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ABL Group Investor Presentation 2025

Oct 30, 2025

3519_rns_2025-10-30_6734f888-f994-4ea6-8a2c-d7a0ad01b05a.pdf

Investor Presentation

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2025 Q3 results

30 October 2025

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 not his 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 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 2025 Highlights

  • Revenue of USD 87.8m, up 2% compared to Q3 2024 (USD 86.2m)
  • Growth from acquisitions Proper Marine and Techconsult1 contributing USD 8.9m
  • Organic growth across all segments except AGR, which saw lower vessel and resourcing revenues during the quarter
  • Adjusted EBIT of USD 3.7m (Q3 2024: USD 3.0m)
  • Adjusted EBIT margin of 4.2% (Q3 2024: 3.4%)
  • ABL margin improved from 17.4% in Q3 2024 to 20.2% in Q3 2025
  • Net debt of USD 2.6m (Q2 2025: USD 1.0m net cash)
  • Net cash outflow primarily driven by negative working capital swing
  • Semi-annual dividend of NOK 0.45 per share declared, to be paid in November

CEO perspectives

  • Hege Norheim appointed CEO of ABL Group as of 15 September 2025
  • Experience from Norsk Hydro, Statoil (now Equinor), FREYR, Sopra Steria and the Norwegian Prime Minister's Office
  • ABL Group board member from May 2023 to September 2025
  • ABL Group has gone from 180 employees and 18 offices in 2019 to over 2000 employees and 77 offices today
  • Core strategy remains unchanged
  • Former CEO, Reuben Segal, taking on the role as Chief Growth Officer to drive new organic and inorganic growth, with more client interaction
  • We remain active in consolidation of the energy consultancy industry
  • Transition priorities
  • Strengthening sales capacity
  • Changing the way we manage our operations decentralized accountability
  • Investing in digitalisation / efficiency
  • Right-sizing Group Services
  • From Market Alignment Plan to Market Alignment Culture
    • Material cost reductions taking effect from 2026
  • Improving free cash flow, targeting ROCE of 20% by 2027

Segment overview comparison

  • Key services
  • MWS & other asset surveys
  • Marine operations support

  • Marine casualty support

  • Wells & reservoir consulting

  • Resource solutions

  • Marine Operations

  • Renewables consulting

  • Owner's engineering

  • Technical due diligence

  • Marine ops engineering

  • Vessel & facility design
  • Analysis and simulations

Share of group revenues (Q3 2025) 42.9% 41.2% 9.8% 6.0%

Segment adj EBIT margin1 (Q3 2024 / Q3 2025) 20.2% 4.6% 5.6% 8.6%

17.4% 4.9% -4.1% 21.1%

Corporate costs, adjusted2 (7.4)% Group adj EBIT margin1 4.2% (6.4)% 3.4%

(1) Segment EBIT is presented before group cost allocation. Q3 2024 comparatives are as reported.

(2) Corporate costs, post group EBIT adjustments, as % of group revenues. Q3 2024 comparative is as reported.

