ABL Group — Investor Presentation 2024

Oct 31, 2024

2024 Q3 results

31 October 2024

abl-group.com

1. Highlights Reuben Segal, CEO

1. Financial review Stuart Jackson, CFO

2. Operations and outlook Reuben Segal, CEO

Disclaimer

• 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.
• 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", "predicts", "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.
• 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.
• 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.
• 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.

Q3 2024 Highlights

• Revenue of USD 86.2m, up 23% compared to Q3 2023 (USD 70.4m)
  • Growth from acquisition of Ross Offshore¹contributing USD 17.8m revenue
  • OWC experienced lower activity level because of a reduction in demand in the offshore wind market
• Adjusted EBIT of USD 3.0m (Q3 2023: USD 6.2m)
  • Adjusted EBIT margin of 3.4% (Q3 2023: 8.9%, Q3 23 pro-forma: 7.8%)
  • Margin reduction primarily from ABL and OWC segments, as well as integration of structurally lower margin Ross Offshore
  • Solid performance in Longitude and AGR existing businesses
• Net cash of USD 7.9m (Q2 2024: USD 10.8m)
  • Net cash outflow primarily driven by working capital increase, primarily driven by expected unwinding of Ross Offshore project prepayments
• Continued M&A activity
  • Ross Offshore fully consolidated from Q3 2024
  • Hidromod completed immediately after Q3 close, to be consolidated from Q4 2024
• Semi-annual dividend of NOK 0.40 per share declared, to be paid in November

1. Highlights Reuben Segal, CEO

2. Financial review Stuart Jackson, CFO

1. Operations and outlook Reuben Segal, CEO

Segment overview

Key services	ABL • MWS & other asset surveys • Marine operations support • Marine casualty support	AGR • Wells & reservoir consulting • Resource solutions • Marine Operations	OWC • Renewables consulting • Owner's engineering • Technical due diligence	• • •	Longitude Marine ops engineering Vessel & facility design Analysis and simulations
Share of group revenues (Q3 2024)	41%	46%	9%		4%
Segment adj EBIT margin1 (Q3 2023 / Q3 2024)	21.9% 17.5%	4.6% 4.9%	11.4% -4.1%	26.0% 21.5%
		Corporate costs, adjusted2	(5.7)% (6.4)%	7.8%	Economies of scale: Corporate costs down from 7.0% reported (ex Ross) in Q3 23
Group adj EBIT margin

(1) Segment EBIT is presented before group cost allocation. Q3 2023 comparatives are pro-forma combined with Ross Offshore.

(2) Corporate costs, post group EBIT adjustments, as % of group revenues. Q3 2023 comparatives are pro-forma combined with Ross Offshore.

6

Abbreviated segment revenues and EBIT

USD million

7

Revenues	Q3	Q4	Q1	Q2	Q3
	23	23	24	24	24
ABL	35	34	36	36	35
	9	5	3	2	6
OWC	11	10	9	8	8
	4	3	1	8	0
Longitude	3	3	3	2	3
	5	0	0	9	2
AGR	21	21	21	21	39
	8	4	2	0	8
Eliminations	(2	(1	(0	(0	(0
	2)	4)	7)	4)	3)
Group revenues	70 4	67 7	68 9	68 6	86 2

Adjusted	Q3	Q4	Q1	Q2	Q3
EBIT	23	23	24	24	24
ABL	7	7	6	6	6
	9	1	5	4	2
OWC	1	0	0	0	(0
	3	2	3	2	3)
Longitude	0	0	0	0	0
	9	4	6	3	7
AGR	1	1	1	1	1
	1	4	3	0	9
Corporate	(5	(4	(5	(5	(5
	0)	7)	0)	1)	5)
Group	6	4	3	2	3
Adjusted	2	5	7	8	0
EBIT

Adjusted EBIT margin	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
ABL	21	20	17	17	17
	9%	5%	8%	7%	5%
OWC	11	2	3	1	-4
	4%	1%	6%	9%	1%
Longitude	26	14	21	9	21
	0%	0%	3%	8%	5%
AGR	5	6	6	4	4
	2%	7%	1%	6%	9%
Corporate (% of revenues) group	-7 0%	-6 9%	-7 3%	-7 4%	-6 4%
Group Adjusted EBIT margin	8 9%	6 6%	5 4%	4 0%	3 4%

