Eidesvik Offshore

Quarterly Report • Nov 6, 2025

Eidesvik Offshore ASA

Report for Q3 2025

Message from the CEO

Our freight revenue for the quarter was close to NOK 205 million. This is NOK 2.5 million below Q3 2024. The flat development is due to reduced profit based allocation compensation from one of our vessels in the quarter. EBITDA margin of 43% is lower than Q3 2024 46%, but substantially above Q2 2025 38%.

Personnel cost is up close to 5% quarter on quarter. This is in line with the general salary increase. It is also good to see that the efforts that we have put in place to reduce sick leave and use of expensive temporary personnel seems to be having an effect. Other operating costs increased 7.9 % quarter on quarter. This is more than we like to see, but we did have some necessary unplanned repairs in the quarter.

We continue to deliver very strong utilisation of close to 100% in both segments. Utilisation is a combination of contract coverage, technical uptime, operational excellence and ability to man vessels. The Eidesvik team has an unwavered focus on all these parameters.

Unfortunately we had a lost time incidents (LTI) in the quarter. This is something we do not want to happen, and we can only continue our undiminished focus on continued improvement in the HSE area. Our goal is that all employees shall leave work in the same or better condition than when they entered the workplace.

The market for the next six months is looking to be more challenging than we expected at the start of the year, in particular within the platform supply vessel segment. Excess tonnage compared to demand is creating pressure on price and the spot market is volatile. The fundamentals continue to be positive and the market is expected to improve in 2026. The subsea and renewable market continue to see strong performance although somewhat flattening out at a high level.

From October we have had platform supply vessel (PSV) Viking Queen in the spot market. PSV Viking Avant will become available from the end of the year and PSV Viking Princess in January 2026. We are working on various opportunities for these vessels.

Regrettably, in October, we were notified by the shipyard building our newbuild subsea vessel Viking Vigor that the vessel will be delivered later than anticipated. We are now looking at planned delivery in Q3 of 2026. This is disappointing, but we are focused on ensuring the delivery of a quality vessel and delivery will happen into what is currently a very positive market. The vessel is scheduled to go directly on a long term contract with Reach Subsea.

Subsequent to the quarter, one of our key customers Aker BP declared an option to extend the PSV Viking Lady till end February 2027. They have also declared PSV Viking Prince till end February 2026. We are very happy to continue our strong collaboration with Aker BP.

Helga Cotgrove CEO

Highlights

Eidesvik Offshore ASA and its subsidiaries ("Eidesvik", the "Group" or the "Company") generated revenue of NOK 204.6 million in the quarter with an EBITDA of NOK 87.6 million which is a margin of 42.8%. Utilisation was 100%. The Group's current NIBD/EBITDA (adjusted, last twelve months) is 1.5 (excluding IFRS 16).

The Board of Directors decided on a dividend payment of NOK 0.30 per share to be distributed to the shareholders. The dividend was paid 5 September 2025.

Key Financials

(NOK 1 000)	2025	2024	2025	2024
	1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9
Total operating income	204 596	207 135	601 920	588 338
EBITDA	87 590	96 538	236 187	246 485
EBITDA margin	43 %	47 %	39 %	42 %
	30.09.2025	31.12.2024
Equity	1 907 661	1 827 162
Equity ratio	64 %	62 %
Cash end equivalents	290 546	395 843
Net interest-bearing debt*	511 841	498 619

^*Including IFRS 16.

Operational update

HSEQ

Safety of the employees and operations constitute the foundation of all activities in Eidesvik. The goal is to have zero lost time incidents (LTI), where the focus always is on doing the work safe. The Group unfortunately had one LTI in Q3 2025. Reported Total Recordable Case Frequency for YTD 2025 was 1.27*. The number of first aid accidents YTD is 19. This is an increasing trend from 2024. The Company continues its efforts to turn this around.

Operations

The utilisation for both the supply and subsea & offshore renewable fleet in Q3 2025 was close to 100% (100% in Q3 2024).

Number of owned vessels (wholly or partially) in the quarter was ten (ten per Q3 2024), in addition to two vessels under construction.

Three vessels are under management.

Financial summary

All financial numbers are in NOK unless stated otherwise.

Revenue for Q3 2025 was NOK 204.6 million compared to 207.1 million in Q3 2024 with an EBITDA of NOK 87.6 million compared to 96.5 million in Q3 2024. Revenue and EBITDA YTD 2025 were NOK 601.9 million and NOK 236.2 million (588.3 million and 246.5 million).

Freight revenue in Q3 2025 was relatively flat compared to Q3 2024 with a decrease of NOK 2.5 million. EBITDA decreased NOK 8.9 million, mainly due to Q3 2024 including a profit allocation compensation for one of our vessels. YTD figures, adjusted for other income, increased 5% and 2% respectively.