Abbreviated segment revenues and EBIT

USD million

Revenues Q3 Q4 Q1 Q2 Q3
24 24 25 25 25
ABL 35 34 34 38 37
6 9 0 3 7
OWC 8 8 8 9 8
0 3 1 3 6
Longitude 3 3 5 5 5
2 9 0 8 3
AGR 39 38 34 43 36
8 8 8 5 2
Eliminations (0 (0 (0 (0 (0
3) 1) 2) 8) 1)
Group
revenues		 86
2		 85
9		 81
7		 96
1		 87
8
Adjusted Q3 Q4 Q1 Q2 Q3
EBIT 24 24 25 25 25
ABL 6 5 5 6 7
2 4 7 6 6
OWC (0 (0 0 0 0
3) 0) 1 6 5
Longitude 0 1 1 0 0
7 3 5 8 5
AGR 2 2 1 1 1
0 0 6 9 7
Corporate (5 (5 (5 (6 (6
5) 7) 8) 5) 5)
Group 3 3 3 3 3
Adjusted 0 1 1 5 7
EBIT
Adjusted
EBIT
margin		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25
ABL 17 15 16 17 20
4% 5% 7% 2% 2%
OWC -4 -0 1 6 5
1% 2% 7% 2% 6%
Longitude 21 34 29 14 8
1% 0% 3% 3% 6%
AGR 4 5 4 4 4
9% 1% 6% 5% 6%
Corporate
(%
of
revenues)
group		 -6
4%		 -6
6%		 -7
0%		 -6
7%		 -7
4%
Group
Adjusted
EBIT
margin		 4%
3		 6%
3		 8%
3		 6%
3		 2%
4
  • Revenue growth from acquisitions (contributing USD 8.9m in total) offset by lower vessel and resourcing revenues in AGR, adding up to 2% overall increase for the group
  • Revenue growth in ABL segment driven by increased rig move activity in the Middle-East
  • Lower AGR revenues driven by reduced vessel activity and lower resourcing revenues, offset by strong performance in Wells Australia
    • AGR vessel revenues of USD 2.6m in Q3, down from USD 6.7m in Q2
  • Group adjusted EBIT margin improving on both quarterly and yearly basis, largely driven by higher ABL margins
  • ABL returning to above 20% adj EBIT margin
    • Strong performance in Middle East and margin recovery from low levels in the Americas
  • Weaker profitability in Longitude due to multiple projects moving to the right – margin variations should be expected due to lumpsum revenue model
  • Corporate costs stable in absolute terms compared to last quarter, but higher as a share of revenue – increasing to 7.4% in Q3 2025 from 6.7% in Q3 2024

Abbreviated Financials: Income Statement

USD million

Abbreviated
income
statement		 Q3
24		 Q3
25
Total
revenue		 86
2		 87
8
Operating
costs		 (82
1)		 (82
9)
Depreciation
and
amortisation		 (1
7)		 (1
9)
EBIT 2
5		 3
0
Net
FX
gain
(loss)		 (0
8)		 4
5
Other
financial
items		 (0
6)		 (0
6)
Profit
before
tax		 1
0		 6
9
Taxation (0
7)		 (0
2)
Profit
after
tax		 0
3		 6
7
EBIT
adjustments:
Restructuring
and
integration
costs		 - 0
0
Transaction
related
M&A
costs
to		 0
0		 0
0
Acquisition
costs
classified
as
opex		 - 0
2
Amortisation
and
impairment		 0
4		 0
6
Adjusted
EBIT		 3
0		 3
7
Adjusted
EBIT
margin		 3
4%		 4
2%
  • Increase in revenue (+2% YoY) and operating cost (+1%)
  • Increase in ABL revenues due to increased rig move activity in Middle East
  • Acquisition1 of Proper Marine in Q1 2025 and Techconsult in Q2 2025
  • Lower vessel and resourcing revenues in AGR
  • Net FX gain is primarily revaluation of instruments, including intercompany trading positions, denominated in nonfunctional currencies
  • EBIT adjustments relate to:
  • M&A transaction costs and acquisition costs classified as operating expenses under IFRS
  • Amortisation of PPA intangible assets

