Bw Offshore Ltd. — Investor Presentation 2025

Nov 14, 2025

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14 November 2025

CEO Marco Beenen CFO Ståle Andreassen

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Disclaimer

This Presentation has been produced by BW Offshore Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person.

This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore 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 BW Offshore 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 BW Offshore 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. BW Offshore 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.

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 BW Offshore nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences may be material.

By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein.

This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Offshore. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the "Prospectus Regulation"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.

This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.

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Highlights

• Q3 EBITDA of USD 44 million
• Q3 net profit of USD 23 million
• 2025 EBITDA guidance narrowed to USD 240-250 million
• Q3 cash dividend of USD 11 million equal to USD 0.063 per share

BW Opal achieved first gas

Signed Heads of Agreement with Equinor for Bay du Nord FPSO

JV with BW Group to design and build Floating Desalination Units (FDUs)

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Fleet and HSE performance

Weighted average fleet uptime1 HSE record (LTM)5

• 1. Weighted average fleet uptime based on units' actual vs. potential revenue contribution.
• 1. Lost time injuries per million man-hours.
• 1. Total recordable incidents per million man-hours.
• 1. High potential incidents per million man-hours.
• 1. The incident statistics include incidents by BW Offshore employees and contractors.

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Strong cash flow underpinned by core FPSO fleet

Operating cash flow backlog

By year of expected recognition

Unit 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BW Opal BW Adolo BW Catcher BW Pioneer BW Hurra BW Energy, Gabon: 2018-2028 (2038) Santos, Australia: 2025-2040 (2050) Harbour Energy, UK: 2018-2026 (2043) Murphy Oil, US: 2012-2030

Lease & Operate - fixed period Lease & Operate - option period Construction / EPC

Available for redeployment

BW Opal

• On 60% dayrate
• 15-year contract with 10 years of options starting at practical completion

BW Adolo

• Q3 gross oil production of ~27,200 bbls/day
• 3-week maintenance
• Put/call option in 2028 after O&M hand-over to BW Energy in 2025

BW Catcher

• Q3 production of ~16,600 bbls/day
• 2-weeks maintenance
• Expected to remain on contract through 2028

BW Pioneer

• BWO providing O&M services under a fiveyear contract

1. 82% is firm operating cash flow backlog

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Progressing the Bay du Nord FPSO for Equinor

• Selected as preferred contractor for the Bay du Nord project offshore Newfoundland and Labrador

• Pre-FEED deliverables completed mid-September and client exercised option for a bridging phase to prepare for FEED in early 2026

• Expected contract award by end 2026

• Base case is fixed 10-year lease from first oil, with options for further extensions

• Current focus includes refining a smart and cost-effective design based on the Rapid Framework (RFWTM) hull

8

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EBITDA performance

• EBITDA impacted by ~3 weeks planned maintenance on BW Adolo
• Q2 EBITDA included revenues related to the Repsol project tender
• 2025 EBITDA guidance narrowed
• 2026 EBITDA to increase with contract start-up of BW Opal

Q3 EBITDA

2025 EBITDA outlook

240-250 USD million

(Previously USD 240-260 million)

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Income statement

• Other financial items positively impacted by a valuation gain on the finance liability related to the Barossa project
• Net profit Q3 USD 23.3 million
• Net profit YTD USD 110.1 million
• Earnings per share Q3 USD 0.13

USD million	Q3 2025	Q2 2025	2025 YTD	2024
Operating revenues	101.2	127.8	382.4	606.7
Operating expenses	(57.3)	(70.7)	(190.1)	(288.7)
EBITDA	43.9	57.1	192.3	318.0
Depreciation & amortisation	(21.4)	(21.4)	(75.2)	(177.9)
Impairment	0.0	(14.5)	(14.5)	1.1
Gain (loss) on sale of assets	0.0	0.0	14.8	0.0
EBIT	22.5	21.2	117.4	141.2
Net interest income (expense)	(2.6)	0.0	(1.5)	(20.8)
Gain (loss) on financialinstruments	1.5	6.3	14.3	0.1
Other financial items	7.8	(0.5)	10.1	20.0
Net financial income (expense)	6.7	5.8	22.9	(0.7)
Share of profit (loss) from equityaccounted investments	(3.6)	(1.9)	(10.1)	(13.3)
Profit (loss) before tax	25.6	25.1	130.2	127.2
Income tax expense	(2.3)	(0.5)	(20.1)	(7.4)
Net profit (loss) for the period	23.3	24.6	110.1	119.8

