Archer — Interim / Quarterly Report 2026

May 19, 2026

Archer Q1 2026 Results

19 May 2026

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Disclaimer

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends that are “forward-looking.” All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words “estimate,” pro forma numbers, “plan,” project,” “forecast,” “intend,” “expect,” “predict,” “anticipate,” “believe,” “think,” “view,” “seek,” “target,” “goal” or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Financials figures presented for 2026 are unaudited.

Forward-looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ materially from projected results due to certain risks and uncertainties. Further information about these risks and uncertainties are set forth in our most recent annual report for the year ending December 31, 2025. These forward-looking statements are made only as of the date of this press release. We do not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from Fourth parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

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Our products & services
Platform Renewable
Operations Services
$1.2bn $167m $4bn
’25 Revenue ’25 EBITDA YE ’25 backlog [1]
Well Land
Services Drilling
50+ years 40 ~3,500
Operational experience Locations globally Global personnel [ 2 ]
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1 Including options 2 Per 31.3.2026

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Q1 Highlights – another strong quarter

• Q1 revenue of $278 million, down 7% YoY (up 15% when excluding divested workover business)

• Q1 EBITDA of $37.2 million, in line with same quarter last year (up 12% when excluding divested workover business)

• EBITDA margin of 13.4%, up from 12.5% same quarter last year

• Distribution to shareholders of $6.4 million in Q1 (NOK 0.62/share)

Q1 Revenue ($m)

Q1 EBITDA ($m)

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-7%
0%
299
300 278
40 37 37
200 30
20
100
10
0 0
Q1-25 Q1-26 Q1-25 Q1-26
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• Closed transaction to sell workover business in south of Argentina

• Awarded two integrated P&A contracts with Equinor, and a 3-year contract extension for wireline services with ConocoPhilips Norway

Subsequent events

• Two contract extensions with Equinor for Wireline and Oiltools

• Awarded integrated geothermal drilling contract in Nevis

• Approved $6.6 million distribution to be paid to shareholders in Q2 (NOK 0.62/share)

Q1 Revenue ($m)

Q1 EBITDA ($m)

Excluding divested workover business

Excluding divested workover business

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+15% +12%
300 40
269 36
234 32
30
200
20
100
10
0 0
Q1-25 Q1-26 Q1-25 Q1-26
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Archer’s EBITDA remains resilient

Robust historical EBITDA

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EBITDA
167
Margin
149
131
109
95 94
87
82 14%
13% 14% 13%
12%
12%
12%
65
10%
8%
’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ‘25 ’26G
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Strong Q1 EBITDA relative to peers[1]

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EBITDA Q1 YoY
Actual / reported
(Q1 ’26 vs. Q1 ’25)
-10% Peers
0%
EBITDA Q1 YoY Excluding divested
(Q1 ’26 vs. Q1 ’25) workover business [2]
-10% Peers
+12%
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1 Peers: average reported adj. EBITDA of Halliburton, Weatherford, Baker Hughes OFSE segment, SLB, Expro, OTL.

2 Both peers and Archer are not adjusted for acquired businesses since Q1 last year. Excluding Archer’s acquisition of Premium, the YoY growth would be around +9%. Source: Public company reports

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Distribution of $6.6 million to shareholders in Q2 (~9% yield)

Q2 cash distribution

Archer with industry leading direct yield

Shareholder program yields in industry[1]

Share buybacks Dividends and cash distribution

Payout per share: NOK 0.62 per share Total distribution: Approx. $6.6 million Payment date : May 27, 2026

Frequency: Quarterly LTM distribution : Approx. $24.5 million

✓ Q2 distribution marks the fifth consecutive quarter of Archer’s shareholder distribution program

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~9%
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~4% [2]
~4%
~3% ~3%
~2%
~2%
~2%
Archer Peer 1 Peer 3 Peer 7 Peer 2 Peer 4 Peer 5 Peer 6
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1 Per 08.05.26. Peer sample include Odfjell Technology, SLB, Halliburton, Weatherford, H&P, Baker Hughes, Expro.

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2 Peer 1: Currently paused dividends for two consecutive quarters. Yield quoted in graph reflects the quarterly dividends expected in 2026 (two in total).

Outlook for Archer backed by backlog of $3.4bn

Revenue backlog implies ~$550m of EBITDA[1]

~$420m contract value added to firm backlog YTD

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Backlog ($bn)
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~1.3
~0.9
~0.8
~0.7
Q1 revenue,
not part of ~0.3
backlog
’26 ’27 ’28 Thereafter
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Q1 contract additions

Q2 contract additions

Integrated subsea P&A for Equinor

Wireline services for Equinor

3-year contract for well engineering and P&A operations of 30 subsea wells (NCS)

• 3-year service extension for wireline & intervention services (NCS)

P&A and fishing services for Equinor

Integrated P&A services for Equinor

2-year extension of frame agreement for P&A solutions, fishing & mechanical isolation services (NCS)