In the supply segment revenue saw a minor increase quarter on quarter to NOK 112.3 million from 109.3 million in Q3 2024, due to smaller rate adjustments. In subsea & offshore renewable revenue decreased quarter on quarter to NOK 104.3 million vs 110.4 million, as last year's quarter was positive impacted by a profit allocation compensation on one of the vessels.

Operating expenses for the quarter were NOK 117.0 million compared to 110.6 million in Q3 2024, and 365.7 million YTD (341.8 million). Personnel expenses are up 5% quarter on quarter and 8% YTD. Increase in personnel expenses quarter on quarter reflects general salary increase. Other operating expenses rose due to increase in unplanned repairs needed for several of our vessels.

^* The number of Total Reportable Cases per million Exposure Hours worked during the period (excluding first aid).

Q3 depreciation was NOK 46.8 million (46.9 million). Depreciation YTD was NOK 141.0 million (133.4 million). The increase is due to several sizable class renewals in 2024.

Operating result before other income and expenses for Q3 was NOK 40.8 million (49.6 million). YTD operating result before other income and expenses was NOK 95.2 million (113.1 million which included one-off other income of 15.7 million).

The joint venture had a profit of NOK 0.2 million for the quarter (loss of 1.1 million) and YTD a loss of 2.5 million (profit of 0.5 million).

Net financial items for Q3 were NOK 3.9 million (-4.4 million). YTD net financial income and expenses was 11.6 million (- 18.9 million). Reduced financial expenses for both Q3 2025 and YTD 2025, vs. Q3 2024 and YTD 2024, are due to increase in capitalised borrowing cost on the newbuilds according to IAS 23. A positive currency effect related to the loan in USD impacted agio income of 1.5 million in the quarter (4.9 million), and 15.2 million YTD (-3.0 million).

Profit after tax for Q3 was NOK 43.5 million (44.2 million). Profit YTD was 102.9 million (92.4 million).

Balance sheet and liquidity Q3 2025

Total current assets per 30 September 2025 were NOK 548.0 million (621.6 million per 31 December 2024), whereof cash balance was NOK 290.5 million (395.8 million). The decrease from year end 2024 is mainly due to payment of yard instalment on the second new build. NOK 58.3 million is restricted cash and funding tied for use towards Eidesvik's joint development projects with multiple partners for the use of green ammonia as a fuel source on vessels.

Non-current assets were NOK 2,446.6 million on 30 September 2025, compared to 2,315.7 million at year end 2024. The increase is due to the addition of a vessel under construction.

Equity on 30 September 2025 was NOK 1,907.7 million (1,827.2 million on 31 December 2024), i.e., an equity ratio of 63.7% (62.2%).

Current liabilities on 30 September 2025 were NOK 411.0 million (346.5 million per 31 December 2024). The increase is mainly due to contribution from other third-party owners related to the second new build. This contribution will be converted to noncontrolling equity interest during the year.

Net interest-bearing debt 30 September 2025 was NOK 511.8 million (498.6 million on 31 December 2024). The increase is due to payment of yard instalment for the newbuilds.

Cash flow from operating activities per 30 September 2025 amounted to NOK 197.8 million (268.3 million). The decrease is mainly related to periodic movement in working capital.

Cash flow from investment activities per 30 September 2025 was NOK -272.0 million (- 276.4 million) mainly due to investment in vessels under construction.

Cash flow from financing activities per 30 September 2025 was NOK -31.2 million (- 62.8 million). This is mainly due to payment of dividend, instalments and interests, offset by contribution from other interests in the second newbuild.

Market and outlook

Even though long- term fundamentals remain sound, unpredictability continues to influence the market in the short term. OPEC+ is keeping up its reversal of previous production cuts, and global geopolitic uncertainty persists. This continues to drive volatility in the oil price.

The OSV (offshore support vessel) market has seen a flat development in the quarter, although with region variances. Longer term demand outlook within offshore energy services continues to be positive.

The leading EPC and subsea contractors continue to report record high backlogs and tendering activity in the offshore energy space.

The International Energy Agency (IEA) addressed the implication of oil and gas field decline rates in September. Per the report, 90% of annual upstream oil and gas investments since 2019 have been dedicated to offsetting production declines. This would mean that just to maintain current levels of oil production more than 40% of todays mb/d needs to come from new conventional fields in 2050.

Per ExxonMobil 2025 Global Outlook, oil and natural gas will still make up more than half of the global energy mix in 2050 and is essential to meet the worlds energy needs. This confirms the need for sustained investment in oil and gas development in combination with investment growth in renewable and lower emission technologies.

Platform supply vessels (PSV)

The PSV spot market in the North Sea was very soft over the summer, but September saw increased activity and very high rates in the Norwegian sector. But the North Sea market is currently oversupplied, creating pressure on both rates and utilisation for the vessel owners. This is not helped by only a limited number of longer term charters being awarded. The market is still anticipated to improve in 2026 and 2027 based on expected increased activity levels.