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Q3 cash flow overview

• Strong cash generation from the fleet and sales in recent quarters
• BW Opal partial dayrate from mid-September recognised as cash flow

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Strong cash flow and low leverage support growth

Consolidated net debt and leverage ratio1 Equity ratio2

1) Not including lease liabilities (USD 19.0 million as of Q3 2025) and finance liability related to BW Opal lease (USD 1,395 million as of Q3 2025).

2) Equity ratio impacted by Barossa accounting, which includes both the finance liability and deferred revenues of USD 1,095 million. The latter reflects the total invoiced pre-payments, of which USD 1,072 million have been received.

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Refinancing and amendment of secured debt facilities

• RCF upsized from USD 86m limit to USD 220m
• Maturity extended by 4 months1
• Covenant amendments to the RCF, the Catcher Facility and BW Opal
• No covenant amendments to the bond, BWO06

Covenant comparison

Equity ratio:

Equity / Total Assets >= 25%

Interest cover ratio:

EBITDA / Net interest expense >= 3.0x

Dividend ratio:

Higher of 50% of annual net profit and USD 0.25 per outstanding share

Pre amendment Post amendment2

Equity ratio:

Equity / (Total Assets – Prepayments) >= 25%

Interest cover ratio:

Excluding net interest expense from external parties3

Dividend ratio:

Higher of 100% of annual net profit4 and USD 0.25 per outstanding share

• 1. Extended 4 months of maturity date to allow for completion of the Put Option of BW Adolo
• 1. Not applicable for BWO06
• 1. Excluding the finance lease structure for BW Opal, where lease on Charter Co and Asset Co inflated the previous covenant
• 1. On an accumulated basis starting from its financial year commencing 1 January 2025, less the aggregate amount of dividends already declared and paid in respect of such period

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Solid financial position provides flexibility

Available liquidity USD 624 million1

USD 11.3 million cash dividend for Q3 2025

USD 0.063 per share

Net consolidated cash position USD 187 million

All in cost of debt 4.9% 100% hedged

USD million Maturity profile

1) Includes undrawn amount of USD 220 million on the RCF, excludes USD 7.8 million in consolidated cash from BW Ideol AS, includes USD 24.5 million in BW Opal Asset Co.

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Prioritising a strong balance sheet and shareholder return

Capital allocation framework

• Maintain strong cash flow from the FPSO fleet
• Grow FPSO business through new projects to increase free cash flow
• Develop floating transition solutions by leveraging FPSO expertise
• Maintain a robust balance sheet
• Target growing dividends to shareholders over time

Growing dividend distribution

• Quarterly distributions YTD based on USD 0.25/ share annually minimum distribution
• Potential Q4 adjustment based on maximum allowed distribution in debt covenants1of 50% of net income
• YTD EPS of USD 0.61 already exceeds the minimum dividend

1) Covenant in the NOK bond specify that shareholder distributions may not exceed the higher of 50% of the parent's net profit according to its latest annual financial statements and USD 0.25 for each outstanding share in the parent.