Engineering, project mgmt. CT, wireline and downhole P&A technology (with SLB), in the GoA

Geothermal drilling contract on Nevis Island, Caribbean

Wireline services for ConocoPhillips

2-year service extension for platform based well intervention (NCS)

Integrated geothermal drilling services (Iceland Drilling)

Key takeaways

• Multi-year contracts strengthening backlog visibility

• Continued build-out of P&A backlog, reinforcing our position as a leading provider of integrated P&A services

Revenue YTD Firm backlog Contract awards YTD Option

• Strong activity across wireline and intervention supporting near-term earnings visibility

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1 Based on backlog and projected EBITDA margin per division

Reiterate our financial guidance for 2026

2026 financial estimates[1]

Key takeaways

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EBITDA ($m) 167
Single-digit
growth
’25 ’26G
Capital ~5% 6-7%
expenditures
6-7% of revenue
’25 ’26G
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• Single-digit growth expected for 2026 EBITDA, despite the sale of the workover business in the south of Argentina

• We expect 2-4 percentage points improvement in EBITDA margin from a more favourable revenue mix

• EBITDA in second half of ’26 is expected to be 10-20% higher than the first half, due to timing of project starts

• Stronger first half from increased activity and better product mix, and delayed start-up of certain projects in second half, impacting H2 EBITDA

’26E EBITDA by segments

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~5%
15-20%
Well Services
45-50%
Platform Operations
Land Drilling
~30%
Renewable Services
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• Capex estimated to be 6-7% of revenue, from growth investments serving new contract awards

• Over the last 3 years, Archer’s capex has been 5-6% of revenue[2]

• Maintenance capex expected to remain stable at around 3% of revenue, in line with the historic average last 3 years[2]

1 All figures assume stable USD/NOK and GBP/USD. The discontinued workover business in the south of Argentina is included in reported 2025 financials 2 Using IFRS financials, and excluding the workover business in the south of Argentina

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Platform Operations

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Revenues ($m)
EBITDA ($m)
180 25
+1%
160
140 133 20
120 115
120 105 106 107
15
100
80
10
60
40 5
20
0 0
Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Operational revenue EBITDA (right axis)
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Platform Drilling contracted rigs [# of rigs]

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40
35
31 31 31 31 31
29
30
25
20
15
1 1 1 1 1
10 1
5 11 12 11 11 11 10
0
Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Maintenance mode rigs Active P&A units Active drilling rigs
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Financials

• Total revenue of $107.1 million represents an increase of 1% compared to Q1 2025

• EBITDA of $14.2 million is stable from previous quarter, while it is an increase of $1.3 million compared to the same quarter last year

• EBITDA margin of 13% in the quarter

Operations

• Brazil workforce reduction of ~200 personnel following cessation of Peregrino drilling and maintenance contract after transfer from Equinor to PRIO

• Increased drilling activity across Norway operations

• UK mobilization and recruitment initiated for upcoming activity growth

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Well Services

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Revenues ($m) EBITDA ($m)
100 +22% 20
18
91
90
16
83
14
80
12
73
71
70 10
68
8
60
6
4
50
2
40 0
Revenue EBITDA
Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
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Financials

• Seasonal strong quarter as revenue was reported at $83.0 million; 22% higher than Q1 2025

• EBITDA of $16.2 million represents a 13% increase compared to same period last year. Higher EBITDA from P&A projects Norway and product sales in US

• EBITDA margin of 19.5% in the quarter

Operations

• Strong activity across Norwegian operations and increased backlog

• Awarded contract extensions for wireline and and intervention services for both ConocoPhillips and Equinor, as well as a contract extension with Equinor for P&A, fishing and isolation services

• Continued strengthening of market position and long-term visibility across Norway well services operations

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Land Drilling

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Revenues ($m) [1] EBITDA ($m) [1]
120 12
103 -24%
100 10
80 73 8
63 64
60 6
48
40 4
20 2
0 0
Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Revenue EBITDA (right axis)
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Financials

• Revenue in the quarter of $48.4 million is down 24% from previous quarter, driven by sale of workover business in the south

• Adjusted for the divested workover business EBITDA is up by ~50% from the same quarter last year

• Strong EBITDA margin of 18.2% in the quarter

Operations

Number of active Archer rigs[1]

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50
43
41
40
32 Workover
30 30
30 business sold
20
9
10
10 9 7 6 7 8
0
Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Workover & Pulling units Drilling rigs
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• Drilling activity increased in the quarter by one additional rig in Vaca Muerta

• Workover business sold

• Preparation ongoing for mobilization of two high spec rigs from the US. The rigs will start operation late Q2 or early Q3

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1 Historic figures include sold workover business

Renewable Services

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EBITDA ($m)
+3%
Revenues ($m)
40 39 40 10
35
34
8
30
23 6
20
16
4
10
2
0 0
Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Revenue EBITDA (right axis)
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Financials

• Revenue in the quarter of $39.8 million is $1.0 million higher than previous quarter

• Soft EBITDA in the quarter of $0.9 million as two Iceland Drilling rigs are in transit from Philippines to Iceland

Operations

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• Iceland Drilling secured and important contract for Nevis

• Wind and offshore services in Vertikal faced certain delays in Q1 with strong demand expected for Q2 and Q3

• Fabrication of floating substructure for Total is delayed and will likely be finalized in early Q3 2026

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Condensed profit & loss

• Total revenue of $278.4 million in Q1 2026, down $20.8 million. However, adjusted for sale of workover business in DLS South, underlying business increased by $35 million, driven by increased Well Services activity.

