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ABL Group Investor Presentation 2025
3519_rns_2025-08-20_05381d93-89cd-49c6-9dc3-84baf1faea34.pdf
Investor Presentation
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2025 Q2 results
20 August 2025
abl-group.com
1. Highlights Reuben Segal, CEO
-
Financial review Stuart Jackson, CFO
-
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.
Q2 2025 Highlights
- Revenue of USD 96.1m, up 40% compared to Q2 2024 (USD 68.6m)
- Growth from acquisitions of Ross Offshore, Proper Marine and Techconsult1 contributing USD 24.3m in total
- All segments contributing to organic growth, led by ABL
- Adjusted EBIT of USD 3.5m (Q2 2024: USD 2.8m)
- Adjusted EBIT margin of 3.6% (Q2 2024: 4.0%)
- ABL margin slightly down from Q2 2024 despite quarterly improvement
- Integration of structurally lower margin Ross Offshore and Techconsult
- Continued improvement in OWC
- Accelerating operational and cost efficiency plan
- Net cash of USD 1.0m (Q1 2025: USD 3.5m)
- Net cash outflow primarily driven by dividend payment (USD 5.8m)
- Techconsult completed and consolidated in Q2 2025 figures
4 (1) Ross Offshore consolidated in AGR segment from Q3 2024, 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
- Highlights Reuben Segal, CEO
2. Financial review Stuart Jackson, CFO
- Operations and outlook Reuben Segal, CEO
Segment overview pro-forma comparison
| ABL | AGR | OWC | Longitude | |
|---|---|---|---|---|
| • MWS & other asset surveys |
• Wells & reservoir consulting |
• Renewables consulting |
• Marine ops engineering |
|
| Key services | • Marine operations support |
• Resource solutions |
• Owner's engineering |
• Vessel & facility design |
| • Marine casualty support |
• Marine Operations |
• Technical due diligence |
• Analysis and simulations |
|
| Share of group revenues (Q2 2025) |
39.5% | 44.9% | 9.6% | 6.0% |
| Segment adj EBIT | 18.0% | 4.6% | 1.9% | 9.8% |
| margin1 (Q2 2024 / Q2 2025) |
17.2% | 4.5% | 6.2% | 14.3% |
| (7.5)% | ||||
| Corporate costs, adjusted2 | (6.7)% | 4.3% | ||
| Group adj EBIT margin1 | 3.6% | |||
| (1) | Segment EBIT is presented before group cost allocation. Q2 2024 comparatives for segment and group EBIT are pro-forma combined with Ross Offshore, Proper Marine and |
(2) Corporate costs, post group EBIT adjustments, as % of group revenues. Q2 2024 comparative is as reported.
6
Techconsult.
USD million
7
| Revenues | Q2 | Q3 | Q4 | Q1 | Q2 |
|---|---|---|---|---|---|
| 24 | 24 | 24 | 25 | 25 | |
| ABL | 36 | 35 | 34 | 34 | 38 |
| 2 | 6 | 9 | 0 | 3 | |
| OWC | 8 | 8 | 8 | 8 | 9 |
| 8 | 0 | 3 | 1 | 3 | |
| Longitude | 2 | 3 | 3 | 0 | 8 |
| 9 | 2 | 9 | 5 | 5 | |
| AGR | 21 | 39 | 38 | 34 | 43 |
| 0 | 8 | 8 | 8 | 5 | |
| Eliminations | (0 | (0 | (0 | (0 | (0 |
| 4) | 3) | 1) | 2) | 8) | |
| Group revenues |
68 6 |
86 2 |
85 9 |
81 7 |
96 1 |
| Adjusted | Q2 | Q3 | Q4 | Q1 | Q2 |
|---|---|---|---|---|---|
| EBIT | 24 | 24 | 24 | 25 | 25 |
| ABL | 6 | 6 | 4 | 5 | 6 |
| 5 | 2 | 5 | 7 | 6 | |
| OWC | 0 | (0 | (0 | 0 | 0 |
| 2 | 3) | 0) | 1 | 6 | |
| Longitude | 0 | 0 | 1 | 1 | 0 |
| 3 | 7 | 3 | 5 | 8 | |
| AGR | 1 | 2 | 2 | 1 | 1 |
| 0 | 0 | 0 | 6 | 9 | |
| Corporate | (5 | (5 | (5 | (5 | (6 |
| 2) | 5) | 7) | 8) | 5) | |
| Group | 2 | 3 | 3 | 3 | 3 |
| Adjusted | 8 | 0 | 1 | 1 | 5 |
| EBIT |
| Adjusted EBIT margin |
Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 25 |
|---|---|---|---|---|---|
| ABL | 18 | 17 | 15 | 16 | 17 |
| 0% | 4% | 5% | 7% | 2% | |
| OWC | 1 | -4 | -0 | 1 | 6 |