• Revenue growth of 23% YOY driven by Ross Offshore acquisition adding USD 17.8m to AGR segment
  • Flat revenue in ABL and existing AGR businesses, while OWC (- 30%) and Longitude (-10%) had negative YOY growth
• Group margin reduction primarily from ABL and OWC
  • ABL in line with long run margins, with slightly lower utilisation after strong 2023 performance
  • Low activity level in OWC continues
    • Reduced utilisation from continued slow offshore wind market
    • Overall loss-making in quarter due to investments of USD 0.5m in US onshore technical due diligence business ahead of building up revenues
  • Improved margin from existing AGR business balancing low margin in Ross Offshore
  • Bounce-back for Longitude after weak Q2

USD million

8

Abbreviated income statement	Q3 23	Q3 24
Total revenue	70.4	86.2
Operating costs	(63.4)	(82.1)
Depreciation and amortisation	(1.5)	(1.7)
EBIT	5.5	2.5
Net FX gain (loss)	1.3	(0.8)
Other financial items	(0.4)	(0.6)
Profit before tax	6.5	1.0
Taxation	(1.0)	(0.7)
Profit after tax	5.5	0.3
EBIT adjustments:
Transaction costs related to M&A	0.2	0.0
Amortisation and impairment	0.3	0.4
Adjusted EBIT	6.2	3.0
Adjusted EBIT margin	8.9%	3.4%

• Increase in revenue (+23% YoY) and operating cost (+30%) primarily from acquisition of Ross Offshore in 2Q 2024
• Withholding tax (treated as operating cost from 2024 onwards) of USD 0.3 million in Q3 contributed to increase
• Net FX loss is primarily revaluation of instruments denominated in non-functional currencies
• EBIT adjustments relate to amortisation of PPA intangible assets and transaction costs related to M&A

USD million

Abbreviated cash flow	Q3 23	Q3 24
Profit before taxes	6.5	1.0
Non-cash adjustments	1.9	1.8
Changes in working capital	(2.9)	(8.1)
Interest, tax, FX	(2.4)	2.1
Cash flow from operating activities	3.1	(3.2)
Cash flow from investing activities	(1.7)	(0.8)
Cash flow from financing activities	(1.7)	(2.5)
Net cash flow	(0.3)	(6.5)
Cash, beginning of period	26.4	28.4
FX revaluation of cash	(0.2)	0.6
Cash, end of period	25.9	22.5

• Negative cash flow from operations of USD 3.2 million
  • Working capital increase of USD 8.1m, primarily driven by delivery of prepaid contracts in Ross Offshore (USD 4.2m) and unrealised increase in working capital balance from FX movements (USD 2.4m)
• USD -0.8m cash flow from investing activities
• USD -2.5m cash flow from financing activities
  • USD -3.0m from repayment on credit facility
  • USD 1.7m proceeds from exercise of employee share options
  • Residual amounts are debt and lease service
• Net cash flow of USD -6.5m, which yields USD 22.5m closing cash balance after FX revaluations

USD million
Abbreviated balance sheet	Q2 24	Q3 24
Cash and cash equivalents	28.4	22.5
Other current assets	90.8	94.5
Non-current assets	81.8	83.6
Total assets	201.0	200.6
Short term borrowings	17.6	14.6
Other current liabilities	66.7	63.1
Long term borrowings	-	-
Other non-current liabilities	18.0	18.5
Equity	98.7	104.5
Total equity and liabilities	201.0	200.6
Net Working Capital	25.6	34.2
Net cash	10.8	7.9

10

• Net cash¹ decreased to USD 7.9m, primarily due a negative WC swing
• Working capital ratio up to 40%
  • Working capital balance increased partly due to FX movements during quarter
  • Working capital ratio is expected to fluctuate between 30-40% when consolidating higher volatility of Ross Offshore working capital
• USD 14.6m drawn on the USD 30m RCF with HSBC
  • USD 3.0m reduction in drawn amount during Q3 2024
  • Facility expires in January 2027

Working capital ratio2,3 (% of quarterly revenue)

(1) Net cash is cash minus interest bearing debt excluding capitalised leases. Refer to full balance sheet and definition of APMs in Appendix

(2) Working capital ratio calculated as net working capital over quarterly revenues (average last two quarters, except Q3 24). Refer to definition of APMs in Appendix

(3) The working capital ratio for Q2 2024 is adjusted to exclude Ross Offshore balance. The Q3 working capital ratio is calculated against Q3 revenue only.