Subsea/Offshore renewable

The large EPC contractors have so far been slow at adding vessel capacity, even with record high backlog. Both the subsea and renewable market continue to be strong, even if a slow down in fixtures and rates are being observed within the subsea/IMR space. It should be noted that the rates are still attractive for vessel owners. 2026, and even more 2027 and 2028, are expected to be very active with solid rates and utilisation. In the renewables sector the previous noted activity is continuing and there is increased interest in securing tonnage long term. Vessels with dual market capabilities are attractive.

Subsequent events

Aker BP ASA has declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2026 in direct continuation of the current contract, extending the firm period to end of February 2027.

In addition, Aker BP ASA has extended the firm period for the supply vessel Viking Prince with approximately three months, to end of February 2026.

Newbuild Viking Vigor who was originally expected to be delivered April 2026 is unfortunately delayed due to slow progression at the yard. New delivery date is Q3 2026.

Bømlo, 5 November 2025

Kenneth Walland	Annicken G. Kildahl	Lauritz Eidesvik
Chair of the Board	Board Member	Board Member
Kjetil Eidesvik	Bjørg Marit Eknes	Tore Hettervik
Board Member	Board Member	Board Member
Helga Cotgrove CEO

STATEMENT OF COMPREHENSIVE INCOME

(Condensed, NOK 1 000)

	2025	2024	2025	2024
	1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9
Operating Revenue	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Freight revenue	204 596	207 135	601 920	572 608
Other income (note 4)	0	0	0	15 730
Total operating revenue	204 596	207 135	601 920	588 338
Operating Expenses
Personnel expenses	82 822	78 913	264 702	245 703
Other operating expenses	34 185	31 685	101 031	96 150
Total operating expenses	117 006	110 597	365 733	341 853
Operating result before depreciations	87 590	96 538	236 187	246 485
Ordinary depreciation	46 825	46 898	140 991	133 412
Operating result before other
income and expenses	40 765	49 640	95 196	113 073
Result from Joint Ventures and associated companies	213	(1 062)	(2 537)	499
Operating result	40 978	48 578	92 659	113 572
Financial Items (note 11)
Financial income	6 025	4 064	12 208	18 034
Financial expenses	(3 572)	(13 374)	(15 765)	(33 932)
Net agio (disagio)	1 460	4 920	15 197	(3 015)
Net financial items	3 914	(4 390)	11 640	(18 913)
Pre-tax result	44 892	44 187	104 299	94 659
Taxes	(1 416)	0	(1 416)	(2 295)
Result	43 476	44 187	102 883	92 364
Attributable to
Equity holders of the parent	31 283	31 754	64 648	70 069
Non-controlling interests	12 193	12 434	38 235	22 295
Earnings per share	0,43	0,44	0,89	0,96
Profit	43 476	44 187	102 883	92 364
Comprehensive income	43 476	44 187	102 883	92 364
Attributable to
Equity holders of the parent	31 283	31 754	64 648	70 069
Non-controlling interests	12 193	12 434	38 235	22 295
Total attributed	43 476	44 187	102 883	92 364

STATEMENT OF FINANCIAL POSITION

(Condensed, NOK 1 000)

ASSETS Non-current assets:	(Unaudited)
Vessels (note 6, 7)	1 553 431	1 676 989
Assets under construction (note 7)	676 107	412 044
Other assets (note 7)	19 241	19 470
Right-of-use asset	62 938	69 790
Shares in Joint Ventures (note 10)	130 752	133 289
Shares (note 10)	4 154	4 154
Total non-current assets	2 446 622	2 315 737
Current assets:
Account receivables, freight income	205 891	171 792
Other short-term receivables	51 608	45 883
Financial derivatives	0	8 093
C ash and cash equivalents	290 546	395 843
Total current assets	548 044	621 612
TOTAL ASSETS	2 994 666	2 937 349
EQUITY AND LIABILITIES
Equity
Equity attributable to the company's shareholders:
Share capital	3 649	3 649
Premium fund	301 054	301 054
Retained earnings	1 305 348	1 262 595
Total equity majority shareholders	1 610 051	1 567 298
Non-controlling interests	297 610	259 864
Total equity	1 907 661	1 827 162
Non-current liabilities:
Deferred tax liabilities Lease liabilities (note 12)	3 711 57 364	2 295 63 409
Interest-bearing debt (note 12)	614 965	697 971
Total non-current liabilities	676 040	763 675
Current liabilities:
Interest-bearing debt (note 12)	121 780	126 021
Lease liabilities (note 12)	9 311	9 049
Accounts payable	23 547	42 099
Other short-term liabilities	256 328	169 343
Total current liabilities	410 966	346 512
Total liabilities	1 087 006	1 110 187
TOTAL EQUITY AND LIABILITIES	2 994 666	2 937 349

STATEMENT OF CHANGES IN EQUITY

(Condensed, NOK 1 000)