| 9% | 1% | 2% | 7% | 2% | |
| Longitude | 8% | 1% | 0% | 3% | 3% |
| 9 | 21 | 34 | 29 | 14 | |
| AGR | 4 | 4 | 1% | 4 | 4 |
| 6% | 9% | 5 | 6% | 5% | |
| Corporate (% of revenues) group |
-7 5% |
-6 4% |
-6 6% |
-7 0% |
-6 7% |
| Group Adjusted EBIT margin |
4 0% |
3 4% |
3 6% |
3 8% |
3 6% |
- Revenue growth of 40% YOY largely driven by the acquisitions of Ross Offshore (AGR segment), Proper Marine (Longitude) and Techconsult (AGR)
- Quarterly increase in AGR revenues mainly driven by integration of Techconsult contributing revenues of USD 7.0m
- AGR vessel revenues of USD 6.7m in Q2, up from USD 6.2m in Q1
- Revenue growth in ABL segment driven by increased MWS work and rig moves
- Quarterly increase in AGR revenues mainly driven by integration of Techconsult contributing revenues of USD 7.0m
- Group adjusted EBIT margin slightly decreasing on quarterly basis, but largely driven by lower Longitude EBIT and increased corporate expenses
- Acquisition of Techconsult contributed USD 0.4m EBIT during the quarter
- Margin improvement in OWC, driven by reduced cost while maintaining same level of sales
- Corporate costs increased in absolute terms, but improved as a share of revenue – declining to 6.7% in Q2 2025 from 7.5% in Q2 2024
USD million
8
| Abbreviated income statement |
Q2 24 |
Q2 25 |
|---|---|---|
| Total revenue |
68 6 |
96 1 |
| Operating costs |
(65 0) |
(91 9) |
| Depreciation and amortisation |
(1 4) |
(1 8) |
| EBIT | 2 2 |
2 5 |
| Net FX gain (loss) |
(0 5) |
(4 4) |
| Other financial items |
(0 4) |
(0 7) |
| Profit before tax |
1 3 |
(2 2) |
| Taxation | (0 8) |
(1 2) |
| Profit after tax |
0 5 |
(3 4) |
| EBIT adjustments: |
||
| Restructuring and integration costs |
- | |
| M&A Transaction costs related to |
0 2 |
0 1 |
| Acquisition classified costs as opex |
0 5 |
|
| Amortisation and impairment |
0 4 |
0 5 |
| Adjusted EBIT |
2 8 |
3 5 |
| Adjusted EBIT margin |
4 0% |
3 6% |
- Increase in revenue (+40% YoY) and operating cost (+41%) primarily from acquisition1 of Ross Offshore in Q2 2024, Proper Marine in Q1 2025 and Techconsult in Q2 2025
- Net FX loss is primarily revaluation of instruments denominated in non-functional currencies
- EBIT adjustments relate to:
- M&A transaction costs and acquisition costs classified as operating expenses under IFRS
- Amortisation of PPA intangible assets
Note: Ross Offshore consolidated from Q3 2024, Hidromod from Q4 2024, Proper Marine from Q1 2025 and Techconsult from Q2 2025
(1) Refer to appendix for pro-forma combined financials
Refer to full income statement and definition of APMs in Appendix
USD million
| Abbreviated cash flow | Q2 24 | Q2 25 |
|---|---|---|
| Profit before taxes | 1.3 | (2.2) |
| Non-cash adjustments | 1.5 | 1.7 |
| Changes in working capital | 0.6 | 1.1 |
| Net interest, income tax | 0.3 | (1.6) |
| Net exhange differences | 0.3 | 5.2 |
| Cash flow from operating activities | 4.0 | 4.2 |
| Cash flow from investing activities | (6.5) | (0.3) |
| Cash flow from financing activities | 0.1 | (6.3) |
| Net cash flow | (2.4) | (2.4) |
| Cash, beginning of period | 30.9 | 21.2 |
| FX revaluation of cash | (0.0) | (0.0) |
| Cash, end of period | 28.4 | 18.8 |
- Positive cash flow from operations of USD 4.2 million
- Changes in working capital are USD 1.1m after receipt of USD 9.5m of cash at quarter end from clients as payments in advance
- Net exchange differences of USD 5.2m is primarily adding back noncash charges in P&L related to revaluation of instruments denominated in non-functional currencies.