Abbreviated Financials: Cash Flow

USD million

Abbreviated cash flow Q3 24 Q3 25
Profit before taxes 1.0 6.9
Non-cash adjustments 1.8 2.2
Changes in working capital (8.1) (4.7)
Net interest, income tax (0.3) 0.3
Net exhange differences 3.3 (7.9)
Cash flow from operating activities (3.2) (3.2)
Cash flow from investing activities (0.8) (0.1)
Cash flow from financing activities (2.5) (0.0)
Net cash flow (6.5) (3.3)
Cash, beginning of period 28.4 18.8
FX revaluation of cash 0.6 (0.1)
Cash, end of period 22.5 15.3
  • Negative cash flow from operations of USD 3.2m
  • Negative cash flow from working capital of USD 4.7m, driven by utilisation of previously received prepayments (USD 3.8m)
  • Additional USD 5.7m cash outflow expected during Q4 from seasonal winding down of prepayment balances
  • Net exchange differences of USD -7.9m primarily relates to reversal of non-cash FX gains in P&L and revaluation of instruments denominated in non-functional currencies
  • USD 0.1m cash outflow from investing activities
  • USD 0.0m cash outflow from financing activities
  • USD 1.1m raised in connection with employee share option exercise, offset by debt and lease service
  • Net cash flow of USD -3.3m, which yields USD 15.3m closing cash balance

Abbreviated Financials: Balance Sheet

USD million

Abbreviated balance sheet Q2 25 Q3 25
Cash and cash equivalents 18.8 15.3
Other current assets 111.5 101.6
Non-current assets 88.8 88.8
Total assets 219.1 205.7
Short term borrowings 17.8 17.9
Other current liabilities 76.9 60.7
Long term borrowings - -
Other non-current liabilities 19.9 19.9
Equity 104.5 105.9
Total equity and liabilities 219.1 205.7
Net Working Capital 36.3 40.9
Net cash / (Net debt) 1.0 (2.6)
  • Net cash1 decreased to USD -2.6m
  • Working capital ratio at 47%, up from 38% Q2 2025
  • Increased net working capital combined with lower revenues
  • Further increase expected in Q4 from winding down prepayments
  • USD 18.4m drawn on the USD 40m RCF with HSBC
  • Drawing unchanged from Q2 2025
  • The RCF is USD 40m plus additional USD 5m overdraft facility, giving strategic and operational flexibility
  • Facility matures in January 2027 with 2 one-year extensions

Working capital ratio2 (% of quarterly revenue)

Declaring semi-annual dividend of NOK 0.45 per to be paid in November

  • Continued focus on returning cash to shareholders
  • Declaring dividend of NOK 0.45 per share, corresponding to USD 6.0 million
  • The dividend was resolved and declared in accordance with the authorisation granted by the AGM held in May 2025
  • The dividend will be paid on or about 27 November 2025. Shareholders owning the shares at the end of 31 October 2025 are entitled to dividends. The ex-dividend date will be 3 November 2025.
  • The distribution will for tax purposes be considered a repayment of paid-in capital

Annual staff growth from acquisitions, quarterly reduction in freelancers

  • 2,062 average number of employees including freelancers in the quarter, representing 18% growth from Q3 2024
  • Staff growth primarily from consolidation of Hidromod (+16 Q4 2024), Proper Marine (+98 Q1 2025) and Techconsult (+191 Q2 2025)
  • Freelancer share of 32%, unchanged from Q3 2024
  • Quarterly reduction from resourcing market headwinds

  • Freelancer model provides a flexible cost base, to accommodate seasonal and cyclical variations

  • Annual staff growth driven by acquisition Hidromod (ABL, Q4 2024), Proper Marine (Longitude, Q1 2025) and Techconsult (Q2 2025)

  • Reduction in AGR is mainly freelancers due to resourcing market headwinds
  • Cost rationalisation in OWC to adapt to market conditions

14

1 Average full-time equivalents in the quarter, including freelancers on FTE basis, excluding temporary redundancies. Freelancer share is % of total technical staff

Selected projects won or executed during the quarter

  • Eastern Green Link 2 (EGL 2)
  • Country: Scotland & England
  • Scope of work:
  • MWS: T&I
  • Project Particulars:
  • Installation of a 2GW link between Scotland and England
  • Drive energy resilience in UK

  • Improved distribution of renewable energy resource

  • PTTEP using iQx Software by AGR

  • Country: Malaysia
  • Scope of work:

  • PTTEP Malaysia new subscribers to iQx drilling and well management software

  • Geoscience for Portugal Wind Farms

  • Country: Portugal
  • Scope of work:
  • Geophysical and geotechnical surveys
  • Project Particulars:
  • Understand ground risk in two wind farm areas