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Promising FPSO market outlook

Planned FPSO projects 2025-20301

Contracting type by region

Selection criteria

• Secure return requirement through firm contract period
• Strong counterparties
• Partner model

Competitive offering

• Gas FPSO expertise
• Harsh-environment solutions
• Newbuild rapid framework hull
• Redeployment and conversion track-record
• Comprehensive operational experience
• Structuring and financing capabilities

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BW Ideol progressing floating wind pipeline

• Celebrated 15-year anniversary in September
• Eolmed on track for first power at end-2025, integration of 3x10 MW turbines underway after Q3 foundation float-out
• Offshore and onshore consent applications submitted for the Buchan project, targeting final consent in Q3 2026
• Tangible EPCI pipeline for ~70 floating foundations with 1 GW Buchan project in Scotland and the 250 MW AO6 project in France
• Fabrication line in France selected for EU Commission grant for up to EUR 74 million
• Currently funded with shareholder loans, investor and partner dialogues ongoing

Eolmed: Final turbine assembly underway

Source: Eolmed

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Entering the floating desalination market in a 50/50 JV with BW Group

• Established to design and build Floating Desalination Units (FDUs) using BW Water technology
• Offers a rapidly deployable freshwater production solution
• Addresses droughts, infrastructure delays, demand spikes, and temporary supply needs
• Interest from municipal and industrial clients worldwide
• Market potential underpins intention to develop and operate a multi-regional fleet over time

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Outlook

• Contract start -up on BW Opal
• Bring Bay du Nord to FEED Progress new FPSO projects,
• targeting one FID within 12 months
• Bring first FDU to market
• Maintain an attractive shareholder return programme

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We engineer offshore production solutions to progress the future of energy.

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Analytical information

Unit	Contract status	LDT	Annual firm period EBITDA range	Annual depreciation	Other information
BW Adolo	2018-2028 (2038)	47,544	70 million1USD 55 -	USD ~27 million	•Production tariff:•USD 1.5/bbls up to 20,000 bbls/day production•USD 3/bbls for each bbls beyond 20,000 bbls/day
BW Catcher	2018-2026 (2043)	57,764	USD 160 -170 million	USD ~45 million
BW Pioneer	2025-2030	29,092	USD 4-6 million	N/A	•Service fee increases in tiers based on actual average dailyproduction each quarter
BW Opal	2025-2040 (2050)	125,298	USD 255 -265 million	USD ~160 million2	•USD ~1 billion of non-cash revenue to be amortised until end offirm period•Cash flow to BW Offshore after debt service: USD ~30 millionper annum

Comments:

• Fleet book values as of Q3
  • o Vessels in operation: USD 681 million
  • o Vessels under construction: USD 2,619 million

1) Varies with BW Adolo production levels and corresponding tariffs.

2) Hull value is depreciated over 25 year. Rest of book value is depreciated over 15 years.