- USD 0.3m cash outflow from investing activities
- Up front settlement in acquisition of Techconsult offset by strong cash generation before closing
- USD 6.3m cash flow from financing activities
- USD 5.8m dividend payment in June
- Residual amounts are debt and lease service
- Net cash flow of USD (2.4)m, which yields USD 18.8m closing cash balance
| USD million | ||
|---|---|---|
| Abbreviated balance sheet | Q1 25 | Q2 25 |
| Cash and cash equivalents | 21.2 | 18.8 |
| Other current assets | 96.3 | 111.5 |
| Non-current assets | 84.1 | 88.8 |
| Total assets | 201.6 | 219.1 |
| Short term borrowings | 17.7 | 17.8 |
| Other current liabilities | 63.6 | 76.9 |
| Long term borrowings | - | - |
| Other non-current liabilities | 18.0 | 19.9 |
| Equity | 102.3 | 104.5 |
| Total equity and liabilities | 201.6 | 219.1 |
| Net Working Capital | 34.8 | 36.3 |
| Net cash | 3.5 | 1.0 |
10
- Net cash1 decreased to USD 1.0m, following the acquisition of Techconsult and the dividend payment during the quarter
- Working capital ratio at 38%, down from 43% Q1 2025
- Decrease in Q2 mainly driven by increased prepayments
- Working capital ratio is expected to fluctuate around 40%
- USD 18.4m drawn on the USD 40m RCF with HSBC
- Drawing unchanged from Q1 2025
- RCF increased to USD 40m plus additional USD 5m overdraft facility, giving strategic and operational flexibility
- Facility expires in January 2027 but with 2 one year extensions
Working capital ratio2 (% of quarterly revenue)
(2) Working capital ratio calculated as net working capital over quarterly revenues. Refer to definition of APMs in Appendix
Accelerating operational and cost efficiency plan
Market Alignment Plan
- Delayed recovery and volatility in renewables markets and continued uncertainty around commodity prices in the O&G sector has led ABL Group to accelerate our operational and cost efficiency plan
- The plan aims at significant cost reduction, operational improvements in general and a more flexible cost base
- Impact on 2025 expected to be limited as costs will match benefits in the remainder of the year
- Costs to implement the plan will form part of adjustments to EBIT in the remainder of 2025
1. Highlights Reuben Segal, CEO
- Financial review Stuart Jackson, CFO
3. Operations and outlook Reuben Segal, CEO
Limited organic staff growth, continued growth from consolidation
Staff level development1
Tech staff development by segment, including freelancers2
- 2,091 average number of employees including freelancers in quarter, representing 30% growth from Q2 2024
- Staff growth primarily from consolidation of Ross Offshore (+136 Q3 2024), Hidromod (+16 Q4 2024), Proper Marine (+98 Q1 2025) and Techconsult (+191 Q2 2025)
- Freelancer share of 33%, compared to 29% in Q2 2024
- Increase in freelancers from Ross Offshore and Techconsult counteracts reduction of freelancers elsewhere
- Freelancer model provides a flexible cost base, to accommodate seasonal and cyclical variations
- Annual staff growth driven by acquisition of Ross Offshore (AGR, Q3 2024), Hidromod (ABL, Q4 2024), Proper Marine (Longitude, Q1 2025) and Techconsult (Q2 2025)
- Cost rationalisation in OWC to adapt to market conditions
- Group tech staff growth of 33% compared to Q2 2024
13 1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff 2 Growth relative to Q2 2024.