Declaring semi-annual dividend of NOK 0.40 per share to be paid in November

• Declaring dividend of NOK 0.40 per share, corresponding to approximately USD 4.8 million
  • The dividend was resolved and declared in accordance with the authorisation granted by the AGM held in May 2024
  • The dividend will be paid on or about 27 November 2024. Shareholders owning the shares at the end of 1 November 2024 are entitled to dividends. The ex-dividend date will be 4 November 2024.
  • The distribution will for tax purposes be considered a repayment of paid-in capital
• Total dividend paid in 2024 will be NOK 0.8 per share, corresponding to approximately USD 9.6 million
• Declared dividend represents 17.5% increase over H2 2023 and threefold increase since introduction of dividends

Paid and proposed dividends

1. Highlights Reuben Segal, CEO

1. Financial review Stuart Jackson, CFO

3. Operations and outlook Reuben Segal, CEO

Modest organic staff growth

Staff level development¹

• 1,753 average number of employees including freelancers in quarter, representing 12% growth (3% organic) from Q3 2023
  • Ross Offshore consolidated from Q3 2024, adding 136 people
• Freelancer share of 32%, in line with Q3 2023
  • Increase in freelancers in AGR segment from acquisition of Ross Offshore
  • More use of employed tech staff over freelancers where possible
  • Freelancer model provides a flexible cost base, to accommodate seasonal and cyclical variations

0 100 200 300 400 500 600 700 800 ABL OWC Longitude AGR Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 +5% -11% +2% +41%

Tech staff development by segment, including freelancers²

• Organic staff growth primarily driven by ABL
• Recruitment freeze outside specific growth areas in OWC
• Staff growth in AGR mainly from consolidation of Ross Offshore
• Group tech staff growth of 11% compared to Q3 2023

RENEWABLES

Offshore wind: Slowdown extended, but long-term view remains strong

Offshore wind projects by installation year (GW) ¹ Comments

• High interest rates and developer caution/sentiment continue to impact offshore wind roll out – installation volume has generally been delayed 18-24 months
• Whilst bidding and awards are picking up, indicating that the market has bottomed out, we currently don't expect significant improvement before 2H 2025
• Long term prospects remain strong, with rapidly accelerating installation plans 2028-2031 expected to drive development support work 2025-2028
  • OWC supports projects from auction stage, but largest volumes of work are post auction, around 3-5 years before installation
  • ABL and Longitude primarily supports projects before and during installation
• OWC actively investing in growth in renewables markets outside offshore wind in order to diversify exposure
  • Onshore (wind, solar, BESS) and hydrogen increased from 11% of hours billed by OWC in 2023 to 17% in 2024 YTD

OIL & GAS

Solid activity – increasing volatility in select markets

E&P spending (Y/Y chg)

• Mixed performance in Q3 2024
  • Margins depressed by reduced utilisation and project phasing across several segments
  • Solid performance with quarterly improvement in Longitude and AGR
  • Through the cycle adjusted EBIT guidance still stands at 6.5% following Ross Offshore and Hidromod integrations
• Mixed market outlook
  • O&G: Solid activity global spending and rig count growth stagnating amid volatility in individual markets
  • Renewables: We retain a positive long-term view and believe the offshore wind market has bottomed out, but we currently do not expect significant improvement before 2H 2025 amid continued project delays
  • Maritime: Maintaining strong position in stable market
• Maintaining focus on returning cash to shareholders on semi-annual schedule
  • Semi-annual dividend of NOK 0.40 per share to be paid in November, corresponding to USD 4.8 million
• We remain active in consolidation of the energy consultancy industry

Appendix

© 2012-2024 ABL Group

Revenue base increased 10x since 2017

Revenue development, ABL Group (USDm) 31 36 55 77 151 168 251 350 2017 2018 2019 2020 2021 2022 2023 LTM proforma*

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

Our Markets

Global partner, local expert

Global footprint provides clients with local expertise and swift response

In 2023, ABL Group Renewables…

...worked on

285 offshore wind projects with

potential capacity of

251 GW

…across 36 countries

21

2,400+ ...received 1,200+ instructions from unique clients In 2023, ABL Group Maritime… 1,300+

of these instructions were casualty related

In 2023, ABL Group Oil&Gas…

...carried out

1,200+ rig moves

650+ MWS projects

1,250+ vessel/asset surveys

1,300+ …and worked for different clients

Billing ratio development

Billing ratio¹ – Technical staff

Comments

• Freelancers are ~100% utilisation by definition

22 ¹ 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).