	Share capital	Share premium	Other reservers	Retained earnings	Total	Minority share	Total equity
Equity as at 01.01.2025	3 649	301 054	0	1 262 595	1 567 298	259 864	1 827 162
Result in the period	0	0	0	64 648	64 648	38 235	102 883
Dividend	0	0	0	-21 895	-21 895	0	-21 895
Change in non-controlling interests	0	0	0	0	0	-490	-490
Equity as at 30.09.2025	3 649	301 054	0	1 305 348	1 610 052	297 609	1 907 661

	Share capital	Share premium	Other reservers	Retained earnings	Total	Minority share	Total equity
Equity as at 01.01.2024	3 649	301 054	-1 339	1 199 437	1 502 801	112 853	1 615 654
Result in the period	0	0	0	82 743	82 743	20 947	103 690
Other adjustments*	0	0	1 339	-1 339	0	0	0
Dividend	0	0	0	-18 246	-18 246	0	-18 246
Change in non-controlling interests **	0	0	0	0	0	126 063	126 063
Equity as at 31.12.2024	3 649	301 054	0	1 262 595	1 567 298	259 864	1 827 162

^* Effect of the discontinued defined-benefit pension scheme for a previous employee in Eidesvik Offshore ASA. As of 31 December 2024, there are no employees in the Group on the definedbenefit scheme.

STATEMENT OF CASH FLOWS

(Condensed, NOK 1 000)

	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
	2025	2024	2024
	(Unaudited)	(Unaudited)
Net cash flow from operations excl. taxes	197 795	268 281	371 726
Cash flow from operating activity	197 795	268 281	371 726
Payment of long-term receivables (instalments and interests)	0	49 006	49 006
Purchase of fixed operating assets	(271 935)	(325 414)	(580 113)
Cash flow from investment activity	(271 935)	(276 408)	(531 107)
Contribution from other interests related to new builds	109 525	99 626	125 214
Instalment financial lease	(6 887)	(6 965)	(9 114)
New debt	15 571	0	145 783
Repayment of debt	(90 765)	(91 718)	(122 610)
Paid interest	(36 706)	(45 451)	(64 628)
Dividend	(21 895)	(18 246)	(18 246)
Cash flow from finance activity	(31 157)	(62 754)	56 399
Changes in cash holdings	(105 297)	(70 880)	(102 982)
Liquid assets at the beginning of the period	395 843	498 825	498 825
Liquid assets at the end of the period	290 546	427 945	395 843

Note 1 - Basis for preparation

These condensed interim consolidated financial statements are prepared in accordance with the International Accounting Standard ("IAS") 34 Interim Financial reporting. These condensed interim consolidated financial statements are unaudited.

These condensed interim consolidated financial statements are condensed and do not include all of the information and notes required by IFRS® Accounting Standards as adopted by the EU ("IFRS") for a complete set of consolidated financial statements. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statement.

The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for 2024.

^**Minority share of the new company Eidesvik Agalas AS. Equity contributions in 2024.

The established entity in Q1 2025, Eidesvik Agalas Reach AS, where Eidesvik and Agalas holds 2/3 of the shares, and Reach Subsea holds 1/3 of the shares, is consolidated as a subsidiary in the accounts. Eidesvik has the controlling interest and influence in this entity.

The presentation currency of the Group is Norwegian kroner (NOK).

Note 2 – Financial risk

The Group has its income mainly in NOK, EUR and USD, while the material operating expenses are in NOK. Therefore, the Group is exposed to fluctuations in the exchange rate of EUR/NOK and USD/NOK.

The Group has debt in NOK, USD and EUR and is exposed to changes in interest rate levels. The Group's interest rate risk is managed through interest derivatives. Per 30 September 2025, the Group had no interest derivatives.

The current liquidity position of the Group is satisfactory.

For further information, reference is made to the 2024 annual accounts Note 3.

Note 3 - Seasonal variations

The interim accounts are moderately influenced by seasonal variations. Reference is made to the chapter "Market and future outlook" and the "Contract status".

Some of the Group's vessels are coming off long term contracts the next quarter, which increases the Group's exposure to seasonal variations going forward, compared to previous quarters.

Note 4 - Special transactions

No other revenues in Q3 2025. Other revenues in 2024 are reversal of previous write-down of paid receivables from Oceanic Seismic Vessels AS. See Note 5 in the Annual Accounts for 2024 for further details.

Note 5 – Estimates

No changes in estimates materially influencing the interim results or balance have occurred.

Note 6 – Impairment/reversal of impairment

Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as P/B below 1, the vessels' book values have been tested for impairment and reversal of previous impairments per 30 September 2025.

Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment.

The discount rate is derived from a weighted average cost of capital (WACC) for market players. The average WACC used in the calculations per 30 September 2025 is 10.5%. This takes into account that the Group's business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax.

For further information about the tests and other estimates, reference is made to the 2024 annual accounts Note 12.

