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ABL Group Interim / Quarterly Report 2026
3519_rns_2026-05-07_27421b7f-92bf-4df6-93ee-6350837915c0.pdf
Interim / Quarterly Report
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ABLGroup
The Energy & Marine Consultants.
2026 Q1 results
7th May 2026
abl-group.com
-
Operations
Hege Norheim, CEO -
Financials
Stuart Jackson, CFO -
Market outlook
Hege Norheim, CEO
© 2012-2026 ABL Group
Disclaimer
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This Presentation has been produced by ABL Group ASA (the "Company" or "ABL Group") solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.
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This Presentation contains certain 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", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to 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 parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
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AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS.
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SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
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By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.
ABLGroup
Building the platform for 20% ROCE in 2027
- Revenue of USD 82.4m, down 7% compared to Q4 2025 (USD 88.7m)
- Primarily driven by reduced revenues in AGR
-
Third vessel added to AGR's fleet under management
-
Adjusted EBIT of USD 3.1m (Q4 2025: USD 3.2m)
- Adjusted EBIT margin of 3.7% (Q4 2025: 3.6%)
- Positively impacted by USD 1.1 million release of long-standing provisions
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Initiated IT efficiency program
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Net debt of USD 12.0m (Q4 2025: Net debt USD 5.4m)
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Operating cash flow impacted by working capital movements as restructuring provisions from Q4 materialised as cash flow
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Semi-annual dividend of NOK 0.45 per share recommended to AGM
(1) Proper Marine consolidated in Longitude segment from Q1 2025, Techconsult consolidated in AGR segment from Q2 2025
Adjusted EBIT and Net Cash: Refer to Alternative Performance Measures in Appendix.
Pro-forma combined figures for ABL Group, Ross Offshore, Proper Marine and Techconsult: See table in appendix
ABLGroup
ABL Group – a global consultancy group in energy and oceans
Revenue and Group adjusted EBIT, USDm¹
LTM revenue by market
LTM revenue by segment
LTM EBIT by segment³
5
¹ LTM Pro-forma: Last twelve months simplified pro-forma combination with acquired companies
² Includes freelancers on FTE basis. Calculated as average during Q1 2026
³ Segment adjusted EBIT split, excluding corporate costs
ABLGroup
The ABL Group family
ABLGroup
ABL Group ASA – a global consultancy group, combining multi-disciplined expertise to deliver marine, engineering and technical services that drive safety and sustainability in energy and oceans.
| A=1
An ABL Group Company
The Energy & Marine Consultants.
Leading marine consultancy, loss prevention and loss management in energy and maritime.
Key services:
• MWS & other asset surveys
• Marine consultancy
• Marine casualty support
• Asset integrity management | AGR
An ABL Group Company
The Energy & Software Consultants.
Specialists in drilling, wells and subsurface for all energy sectors.
Key services:
• Resourcing
• Drilling and Wells
• Subsurface
• Subsea operations | IOWC
An ABL Group Company
The Renewable Energy Consultants.
A specialist renewable and environmental consultancy.
Key services:
• Renewables consultancy
• Project development
• Owner's engineering
• Technical due diligence | LONGITUDE
An ABL Group Company
The Engineering Consultants.
Experts in design and engineering delivering end-to-end projects for assets and operations.
Key services:
• Marine ops engineering
• Ship design
• Facilities & subsea
• Offshore wind engineering |
| --- | --- | --- | --- |
ABLGroup
Selected projects won or executed during the quarter
A=1
An ABL Group Company
AGR
An ABL Group Company
OWC
An ABL Group Company
LONGITUDE
An ABL Group Company
ExxonMobil Hammerhead Development
- Country: Guyana
- Scope of work:
- MWS: Transportation & Installation
- Project Particulars:
- Incl. T&I for 18x production and injection subsea wells and FPSO deployment
3rd vessel added to fleet: CAHTS Aquaman II
- Region: North Sea
- Project Particulars:
- Flexible and cost effective: AHTS with WROV and AHC lift capacity
- Supports AGR's end-to-end delivery model for P&A and subsea decom
- Joins AGR's existing fleet of Ross Eagle and Sunny Lady
- AGR operates vessel for owner on flexible and scalable terms
Technical DD for Pennavel Floating Wind
- Country: France
- Scope of work:
- Technical Due Diligence
- Project Particulars:
- Supporting Q Energy in their acquisition of a stake in Pennavel
- Set to become France's 1st commercial floating offshore wind farm
Launch of D-Flex: 2nd in IMT Isca PSV Series
- Country: Global
- Project Particulars:
- A more compact PSV design alternative to the G-Flex
- Targeting cost savings in PSV operations
- Future-proof with alternative fuel configurations
- For offshore energy markets in Asia, Middle East and West Africa
ABLGroup
AGM proposal: Renaming ABL Group to Aqualis
- Renaming parent Company to achieve multiple objectives
- Eliminate confusion arising from the current dual use of "ABL" both as a name of the group and as the name of a business segment
- Giving the individual expert brands greater autonomy and a clearer commercial focus