Pro-forma combined financials (simplified)

USD millions
Revenue	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q/Q growth	Y/Y growth
ABL Group reported , as	70 4	67 7	68 9	68 6	86 2	25 8%	22 5%
Ross Offshore (consolidated 3Q24)	20 9	18 8	17 8	16 3
Pro-forma combined (simplified)	91 3	86 5	86 7	84 8	86 2	1 7%	-5 5%
Adjusted EBIT	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q/Q growth	Y/Y growth
ABL Group reported , as	6 2	4 5	3 7	2 8	3 0	7 2%	-52 5%
Ross Offshore (consolidated 3Q24)	0 9	0 7	0 0	0 4
Pro-forma combined (simplified)	1 7	5 2	3 7	3 2	3 0	1% -7	-58 2%

Adjusted EBIT margin	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
ABL Group reported , as	8 9%	6 6%	4% 5	4 0%	3 4%
Pro-forma combined (simplified)	7 8%	6 0%	4 3%	3 8%	3 4%

Note: These pro-forma combined figures are a simple combination of stand-alone accounts – not adjusted for other hypothetical effects if transactions occurred earlier Ross Offshore figures based on management accounts and includes vessel recharges, converted to USD using average exchange rate for periods

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 2023. 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 2023 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)

ABL discloses APMs in addition to those normally required by IFRS. APMs are meant to provide an enhanced insight into the operations, financing and future prospects of the company. Certain items may not be indicative of the ongoing operating result of the company and are excluded from the alternate profit measures. Profit measures excluding those adjustment items are presented as an alternative measures to improve comparability of the underlying business performance between the periods. The Company has defined and explained the purpose of the following APMs:

Adjusted EBITDA which excludes depreciation, amortization 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. EBITDA may not be comparable to other similarly titled measures from 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 and other receivables and contact assets, trade and other payables, current tax payable, and contract liabilities. Working capital may not be comparable to other similarly titled measures from other companies. Working capital ratio provides an indication of the working capital tied up relative to the average quarterly revenue over the past two quarters.

General (2/2)

Alternative Performance Measures (APMs) continued

Return on equity (ROE)

ROE is calculated as the adjusted profit (loss) for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit (loss) 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 cash

Net cash is calculated as the cash and cash equivalents minus interest-bearing debt excluding lease liabilities. This is a useful measure because it provides an indication of the company's liquidity, without being affected by drawdown and repayment of bank debt or the length of the group's office leases. ABL Group's lease liabilities predominantly relate to office leases of varying length, and depreciation of such leases is included in the Operating Profit (EBIT) and Adjusted EBIT measures.

Adjustment items

USD thousands
(EBITDA) Adjustment items	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Restructuring and integration costs	172	220	392	-	-	-
Transaction related M&A costs to	197	-	720	-	185	39
Total adjustment items (EBITDA)	369	220	1 112	-	185	39
Adjustment items (EBIT)	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Adjustment items (EBITDA)	369	220	1 112	-	185	39
Amortisation and impairment	349	353	1 179	348	352	437
(EBIT) Total adjustment items	718	573	2 291	348	537	476
Adjustment items (profit (loss) after taxes)	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Adjustment items (EBIT)	718	573	2 291	348	537	476
owner of EPG Payments to previous	-	-	-	83	-	-
Total adjustment items (profit (loss) after taxes)	718	573	2 291	431	537	476