  • Geophysical and geotechnical client reps to oversee offshore surveys

  • Flagship US Cable Lay Barge

  • Country: USA
  • Scope of Work:
  • Mobilisation engineering for the vertical injector conversion
  • Project Particulars:
  • 1st of its kind Jones Act compliant cable lay barge

Flat development through 2025 – volatility from regional demand shifts

Comments

  • Global upstream E&P capex flat in 2025 and early indications are flattish into 2026
  • E&P companies maintain focus on returning cash to shareholders
  • Growing market concerns for low reserve replacement ratios, including IEA and McKinsey
  • Offshore spending continues to outperform onshore, driven by deepwater and LNG projects
  • Rig market:
  • Jackups: Shallow-water demand remains robust, with regional volatility from Saudi / Mexico demand reduction
  • Jackup rig count is a direct driver for ABL rig move services, but the larger project MWS service line is more capex driven

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

Offshore wind projects by installation year (GW) 1 Comments

  • Cost inflation peak likely behind us, but margins remain under pressure as elevated supplier pricing and financing costs persist
  • Bidding and awards improving across Europe and Asia
  • We expect the AR7 UK to restore creditability by fixing price caps, extending contract tenors and easing eligibility
  • 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 17% YTD 2025

1 Source: Global Wind Energy Council, Global Wind Report 2022-2024 – Excludes China

* Q3 2024 update: GWEC 2024-2028, Rystad Energy 2029-2030

Summary and outlook

  • Performance in Q3 2025
  • Improved group profitability, with an increase in adj. EBIT margin to 4.2%, up from 3.4% in Q3 2024
  • ABL segment delivering best quarter since Q3 2023 with an adj. EBIT margin of 20.2%
  • Mixed AGR performance: Strong performance in Australia offset by lower vessel revenues and resourcing market headwinds
  • OWC on track for continued recovery
  • Decreased activity and profitability in Longitude as projects moved to the right
  • Semi-annual dividend of NOK 0.45 per share to be paid in November
  • Outlook
  • O&G: Generally flat market development, with volatility from regional demand and commodity price shifts
  • Renewables: Bidding and awards improving post cost inflation peak, but margins remain under pressure
  • Maritime: Maintaining strong position in a relatively stable market
  • M&A activity
  • We remain active in consolidation of the energy consultancy industry

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

2,062 Employees1

77 Offices2

44 Countries

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

In 2024, ABL Group…

...received

2,500+

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

Comments

  • Utilisation declined QoQ, but remained above Q3 2024 levels
  • Reduced utilisation in Longitude accounts the largest portion of QoQ reduction for own staff, while AGR contributed positively
  • Freelancers are ~100% utilisation by definition

Pro-forma combined financials (simplified)

USD
millions
Revenue Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25		 Q/Q
growth		 Y/Y
growth
Group
ABL
, as reported		 86
2		 85
9		 81
7		 96
1		 87
8		 7%
-8		 8%
1
Ross
Offshore
(consolidated
3Q24)
Proper
Marine
(consolidated
1Q25)		 1
3		 1
3
Techconsult
, revenue (consolidated
2Q25)		 3
7		 3
7		 0
7
Pro-forma
combined
(simplified)		 94.9 94.5 88.8 96.1 87.8 -8.7% -7.5%
Adjusted
EBIT		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25		 Q/Q
growth		 Y/Y
growth
Group
ABL
, as reported		 3
0		 3
1		 3
1		 3
5		 3
7		 1%
7		 3%
25
Ross
Offshore
(consolidated
3Q24)
Proper
Marine
(consolidated
1Q25)		 0
2		 0
2
Techconsult
, adjusted
EBIT
(consolidated
2Q25)		 0
3		 0
2		 0
3
Pro-forma
combined
(simplified)		 3.4 3.5 3.4 3.5 3.7 7.1% 8.7%
Adjusted
EBIT
margin		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25
4%
3		 6%
3		 8%
3		 6%
3		 2%
4
Group
ABL
, as reported