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Group should be focused on growth initiatives and support services
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The Company will be renamed from ABL Group ASA to Aqualis ASA
- Aqualis was the parent Company's founding name up until 2019
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Client facing brands (ABL, AGR, OWC, Longitude) not changing
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If approved by the AGM, we plan to carry out the name change and rebranding during the second half of 2026
Note: Legacy Aqualis logo shown – new visual profile to be developed
ABLGroup
AGM proposal: Potential re-listing to Euronext Growth Oslo
- The Board has requested from the AGM an authorisation to apply for a future re-listing from Euronext Oslo Børs to Euronext Growth Oslo¹
- Euronext Growth Oslo is subject to a lighter regulatory and governance framework, while maintaining core requirements relating to reporting and transparency
- The Board considers an admission to trading on Euronext Growth Oslo to be more appropriate and cost-efficient for the Company at this time
- ABL Group will not apply for re-listing until certain Norwegian regulatory changes are confirmed
- New legislation to make Euronext Growth listings eligible for «ASK» holding is currently being considered by Norwegian lawmakers
- If a re-listing is applied for and approved, the Company's Articles of Association would be updated to retain mandatory bid protection for shareholders
EURONEXT GROWTH
Refer to the summons to the 2025 Annual General Meeting for more details
¹ Euronext Growth Oslo is a Multilateral Trade Facility ("MTF") operated by Oslo Børs
ABLGroup
-
Operations
Hege Norheim, CEO -
Financials
Stuart Jackson, CFO -
Market outlook
Hege Norheim, CEO
© 2012-2026 ABL Group
Revenue and adjusted EBIT bridge
Revenue bridge Q4'25 to Q1'26
Adj. EBIT bridge Q4'25 to Q1'26
Comments
- Revenue decrease primarily driven by AGR
- Group adj. EBIT positively impacted by quarterly improvement in OWC and corporate costs, but offset by reduced Longitude and AGR performance
- Underlying corporate costs reduced by USD 0.5m compared to Q4 2025
- Savings from actions taken in 2025 taking effect
- Additional USD 1.1m positive impact on corporate costs from release of long-standing provisions
ABLGroup
Segment snapshot: ABL
Key financials, USDm
Tech staff development
Comments
- Flat revenue development, as MWS activity remained high
- Adj. EBIT margin of 17.5%, down from 18.4% in Q4 2025
- Negatively impacted by bad debt provisions of USD 0.3m in Mexico as collections continue to be a challenge
- Strong performance in APAC, Europe and Middle East
- Middle East performing admirably despite challenging circumstances given the onset of the conflict in the region
- Technical staff (including freelancers) -2% from Q4 2025
- -1% permanent tech staff from Q4 2025
- Increasing flexibility: Freelancer share at 26%, down from 27% in Q4 2025 and 21% in Q1 2025
1 Average full-time equivalent in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff
ABLGroup
Segment snapshot: AGR
Key financials, USDm
Tech staff development
Comments
- Decrease in revenue due to minimal vessel revenues and reduced Well Control activity, offset by strong performance in Wells Australia
- Vessel revenues of USD 0.3m in Q1 (USD 4.8m in Q4 2025)
- Techconsult² contributing USD 6.3m revenue during the quarter (USD 7.5m in Q4 2025)
- Margin reduced to 3.7% mainly driven by revenue drop
- Structurally, 60-80% of AGR revenues are pass-through
- Resourcing and vessel revenues are primarily passed through to vendors at modest markup – with quarterly variations distorting segment margins
- Excluding the pass-through portion to approximate net revenues provides an alternative measure of segment profitability
- On such basis, AGR delivered adjusted EBIT / net revenue margin of 17% Q1, down from 21% in Q4 2025
- Technical staff (including freelancers) -8% from Q4 2025
- AGR has a highly flexible cost base and has been able to quickly adapt cost base to market headwinds in Resourcing
- Freelancer share at 57%, up from 55% in Q4 2025
1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff
2 Techconsult consolidated from Q2 2025
ABLGroup
Segment snapshot: OWC
Key financials, USDm
Technical staff (including freelancers) -5% from Q4 2025
- Permanent tech staff reduction of 3% from Q4 2025
- Freelancer share at 14%, down from 17% in Q4 2025
1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff
ABLGroup
Segment snapshot: Longitude
Key financials, USDm
Technical staff (including freelancers) +1% from Q4 2025
Technical staff reduction in EMEA by 16% and an 8% increase in Brazil where utilisation remains strong
- Freelancer share at 8%, down from 11% in Q4 2025
1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff
ABLGroup
Abbreviated Financials: Income Statement
USD million
| Abbreviated income statement | Q4 25 | Q1 26 |
|---|---|---|
| Total revenue | 88.7 | 82.4 |
| Operating costs | (86.2) | (78.9) |
| Depreciation and amortisation | (6.7) | (1.9) |
| EBIT | (4.2) | 1.6 |
| Net FX gain (loss) | (1.5) | 1.3 |
| Other financial items | (0.8) | (0.8) |
| Profit before tax | (6.5) | 2.2 |
| Taxation | (2.6) | (0.4) |
| Profit after tax | (9.1) | 1.7 |
| EBIT adjustments: | ||
| Restructuring and integration costs | 1.7 | 0.7 |
| Transaction costs related to M&A | 0.1 | 0.0 |
| Acquisition costs classified as opex | 0.4 | 0.2 |
| Amortisation and impairment | 5.1 | 0.5 |
| Adjusted EBIT | 3.2 | 3.1 |
| Adjusted EBIT margin | 3.6% | 3.7% |
- Decrease in revenue (-7% QoQ) accompanied with a decrease in operating cost (-9% QoQ)