Note 7 - Fixed assets

			Operating	Total other		Periodic		Assets under
(NOK thousands)	Property	Port facilities	equipment	fixed assets	Vessels	maintenance	Total vessels	construction	Total
Acquisition cost
1 January 2025	37 414	3 594	42 086	83 094	3 867 627	452 017	4 319 645	412 044	4 814 782
Addition	0	0	138	138	1 422	7 688	9 109	264 063	273 310
30 September 2025	37 414	3 594	42 224	83 232	3 869 049	459 705	4 328 754	676 107	5 088 092
Accumulated depreciation and impairments
1 January 2025	20 165	3 494	39 964	63 624	2 313 273	329 381	2 642 654	0	2 706 278
Depreciation in the year	135	0	232	368	89 956	42 713	132 668	0	133 036
30 September 2025	20 301	3 494	40 197	63 992	2 403 228	372 094	2 775 322	0	2 839 314
Book value	17 113	100	2 027	19 241	1 465 821	87 611	1 553 431	676 107	2 248 778

			Operating	Total other		Periodic		Assets under
(NOK thousands)	Property	Port facilities	equipment	fixed assets	Vessels	maintenance	Total vessels	construction	Total
Acquisition cost
1 January 2024	37 414	3 594	40 497	81 505	3 802 590	345 351	4 147 941	0	4 229 446
Addition	0	0	1 589	1 589	65 037	106 667	171 704	412 044	585 336
31 December 2024	37 414	3 594	42 086	83 094	3 867 627	452 017	4 319 645	412 044	4 814 782
Accumulated depreciation and impairments
1 January 2024	19 985	3 494	39 772	63 251	2 194 628	278 180	2 472 807	0	2 536 058
Depreciation in the year	180	0	193	373	118 645	51 202	169 847	0	170 220
31 December 2024	20 165	3 494	39 964	63 624	2 313 273	329 381	2 642 654	0	2 706 278
Book value	17 249	100	2 121	19 470	1 554 355	122 636	1 676 989	412 044	2 108 504

Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025) will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when delivered. Please see note 11 for information regarding capitalised borrowing cost.

Depreciations of right-of-use assets are not included in the table above.

Note 8 - Long-term debt drawn

No new long-term debt was drawn during Q3 2025, other than accrued interest and finance fee related to the first new build. Please see Note 20 in the annual accounts for further information regarding new debt drawn during 2024.

Note 9 - Operating Segments

Time Charter revenue is based on contracts where the Group delivers a vessel including crew, to a client. The charterer determines, within the contractual limits, how the vessel is to be utilised. A Time Charter contract consists of a Bareboat component and a service component. The Bareboat period starts from the time the vessel is made available to the customer and expires on the agreed return date. The Bareboat component will normally be within the range 20-80% of the total contract value. The Bareboat component is within the scope of IFRS 16. Both the service and the Bareboat are recognized as revenue over the lease period on a straightline basis. There is no Time Charter revenue when the vessels are off-hire.

Operation segment		Supply		Subsea/Renewables		Other		Total
							1.7- 30.9 2025 1.7- 30.9 2024 1.7- 30.9 2025 1.7- 30.9 2024 1.7- 30.9 2025 1.7- 30.9 2024 1.7- 30.9 2025 1.7- 30.9 2024
Segment result
Operating income	64 164	58 140	45 630	48 432	6 705	5 569	116 499	112 141
Bareboat income	48 185	51 182	39 911	43 812	0	0	88 096	94 994
Operating income share from JV*	0	0	12 288	12 018	0	0	12 288	12 018
Bareboat income from JV*	0	0	6 501	6 156	0	0	6 501	6 156
Total operating income	112 349	109 322	104 330	110 419	6 705	5 569	223 384	225 310
Operating expenses	64 072	62 459	45 032	39 534	7 903	8 603	117 007	110 596
Operating expenses share from JV*	0	0	11 310	11 196	0	0	11 310	11 196
Total operating expenses	64 072	62 459	56 342	50 730	7 903	8 603	128 317	121 792
Depreciations	27 124	26 238	17 888	18 950	1 813	1 709	46 825	46 897
Depreciations share from JV*	0	0	5 575	5 547	0	0	5 575	5 547
Total depreciations/writedown on assets	27 124	26 238	23 463	24 497	1 813	1 709	52 400	52 444
Operating profit incl. share from JV*	21 153	20 625	24 525	35 192	-3 011	-4 743	42 667	51 074
Net finance and taxes from JV*	0	0	-1 691	-2 494	0	0	-1 691	-2 494
Operating profit	21 153	20 625	22 834	32 698	-3 011	-4 743	40 978	48 578
Number of vessels at end of period (incl. JV)	6	6	4	4			10	10