RENEWABLES
Offshore wind: Slowdown continues, but long-term view remains strong
14 1 Source: Global Wind Energy Council, Global Wind Report 2022-2024 – Excludes China * Q3 2024 update: GWEC 2024-2028, Rystad Energy 2029-2030
Offshore wind projects by installation year (GW) 1 Comments
- Cost pressures and cautious developer sentiment continue to impact offshore wind roll out
- Bidding and awards are picking up
- Accelerating installation plans 2029-2031 expected to drive development support work 2026-2028
- Onshore wind, solar and BESS more resilient to cost pressures
- OWC actively investing in growth in renewables markets outside offshore wind in order to diversify exposure
- Onshore (wind, solar, BESS) increased from 11% of hours billed by OWC in 2023 to 20% in Q2 2025
OIL & GAS
Flat development through 2025 – volatility from regional demand shifts
- Performance in Q2 2025:
- Integration of the Ross Offshore, Proper Marine and Techconsult contributing to a year-on-year revenue growth of 40% and adjusted EBIT growth of 25%
- Continued operational improvement in OWC, delivering best quarter since 2023
- Accelerating operational and cost efficiency plan in H2 2025
- Outlook:
- O&G: Generally flat market development, with volatility from regional demand and commodity price shifts
- Renewables: Whilst tendering has increased, some project commencements are still subject to delays
- Maritime: Maintaining strong position in a relatively stable market
- The Board plans to declare a second dividend of NOK 0.45 per share in connection with Q3 reporting
- M&A activity:
- Techconsult completed and consolidated in Q2 2025 figures
- We remain active in consolidation of the energy consultancy industry
Appendix
© 2012-2025 ABL Group
Revenue base increased 10x since 2018
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
Our Markets
Global partner, local expert
Global footprint provides clients with local expertise and swift response
In 2024, ABL Group…
...worked on
500+ wind, solar and battery
projects with a potential capacity of
350+ GW
…worked on
17 CCS projects
21
In 2024, ABL Group…
2,500+ ...received maritime instructions from
1,100+ unique clients
1,500+
of these instructions were casualty related
In 2024, ABL Group…
...carried out
1,500+ rig moves
900+ MWS projects
1,500+ vessel surveys/audits
100+
well & reservoir projects
Billing ratio development
Billing ratio1 – Technical staff
Comments
- Significant jump in utilisation from integration of Proper Marine and Techconsult
- Proper Marine was consolidated in Q1 financials, but not utilisation stats
- 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 | Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 25 |
Q/Q growth |
Y/Y growth |
| ABL Group , as reported |
68 6 |
86 2 |
85 9 |
81 7 |
96 1 |
17 6% |
40 2% |
| Ross Offshore (consolidated 3Q24) |
16 3 |
||||||
| (consolidated 1Q25) Proper Marine |
1 3 |
1 3 |
1 3 |
||||
| Techconsult , revenue (consolidated 2Q25) |
9 3 |
7 3 |
7 3 |
7 0 |
|||
| Pro-forma combined (simplified) |
95.4 | 94.9 | 94.5 | 88.8 | 96.1 | 8.3% | 0.7% |
| Adjusted EBIT |
Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 25 |
Q/Q growth |
Y/Y growth |
| ABL Group , as reported |
2 8 |
3 0 |
3 1 |
3 1 |
3 5 |
2 3% |
-15 5% |
| Ross Offshore (consolidated 3Q24) |
0 4 |
||||||
| (consolidated 1Q25) Proper Marine |
0 2 |
0 2 |
0 2 |
||||
| Techconsult , adjusted EBIT (consolidated 2Q25) |
0 7 |
0 3 |
0 2 |
0 3 |
|||
| Pro-forma combined (simplified) |
4.1 | 3.4 | 3.5 | 3.4 | 3.5 | 1.7% | -15.9% |
| Adjusted EBIT margin |
Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 25 |
||
| ABL Group , as reported |
4 0% |
3 4% |
3 6% |
3 8% |
3 6% |
||
| Pro-forma combined (simplified) |
4 3% |
3 6% |
3 7% |
3 8% |
3 6% |
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
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 2024. 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 2024 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.
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 cash
Net cash is the measure of the Group's cash and cash equivalents less interest bearing debt. Management believes that net cash is a useful measure of the Group's liquidity position.