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Income statement

	Q12023	Q22023	Q32023	Q42023	FY2023	Q12024	Q22024	Q32024	Q42024	FY2024	Q12025	Q22025	Q32025
CONTINUINGOPERATIONS
Operatingrevenue	166.3	166.1	156.4	170.4	659.2	168.6	151.9	150.9	135.3	606.7	153.4	127.8	101.2
Operatingexpenses	(87.3)	(105.2)	(81.9)	(79.3)	(353.7)	(83.1)	(74.5)	(67.7)	(63.4)	(288.7)	(62.1)	(70.7)	(57.3)
/(loss)depreciation/amortisationOperatingprofitbefore	79.0	60.9	74.5	91.1	305.5	85.5	77.4	83.2	71.9	318.0	91.3	57.1	43.9
Depreciation	(46.9)	(45.0)	(44.7)	(45.5)	(182.1)	(44.3)	(44.1)	(44.2)	(39.8)	(172.4)	(31.0)	(20.1)	(19.9)
Amortisation	(1.3)	(1.3)	(1.2)	(1.3)	(5.1)	(1.4)	(1.4)	(1.4)	(1.3)	(5.5)	(1.4)	(1.3)	(1.5)
Impairmentvesselsandotherassets	-	(5.1)	-	-	(5.1)	1.1	-	-	-	1.1	0.0	(14.5)	-
Gain/(loss)saleofassets	6.4	8.7	9.6	-	24.7	-	-	-	-	0.0	14.8	0.0	-
profit/(loss)Operating	37.2	18.2	38.2	44.3	137.9	40.9	31.9	37.6	30.8	141.2	73.7	21.2	22.5
Interestincome	1.1	2.9	1.8	3.3	9.2	2.9	5.7	4.4	4.7	17.7	6.4	5.1	2.6
Interestexpense	(13.5)	(11.7)	(11.9)	(12.3)	(49.5)	(11.6)	(10.5)	(8.7)	(7.7)	(38.5)	(5.3)	(5.1)	(5.2)
Gain/(loss)on financialinstruments	(13.9)	2.9	10.4	11.5	10.9	3.1	2.5	(8.1)	2.6	0.1	6.5	6.3	1.5
Otherfinancialitems	10.3	1.0	(2.8)	(21.9)	(13.4)	6.4	(2.2)	(4.0)	19.8	20.0	2.8	(0.5)	7.8
income/(expense)Netfinancial	(16.0)	(4.9)	(2.5)	(19.4)	(42.8)	0.8	(4.5)	(16.4)	19.4	(0.7)	10.4	5.8	6.7
profit/(loss)Shareoffromequity-accountedinvestees	(0.3)	0.6	0.4	17.5	18.2	(2.2)	4.1	(5.7)	(9.5)	(13.3)	(4.6)	(1.9)	(3.6)
Profit/(loss)beforetax	20.9	13.9	36.1	42.4	113.3	39.5	31.5	15.5	40.7	127.2	79.5	25.1	25.6
Incometax expense	(3.1)	(3.0)	(7.2)	(2.4)	(15.7)	(2.7)	(2.3)	(2.5)	0.1	(7.4)	(17.3)	(0.5)	(2.3)
Profit/(loss)fromcontinuingoperations	17.8	10.9	28.9	40.0	97.6	36.8	29.2	13.0	40.8	119.8	62.2	24.6	23.3
DISCONTINUEDOPERATION
Profit/(loss)fromdiscontinuedoperation	-	-	-	-	-	-	-	-	-	-	-	-	-
profit/(loss)fortheperiodNet	17.8	10.9	28.9	40.0	97.6	36.8	29.2	13.0	40.8	119.8	62.2	24.6	23.3
Attributableto shareholdersoftheparent	18.5	12.0	30.0	39.9	100.4	37.0	29.2	13.7	40.7	120.6	61.7	25.0	23.5
Attributableto non-controllinginterests	(0.7)	(1.1)	(1.1)	0.1	(2.8)	(0.2)	0.0	(0.7)	0.1	(0.8)	0.5	(0.4)	(0.2)
EARNINGSPERSHARE
earnings/(loss)Basicper share(USD)net	0.10	0.07	0.17	0.22	0.56	0.20	0.16	0.08	0.23	0.67	0.34	0.14	0.13
Dilutedearnings/(loss)per share(USD)net	0.09	0.07	0.15	0.20	0.52	0.19	0.15	0.08	0.21	0.63	0.34	0.14	0.13