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

USD
thousands
(EBITDA)
Adjustment
items		 Q3
24		 Q4
24		 FY
24		 Q1
25		 Q2
25		 Q3
25
Restructuring
and
integration
costs		 - 135 135 403 - 2
5
Transaction
costs
related
to
M&A		 3
9		 9
1		 315 106 5
9		 2
1
Acquisition
costs
classified
as employment
costs
under
IFRS
3		 - 5
6		 5
6		 384 459 9
8
Total
adjustment
items
(EBITDA)		 3
9		 282 506 893 518 144
Adjustment
items
(EBIT)		 Q3
24		 Q4
24		 FY
24		 Q1
25		 Q2
25		 Q3
25
Adjustment
items
(EBITDA)		 3
9		 282 506 893 518 144
Amortisation
and
impairment		 437 434 1
571		 423 467 590
Total
adjustment
items
(EBIT)		 476 716 2
077		 1
316		 985 734
Adjustment
items
(profit
(loss)
after
taxes)		 Q3
24		 Q4
24		 FY
24		 Q1
25		 Q2
25		 Q3
25
(EBIT)
Adjustment
items		 476 716 2
077		 1
316		 985 734
Payments
to
owner of
previously
acquired
subsidiary		 - - 8
3		 - - -
(profit
(loss)
after
taxes)
Total
adjustment
items		 476 716 2
160		 1
316		 985 734

APMs and Key Figures

USD
thousands
Profitability
measures		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25
Operating
profit
(loss)
(EBIT)		 2
487		 2
357		 1
829		 2
479		 2
977
Depreciation
, amortisation
and
impairment		 1
679		 1
642		 1
561		 1
771		 1
873
EBITDA 4
166		 3
999		 3
390		 4
250		 4
850
Total
adjustment
items
(EBITDA)		 39 282 893 518 144
Adjusted
EBITDA		 4
205		 4
281		 4
283		 4
768		 4
994
Operating
profit
(loss)
(EBIT)		 2
487		 2
357		 1
829		 2
479		 2
977
Total
adjustment
items
(EBIT)		 476 716 1
316		 985 734
Adjusted
EBIT		 2
963		 3
073		 3
145		 3
464		 3
711
Profit
(loss)
after
taxes		 327 1
840		 (22) (3
424)		 6
666
Total
adjustment
items
(profit
(loss)
after
taxes)		 476 716 1
316		 985 734
Adjusted
profit
(loss)
after
taxes		 803 2
556		 1
294		 (2
439)		 400
7
Basic
earnings/(loss)
per share
(USD)		 0.00 0.01 (0.00) (0.03) 0.05
Adjusted
basic
earnings/(loss)
per share
(USD)		 0.01 0.02 0.01 (0.02) 0.06

APMs and Key Figures

USD
thousands
------------------ --
Net
Cash		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25
Cash
and
cash
equivalents		 22
485		 19
474		 21
212		 18
804		 15
320
Less:
Interest
bearing
bank
borrowings		 14
617		 14
633		 17
720		 17
813		 17
904
Net
Cash
(Debt)		 7
868		 4
841		 3
492		 991 (2
584)