Adjustment items
| Q2 24 |
Q3 24 |
Q4 24 |
FY 24 |
Q1 25 |
Q2 25 |
|---|---|---|---|---|---|
| - | - | 135 | 135 | 403 | - |
| 185 | 3 9 |
9 1 |
315 | 106 | 5 9 |
| - | - | 5 6 |
5 6 |
384 | 459 |
| 185 | 3 9 |
282 | 506 | 893 | 518 |
| Q2 24 |
Q3 24 |
Q4 24 |
FY 24 |
Q1 25 |
Q2 25 |
| 185 | 3 9 |
282 | 506 | 893 | 518 |
| 352 | 437 | 434 | 1 571 |
423 | 467 |
| 537 | 476 | 716 | 2 077 |
1 316 |
985 |
| Q2 24 |
Q3 24 |
Q4 24 |
FY 24 |
Q1 25 |
Q2 25 |
| 537 | 476 | 716 | 2 077 |
1 316 |
985 |
| - | - | - | 8 3 |
- | - |
| 537 | 476 | 716 | 2 160 |
1 316 |
985 |
APMs and Key Figures
| USD thousands |
||||||
|---|---|---|---|---|---|---|
| Profitability measures |
Q2 24 |
Q3 24 |
Q4 24 |
FY 24 |
Q1 25 |
Q2 25 |
| Operating profit (loss) (EBIT) |
2 227 |
2 487 |
2 357 |
10 443 |
1 829 |
2 479 |
| Depreciation , amortisation and impairment |
1 371 |
1 679 |
1 642 |
6 086 |
1 561 |
1 771 |
| EBITDA | 3 598 |
4 166 |
3 999 |
16 529 |
3 390 |
4 250 |
| Total adjustment items (EBITDA) |
185 | 3 9 |
282 | 506 | 893 | 518 |
| Adjusted EBITDA |
3 783 |
4 205 |
4 281 |
17 035 |
4 283 |
4 768 |
| Operating profit (loss) (EBIT) |
2 227 |
2 487 |
2 357 |
10 443 |
1 829 |
2 479 |
| Total adjustment items (EBIT) |
537 | 476 | 716 | 2 077 |
1 316 |
985 |
| Adjusted EBIT |
2 764 |
2 963 |
3 073 |
12 520 |
3 145 |
3 464 |
| Profit (loss) after taxes |
489 | 327 | 1 840 |
4 610 |
(22) | (3 424) |
| Total adjustment items (profit (loss) after taxes) |
537 | 476 | 716 | 2 160 |
1 316 |
985 |
| Adjusted profit (loss) after taxes |
1 026 |
803 | 2 556 |
6 770 |
1 294 |
(2 439) |
| Basic earnings/(loss) per share (USD) |
0.00 | 0.00 | 0.01 | 0.04 | (0.00) | (0.03) |
| earnings/(loss) (USD) Adjusted basic per share |
0.01 | 0.01 | 0.02 | 0.05 | 0.01 | (0.02) |
APMs and Key Figures
| Net | Q2 | Q3 | Q4 | Q1 | Q2 |
|---|---|---|---|---|---|
| Cash | 24 | 24 | 24 | 25 | 25 |
| Cash and cash equivalents |
28 425 |
22 485 |
19 474 |
21 212 |
18 804 |
| Less: Interest bearing bank borrowings |
17 633 |
14 617 |
14 633 |
17 720 |
17 813 |
| Net | 10 | 7 | 4 | 3 | 991 |
| Cash | 792 | 868 | 841 | 492 |
USD thousands
USD thousands
| Working capital |
Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 25 |
|---|---|---|---|---|---|
| Trade and other receivables |
66 915 |
69 620 |
63 987 |
72 343 |
81 903 |
| Contract assets |
23 881 |
24 923 |
21 953 |
23 990 |
29 570 |
| Trade and other payables |
(57 723) |
(57 923) |
(48 589) |
(56 144) |
(66 766) |
| Contract liabilities |
(6 692) |
(2 164) |
(2 367) |
(5 152) |
(8 232) |
| Income tax payable |
(767) | (244) | (531) | (238) | (206) |
| Net working capital |
25 614 |
34 212 |
34 453 |
34 799 |
36 269 |
| (3) Working capital ratio |
44% | 40% | 40% | 43% | 38% |
| (ROE), Return on equity annualised |
1% 4 |
2% 3 |
0% 10 |
1% 5 |
4% -9 |
| (ROCE), Return on capital employed annualised |
8 2% |
8 6% |
9 0% |
9 2% |
9 8% |
| Operational metrics |
Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 25 |
| Order of (USD million) backlog at the end the period |
70 7 |
110 3 |
116 0 |
104 2 |
119 6 |
| (1) Average number of full-time equivalent employees |
1 607 |
1 753 |
1 777 |
1 883 |
2 091 |
Average billing ratio during the period(2) 74% 74% 75% 75% 79%
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.