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Other comprehensive income

	Q12023	Q22023	Q32023	Q42023	FY2023	Q12024	Q22024	Q32024	Q42024	FY2024	Q12025	Q22025	Q32025
profit/(loss)fortheperiodNet	17.8	10.9	28.9	40.0	97.6	36.8	29.2	13.0	40.8	119.8	62.2	24.6	23.3
translationdifferencesCurrency	1.2	1.1	(3.7)	5.1	3.7	(2.2)	(0.9)	4.8	(6.8)	(5.1)	4.8	6.8	(0.9)
ofEquity-accountedinvestees- shareOCI	(9.2)	10.7	20.7	(26.1)	(3.9)	12.8	1.6	(22.3)	22.8	14.9	(9.5)	(6.8)	(4.8)
profit/(loss)on cashflowhedgesNet	1.0	1.8	1.4	0.7	4.9	(0.7)	0.2	0.6	(0.6)	(0.5)	0.0	0.0	0.0
itemsto bereclassifiedto profitor loss:Net	(7.0)	13.6	18.4	(20.3)	4.7	9.9	0.9	(16.9)	15.4	9.3	(4.7)	0.0	(5.7)
ofdefinedbenefitliability(asset)Remeasurement	-	-	-	(0.1)	(0.1)	-	-	-	(0.1)	(0.1)	0.0	0.0	(0.1)
-net changefairvalueEquityInvestmentsat FVOCIin	-	-	-	(0.4)	(0.4)	-	-	-	-	-	-	-	-
itemsnot to bereclassifiedto profitor loss:Net	-	-	-	(0.5)	(0.5)	-	-	-	(0.1)	(0.1)	0.0	0.0	(0.1)
Othercomprehensivenet ofincome,tax	(7.0)	13.6	18.4	(20.8)	4.2	9.9	0.9	(16.9)	15.3	9.2	(4.7)	0.0	(5.8)
Totalcomprehensiveincome	10.8	24.5	47.3	19.2	101.8	46.7	30.1	(3.9)	56.1	129.0	57.5	24.6	17.5
Attributableto shareholdersoftheparent	10.7	25.1	49.9	18.5	104.2	48.2	30.5	(5.3)	59.8	133.2	54.8	20.6	17.9
Attributableto non-controllinginterests	0.1	(0.6)	(2.6)	0.7	(2.4)	(1.5)	(0.4)	1.4	(3.7)	(4.2)	2.7	4.0	(0.4)