USD thousands

Working
capital		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25
Trade
and
other
receivables		 69
620		 63
987		 72
343		 81
903		 73
157
Contract
assets		 24
923		 21
953		 23
990		 29
570		 28
455
Trade
and
other
payables		 (57
923)		 (48
589)		 (56
144)		 (66
766)		 (57
275)
Contract
liabilities		 (2
164)		 (2
367)		 (5
152)		 (8
232)		 (3
416)
Income
tax
payable		 (244) (531) (238) (206) (52)
Net
working
capital		 34
212		 34
453		 34
799		 36
269		 40
869
(3)
Working
capital
ratio		 40% 40% 43% 38% 47%
Return
on equity
(ROE),
annualised		 3
2%		 10
0%		 5
1%		 -9
4%		 28
1%
(ROCE),
Return
on capital
employed
annualised		 6%
8		 0%
9		 2%
9		 8%
9		 3%
10
Operational
metrics		 Q3
24		 Q4
24		 Q1
25		 Q2
25		 Q3
25
Order
backlog
at
the
end
of
the
period
(USD
million)		 110
3		 116
0		 104
2		 119
6		 100
1
(1)
of
full-time
Average
number
equivalent
employees		 1
753		 1
777		 1
883		 2
091		 2
062
period(2)
Average
billing
ratio
during
the		 74% 75% 75% 79% 76%

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

USD
thousands
Consolidated
income
statement		 Q3
24		 Q4
24		 FY
24		 Q1
25		 Q2
25		 Q3
25
Revenue 86
244		 85
897		 309
624		 81
747		 96
147		 87
758
Staff
costs		 (38
790)		 (40
135)		 (149
967)		 (39
309)		 (45
003)		 (43
561)
Other
operating
expenses		 (43
288)		 (41
763)		 (143
128)		 (39
048)		 (46
894)		 (39
347)
Depreciation,
amortisation
and
impairment		 (1
679)		 (1
642)		 (6
086)		 (1
561)		 (1
771)		 (1
873)
Operating
profit
(EBIT)		 2
487		 2
357		 10
443		 1
829		 2
479		 2
977
Gain
on bargain
purchase
/
disposal
of
business		 - - - - 345 15
Finance
income		 136 57 366 56 59 102
Finance
expenses		 (761) (338) (2
218)		 (617) (716) (734)
Net
foreign
exchange
gain
(loss)		 (842) 1
006		 (996) (982) (4
372)		 4
524
Profit
(loss)
before
income
tax		 1
020		 3
082		 7
595		 286 (2
205)		 6
884
Income
tax
expenses		 (693) (1
242)		 (2
985)		 (308) (1
219)		 (218)
Profit
(loss)
after
tax		 327 1
840		 4
610		 (22) (3
424)		 6
666
Other
comprehensive
income
Translation
differences		 4
451		 (1
468)		 1
009		 2
274		 11
342		 (7
046)
Income
tax
on translation
differences		 - (388) (388) - - -
Total
items
that
may be
classified
to
profit
and
loss		 4
451		 (1
856)		 621 2
274		 11
342		 (7
046)
Remeasurement
of
defined
benefit
obligations		 - (13) 62 - - -
Total
items
that
will
not
be
classified
to
profit
and
loss:		 - (13) 62 - - -
Other
comprehensive
income
(loss)
for
the
period		 4
451		 (1
869)		 683 2
274		 11
342		 (7
046)
Total
comprehensive
income
(loss)
for
the
period		 4
778		 (29) 5
293		 2
252		 7
918		 (380)
Profit
for
the
year attributable
to:
Equity
holders
of
the
parent
company		 57 1
771		 4
359		 (101) (3
284)		 6
774
Non-controlling
interests		 270 69 251 79 (140) (108)
Total
profit
(loss)
for
the
period		 327 1
840		 4
610		 (22) (3
424)		 6
666
Total
comprehensive
income
for
the
period
is
attributable		 to:
Equity
holders
of
the
parent
company		 4
508		 (98) 5
042		 2
173		 8
058		 (272)
Non-controlling
interests		 270 69 251 79 (140) (108)
Total
comprehensive
income
(loss)
for
the
period		 4
778		 (29) 5
293		 2
252		 7
918		 (380)