Consolidated Statement of Income
| Consolidated income statement Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Revenue 68 577 86 244 85 897 309 624 81 747 96 147 Staff (35 723) (38 790) (40 135) (149 967) (39 309) (45 003) costs Other operating (29 256) (43 288) (41 763) (143 128) (39 048) (46 894) expenses Depreciation, amortisation and impairment (1 371) (1 679) (1 642) (6 086) (1 561) (1 771) Operating profit (loss) (EBIT) 2 227 2 487 2 357 10 443 1 829 2 479 Finance income 95 136 57 366 56 59 Finance (512) (761) (338) (2 218) (617) (716) expenses Net foreign exchange gain (loss) (534) (842) 1 006 (996) (982) (4 372) Profit (loss) before (2 205) income tax 1 275 1 020 3 082 7 595 286 Income tax (786) (693) (1 242) (2 985) (308) (1 219) expenses Profit (loss) after tax 489 327 1 840 4 610 (22) (3 424) Other comprehensive income Translation differences 1 799 4 451 (1 468) 1 009 2 274 11 342 Income tax on translation differences (388) (388) - - - - classified profit (1 856) Total items that may be to and loss 1 799 4 451 621 2 274 11 342 Remeasurement of defined benefit obligations 75 (13) 62 - - - Total items that will be classified profit and loss: (13) 62 not to 75 - - - Other comprehensive income for the period 1 874 4 451 (1 869) 683 2 274 11 342 Total comprehensive income/(loss) for the period 2 363 4 778 (29) 5 293 2 252 7 918 Profit for the year attributable to: Equity holders of the parent 534 57 1 771 4 359 (101) (3 284) company Non-controlling interests (45) 270 69 251 79 (140) profit/(loss) for (22) (3 424) Total the period 489 327 1 840 4 610 Total comprehensive income for the period is attributable to: Equity holders of the parent 2 409 4 508 (98) 5 042 2 173 8 058 company (45) (140) Non-controlling interests 270 69 251 79 Total comprehensive income/(loss) for the period 2 363 4 778 (29) 293 2 252 918 5 7 |
USD thousands |
|||
|---|---|---|---|---|
| 29 | ||||
Consolidated Statement of Cash Flow
| USD thousands |
||||||
|---|---|---|---|---|---|---|
| Consolidated Cashflow Statement |
Q2 24 |
Q3 24 |
Q4 24 |
FY 24 |
Q1 25 |
Q2 25 |
| Profit before income tax |
1 275 |
1 020 |
3 082 |
7 595 |
286 | (2 205) |
| Non-cash adjustment to reconcile profit before tax to cash flow: |
||||||
| Depreciation , amortisation and impairment |
1 371 |
1 679 |
1 642 |
6 086 |
1 561 |
1 771 |
| Share-based payment expenses |
145 | 128 | 59 | 478 | 279 | 129 |
| Other non-cash adjustments |
- | - | - | - | 327 | (205) |
| Changes in working capital: |
||||||
| Changes in trade and other receivables |
(163) | (3 747) |
9 300 |
6 780 |
(10 394) |
(1 692) |
| Changes in trade and other payables |
773 | (4 328) |
(9 370) |
(12 859) |
10 340 |
2 817 |
| Interest costs (net) |
542 | 625 | 647 | 2 218 |
561 | 96 |
| Income taxes paid |
(266) | (944) | (160) | (1 833) |
(346) | (1 692) |
| Net exchange differences |
293 | 3 271 |
662 | 1 414 |
174 | 180 5 |
| Cash flow from (used in) operating activities |