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Balance sheet

ASSETS								3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Vessels	2,379.3	2,520.9	2,662.7	2,833.5	2,889.2	2,969.3	3,037.1	3,138.6	3,086.4	3,217.1	3,299.7
Other property, plant & equipment	6.8	4.8	2.9	2.8	2.6	2.4	2.3	2.1	2.0	1.9	2.4
Right-of-use assets	19.2	17.3	15.3	13.8	25.9	24.0	22.2	21.4	21.5	20.7	19.1
Intangible assets and goodwill	87.9	87.5	83.8	87.8	85.2	84.0	86.5	80.4	83.4	89.9	89.1
Equity-accounted investees	338.3	359.9	384.9	384.8	224.8	235.4	212.2	226.4	218.8	217.2	209.7
Finance lease receivables	-	-	-	-	-	-	-	-	-	-	-
Deferred tax assets	61.9	61.6	61.6	61.6	61.6	61.6	62.1	64.1	62.1	62.2	61.5
Pension assets	-	-	-	-	-	-	-	-
Derivatives	37.8	36.6	44.4	37.7	31.4	28.9	19.9	25.2	6.2	10.1	10.6
Other non-current assets	7.7	11.0	11.0	12.3	11.9	11.6	8.4	8.0	8.3	7.1	6.7
Total non-current assets	2,938.9	3,099.6	3,266.6	3,434.3	3,332.6	3,417.2	3,450.7	3,566.2	3,488.7	3,626.2	3,698.8
Inventories	6.7	3.8	3.7	3.7	3.7	3.7	3.6	3.7	0.0	0.0	0.0
Trade receivables and other current assets	293.3	257.4	282.6	152.4	174.0	181.2	183.4	169.7	224.2	116.4	85.3
Derivatives	8.2	1.7	0.6	1.7	0.2	0.0	0.5	0.0	0.0	0.6	-
Cash and cash equivalents	289.4	224.1	246.4	361.0	401.4	448.0	446.3	305.8	408.6	428.3	387.6
Assets held for sale	-	15.0	-	-	7.0	-	-	-	-	-	-
Total current assets	597.6	502.0	533.3	518.8	586.3	632.9	633.8	479.2	632.8	545.3	472.9
TOTAL ASSETS	3,536.5	3,601.6	3,799.9	3,953.1	3,918.9	4,050.1	4,084.5	4,045.4	4,121.5	4,171.5	4,171.7
EQUITY AND LIABILITIES								3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Shareholders' equity	939.2	953.1	992.5	1,005.6	1,037.5	1,057.2	1,041.0	1,089.8	1,119.3	1,130.0	1,131.6
Non-controlling interests	205.2	197.2	187.3	189.7	180.9	173.3	167.6	156.8	152.4	149.3	142.3
Total equity	1,144.4	1,150.3	1,179.8	1,195.3	1,218.4	1,230.5	1,208.6	1,246.6	1,271.7	1,279.3	1,273.9
	458.9	280.9	342.4	290.7	220.3	207.7	194.5	173.9	166.8	157.3	144.1
Interest-bearing long-term debt	632.6	789.2	955.3
Finance liability related to Barossa lease	4.1	4.0	4.1	1,022.14.5	1,093.24.2	1,196.21.8	1,266.61.8	1,347.41.8	1,409.21.9	1,408.11.9	1,395.01.9
Pension obligationsOther long-term liabilities	751.4	784.5	841.4	934.5	950.4	988.7	1,014.2	1,040.2	1,044.3	1,080.0	1,127.9
Long-term lease liabilities	11.0	10.2	9.5	9.4	18.1	17.1	16.7	15.1	15.6	15.5	13.9
Derivatives	0.4	0.0	0.0	1.5	1.0	0.0	1.9	7.3	1.0	1.0	0.9
Total non-current liabilities	1,858.4	1,868.8	2,152.7	2,262.7	2,287.2	2,411.5	2,495.7	2,585.7	2,638.8	2,663.8	2,683.7
Trade and other payables	298.2	257.7	230.3	229.5	183.3	178.0	149.0	137.6	126.3	144.4	129.8
Derivatives	19.5	19.3	17.7	2.1	1.6	0.1	0.1	0.0	0.1	0.0	-
Interest-bearing short-term debt	199.6	290.8	198.7	242.5	209.3	211.3	213.4	57.5	57.5	57.6	56.9
Short-term lease liabilities	5.0	4.2	3.4	2.6	4.6	4.4	4.5	4.2	4.7	5.1	5.1
Income tax liabilities	11.4	10.5	17.3	18.4	14.5	14.3	13.2	13.8	22.4	21.3	22.3
Liabilities held for sale	-	-	-	-	-	-	-	-	-	-	-
Total current liabilities	533.7	582.5	467.4	495.1	413.3	408.1	380.2	213.1	211.0	228.4	214.1
Total liabilities	2,392.1	2,451.3	2,620.1	2,757.8	2,700.5	2,819.6	2,875.9	2,798.8	2,849.8	2,892.2	2,897.8
TOTAL EQUITY AND LIABILITIES	3,536.5	3,601.6	3,799.9	3,953.1	3,918.9	4,050.1	4,084.5	4,045.4	4,121.5	4,171.5	4,171.7

