

HIGHLIGHTS – Q3 2025 VS Q3 2024

REVENUE	EBITDA	ADJ. EBITDA*	ORDER INTAKE	ORDER BACKLOG
-12 % to	-33 % to	-39 % to	-8 % to	+10 % to
383 MNOK	38 MNOK	39 MNOK	453 MNOK	1246 MNOK

-8 % to	+10 % to
453 MNOK	1246 MNOK

^*) 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

• 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.

• 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.

FINANCIAL PERFORMANCE

Q3 P&L OVERVIEW: STABLE REVENUE, IMPROVED PROFITABILITY

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 %

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

^*) Ref appendix Alternative Performance Measures

Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025

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.

ENERGY

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.

NET INTEREST-BEARING DEBT (NIBD) - NET WORKING CAPITAL (NWC)

FUNDING 30 SEPT, 2025 | 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.

NIBD | NOK MILLION NWC | NOK MILLION

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

CASH GENERATION

CHANGE IN CASH AND CASH EQUIVALENTS | NOK MILLION

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

ORDER BACKLOG

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.

^* Options framework contract Equinor 3year option, renewal in 2029

14

^** Inter-segment orderbacklog is not included in the presented segment figures.

ADDITIONAL INFORMATION

INCOME STATEMENT

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)

FINANCIAL POSITION

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

CASH FLOW

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)

SPLIT PER SEGMENT

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

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.

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.

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

EBIT Operating profit/loss.

Margins EBITDA margin, Adjusted EBITDA margin and EBIT margin are calculated as EBITDA, Adjusted EBITDA and EBIT divided by revenue.

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.

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

Liquidity reserve Available cash. Calculated by adding cash and cash equivalents and unused WC credit facility.

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

Equity ratio Total equity divided by total assets.

Covenant EBITDA Adjusted EBITDA adjusted for financial lease.

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

PHOTO CREDITS

Nordhordaland Tekst & Foto Zpirit