- Operating cost reduction partly from USD 1.1m one-off impact of release of long-standing provisions
- Operating cost includes additional provisions related to restructuring (USD 0.7m)
- Depreciation and amortisation returning to normalised levels after significant goodwill impairments in Q4 2025
- Net FX gain is primarily revaluation of instruments, including intercompany trading positions, denominated in non-functional currencies
- EBIT adjustments relate to:
- Restructuring and integration costs
- M&A transaction costs and acquisition costs classified as operating expenses under IFRS
- Amortisation of PPA intangible assets
(1) Refer to appendix for pro-forma combined financials
Refer to full income statement and definition of APMs in Appendix
ABLGroup
Abbreviated Financials: Cash Flow
USD million
| Abbreviated cash flow | Q4 25 | Q1 26 |
|---|---|---|
| Profit before taxes | (6.5) | 2.2 |
| Non-cash adjustments | 6.2 | 0.7 |
| Changes in working capital | 1.8 | (6.3) |
| Net interest, income tax | (2.1) | 0.2 |
| Net exchange differences | 7.1 | (1.3) |
| Cash flow from operating activities | 6.6 | (4.5) |
| Cash flow from investing activities | (1.4) | (0.5) |
| Cash flow from financing activities | (5.9) | 2.5 |
| Net cash flow | (0.8) | (2.4) |
| Cash, beginning of period | 15.3 | 14.6 |
| FX revaluation of cash | 0.1 | (0.0) |
| Cash, end of period | 14.6 | 12.1 |
- Negative cash flow from operations of USD 4.5m
- Non-cash adjustments reduced from Q4 due to goodwill impairments and restructuring costs in previous quarter
- Negative cash flow from changes in working capital of USD 6.3m, mainly driven by realisation of restructuring provisions, temporary collection delays in the Middle East and normal seasonal variations
- Net exchange differences of negative USD 1.3m primarily relates to reversal of non-cash FX gains in P&L and revaluation of instruments denominated in non-functional currencies
- USD 0.5m cash outflow from investing activities
- USD 2.5m cash inflow from financing activities, largely driven by USD 4.0m drawdown on the RCF
- Net cash outflow of USD 2.4m, which yields USD 12.1m closing cash balance
Refer to full cash flow statement and definition of APMs in Appendix
ABLGroup
Abbreviated Financials: Balance Sheet
USD million
| Abbreviated balance sheet | Q4 25 | Q1 26 |
|---|---|---|
| Cash and cash equivalents | 14.6 | 12.1 |
| Other current assets | 99.4 | 98.5 |
| Non-current assets | 82.2 | 82.2 |
| Total assets | 196.1 | 193.2 |
| Short term borrowings | 20.0 | 24.2 |
| Other current liabilities | 63.5 | 56.4 |
| Long term borrowings | - | - |
| Other non-current liabilities | 19.2 | 17.5 |
| Equity | 89.4 | 91.4 |
| Total equity and liabilities | 196.1 | 193.2 |
| Net Working Capital | 34.4 | 40.7 |
| Net cash / (Net debt) | (5.4) | (12.0) |
- Net debt¹ increased to USD 12.0m
- Working capital ratio² at 49%, up from 39% Q4 2025
- Increased net working capital and lower revenues in the quarter
- Seasonal NWC decrease expected in Q2
- USD 24.4m drawn on the USD 40m RCF with HSBC³
- Drawdown of USD 4.0m in Q1 2026
- The RCF is USD 40m plus additional USD 5m overdraft facility, giving strategic and operational flexibility
- Facility matures in January 2029
Working capital ratio² (% of quarterly revenue)
(1) Net cash is cash minus interest bearing debt excluding capitalised leases. Negative values signify net debt. Refer to full balance sheet and definition of APMs in Appendix
(2) Working capital ratio calculated as net working capital over quarterly revenues. Refer to definition of APMs in Appendix
(3) IFRS carrying amount of USD 24.2m is lower than the drawn amount due to unamortised fees
ABLGroup
Proposing semi-annual dividend of NOK 0.45 per share
- Proposing dividend of NOK 0.45 per share in H1 2026, corresponding to USD 6.4 million
- Maintaining stable dividend despite market headwinds
- Returning capital to shareholders remains a strategic priority for ABL Group
- The dividend is subject to shareholder approval at the AGM planned for 27 May 2026 and will be paid shortly thereafter
- If granted the requisite authorisation at the AGM, the Board expects to resolve and declare an additional dividend during the second half of 2026
- The distribution will for tax purposes be considered a repayment of paid-in capital
- In total USD terms, the proposed dividend represents 11.3% increase over H1 2025 and quadrupled since introduction of dividends
Paid and proposed dividends
ABLGroup
-
Operations
Hege Norheim, CEO -
Financials
Stuart Jackson, CFO -
Market outlook
Hege Norheim, CEO
© 2012-2026 ABL Group
OIL & GAS
OIL & GAS
Flat offshore trajectory – uncertainty prevails amid Middle East conflict
E&P capex growth
Rigs under contract
Comments
- Global upstream E&P capex expected to be marginally down in 2026 from 2025
- E&P companies maintain focus on returning cash to shareholders particularly in current high oil price environment
- Growing market concerns for low reserve replacement ratios, including IEA and McKinsey
-
Offshore spending continues to outperform onshore, driven by deepwater and LNG projects, and is expected to be flat
-
Rig market:
- Jackups: Shallow-water demand falling year to date amid Middle East turmoil as regional OilCo's use the conflict as an opportunity to re-contract
- Jackup rig count is a direct driver for ABL rig move services, but the larger project MWS service line is more capex driven
Source: SB1 Markets, Rystad Energy, Barclays Research, IHS Petrodata
ABLGroup
RENEWABLES
Offshore Wind market: Inflation and financing costs remain elevated
Offshore wind projects by installation year (GW)¹
Comments
- Offshore wind market volatility continuing through 2026