APMs and Key Figures

USD thousands
Profitability measures	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Operating profit (loss) (EBIT)	5 512	3 913	16 530	3 372	2 227	2 487
Depreciation , amortisation and impairment	1 515	1 576	5 301	1 394	1 371	1 679
EBITDA	7 027	5 489	21 831	4 766	3 598	4 166
Total adjustment items (EBITDA)	369	220	1 112	-	185	39
Adjusted EBITDA	7 396	5 709	22 944	4 766	3 783	4 205
(loss) (EBIT) Operating profit	5 512	3 913	16 530	3 372	2 227	2 487
Total adjustment items (EBIT)	718	573	2 291	348	537	476
Adjusted EBIT	6 231	4 486	18 822	3 720	2 764	2 963
Profit (loss) after taxes	5 519	543	8 677	1 954	489	327
Total adjustment items (profit (loss) after taxes)	718	573	2 291	431	537	476
Adjusted profit (loss) after taxes	6 237	1 116	10 968	2 385	1 026	803
Basic earnings per share (USD)	0.04	0.00	0.07	0.02	0.00	0.00
Adjusted basic earnings per share (USD)	0.05	0.01	0.09	0.02	0.01	0.01

APMs and Key Figures

Q3	Q4	FY	Q1	Q2	Q3
23	23	23	24	24	24
25	28	28	30	28	22
890	157	157	889	425	485
10	10	10	11	17	14
965	946	946	505	633	617

USD thousands

USD thousands

Working capital	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Trade and other receivables	57 787	57 392	57 392	55 303	66 915	69 620
Contract assets	23 591	22 185	22 185	22 883	23 881	24 923
Trade and other payables	(45 075)	(44 830)	(44 830)	(44 400)	(57 723)	(57 923)
Contract liabilities	(2 003)	(1 978)	(1 978)	(2 693)	(6 692)	(2 164)
Income payable tax	(93)	(930)	(930)	(492)	(767)	(244)
Net working capital	34 208	31 839	31 839	30 602	25 614	34 212
(3) Working capital ratio	49%	46%	46%	45%	44%	40%
Return on equity (ROE), annualised	25.2%	4.4%	12.9%	9.4%	4.1%	3.2%
Return on capital employed (ROCE), annualised	19.3%	13.6%	16.2%	11.2%	8.2%	8.6%

Net Cash 14 925 17 211 17 211 19 384 10 792 7 868

Operational metrics	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Order backlog the end of the period (USD million) at	86.2	72.2	72.2	94.4	70.7	110.3
(1) Average number of full-time equivalent employees	1 569	1 613	1 466	1 604	1 607	1 676
period(2) Average billing ratio during the	78%	77%	77%	74%	73%	74%

1) Full time equivalent numbers include freelancers on FTE basis

2) Billing ratio for technical staff includes freelancers on 100% basis

3) The working capital ratio for Q2 2024 is adjusted to exclude Ross Offshore amounts. The Q3 working capital ratio is calculated against Q3 revenue only.

Consolidated Statement of Income

USD thousands
Consolidated income statement	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Revenue	70 402	67 716	251 233	68 906	68 577	86 244
Staff costs	(33 986)	(33 000)	(125 373)	(35 319)	(35 723)	(38 790)
Other operating expenses	(29 389)	(29 227)	(104 029)	(28 821)	(29 256)	(43 288)
Depreciation, amortisation and impairment	(1 515)	(1 576)	(5 301)	(1 394)	(1 371)	(1 679)
Operating profit (loss) (EBIT)	5 512	3 913	16 530	3 372	2 227	2 487
Finance income	32	220	423	78	95	136
Finance expenses	(393)	(632)	(1 666)	(607)	(512)	(761)
Net foreign exchange gain (loss)	1 325	(1 422)	(2 842)	(626)	(534)	(842)
Profit (loss) before income tax	6 476	2 079	12 445	2 218	1 275	1 020
Income tax expenses Profit after tax	(958) 5 519	(1 536) 543	(3 768) 8 677	(264) 1 954	(786) 489	(693) 327
(loss)
Other comprehensive income
Translation differences	(1 657)	3 523	2 115	(3 773)	1 799	4 451
differences Income tax on translation	-	(793)	(793)	-	-	-
Total items that may be classified profit and loss to	(1 657)	2 730	1 322	(3 773)	1 799	451 4
Remeasurement of defined benefit					75
obligations Total items that will be classified and loss: not to	-	-	-	-	75	-
profit	-	-	-	-		-
Other comprehensive income for the period	(1 657)	2 730	1 322	(3 773)	1 874	4 451
Total comprehensive income for the period	3 862	3 273	9 999	(1 819)	2 363	4 778
Profit for year attributable the to:
Equity holders of the parent	5 458	490	8 399	1 997	534	57
company Non-controlling interests	61	53	277	(43)	(45)	270
Total profit for the period	5 519	543	8 677	1 954	489	327
Total comprehensive income for the period is attributable	to:
Equity holders of the parent company	3 801	3 220	9 722	(1 776)	2 409	1 945
Non-controlling interests	61	53	277	(43)	(45)	(53)
Total comprehensive income for the period	3 862	3 273	9 999	(1 819)	2 363	2 363
29

