Argeo AS

Earnings Release • Nov 21, 2024

Argeo Q3: Continued growth and a proven strategy deliver strong results across all key financial figures

Argeo Q3: Continued growth and a proven strategy deliver strong results across all key financial figures

Asker, 21 November 2024: Argeo ASA sustains its continued momentum in the third quarter, driven by solid project performance, coupled with strong operational utilization and the uplisting to the Oslo Stock Exchange.

Revenue improved to USD 23 million, marking an increase of 336% year-over-year (YoY). EBITDA rose to USD 5.4 million, alongside an improved EBIT of USD 2.7 million. Net profit for the quarter was USD 0.5 million, improving from USD -3.5 million in Q3 2023. The remaining backlog is USD 23 million.

“Q3 was another strong quarter for Argeo. We deliver improvements across all key financial metrics, with solid top-line growth while maintaining profitability. Simultaneously, we continue to deliver high operational quality, staying firmly aligned with our strategic goals,” says Trond Figenschou Crantz, CEO of Argeo.

Key Q3 2024 financial highlights include: (amounts in USD million)

• Revenue: 23.0 (336% increase from 5.3 in Q3 2023)

• EBITDA: 5.4 (improvement of 7 from -1.6 in Q3 2023)

• EBIT: 2.7 (improvement of 5.5 from -2.8 in Q3 2023)

• Net profit: 0.5 (improvement of 4 from –3.5 in Q3 2023)

• Remaining Backlog (per 30 September 2024): USD 23 million

Q3 highlights

• Completed RWE project

• Completed Woodside project

• Completed AUV-scope in Namibia

Subsequent events

• Argeo enters 8-year Multi Client agreement with National Energy Company Staatsolie in Suriname

• Argeo announces a $13M deal in strategic equipment optimization

• Argeo Successfully Uplisted to Euronext Oslo Stock Exchange

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo

Argeo ASA is an Offshore Service company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (AUV’s) will significantly increase efficiency and imaging quality in addition to contributing to significant reduction in CO2 emissions from operations for the global industry in which the Company operates.

The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic, and geological methods from shallow waters to the deepest oceans for the market segments Oil & Gas, Renewables, Marine Minerals and Offshore Installations. Argeo was established in 2017 and has offices in Asker (Oslo), Tromsø, Stockholm, Houston, and Singapore. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field. The company is listed on Oslo Stock Exchange under the ticker: ARGEO.

Please visit www.argeo.no for more information.