- Inflation and financing costs continuing to pressure project IRRs, as ongoing conflicts delay cost normalisation
- Selective, bankable markets and developers are holding up
-
European offshore wind supported by improving auction frameworks (UK AR8, large-scale French auctions) and wider adoption of double-sided CfDs
-
Cost rationalisation continuing
- Reduced exposure to volatile offshore wind regions, including exit from the US; delivery progressing cautiously in parts of APAC (Korea, Japan)
- Floating offshore wind facing near-term challenges, with limited cost-reduction pathways and constrained turbine optionality
- Strategic growth increasingly weighted towards onshore wind, solar and BESS, with strong momentum in the Middle East and Southeast Asia
¹ Source: Global Wind Energy Council, Global Wind Report 2022 – 2026 – Excludes China
ABLGroup
MARITIME
Robust demand base as global trade continues to increase
23
Comments
- Stable underlying drivers
- The long-term driver of ABL Group's maritime activities is the size of the global shipping fleet
- The global shipping fleet has grown by 3.3% annually over the past decade, fluctuating between 2%-4% in line with global economic growth
- Maritime conflicts affecting insurance markets
- Middle East conflict means China and the Far East increase dominance in vessel repair market – leading to increased repair costs and larger insurance claims
- Increase in maritime conflicts and has led to significant increase in War Risk claims – ABL has strong reputation as specialists in that area
World fleet growth, in dwt and world GDP, %
Source: Arctic Securities, Clarksons
ABLGroup
Summary and outlook
- Reduced revenues and group profitability in Q1 2026
- ABL segment with stable underlying performance despite turmoil from the Middle East conflict
- AGR reduced performance, driven by continued headwinds from 2025
- OWC improving from previous quarter, recovering from the slowdown in Europe and “stop” in the US
-
Challenges in Longitude driven by delays in contract awards and market response to growth initiatives
-
Proposing semi-annual dividend of NOK 0.45 per share to be paid in June 2026
-
Outlook positive through 2026 into 2027
- Ongoing and new conflicts maintain energy market volatility, delaying client decision making
- Short term pain as offshore activity is reduced in conflict areas and inflation / financing costs remain elevated
- Long-term positive as energy security increasingly important, reflected in discussions with clients across all energy sources
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War Risk insurance market and higher repair costs underpins increasing activity in ABL’s Maritime business
-
M&A activity
-
We remain active in consolidation of the energy consultancy industry
-
Expecting improving performance through 2026 from cost and efficiency initiatives, targeting ROCE of 20% in 2027
ABLGroup
Appendix
© 2012-2026 ABL Group
ABL Group
In 2025, ABL Group…
...carried out
1,300+
rig moves
1600+
MWS projects
950+
vessel surveys/audits*
190+
well & reservoir projects
In 2025, ABL Group…
...received
2,600+
maritime instructions, incl.
1,300+
loss management
890+
marine warranty & assurance
380+
engineering & consulting
In 2025, ABL Group…
...worked on
890+
wind, solar and battery projects with a potential capacity of
272+ GW
...worked on
7
CCS projects
*Not included suitability surveys as part of MWS scope – estimated in their 1000s.
Revenue base increased 10x since 2018
Revenue development, ABL Group (USBm)
Key acquisitions
- 2014: OWC
- 2019: Braemar Technical Services (BTS), forming AqualisBraemar
- 2020: LOC Group, forming ABL Group
- 2021: East Point Geo, OSD-IMT
- 2022: Add Energy
- 2023: AGR, Delta Wind Partners
- 2024: Ross Offshore, Hidromod
-
2025: Proper Marine, Techconsult
-
Simplified pro-forma revenues, ABL Group including Proper Marine and Techconsult. Based on preliminary management accounts.
ABLGroup
Billing ratio development
Billings ratio¹,² – Technical staff
- Billing ratio excludes management, business development, administrative support staff and temporary redundancies. Figure calculated as billable hours over available hours. Available hours excludes paid absence (public holidays, time off in-lieu, compassionate leave, authorized annual leave) and unpaid absence (sabbatical and other unpaid leave).
- In Q4 2025, utilisation calculation methodology has been aligned across group companies following M&A integration. Historical utilisation has been restated to retain comparability.
Comments
- Utilisation in in line with Q4 2025, slight increase from our own staff, and overall improved from 2024 numbers
- Freelancers are ~100% utilisation by definition
ABLGroup
Pro-forma combined financials (simplified)
USD millions
| Revenue | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q/Q growth | Y/Y growth |
|---|---|---|---|---|---|---|---|
| ABL Group, as reported | 81.7 | 96.1 | 87.8 | 88.7 | 82.4 | -7.2% | 0.8% |
| Techconsult, revenue (consolidated 2Q25) | 7.0 | ||||||
| Pro-forma combined (simplified) | 88.8 | 96.1 | 87.8 | 88.7 | 82.4 | -7.2% | -7.2% |
| Adjusted EBIT | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q/Q growth | Y/Y growth |
| ABL Group, as reported | 3.1 | 3.5 | 3.7 | 3.2 | 3.1 | -3.3% | -2.9% |
| Techconsult, adjusted EBIT (consolidated 2Q25) | 0.3 | ||||||
| Pro-forma combined (simplified) | 3.4 | 3.5 | 3.7 | 3.2 | 3.1 | -14.9% | -10.4% |
| Adjusted EBIT margin | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | ||
| ABL Group, as reported | 3.8% | 3.6% | 4.2% | 3.6% | 3.7% | ||
| Pro-forma combined (simplified) | 3.8% | 3.6% | 4.2% | 3.6% | 3.7% |