Consolidated Statement of Cash Flow

USD thousands
Consolidated cashflow statement	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Profit (loss) before taxes	6 476	2 079	12 445	2 218	1 275	1 020
Non-cash adjustment reconcile profit before cash flow: to tax to
Depreciation , amortisation and impairment	1 515	1 576	301 5	1 394	1 371	1 679
Non-cash employee benefits expense – share-based payments	435	208	1 439	146	145	128
Changes in working capital:
Changes in trade and other receivables	(3 644)	1 801	(10 887)	1 390	(163)	(3 747)
Changes in trade and other payables	720	560	4 632	6 6	773	(4 328)
Interest costs - net	215	166	887	404	542	625
Income taxes paid	(695)	(407)	(1 790)	(463)	(266)	(944)
Net exchange differences	(1 952)	1 559	(476)	(2 812)	293	2 372
Cash flow from (used in) operating activities	3 070	7 542	11 553	2 343	3 970	(3 195)
for Payments property, plant and equipment	(682)	(857)	(2 422)	(455)	(1 063)	(818)
Interest received	2 7	7 1	167	2 4	2 6	2 9
Net cash acquired (paid) on acquisition of subsidiaries	(1 077)	-	2 008	(170)	(5 428)	-
Cash flow from (used in) investing activities	(1 732)	(786)	(247)	(601)	(6 465)	(789)
Dividends paid to company's shareholders	-	(4 026)	(8 073)	-	(4 838)	-
Purchase of shares treasury				(31)	(244)	-
Principal elements of lease payments	(710)	(921)	(2 808)	(649)	(577)	(712)
Proceeds from loans and borrowings	5 000	-	5 000	11 419	6 000	-
Repayment of borrowings	(5 831)	(19)	(7 391)	(10 860)	(43)	(3 025)
Proceeds from issuance of shares capital	-	(7)	(7)	2 045	-	1 670
Interest paid	(111)	(167)	(720)	(185)	(247)	(476)
Cash flow from (used in) financing activities	(1 651)	(5 140)	(13 999)	1 739	5 1	(2 543)
Net change in cash and cash equivalents	(314)	1 616	(2 693)	3 481	(2 444)	(6 528)
Cash and cash equivalents the beginning of the period at	26 390	25 890	30 974	28 157	30 889	28 425
Effect of movements in exchange rates	(186)	651	(123)	(750)	(20)	588
Cash and cash equivalents at the end of the period	25 890	28 157	28 157	30 889	28 425	22 485

Consolidated Statement of Financial Position

USD thousands
Consolidated balance sheet	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
Goodwill and intangible assets	55 969	56 828	55 248	66 671	67 150
Property, plant and equipment	9 511	10 613	9 457	9 911	11 573
Investment in associates	27	32	31	167	168
Deferred tax assets	157 5	308 5	746 5	005 5	4 711
Total non-current assets	70 664	72 781	70 481	754 81	83 602
Current assets
Trade and other receivables	57 787	57 392	55 303	66 915	69 620
Contract assets	23 591	22 185	22 883	23 881	24 923
Cash and cash equivalents	25 890	28 157	30 889	28 425	22 485
Total assets	177 932	180 515	179 557	200 975	200 630
EQUITY AND LIABILITIES
Equity	101 611	101 059	101 310	98 656	104 490
Deferred tax liabilities	3 759	4 687	3 731	4 084	4 543
Long term borrowings	5 000	-	11 419	-	-
Lease liabilities (non-current)	5 942	6 801	6 310	6 268	6 193
Provisions and other payables (non-current)	6 637	466 7	456 7	683 7	724 7
Trade and other payables	45 075	44 830	44 400	57 723	57 923
Contract liabilities	2 003	1 978	2 693	6 692	2 164
Short term borrowings	5 965	10 946	86	17 633	14 617
Lease liabilities (current)	1 848	1 818	1 660	1 469	2 732
Income tax payable	93	930	492	767	244
equity liabilities Total and	177 932	180 515	179 557	200 975	200 630