Operation segment	Supply		Subsea/Renewables		Other		Total
	1.1 30.9 2025	1.1 30.9 2024	1.1 30.9 2025	1.1 30.9 2024	1.1 30.9 2025	1.1 30.9 2024	1.1 30.9 2025	1.1 30.9 2024
Segment result
Operating income	198 225	182 567	135 800	133 653	20 491	17 496	354 517	333 716
Bareboat income	128 092	128 615	119 311	110 277	0	15 730	247 402	254 622
Operating income share from JV*	0	0	36 266	37 465	0	0	36 266	37 465
Bareboat income from JV*	0	0	19 292	18 335	0	0	19 292	18 335
Total operating income	326 317	311 182	310 669	299 730	20 491	33 226	657 477	644 138
Operating expenses	197 825	185 135	128 324	116 991	39 584	39 727	365 733	341 853
Operating expenses share from JV*	0	0	35 093	31 273	0	0	35 093	31 273
Total operating expenses	197 825	185 135	163 417	148 264	39 584	39 727	400 826	373 126
Depreciations	80 856	76 636	54 695	51 659	5 440	5 117	140 991	133 412
Depreciations share from JV*	0	0	16 724	16 642	0	0	16 724	16 642
Total depreciations/writedown on assets	80 856	76 636	71 419	68 301	5 440	5 117	157 715	150 054
Operating result incl. share from JV*	47 636	49 411	75 833	83 164	-24 533	-11 618	98 936	120 957
Net finance and taxes from JV*	0	0	-6 278	-7 383	0	0	-6 278	-7 383
Operating result	47 636	49 411	69 555	75 782	-24 533	-11 618	92 659	113 572
Number of vessels at end of period (incl. JV)	6	6	4	4			10	10

The segment "Other" includes SG&A, and for 2024 the remaining minor effects from the seismic segment (all vessels sold in 2023).

*The JV's income, expenses and depreciation are included in the table with a share corresponding to the Group's ownership share in the JVs.

Note 10 - Joint venture and associated companies

Summarized financial information per 30 September 2025 of the individual joint venture companies:

Company	Assets	Liability	Equity	Revenues		Profit Ownership Book value		Result portion
Eidesvik Seven AS	468 299	239 293	229 006	38 585	-10 086	50 %	114 503	-5 043
Eidesvik Seven Chartering AS	84 750	52 250	32 500	111 116	5 162	50 %	16 250	2 509
Profit from Joint Ventures							130 752	(2 537)

Summarized financial information per 30 September 2024 of the individual joint venture companies:

Company	Assets	Liability	Equity	Revenues	Profit Ownership Book value			Result
Eidesvik Seven AS	481 132	250 509	230 623	36 670	-12 794	50 %	115 311	portion -6 397
Eidesvik Seven Chartering AS	64 146	27 960	36 186	111 600	13 798	50 %	18 093	6 899
Profit from Joint Ventures							133 404	499

Summarized financial information per 30 September 2025 of the individual associated companies:

Company	Ownership/ Book value voting share 30.09.2025	Result portion
Bleivik Eiendom AS	23 % 4 139	0
Eidesvik Ghana Ltd.	49 % 15	0
Profit from associated companies	4 154	0

Summarized financial information per 30 September 2024 of the individual associated companies:

Company	Ownership/ Book value voting share 30.09.2024	Result portion
Bleivik Eiendom AS	23 % 3 685	0
Eidesvik Ghana Ltd.	49 % 15	0
Profit from associated companies	3 700	0

Note 11 - Financial items

	1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
	2025	2024	2025	2024	2024
Financial income	6 023	4 231	11 997	14 944	20 750
Reversal of impairment long-term receivables	0	0	0	10 935	10 935
Other interest and financial expenses	(2 601)	(12 291)	(12 754)	(41 573)	(37 416)
Interest cost - lease liabilities	(971)	(1 083)	(3 011)	(3 294)	(4 360)
Change in market value on interest instruments	2	(167)	211	3 090	3 669
Realized agio on foreign exchange contracts	43	0	257	1 024	1 131
Realized agio - others	491	1 959	1 782	3 076	2 359
Unrealized agio - on foreign exchange contracts	0	0	0	(1 637)	(1 637)
Unrealized agio - others	926	2 961	13 158	(5 478)	(13 749)
Net financial items	3 914	(4 390)	11 640	(18 913)	(18 316)

Reduced financial expenses for Q3 2025 are mainly related to capitalised borrowing cost for the two newbuilds according to IAS 23.

Note 12 - Net interest-bearing debt

	30.09.2025	31.12.2024
Current interest-bearing debt	121 780	126 021
Accrued interests	(1 033)	(1 988)
1st year instalment on long-term interest-bearing debt	120 747	124 033
Current lease liabilities (IFRS 16)	9 311	9 049
Current interest-bearing debt	130 058	133 083
Non-current interest-bearing debt	614 965	697 971
Non-current lease liabilities (IFRS 16)	57 364	63 409
Non-current interest-bearing debt	672 329	761 380
Total interest-bearing debt	802 387	894 463
Cash and cash equivalents	(290 546)	(395 843)
Net interest-bearing debt	511 841	498 619

Note 13 - Related-party transactions

Except for the ordinary operating related transactions with the joint ventures Eidesvik Seven AS and Eidesvik Seven Chartering AS, and the related companies Eidesvik Invest AS, Signatur Management AS, Langevåg Senter AS, Bømlo Skipsservice AS, Evik AS and Bømmelfjord AS, no other material related-party transactions have been conducted. Reference is made to the 2024 annual accounts Note 23.