Note: These pro-forma combined figures are a simple combination of stand-alone accounts – not adjusted for other hypothetical effects if transactions occurred earlier
Figures for acquired companies based on management accounts, converted to USD using average exchange rate for periods
ABLGroup
Abbreviated segment revenues and EBIT
USD million
| Revenues | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| ABL | 34.0 | 38.3 | 37.7 | 37.1 | 37.2 |
| OWC | 8.1 | 9.3 | 8.6 | 7.3 | 7.1 |
| Longitude | 5.0 | 5.8 | 5.3 | 5.9 | 5.3 |
| AGR | 34.8 | 43.5 | 36.2 | 38.8 | 33.2 |
| Eliminations | (0.2) | (0.8) | (0.1) | (0.3) | (0.3) |
| Group revenues | 81.7 | 96.1 | 87.8 | 88.7 | 82.4 |
| Adjusted EBIT | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
| --- | --- | --- | --- | --- | --- |
| ABL | 5.7 | 6.6 | 7.6 | 6.8 | 6.5 |
| OWC | 0.1 | 0.6 | 0.5 | (0.2) | 0.2 |
| Longitude | 1.5 | 0.8 | 0.5 | 0.9 | 0.1 |
| AGR | 1.6 | 1.9 | 1.7 | 2.2 | 1.2 |
| Corporate | (5.8) | (6.5) | (6.5) | (6.5) | (4.9) |
| Group Adjusted EBIT | 3.1 | 3.5 | 3.7 | 3.2 | 3.1 |
| Adjusted EBIT margin | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
| --- | --- | --- | --- | --- | --- |
| ABL | 16.7% | 17.2% | 20.2% | 18.4% | 17.5% |
| OWC | 1.7% | 6.2% | 5.6% | -2.4% | 2.2% |
| Longitude | 29.3% | 14.3% | 8.6% | 14.5% | 1.8% |
| AGR | 4.6% | 4.5% | 4.6% | 5.6% | 3.7% |
| Corporate (% of group revenues) | -7.0% | -6.7% | -7.4% | -7.4% | -6.0% |
| Group Adjusted EBIT margin | 3.8% | 3.6% | 4.2% | 3.6% | 3.7% |
30
Hidromod consolidated from Q4 2024, Proper Marine from Q1 2025, Techconsult from Q2 2025
Adjusted EBIT: Refer to Alternative Performance Measures in Appendix
ABLGroup
Segment revenues and adjusted EBIT margin – Last 3 years
ABL, USDm
OWC, USDm
AGR, USDm
Longitude, USDm
ABLGroup
General (1/2)
Basis of preparations
This presentation provides consolidated financial highlights for the quarter of the Company and its subsidiaries. The consolidated financial information is not reported according to requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.
The accounting policies adopted in the preparation of this presentation are consistent with those followed in the preparation of the last annual consolidated financial statements for the year ended 31 December 2025. A description of the major changes and the effects are included in note 2 (standards issued but not yet effective) of the ABL annual report 2025 available on www.abl-group.com.
The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Alternative Performance Measures (APMs)
The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures ("APMs") that came into force on 3 July 2016. Alternative performance measures are meant to provide an enhanced insight into the operations, financing and future prospects of the company. The Company has defined and explained the purpose of the following APMs:
Adjusted EBITDA which excludes depreciation, amortisation and impairments, share of net profit/(loss) from associates, transaction costs related to acquisitions, restructuring and integration costs is a useful measure because it provides useful information regarding the Company's ability to fund capital expenditures and provides a helpful measure for comparing its operating performance with that of other companies
Adjusted EBIT which excludes amortisation and impairments, share of net profit/(loss) from associates, transaction costs related to acquisitions, restructuring and integration costs is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently.
Adjusted profit (loss) after taxes which excludes amortisation and impairments, share of net profit/(loss) from associates, transaction costs related to acquisitions, restructuring and integration costs and certain finance income is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently.
Order backlog is defined as the aggregate value of future work on signed customer contracts or letters of award. ABL's services are shifting towards "call-out contracts" which are driven by day-to-day operational requirements. An estimate for backlog on "call-out contracts" are only included in the order backlog when reliable estimates are available. Management believes that the order backlog is a useful measure in that it provides an indication of the amount of customer backlog and committed activity in the coming periods.
Working capital is a measure of the current capital tied up in operations. The amount of working capital will normally be dependent on the revenues earned over the past quarters. Working capital includes trade receivables and other receivables, contact assets, trade and other payables, contract liabilities and income tax payable. Working capital may not be comparable to other similarly titled measures from other companies. The working capital ratio provides an indication of the working capital tied up relative to the average quarterly revenue.
ABLGroup
General (2/2)
Alternative Performance Measures (APMs) continued
Return on equity (ROE)
ROE is calculated as the adjusted profit for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the total equity.
Return on capital employed (ROCE)
ROCE is calculated as the adjusted EBIT for the period, divided by average capital employed for the period. Capital employed is defined as total assets less non-interest bearing current liabilities. The adjusted EBIT is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the capital employed.
Net debt
Net debt is the measure of the Group's interest bearing debt less cash and cash equivalents. Management believes that net debt is a useful measure of the Group's liquidity position. Negative net debt is also referred to as net cash.