• EBITDA before exceptionals was $41.1 million, with a margin 14.8%, down from 15.1% last year

• Exceptional items of $3.9 million in the quarter mainly relates to down manning in Brazil

• EBITDA of $37.2 million is in-line with last year, however underlying up 12% adjusted for the sale of the workover business in DLS South in Argentina Q1 2026

• EBIT of $16.0 million

• Profit of $3.6 million

• Adjusted net income of $6.7 million

	($ million	Q1 2026	Q1 2025
	Revenues	278.4	299.1
	EBITDA before exceptional items EBITDA margin before exceptional items Exceptional items	41.1 14.8% (3.9)	45.3 15.1% (7.8)
	EBITDA	37.2	37.5
	EBITDA margin	13.4%	12.5%
	Depreciation, amortization and impairments	(20.1)	(19.0)
	Gain/(loss) on sale of business and assets	(1.0)	-
	EBIT	16.0	18.5
	Net interest expense Share of results in associated companies Other financial items	(13.0) 0.1 0.7	(37.5) - (13.7)
	Profit(loss) before income taxes	3.9	(32.7)
	Income tax benefit (expense)	(0.3)	4.8
	Profit(loss)	3.6	(28.0)
	Attributable to non-controlling interests	(0.4)	0.6
	Net adjustments	2.7	33.2
	Adjusted netprofit(loss)**	6.7	5.2

• Q1 2025 figures includes workover business (DLS South) divested during Q1 2026

• **adjusted for impairments, exceptional items, gain on bargain purchase, MtM of financial assets, amortization of prepaid debt fees, make-whole, FX, timing of taxes and transaction cost

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Condensed balance sheet

• The main change in the balance sheet is the reduction of assets held for sale $28.9 million, related to closing the sale of the work over business in Argentina

• Available liquidity of $61 million and net interest-bearing debt (NIBD) $469 million.

• Increase in NIBD in Q1 2026 explained by bi-annual interest payment, removal of Norwegian tax guarantee (skattetrekksgaranti) and build up of working capital as activity increases and in Archer Wind related to project changes and discussions on approval of variation orders with client for the offshore wind project

• Non-controlling interest is related to Archers 60% ownership in Iceland Drilling and 65% ownership in Vertikal Service.

• Equity of $179.8 million

	$ million	31.03.2026	31.12.2025
	Property, plant and equipment	332.3	324.9
	Right of use assets	57.7	57.6
	Goodwill Intangible assets	199.5 33.9	196.2 32.5
	Investment in associates and JVs	4.2	4.0
	Deferred tax asset	35.2	34.9
	Other non-current assets	19.9 9	25.3
	Assets held for sale	-	28.9
	Cash and cash equivalents	29.7	40.6
	Trade receivables	188.1	187.8
	Inventories	71.1	71.9
	Other current assets	58.5	50.2
	Total assets Long-term interest-bearing debt	1,030.3 422.8	1,054.9 430.1
	Lease liabilities (non-current)	49.7	48.9
	Deferred tax	0.2	0.3
	Other noncurrent liabilities	8.2	6.6
	Liabilities - assets held of sale	-	28.4
	Current portion of interest-bearing debt	72.0	37.8
	Lease liabilities (current)	10.3	10.5
	Trade payables	100.6	92.8
	Income tax	5.6	7.6
	Other current liabilities	160.9	192.3
	Shareholder's equity	179.8	179.0
	Non-controlling interest	20.2	20.7
	Total liabilities and shareholders' equity	1,030.3	1,054.9

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Archer’s capital allocation strategy

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Shareholder returns M&A
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Shareholder returns

Selective accretive bolt-on acquisitions

• Regular and sustainable shareholder return program, with quarterly cash

  • Disciplined strategy, with selective accretive M&A

  • Targeting synergetic and cash generating bolt-on acquisitions with high financial returns (30-50%)

• distributions

• Target to increase distributions over time, in line with the growth in earnings

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Capex
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Capex maintained at moderate levels

• Targeting total capex of 5-6% of revenue over time

• Focus on growth investments with high financial returns (30-50%)

• Self-funded capex program in Argentina

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Balance sheet
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Strong balance sheet and healthy debt levels

• Target a long-term leverage ratio of 1.5-2.0x

• Maintain solid liquidity at all times

• Aim to reduce overall cost of capital in the long-term

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