Note 14 - Shareholders

No major changes in the shareholder positions have occurred in the period.

20 largest shareholders per 30 September 2025:

Name	Stake	Country
EIDESVIK INVEST AS	59,86 %	NORWAY
JAKOB HATTELAND HOLDING AS	4,88 %	NORWAY
CAIANO INVEST AS	4,22 %	NORWAY
HELGØ FORVALTNING	2,91 %	NORWAY
M EIDESVIK OG SØNNER AS	2,41 %	NORWAY
VINGTOR INVEST AS	2,31 %	NORWAY
STANGELAND HOLDING AS	1,78 %	NORWAY
BERGTOR INVESTERING AS	1,72 %	NORWAY
DUNVOLD INVEST AS	1,60 %	NORWAY
HELGØ INVEST AS	0,84 %	NORWAY
DNB C arnegie Investment Bank AB	0,83 %	SWEDEN
ØSTLANDSKE PENSJONISTBOLIGER AS	0,65 %	NORWAY
COLORADO EIENDOM AS	0,48 %	NORWAY
CALIFORNIA INVEST AS	0,48 %	NORWAY
LØVLID, ARNE	0,39 %	NORWAY
CHREM CAPITAL AS	0,34 %	NORWAY
LGJ INVEST AS	0,34 %	NORWAY
HANNESTAD, KARL CHRISTIAN	0,32 %	NORWAY
O H MELING & CO AS	0,30 %	NORWAY
AASEN, VEGARD	0,29 %	NORWAY
	86,95 %
Total other	13,05 %
Total shares	100,00 %

Note 15 - Subsequent events

Aker BP ASA has declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2026 in direct continuation of the current contract, extending the firm period to end of February 2027.

In addition, Aker BP ASA has extended the firm period for the supply vessel Viking Prince with approximately three months, to end of February 2026.

Newbuild Viking Vigor who was originally expected to be delivered April 2026 is unfortunately delayed due to slow progression at the yard. New delivery date is Q3 2026. No other events have occurred after the balance sheet date with significant impact on the interim financial statements for Q3 2025.

APPENDIX 1 – ALTERNATIVE PERFORMANCE MEASURES DEFINITIONS

The Group's financial information is prepared in accordance with international financial reporting standards (IFRS). In addition, the Group discloses alternative performance measures as a supplement to the financial statement prepared in accordance with IFRS. Such performance measures are used to provide better insight into the operating performance, financing and future prospects of the Group and are frequently used by securities analysts, investors and other interested parties.

The definitions of these measures are as follows:

• Contract coverage: Number of future sold days compared with total actual available days (incl. vessels in layup), excluding options.
• Backlog: Sum of undiscounted revenue related to secured contracts in the future.
• Utilisation: Actual days with revenue divided by total actual available days.
• Equity Ratio: Equity divided by total assets.
• Net interest bearing debt ("NIBD"): Interest bearing debt less cash and cash equivalents. The use of term "net debt" does not necessarily mean cash included in the calculation is available to settle debt if included in the term. Reference is made to Note 12.
• EBITDA: Operating result (earnings) before depreciation, impairment, amortization, result from join ventures and associated companies, net financial costs and taxes is a key financial parameter. The term is useful for assessing the profitability of operations, as it is based on variable costs and excludes depreciation, impairment and amortized costs related to investments. EBITDA is also important in evaluating performance relative to competitors. See table below for matching to the accounts.
• Adjusted EBITDA: EBITDA adjusted for Gain/loss on sale and Other income.
• Last twelve months: The 12 preceding months prior to last date in the reporting quarter.
• EBITDA margin: EBITDA divided on Total operating revenue.
• Working capital: Current assets less short-term liabilities.
• Minimum market value clause: Booked value of an asset shall not be lower than a given ratio compared to outstanding debt on the same asset.

	2025	2024
	1.7 - 30.9	1.7 - 30.9
Freight revenue	204 596	207 135
Other income	0	0
Total operating revenue	204 596	207 135
Total operating expenses	(117 006)	(110 597)
EBITDA	87 590	96 538
EBITDA margin	43 %	47 %

APPENDIX 2 - DEBT MATURITY PROFILE 30 SEPTEMBER 2025:

In addition, Eidesvik Agalas AS has drawn EUR 13.8 million on its construction loan per Q3 2025. This loan is not included in the diagram above. See Note 20 in the annual accounts for 2024 for further information.