ABLGroup
Adjustment items
USD thousands
| Adjustment items (EBITDA) | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Restructuring and integration costs | 403 | - | 25 | 1 688 | 2 116 | 724 |
| Transaction costs related to M&A | 106 | 59 | 21 | 50 | 236 | 25 |
| Acquisition costs classified as employment costs under IFRS 3 | 384 | 459 | 98 | 473 | 1 414 | 192 |
| Total adjustment items (EBITDA) | 893 | 518 | 144 | 2 211 | 3 766 | 941 |
| Adjustment items (EBIT) | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
| Total adjustment items (EBITDA) | 893 | 518 | 144 | 2 211 | 3 766 | 941 |
| Amortisation and impairment | 423 | 467 | 590 | 5 116 | 6 596 | 515 |
| Total adjustment items (EBIT) | 1 316 | 985 | 734 | 7 327 | 10 362 | 1 456 |
| Adjustment items (profit (loss) after taxes) | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
| Total adjustment items (EBIT) | 1 316 | 985 | 734 | 7 327 | 10 362 | 1 456 |
| Payments to owner of previously acquired subsidiary | - | - | - | - | - | - |
| Total adjustment items (profit (loss) after taxes) | 1 316 | 985 | 734 | 7 327 | 10 362 | 1 456 |
ABLGroup
APMs and Key Figures
USD thousands
| Profitability measures | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Operating profit (loss) (EBIT) | 1 829 | 2 479 | 2 977 | (4 168) | 3 117 | 1 598 |
| Depreciation, amortisation and impairment | 1 561 | 1 771 | 1 873 | 6 677 | 11 882 | 1 896 |
| EBITDA | 3 390 | 4 250 | 4 850 | 2 509 | 14 999 | 3 494 |
| Total adjustment items (EBITDA) | 893 | 518 | 144 | 2 211 | 3 766 | 941 |
| Adjusted EBITDA | 4 283 | 4 768 | 4 994 | 4 720 | 18 765 | 4 435 |
| Operating profit (loss) (EBIT) | 1 829 | 2 479 | 2 977 | (4 168) | 3 117 | 1 598 |
| Total adjustment items (EBIT) | 1 316 | 985 | 734 | 7 327 | 10 362 | 1 456 |
| Adjusted EBIT | 3 145 | 3 464 | 3 711 | 3 159 | 13 479 | 3 054 |
| Profit (loss) after taxes | (22) | (3 424) | 6 666 | (9 095) | (5 875) | 1 718 |
| Total adjustment items (profit (loss) after taxes) | 1 316 | 985 | 734 | 7 327 | 10 362 | 1 456 |
| Adjusted profit (loss) after taxes | 1 294 | (2 439) | 7 400 | (1 768) | 4 487 | 3 174 |
| Basic earnings/(loss) per share (USD) | (0.00) | (0.03) | 0.05 | (0.07) | (0.04) | 0.01 |
| Adjusted basic earnings/(loss) per share (USD) | 0.01 | (0.02) | 0.06 | (0.01) | 0.03 | 0.02 |
ABLGroup
APMs and Key Figures
USD thousands
| Net Cash | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 21 212 | 18 804 | 15 320 | 14 583 | 14 583 | 12 130 |
| Less: Interest bearing bank borrowings | 17 720 | 17 813 | 17 904 | 20 001 | 20 001 | 24 163 |
| Net Cash (Debt) | 3 492 | 991 | (2 584) | (5 418) | (5 418) | (12 033) |
USD thousands
| Working capital | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Trade and other receivables | 72 343 | 81 903 | 73 157 | 77 344 | 77 344 | 75 503 |
| Contract assets | 23 990 | 29 570 | 28 455 | 22 038 | 22 038 | 23 031 |
| Trade and other payables | (56 144) | (66 766) | (57 275) | (59 820) | (59 820) | (51 678) |
| Contract liabilities | (5 152) | (8 232) | (3 416) | (3 651) | (3 651) | (4 683) |
| Income tax payable | (238) | (206) | (52) | (1 557) | (1 557) | (1 518) |
| Net working capital | 34 799 | 36 269 | 40 869 | 34 354 | 34 354 | 40 654 |
| Working capital ratio (3) | 43 % | 38 % | 47 % | 39 % | 39 % | 49 % |
| Return on equity (ROE), annualised | 5.1% | -9.4% | 28.1% | -7.2% | 4.8% | 3.5% |
| Return on capital employed (ROCE), annualised | 9.2% | 9.8% | 10.3% | 9.2% | 10.2% | 8.9% |
| Operational metrics | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
| Order backlog at the end of the period (USD million) | 104.2 | 119.6 | 100.1 | 126.8 | 126.8 | 126.8 |
| Average number of full-time equivalent employees (1) | 1 883 | 2 091 | 2 062 | 2 023 | 2 002 | 1 937 |
| Average billing ratio during the period (2) | 76 % | 80 % | 78 % | 78 % | 78 % | 78 % |
1) Full time equivalent numbers include freelancers on FTE basis
2) Billing ratio for technical staff includes freelancers on 100% basis
ABLGroup
Consolidated Statement of Income
USD thousands
| Consolidated income statement | Q1 25 | Q2 25 | Q3 25 | Q4 25 | PX 25 | Q1 25 |
|---|---|---|---|---|---|---|
| Revenue | 81 747 | 96 147 | 87 758 | 88 706 | 354 358 | 82 361 |
| Staff costs | (39 309) | (45 003) | (43 561) | (42 208) | (170 081) | (42 340) |
| Other operating expenses | (39 048) | (46 894) | (39 347) | (43 989) | (169 278) | (36 527) |