{26}------------------------------------------------

Cash flow

						Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025
Profit/(loss) before taxes	20.8	14.0	36.1		42.4 113.3	39.5	31.5	15.5		40.8 127.2	79.5	25.1	25.6
Adjustments for:
Depreciation and amortisation	48.2	46.3	45.9		46.8 187.2	45.7	45.5	45.6		41.1 177.9	32.4	21.4	21.4
Impairment	-	5.1	-	-	5.1	(1.1)	-	-	-	(1.1)	-	14.5	-
Change in fair value of derivatives	13.9	(2.9)	(10.4)	(11.5)	(10.9)	(3.1)	(2.5)	8.1	(2.6)	(0.1)	(6.5)	(6.3)	(1.5)
Unrealised currency exchange loss/(gain)	0.6	(10.9)	0.6	17.8	8.1	(5.7)	1.0	0.2	(6.0)	(10.5)	6.5	1.7	(0.5)
Add back of net interest expense	12.4	8.8	10.1	9.0	40.3	8.7	4.8	4.3	3.1	20.9	(1.1)	-	2.6
Share of loss/(profit) from equity-accounted investees	0.3	(0.6)	(0.4)	(17.5)	(18.2)	2.2	(4.1)	5.7	9.5	13.3	4.6	1.9	3.6
Loss/ (gain) on disposal of property, plant & equipment	(6.4)	(8.7)	(9.6)	-	(24.7)	-	-	-	-	-	(14.8)	-	-
Share-based payment expense	0.5	0.6	0.5	(0.2)	1.4	0.4	0.4	0.4	0.3	1.5	0.1	0.3	1.8
Changes in:
Instalment on financial lease	-	-	-	5.0	5.0	-	-	-	-	-	-	-	-
Inventories	-	2.9	0.2	(0.1)	3.0	-	-	0.1	(0.1)	-	3.7	-	-
Trade and other receivables	(11.7)	36.4	(24.2)	79.4	79.9	4.1	3.2	(1.1)	14.9	21.1	(66.7)	57.7	31.1
Trade and other payables	(1.9)	(23.7)	(13.7)	(6.8)	(46.1)	1.4	(24.2)	4.5	(25.4)	(43.7)	11.7	(13.8)	(4.2)
Other balance sheet items and items related to operating activities	(19.7)	(7.8)	24.1	(31.6)	(35.0)	(4.6)	(3.9)	8.7	9.5	9.7	10.5	(26.2)	(7.7)
Deferred revenues	75.7	29.7		58.7 101.0 265.1		11.9	59.2	(2.2)	(4.0)	64.9	3.2	28.3	70.3
Cash generated from operating activities	132.7		89.2 117.9 233.7 573.5				99.4 110.9	89.8		81.1 381.1		63.1 104.6 142.5
Taxes paid	(4.6)	(4.9)	(1.6)	(3.7)	(14.8)	(8.3)	(3.9)	(4.3)	(1.7)	(18.2)	(6.6)	(1.6)	(0.5)
Net cash flow from operating activities	128.1		84.3 116.3 230.0 558.7				91.1 107.0	85.5		79.4 362.9		56.5 103.0 142.0
Interest received	1.1	2.9	1.9	4.1	10.0	2.9	7.2	4.4	4.7	19.2	6.3	5.2	2.6
Proceeds from disposal of property, plant & equipment	125.0	30.9	20.6		24.1 200.6	2.0	27.9	-	-		29.9 100.0	24.3	-
Proceeds from sale of investments	-	-	-	0.5		0.5 176.4	-	-	-	176.4	-	-	-
Investment in associated companies	(14.0)	(14.6)	(9.0)	(11.9)	(49.5)	(6.0)	(4.8)	(3.3)	(3.5)	(17.6)	(4.6)	(5.2)	(1.7)
Acquisition of subsidiary, net of cash acquired	-	-	-	(4.0)	(4.0)	-	-	-	-	-	-	-	-
Acquisition of other investments	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in property, plant & equipment and intangible assets			(194.5) (214.9) (191.8) (203.3) (804.5)				(93.2) (112.2)	(77.7)		(96.8) (379.9)	(70.2)		(95.8) (117.2)
Net cash flow from investing activities			(82.4) (195.7) (178.3) (190.5) (646.9)			82.1	(81.9)	(76.6)		(95.6) (172.0)	31.5		(71.5) (116.3)
Proceeds from loans and borrowings			124.5 150.2 234.4 402.8 911.9			-	62.6	28.0		72.4 163.0	49.9	25.5	0.7
Proceeds from share issue in Subsidiary	-	-	-	-	-	-	-	-	-	-	-	-	0.4
Proceeds from sale of non-controlling interest	-	-	-	18.9	18.9	-	-	-	-	-	-	-	-
Paid dividend and redemption	(7.5)	(7.5)	(7.4)	(7.3)	(29.7)	(7.3)	(7.2)	(7.2)	(7.1)	(28.8)	(7.1)	(7.0)	(7.0)
Treasury shares Sold	-	-	-	-	-	-	-	-	-	-	-	1.0	-
Interest paid	(4.5)	(0.9)	(3.6)	(10.7)	(19.7)	1.2	(6.1)	(3.5)	(5.2)	(13.6)	13.7	(3.7)	(4.7)
Repayment of loans and borrowings	(91.2)		(56.0) (121.8) (320.7) (589.7)			(74.2)	(14.8)	(15.1)		(14.5) (118.6)	(15.0)	(14.8)	(43.0)
Repurchase of convertible notes	-	(31.8)	(9.4)	-	(41.2)	(35.1)	-	-		(156.8) (191.9)	-	-	-
Payment of lease liabilities	(1.6)	(1.5)	(1.6)	(1.6)	(6.3)	(1.5)	(1.7)	(1.5)	(1.7)	(6.4)	(1.4)	(1.5)	(1.5)
Dividends paid	(6.3)	(6.4)	(6.3)	(6.3)	(25.3)	(15.9)	(11.3)	(11.3)	(11.3)	(49.8)	(25.3)	(11.3)	(11.3)
Net cash flow from financing activities	13.4	46.1	84.3			75.1 218.9 (132.8)	21.5			(10.6) (124.2) (246.1)	14.8	(11.8)	(66.4)
Net change in cash and cash equivalents	59.1	(65.3)		22.3 114.6 130.7		40.4	46.6		(1.7) (140.4)		(55.2) 102.8	19.7	(40.7)
Cash and cash equivalents at beginning of period						230.3 289.4 224.1 246.4 230.3 361.0 401.4 448.0 446.3 361.0 305.8 408.6 428.3
Cash and cash equivalents at end of period						289.4 224.1 246.4 361.0 361.0 401.4 448.0 446.3 305.9 305.8 408.6 428.3 387.6