3 970 |
(2 296) |
5 862 |
9 879 |
2 788 |
4 199 |
| Payments for property , plant and equipment and intangible assets |
(1 063) |
(818) | (1 038) |
(3 374) |
(843) | (691) |
| Interest received |
26 | 29 | 25 | 104 | 56 | 3 |
| Net cash acquired (paid) on acquisition of subsidiaries |
(5 428) |
- | (341) | (5 939) |
(2 062) |
(154) |
| Proceeds from sale of business |
- | - | - | - | - | 550 |
| Cash flow from (used in) investing activities |
(6 465) |
(789) | (1 354) |
(9 209) |
(2 849) |
(292) |
| Dividends paid |
(4 838) |
- | (5 024) |
(9 862) |
- | (5 836) |
| Purchase of treasury shares |
(244) | - | (210) | (485) | - | - |
| Lease payments |
(577) | (712) | (879) | (2 817) |
(667) | (433) |
| from Proceeds loans and borrowings |
6 000 |
- | - | 17 419 |
3 000 |
- |
| Repayment of borrowings |
(43) | (3 025) |
(16) | (13 944) |
(13) | (10) |
| Proceeds from issuance of shares |
- | 771 | - | 2 816 |
356 | - |
| Interest paid |
(247) | (476) | (240) | (1 148) |
(702) | (14) |
| Cash flow from (used in) financing activities |
51 | (3 442) |
(6 369) |
(8 021) |
1 974 |
(6 293) |
| Net change in cash and cash equivalents |
(2 444) |
(6 528) |
(1 861) |
(7 351) |
1 913 |
(2 386) |
| Cash of and cash equivalents at the beginning the period |
30 889 |
28 425 |
22 485 |
28 157 |
19 474 |
21 212 |
| Effect of movements in exchange rates |
(20) | 588 | (1 150) |
(1 332) |
(175) | (22) |
| Cash and cash equivalents at the end of the period |
28 425 |
22 485 |
19 474 |
19 474 |
21 212 |
18 804 |
Consolidated Statement of Financial Position
| USD thousands |
|||||
|---|---|---|---|---|---|
| Consolidated balance sheet |
Q2 24 |
Q3 24 |
Q4 24 |
Q1 25 |
Q2 2025 |
| Goodwill and intangible assets |
66 671 |
67 150 |
65 423 |
68 422 |
71 399 |
| Property , plant and equipment |
9 911 |
11 573 |
10 229 |
10 631 |
12 305 |
| Investment in associates |
167 | 168 | 156 | 31 | 39 |
| Deferred tax assets |
005 5 |
4 711 |
4 400 |
4 996 |
091 5 |
| Trade and other receivables |
66 915 |
69 620 |
63 987 |
72 343 |
81 903 |
| Contract assets |
23 881 |
24 923 |
21 953 |
23 990 |
29 570 |
| Cash and cash equivalents |
28 425 |
22 485 |
19 474 |
21 212 |
18 804 |
| Total assets |
200 975 |
200 630 |
185 622 |
201 625 |
219 111 |
| EQUITY LIABILITIES AND |
|||||
| Equity | 98 656 |
104 490 |
99 446 |
102 333 |
104 525 |
| Deferred tax liabilities |
4 084 |
4 543 |
4 100 |
3 534 |
3 882 |
| Long term borrowings |
- | - | - | - | - |
| Lease liabilities (non-current) |
6 268 |
6 193 |
5 810 |
6 297 |
7 767 |
| Provisions and other payables (non-current) |
7 683 |
7 724 |
7 552 |
7 763 |
7 798 |
| Other (non-current) payables |
390 | 406 | 439 | ||
| Trade and other payables |
723 57 |
923 57 |
48 589 |
56 144 |
66 766 |
| Contract liabilities |
6 692 |
2 164 |
2 367 |
5 152 |
8 232 |
| Short term borrowings |
17 633 |
14 617 |
14 633 |
17 720 |
17 813 |
| Lease liabilities (current) |
1 469 |
2 732 |
2 204 |
2 038 |