| Depreciation, amortisation and impairment | (1 561) | (1 771) | (1 873) | (6 677) | (11 882) | (1 896) |
| Operating profit / (loss) (EBIT) | 1 829 | 2 479 | 2 977 | (4 168) | 3 117 | 1 598 |
| Finance income | 56 | 59 | 102 | 253 | 470 | 134 |
| Finance expenses | (617) | (716) | (734) | (1 047) | (3 114) | (921) |
| Net foreign exchange gain (loss) | (982) | (4 372) | 4 524 | (1 488) | (2 318) | 1 340 |
| Profit / (loss) before income tax | 286 | (2 205) | 6 884 | (6 450) | (1 485) | 2 151 |
| Income tax expenses | (308) | (1 219) | (218) | (2 645) | (4 390) | (433) |
| Profit / (loss) after income tax | (22) | (3 424) | 6 666 | (9 095) | (5 875) | 1 718 |
| Other comprehensive income | ||||||
| Translation differences | 2 274 | 11 342 | (7 046) | (1 426) | 5 144 | 10 |
| Income tax on translation differences | - | - | - | (147) | (147) | - |
| Total items that may be classified to profit and loss | 2 274 | 11 342 | (7 046) | (1 573) | 4 997 | 10 |
| Remeasurement of defined benefit obligations | - | - | - | 62 | 62 | - |
| Total items that will not be classified to profit and loss: | - | - | - | 62 | 62 | - |
| Other comprehensive income (loss) for the period | 2 274 | 11 342 | (7 046) | (1 511) | 5 059 | 10 |
| Total comprehensive income (loss) for the period | 2 252 | 7 918 | (380) | (10 606) | (816) | 1 728 |
| Profit for the year attributable to: | ||||||
| Equity holders of the parent company | (101) | (3 284) | 6 774 | (9 006) | (5 617) | 1 747 |
| Non-controlling interests | 79 | (140) | (108) | (89) | (258) | (29) |
| Total profit (loss) for the period | (22) | (3 424) | 6 666 | (9 095) | (5 875) | 1 718 |
| Total comprehensive income for the period is attributable to: | ||||||
| Equity holders of the parent company | 2 173 | 8 058 | (272) | (10 517) | (558) | 1 757 |
| Non-controlling interests | 79 | (140) | (108) | (89) | (258) | (29) |
| Total comprehensive income (loss) for the period | 2 252 | 7 918 | (380) | (10 606) | (816) | 1 728 |
ABLGroup
Consolidated Statement of Cash Flow
USD thousands
| Consolidated Cashflow Statement | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Profit (loss) before income tax | 286 | (2,205) | 6,884 | (6,450) | (1,485) | 2,151 |
| Non-cash adjustment to reconcile profit before tax to cash flow: | ||||||
| Depreciation, amortisation and impairment | 1,561 | 1,771 | 1,873 | 6,677 | 11,882 | 1,896 |
| Share-based payment expenses | 279 | 129 | 322 | 360 | 1,090 | 207 |
| Other non-cash adjustments | 327 | (205) | (27) | (856) | (761) | (1,370) |
| Changes in working capital: | ||||||
| Changes in trade and other receivables | (10,394) | (1,692) | 9,843 | (2,619) | (4,862) | 848 |
| Changes in trade and other payables | 10,340 | 2,817 | (14,521) | 4,420 | 3,056 | (7,110) |
| Interest costs (net) | 561 | 657 | 632 | 794 | 2,644 | 787 |
| Income taxes paid | (346) | (648) | (310) | (2,849) | (4,153) | (568) |
| Net exchange differences | 174 | 3,575 | (7,873) | 7,125 | 3,001 | (1,272) |
| Cash flow from (used in) operating activities | 2,788 | 4,199 | (3,177) | 6,602 | 10,412 | (4,431) |
| Payments for property, plant and equipment and intangible assets | (843) | (691) | (236) | (1,756) | (3,526) | (618) |
| Interest received | 56 | 3 | 102 | 309 | 470 | 134 |
| Net cash acquired (paid) on acquisition of subsidiaries | (2,062) | (154) | - | - | (2,216) | - |
| Proceeds from sale of business | - | 550 | - | - | 550 | - |
| Cash flow from (used in) investing activities | (2,849) | (292) | (134) | (1,447) | (4,722) | (484) |
| Dividends paid | - | (5,836) | - | (5,960) | (11,796) | - |
| Purchase of treasury shares | - | - | - | - | - | (332) |
| Lease payments | (667) | (433) | (395) | (1,353) | (2,848) | (625) |
| Proceeds from loans and borrowings | 3,000 | - | - | 8,500 | 11,500 | 4,057 |
| Repayment of borrowings | (13) | (10) | - | (6,501) | (6,524) | - |
| Proceeds from issuance of shares | 356 | - | 1,096 | - | 1,452 | (4) |
| Interest paid | (702) | (14) | (734) | (631) | (2,081) | (596) |
| Cash flow from (used in) financing activities | 1,974 | (6,293) | (33) | (5,945) | (10,297) | 2,500 |
| Net change in cash and cash equivalents | 1,913 | (2,386) | (3,344) | (790) | (4,607) | (2,415) |
| Cash and cash equivalents at the beginning of the period | 19,474 | 21,212 | 18,804 | 15,320 | 19,474 | 14,583 |
| Effect of movements in exchange rates | (175) | (22) | (140) | 53 | (284) | (38) |
| Cash and cash equivalents at the end of the period | 21,212 | 18,804 | 15,320 | 14,583 | 14,583 | 12,130 |