Revenues and EBIT

- split per segments

Total	70	67	251	68	68	86
revenues	402	716	233	906	577	244
Eliminations	(2 228)	(1 450)	(7 777)	(688)	(376)	(286)
AGR	21	21	66	21	21	39
	835	350	224	242	037	785
Longitude	3	3	12	2	2	3
	530	001	385	990	901	183
OWC	11	10	41	9	8	7
	353	327	615	086	836	980
ABL	35	34	138	36	36	35
	912	488	786	276	179	582
Revenues	Q3	Q4	FY	Q1	Q2	Q3
	23	23	23	24	24	24
USD thousands

(loss) (EBIT) Operating profit	Q3 23	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
ABL	7 853	7 080	28 157	6 463	6 411	6 199
OWC	1 293	218	3 993	326	171	(328)
Longitude	917	421	2 535	636	283	671
AGR	956	1 209	3 032	1 297	787	1 923
Corporate group	(5 508)	(5 016)	(21 187)	(5 350)	(5 425)	(5 978)
Total EBIT	5 512	3 913	16 530	3 372	2 227	2 487

Top 20 shareholders

#	Name of shareholder	No . of shares	% ownership
1	GROSS	15	11
	MANAGEMENT	140	6%
	AS	351
2	HOLMEN SPESIALFOND	9 049 674	7 0%
3	ASA	7	5
	DNB	637	9%
	BANK	835
4	BJØRN STRAY	6 317 743	4 9%
5	RGA ENERGY HOLDINGS AS	6 055 556	4 7%
6	VERDIPAPIRFONDET	276	4
	HOLBERG	626	1%
	NORGE	5
7	MELESIO	4	3
	INVEST	876	7%
	AS	016
8	HAUSTA	4	3
	INVESTOR	498	5%
	AS	643
9	FONDSFINANS	4	3
	VPF	000	1%
	UTBYTTE	000
10	SAXO	3	3
	BANK	852	0%
	A/S	220
11	MP	3	2
	PENSJON	110	4%
	PK	195
12	KRB	2	2
	CAPITAL	639	0%
	AS	065
13	VALOREM AS	2 515 000	1 9%
14	TRAPESA AS	1 928 056	1 5%
15	SHIPPING	1	1
	AS	750	3%
	INTERTRADE	000
16	CATILINA	1	1
	INVEST	735	3%
	AS	339
17	SBAKKEJORD AS	1 666 667	1 3%
18	DIAB	1 652 695	1 3%
19	AMPHYTRON	1	1
	INVEST	600	2%
	AS	339
20	GINKO AS	1 428 480	1 1%
	Top	86	66
	20	730	7%
	shareholders	500
	Other shareholders	43 372 367	33 3%
	Total	130	100
	outstanding	102	0%
	shares	867

The ABL Group family

ABL Group ASA – a global brand family combining the deepest pool of expertise across energy, marine, engineering and digital solutions to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset.

The Energy & Marine Consultants.

Global, independent energy, marine and engineering consultant working to derisk and drive sustainability across projects and assets in renewables, maritime and oil & gas.

The Energy & Software Consultants.

Multi-disciplinary engineering consultancy and software provider specialising in wells and reservoirs.

The Renewable Energy Consultants.

Dedicated engineering, technical advisory and consultant for the commercial development of offshore and onshore renewable energy.

The Engineering Consultants.

Independent engineering, design and analysis consultants working across marine markets: renewables, oil & gas, maritime, small craft and defence, and infrastructure.

Key services:

• MWS & other asset surveys
• Marine operations support
• Marine casualty support

Key services:

• Wells & reservoir consulting
• Resource solutions
• Marine operations

Key services:

• Renewables consulting
• Owner's engineering
• Technical due diligence

Key services:

• Marine ops engineering
• Vessel & facility design
• Analysis and simulations

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