APPENDIX 3 - CONTRACT STATUS AND COVERAGE 30 SEPTEMBER2025:

CONDENSED STATEMENT OF COMPREHENSIVE INCOME LAST 5 QUARTERS

Operating Revenue: Freight revenue 204 596 198 499 198 824 186 793 207 135 Other income 0 0 0 0 0 Total operating revenue 204 596 198 499 198 824 186 793 Operating Expenses: Personell expenses 82 822 90 091 91 789 96 252 78 913 Other operating expenses 34 185 32 047 34 799 32 861 31 685 Total operating expenses 117 006 122 138 126 588 129 114 Operating result before depreciations 87 590 76 361 72 236 57 679 96 538 43 % 38 % 36 % 31 % 47 % Ordinary depreciation 46 825 46 506 47 660 47 289 46 898 (note 6, 7) Operating result before other income and expenses 40 765 29 855 24 576 10 390 Result from Joint Ventures and associated 213 (714) (2 036) 339 companies Operating result 40 978 29 141 22 540 10 730 Financial Items: Financial income 6 025 2 692 3 492 6 385 4 064 Financial expenses (3 572) (4 106) (8 088) 3 092 (13 374) Net agio (disagio) 1 460 2 346 11 390 (8 881) 4 920 Net financial items 3 914 932 6 794 596 Pre-tax result 44 892 30 073 29 334 11 326 44 187 Taxes (1 416) 0 0 0 0 Result 43 476 30 073 29 334 11 326 Equity holders of the parent 31 283 18 973 14 392 12 675 31 754 Non-controlling interests 12 193 11 100 14 942 (1 348) 12 434 Earnings per share 0,43 0,26 0,20 0,17 0,44 Statement of comprehensive income Comprehensive income 43 476 30 073 29 334 11 326 44 187 Attributable to Controlling interests 31 283 18 973 14 392 12 675 Non-controlling interests 12 193 11 100 14 942 (1 348) Total attributed 43 476 30 073 29 334 11 326	Consolidated (NOK 1 000)	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3
						207 135
						110 597
						49 640
						(1 062)
						48 578
						(4 390)
						44 187
						31 754
						12 434
						44 187

CONDENSED STATEMENT OF FINANCIAL POSITION LAST 5 QUARTERS

Consolidated (NOK 1 000)	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3
ASSETS
Non-current assets:
Vessels	1 553 431	1 595 419	1 633 582	1 676 989	1 671 671
Assets under construction	676 107	657 377	637 598	412 044	205 658
Other assets	19 241	19 225	19 348	19 470	18 951
Financial derivatives	0	0	0	0	0
Right-of-use asset	62 938	65 590	68 242	69 790	72 015
Other long-term receivables	0	0	0	0	0
Shares in Joint Venture	130 752	130 539	131 253	133 289	133 404
Shares	4 154	4 154	4 154	4 154	3 700
Total non-current assets	2 446 622	2 472 304	2 494 177	2 315 737	2 105 399
Current assets:
Account receivables,	205 891	190 323	190 267	171 792	177 430
Other short-term receivables	51 608	53 862	41 994	45 883	74 326
Financial derivatives	0	2 712	5 401	8 093	10 385
C ash and cash equivalents	290 546	305 239	285 004	395 843	427 945
Total current assets	548 044	552 136	522 666	621 612	690 086
TOTAL ASSETS	2 994 666	3 024 440	3 016 843	2 937 349	2 795 486
EQUITY AND LIABILITIES
Equity attributable to the company's
shareholders:
Share capital	3 649	3 649	3 649	3 649	3 649
Premium fund	301 054	301 054	301 054	301 054	301 054
Other comprehensive income	0	0	0	0	(1 339)
Retained earnings	1 305 348	1 295 960	1 276 987	1 262 595	1 251 260
Total equity majority shareholders	1 610 051	1 600 663	1 581 691	1 567 298	1 554 624
Non-controlling interests	297 610	285 416	274 816	259 864	235 921
Total equity	1 907 661	1 886 080	1 856 506	1 827 162	1 790 545
LIABILITIES:
Non-current liabilities: Deferred tax liabilities	3 711	2 295	2 295	2 295	2 295
Lease liabilities	0	59 753	62 162	63 409	65 558
Pension liabilities	0	0	0	0	189
Interest-bearing debt	614 965	640 298	662 842	697 971	592 020
Total non-current liabilities	676 040	702 346	727 299	763 675	660 063
Current liabilities:
Interest-bearing debt	121 780	122 360	123 633	126 021	123 786
Lease liabilities	9 311	9 254	9 135	9 049	8 792
Accounts payable	23 547	40 398	38 602	42 099	66 258
Other short-term liabilities	256 328	264 002	261 667	169 343	146 042
Total current liabilities	410 966	436 015	433 037	346 512	344 878
Total liabilities	1 087 006	1 138 361	1 160 336	1 110 187	1 004 941
TOTAL EQUITY AND LIABILITIES	2 994 666	3 024 440	3 016 843	2 937 349	2 795 486

Company address | Vestvikvegen 1 NO-5443 Bømlo, Norway

Telephone | +47 53 44 80 00 Webpage | www.eidesvik.no

Email | investor.relations@eidesvik.no