ABLGroup
Consolidated Statement of Financial Position
USD thousands
| Consolidated balance sheet | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Goodwill and intangible assets | 68 422 | 71 399 | 71 494 | 64 967 | 65 946 |
| Property, plant and equipment | 10 631 | 12 305 | 12 338 | 11 896 | 11 453 |
| Investment in associates | 31 | 39 | 40 | 39 | 40 |
| Deferred tax assets | 4 996 | 5 091 | 4 923 | 5 264 | 5 081 |
| Trade and other receivables | 72 343 | 81 903 | 73 157 | 77 344 | 75 503 |
| Contract assets | 23 990 | 29 570 | 28 455 | 22 038 | 23 031 |
| Cash and cash equivalents | 21 212 | 18 804 | 15 320 | 14 583 | 12 130 |
| Total assets | 201 625 | 219 111 | 205 727 | 196 131 | 193 184 |
EQUITY AND LIABILITIES
| Equity | 102 333 | 104 525 | 105 894 | 89 418 | 91 419 |
|---|---|---|---|---|---|
| Deferred tax liabilities | 3 534 | 3 882 | 4 285 | 4 175 | 4 151 |
| Long term borrowings | - | - | - | - | - |
| Lease liabilities (non-current) | 6 297 | 7 767 | 8 175 | 6 822 | 6 634 |
| Provisions and other payables (non-current) | 7 763 | 7 798 | 7 029 | 7 666 | 6 106 |
| Other payables (non-current) | 406 | 439 | 409 | 569 | 595 |
| Trade and other payables | 56 144 | 66 766 | 57 275 | 59 820 | 51 678 |
| Contract liabilities | 5 152 | 8 232 | 3 416 | 3 651 | 4 683 |
| Short term borrowings | 17 720 | 17 813 | 17 904 | 20 001 | 24 163 |
| Lease liabilities (current) | 2 038 | 1 683 | 1 288 | 2 452 | 2 237 |
| Income tax payable | 238 | 206 | 52 | 1 557 | 1 518 |
| Total equity and liabilities | 201 625 | 219 111 | 205 727 | 196 131 | 193 184 |
ABLGroup
Revenues and EBIT - split per segments
USD thousands
| Revenues | Q2 24 | Q3 24 | Q4 24 | FY 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|---|---|
| ABL | 36 179 | 35 582 | 34 874 | 142 911 | 33 999 | 38 268 | 37 747 | 37 084 | 147 098 | 37 172 |
| OWC | 8 836 | 7 980 | 8 318 | 34 220 | 8 143 | 9 343 | 8 639 | 7 292 | 33 417 | 7 058 |
| Longitude | 2 901 | 3 183 | 3 936 | 13 010 | 5 041 | 5 846 | 5 285 | 5 872 | 22 044 | 5 284 |
| AGR | 21 037 | 39 785 | 38 826 | 120 890 | 34 780 | 43 483 | 36 225 | 38 771 | 153 259 | 33 190 |
| Eliminations | (376) | (286) | (57) | (1 407) | (216) | (793) | (138) | (313) | (1 460) | (343) |
| Total revenues | 68 577 | 86 244 | 85 897 | 309 624 | 81 747 | 96 147 | 87 758 | 88 706 | 354 358 | 82 361 |
| Operating profit (loss) (EBIT) | Q2 24 | Q3 24 | Q4 24 | FY 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | FY 25 | Q1 26 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ABL | 6 411 | 6 199 | 5 411 | 24 484 | 5 580 | 6 470 | 7 500 | 6 336 | 25 886 | 6 437 |
| OWC | 171 | (328) | (204) | (35) | (262) | 581 | 475 | (5 088) | (4 294) | (525) |
| Longitude | 283 | 671 | 1 224 | 2 814 | 1 367 | 375 | 172 | 514 | 2 428 | (118) |
| AGR | 787 | 1 923 | 2 010 | 6 017 | 917 | 1 514 | 1 336 | 1 251 | 5 018 | 780 |
| Corporate | (5 425) | (5 978) | (6 084) | (22 837) | (5 773) | (6 461) | (6 506) | (7 181) | (25 921) | (4 976) |
| Total EBIT | 2 227 | 2 487 | 2 357 | 10 443 | 1 829 | 2 479 | 2 977 | (4 168) | 3 117 | 1 598 |
40
ABLGroup
Top 20 shareholders
| # | Name of shareholder | No. of shares | % ownership |
|---|---|---|---|
| 1 | GROSS MANAGEMENT AS | 15,567,351 | 11.7% |
| 2 | HOLMEN SPESIALFOND | 12,102,348 | 9.1% |
| 3 | DNB BANK ASA | 7,637,835 | 5.7% |
| 4 | BJØRN STRAY | 6,518,743 | 4.9% |
| 5 | RGA ENERGY HOLDINGS AS | 6,055,556 | 4.5% |
| 6 | VERDIPAPIRFONDET HOLBERG NORGE | 6,000,000 | 4.5% |
| 7 | VPF FONDSFINANS UTBYTTE | 5,800,000 | 4.3% |
| 8 | HAUSTA INVESTOR AS | 4,567,143 | 3.4% |
| 9 | MELESIO INVEST AS | 4,289,329 | 3.2% |
| 10 | CITIBANK EUROPE PLC | 4,020,507 | 3.0% |
| 11 | MP PENSJON PK | 3,315,195 | 2.5% |
| 12 | KRB CAPITAL AS | 2,639,065 | 2.0% |
| 13 | THE BANK OF NEW YORK MELLON | 2,024,614 | 1.5% |
| 14 | INTERTRADE SHIPPING AS | 1,850,000 | 1.4% |
| 15 | SAXO BANK A/S | 1,846,247 | 1.4% |
| 16 | VARDE NORGE AS | 1,797,000 | 1.3% |
| 17 | SBAKKEJORD AS | 1,666,667 | 1.2% |
| 18 | BADREDDIN DIAB | 1,652,695 | 1.2% |
| 19 | CATILINA INVEST AS | 1,635,339 | 1.2% |
| 20 | EUROCLEAR BANK S.A./N.V. | 1,583,062 | 1.2% |
| Top 20 shareholders | 92,568,696 | 69.4% | |
| Other shareholders | 40,856,671 | 30.6% | |
| Total outstanding shares | 133,425,367 | 100.0% |
ABL treasury shares as of Q1 2026: 413,830
Source: VPS, 20.04.2026
ABLGroup
ABLGroup
© ABL Group, 2026
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