1 683 |
| Income tax payable |
767 | 244 | 531 | 238 | 206 |
| Total equity and liabilities |
200 975 |
200 630 |
185 622 |
201 625 |
219 111 |
Revenues and EBIT - split per segments
USD thousands
| Revenues | Q2 | Q3 | Q4 | FY | Q1 | Q2 |
|---|---|---|---|---|---|---|
| 24 | 24 | 24 | 24 | 25 | 25 | |
| ABL | 36 | 35 | 34 | 142 | 33 | 38 |
| 179 | 582 | 874 | 911 | 999 | 268 | |
| OWC | 8 | 980 | 8 | 34 | 8 | 9 |
| 836 | 7 | 318 | 220 | 143 | 343 | |
| Longitude | 2 | 3 | 3 | 13 | 5 | 5 |
| 901 | 183 | 936 | 010 | 041 | 846 | |
| AGR | 21 | 39 | 38 | 120 | 34 | 43 |
| 037 | 785 | 826 | 890 | 780 | 483 | |
| Eliminations | (376) | (286) | (57) | (1 407) |
(216) | (793) |
| Total | 68 | 86 | 85 | 309 | 81 | 96 |
| revenues | 577 | 244 | 897 | 624 | 747 | 147 |
| Operating profit (loss) (EBIT) |
Q2 24 |
Q3 24 |
Q4 24 |
FY 24 |
Q1 25 |
Q2 25 |
|---|---|---|---|---|---|---|
| ABL | 6 411 |
6 199 |
411 5 |
24 484 |
580 5 |
6 470 |
| OWC | 171 | (328) | (204) | (35) | (262) | 581 |
| Longitude | 283 | 671 | 1 224 |
2 814 |
1 367 |
375 |
| AGR | 787 | 1 923 |
2 010 |
6 017 |
917 | 1 514 |
| Corporate group |
(5 425) |
(5 978) |
(6 084) |
(22 837) |
(5 773) |
(6 461) |
| Total EBIT |
2 227 |
2 487 |
2 357 |
10 443 |
1 829 |
2 479 |
Top 20 shareholders
| # | Name of shareholder |
No . of shares |
% ownership |
|---|---|---|---|
| 1 | GROSS | 15 | 11 |
| MANAGEMENT | 267 | 6% | |
| AS | 351 | ||
| 2 | HOLMEN SPESIALFOND |
10 712 848 |
8 2% |
| 3 | DNB | 7 | 5 |
| BANK | 637 | 8% | |
| ASA | 835 | ||
| 4 | BJØRN STRAY |
6 368 743 |
4 9% |
| 5 | RGA ENERGY HOLDINGS AS |
6 055 556 |
6% 4 |
| 6 | VPF | 5 | 4 |
| FONDSFINANS | 500 | 2% | |
| UTBYTTE | 000 | ||
| 7 | VERDIPAPIRFONDET | 326 | 4 |
| HOLBERG | 626 | 1% | |
| NORGE | 5 | ||
| 8 | MELESIO | 4 | 7% |
| INVEST | 876 | 3 | |
| AS | 016 | ||
| 9 | HAUSTA | 4 | 3 |
| INVESTOR | 601 | 5% | |
| AS | 643 | ||
| 10 | FJORD & ATOLL SOSYFR AS |
4 020 507 |
3 1% |
| 11 | MP | 3 | 2 |
| PENSJON | 110 | 4% | |
| PK | 195 | ||
| 12 | KRB | 2 | 2 |
| CAPITAL | 639 | 0% | |
| AS | 065 | ||
| 13 | OF YORK MELLON THE BANK NEW |
2 003 003 |
5% 1 |
| 14 | SAXO | 1 | 1 |
| BANK | 878 | 4% | |
| A/S | 325 | ||
| 15 | INTERTRADE | 1 | 1 |
| SHIPPING | 800 | 4% | |
| AS | 000 | ||
| 16 | CATILINA | 1 | 3% |
| INVEST | 735 | 1 | |
| AS | 339 | ||
| 17 | SBAKKEJORD AS |
1 666 667 |
1 3% |
| 18 | BADREDDIN DIAB |
1 652 695 |
1 3% |
| 19 | AMPHYTRON | 1 | 1 |
| INVEST | 600 | 2% | |
| AS | 339 | ||
| 20 | INNOVEMUS AS |
1 497 548 |
1 1% |
| Top | 89 | 6% | |
| 20 | 950 | 68 | |
| shareholders | 301 | ||
| Other shareholders |
41 142 456 |
31 4% |
|
| Total | 131 | 0% | |
| outstanding | 092 | 100 | |
| shares | 757 |
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
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Key services:
- Renewables consulting
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Key services:
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