{27}------------------------------------------------

Key figures

	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	FY 2024	Q1 2025	Q2 2025	Q3 2025
EBITDA-margin	47.5 %	36.7 %	47.6 %	53.5 %	46.3 %	50.7 %	51.0 %	55.1 %	53.1 %	52.4 %	59.5 %	44.7 %	43.5 %
Equity ratio	32.4 %	31.9 %	31.0 %	30.2 %	30.2 %	31.1 %	30.4 %	29.6 %	30.8 %	30.8 %	30.9 %	30.7 %	30.5 %
Return on equity	11.4 %	5.9 %	9.3 %	20.5 %	11.1 %	10.7 %	11.0 %	9.3 %	11.6 %	11.1 %	23.0 %	13.0 %	7.3 %
Return on capital employed	7.8 %	3.6 %	8.1 %	9.2 %	7.2 %	8.7 %	7.1 %	8.3 %	7.0 %	7.5 %	18.5 %	5.4 %	6.2 %
Net interest-bearing debt (USD million)	369.1	347.6	294.7	172.2	172.2	28.2	(29.0)	(38.4)	(74.4)	(74.4)	(184.3)	(213.4)	(186.6)
Cash flow per share (USD)	0.69	0.46	0.63	1.24	3.02	0.48	0.58	0.49	0.43	2.0	0.31	0.56	0.77
EPS - basic (USD)	0.10	0.07	0.17	0.22	0.56	0.20	0.16	0.08	0.23	0.67	0.34	0.14	0.13
EPS - diluted (USD)	0.09	0.07	0.15	0.20	0.52	0.19	0.15	0.08	0.21	0.63	0.34	0.14	0.13
Outstanding shares - end of period (million)	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	181.2	181.2
Share price (NOK)	29.7	26.2	24.6	22.4	22.4	27.2	30.8	28.4	30.0	30.0	29.2	30.3	36.9
Market cap (NOKm)	5,374	4,737	4,448	4,054	4,054	4,918	5,560	5,135	5,415	5,415	5,280	5,482	6,678
Market cap (USDm)	514	442	416	399	399	455	521	477	476	476	503	545	669