Consolidated Statement of Cash Flow

USD
thousands
Consolidated
Cashflow
Statement		 Q3
24		 Q4
24		 FY
24		 Q1
25		 Q2
25		 Q3
25
Profit
(loss)
before
income
tax		 1
020		 3
082		 7
595		 286 (2
205)		 6
884
Non-cash
adjustment
to
reconcile
profit
before
tax
to
cash
flow:
Depreciation
, amortisation
and
impairment		 1
679		 1
642		 6
086		 1
561		 1
771		 1
873
Share-based
payment
expenses		 128 5
9		 478 279 129 322
Other
non-cash
adjustments		 - - - 327 (205) (27)
Changes
in
working
capital:
Changes
in
trade
and
other
receivables		 (3
747)		 9
300		 6
780		 (10
394)		 (1
692)		 9
843
Changes
in
trade
and
other
payables		 (4
328)		 (9
370)		 (12
859)		 10
340		 2
817		 (14
521)
Interest
costs
(net)		 625 647 2
218		 561 9
6		 632
Income
taxes
paid		 (944) (160) (1
833)		 (346) (1
692)		 (310)
Net
exchange
differences		 2
372		 662 1
414		 174 5
180		 (7
873)
Cash
flow
from
(used
in)
operating
activities		 (3
195)		 862
5		 9
879		 2
788		 4
199		 (3
177)
Payments
for
property,
plant
and
equipment
and
intangible
assets		 (818) (1
038)		 (3
374)		 (843) (691) (236)
Interest
received		 2
9		 2
5		 104 5
6		 3 102
Net
cash
acquired
(paid)
on acquisition
of
subsidiaries		 - (341) (5
939)		 (2
062)		 (154) -
Proceeds
from
sale
of
business		 - - - - 550 -
Cash
flow
from
(used
in)
investing
activities		 (789) (1
354)		 (9
209)		 (2
849)		 (292) (134)
Dividends
paid
Purchase
of
shares		 - (5
024)		 (9
862)		 - (5
836)		 -
treasury
Lease		 -
(712)		 (210)
(879)		 (485)
(2
817)		 -
(667)		 -
(433)		 -
(395)
payments
Proceeds
from
loans
and
borrowings		 - - 17
419		 3
000		 -
Repayment
of
borrowings		 (3
025)		 (16) (13
944)		 (13) (10) -
Proceeds
from
issuance
of
shares		 1
670		 - 2
816		 356 - -
1
096
Interest
paid
Cash
flow
from
activities		 (476) (240) (1
148)		 (702)
1
974		 (14) (734)
(used
in)
financing		 (2
543)		 (6
369)		 (8
021)		 (6
293)		 (33)
Net
change
in
cash
and
cash
equivalents		 (6
528)		 (1
861)		 (7
351)		 1
913		 (2
386)		 (3
344)
Cash
and
cash
equivalents
at
the
beginning
of
the
period		 28
425		 22
485		 28
157		 19
474		 21
212		 18
804
Effect
of
movements
in
exchange
rates		 588 (1
150)		 (1
332)		 (175) (22) (140)
Cash
of
and
cash
equivalents
at
the
end
the
period		 22
485		 19
474		 19
474		 21
212		 18
804		 15
320

Consolidated Statement of Financial Position

USD thousands
Consolidated
balance
sheet		 Q3
24		 Q4
24		 Q1
25		 Q2
2025		 Q3
2025
Goodwill
and
intangible
assets		 67
150		 65
423		 68
422		 71
399		 71
494
Property
, plant
and
equipment		 11
573		 10
229		 10
631		 12
305		 12
338
Investment
in
associates		 168 156 31 39 40
Deferred
tax
assets		 4
711		 4
400		 4
996		 5
091		 4
923
Trade
and
other
receivables		 69
620		 63
987		 72
343		 81
903		 73
157
Contract
assets		 24
923		 21
953		 23
990		 29
570		 28
455
Cash
and
cash
equivalents		 22
485		 19
474		 21
212		 18
804		 15
320
Total
assets		 200
630		 185
622		 201
625		 219
111		 205
727
EQUITY
AND
LIABILITIES
Equity 104
490		 99
446		 102
333		 104
525		 105
894
Deferred
tax
liabilities		 4
543		 4
100		 3
534		 3
882		 4
285
Long
term
borrowings		 - - - - -
(non-current)
Lease
liabilities		 6
193		 5
810		 6
297		 7
767		 8
175
Provisions
and
other
payables
(non-current)		 7
724		 7
552		 7
763		 7
798		 7
029
Other
payables
(non-current)		 390 406 439 409
Trade
and
other
payables		 57
923		 48
589		 56
144		 66
766		 57
275
Contract
liabilities		 2
164		 2
367		 152
5		 8
232		 3
416
Short
borrowings
term		 14
617		 14
633		 17
720		 17
813		 17
904
Lease
liabilities
(current)		 2
732		 2
204		 2
038		 1
683		 1
288
Income
tax
payable		 244 531 238 206 52
Total
equity
and
liabilities		 200
630		 185
622		 201
625		 219
111		 205
727

Revenues and EBIT - split per segments

USD thousands
Revenues Q3 Q4 FY Q1 Q2 Q3
24 24 24 25 25 25
ABL 35 34 142 33 38 37
582 874 911 999 268 747
OWC 7 8 34 8 9 8
980 318 220 143 343 639
Longitude 3 3 13 5 5 5
183 936 010 041 846 285
AGR 39 38 120 34 43 36
785 826 890 780 483 225
Eliminations (286) (57) (1
407)		 (216) (793) (138)
Total 86 85 309 81 96 87
revenues 244 897 624 747 147 758
Operating
profit
(loss)
(EBIT)		 Q3
24		 Q4
24		 FY
24		 Q1
25		 Q2
25		 Q3
25
ABL 6
199		 5
411		 24
484		 5
580		 6
470		 7
500
OWC (328) (204) (35) (262) 581 475
Longitude 671 1
224		 2
814		 1
367		 375 172
AGR 1
923		 2
010		 6
017		 917 1
514		 1
336
Corporate
group		 (5
978)		 (6
084)		 (22
837)		 (5
773)		 (6
461)		 (6
506)
Total
EBIT		 2
487		 2
357		 10
443		 1
829		 2
479		 2
977

Top 20 shareholders

# of
Name
shareholder		 . of
No
shares		 %
ownership
1 GROSS 15 11
MANAGEMENT 567 7%
AS 351
2 HOLMEN
SPESIALFOND		 11
302
348		 5%
8
3 DNB 7 5
MARKETS 637 7%
AKSJEHANDEL/-ANALYSE 836
4 BJØRN
STRAY		 6
518
743		 4
9%
5 RGA
ENERGY
HOLDINGS
AS		 6
055
556		 4
5%
6 VPF 5 4
FONDSFINANS 800 3%
UTBYTTE 000
7 VERDIPAPIRFONDET 426 1%
HOLBERG 626 4
NORGE 5
8 MELESIO 4 3
INVEST 876 7%
AS 016
9 HAUSTA 4 3
INVESTOR 601 4%
AS 643
10 CITIBANK 4 0%
EUROPE 020 3
PLC 507
11 MP 3 2
PENSJON 315 5%
PK 195
12 KRB 2 2
CAPITAL 639 0%
AS 065
13 THE
BANK
OF
NEW
YORK
MELLON		 2
003
003		 1
5%
14 SAXO 1 1
BANK 857 4%
A/S 887
15 SHIPPING 1 1
AS 800 3%
INTERTRADE 000
16 CATILINA 1 1
INVEST 735 3%
AS 339
17 SBAKKEJORD
AS		 1
666
667		 1
2%
18 BADREDDIN
DIAB		 1
652
695		 2%
1
19 AMPHYTRON 1 1
INVEST 600 2%
AS 339
20 INNOVEMUS
AS		 1
497
548		 1
1%
Top 91 68
20 574 6%
shareholders 364
Other
shareholders		 41
851
003		 31
4%
Total 133 100
outstanding 425 0%
shares 367

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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