Reach Subsea

Investor Presentation • May 8, 2025

Find out more at reachsubsea.com

Q3 2024 1Q 2025

Everything within Reach

Quarterly Consolidated Presentation

Sustainable access to ocean space

Jostein Alendal, CEO | Birgitte Wendelbo Johansen, CFO | 08 May 2025

Disclaimer

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Reach Subsea confirming steady progress

All time high 1Q revenue and profitability driven by growth, strong market conditions and successful project execution.

Revenue for 1Q2025 was NOK 698.7 million (NOK 575.3 million).

NOK 699 million Revenue 1Q 2025

NOK 68 million EBIT 1Q 2025

NOK 1 300 million

Order backlog

NOK 10 billion Tender volume

EBIT for 1Q2025 was NOK 68.2 million (NOK 28.7 million), while pre- tax result was NOK 67.2 million (NOK –8.9 million).

Strong outlook as evidenced by a steady backlog of NOK 1.3 billion and tender volume of NOK 10.0 billion.

Vessel capacity for long-term growth

Owned vessels	VESSELS Viking Reach Reach Remote 1 & 2 Reach Remote 3 & 4	TYPE Survey, IMR, Light Construction Unmanned and Robotics Unmanned and Robotics	2025	2026
Chartered vessels	Deep Cygnus Go Electra Olympic Triton Havila Subsea Olympic Taurus Offshore Surveyor Northern Maria Viking Vigor NB 76	Construction Survey, IMR, Light Construction IMR, Light Construction Survey, IMR, Light Construction IMR, Light Construction Survey Survey, IMR IMR, Light Construction IMR, Light Construction
Project charter	Pacific Crest	Survey Charter fixed		Option

*Does not include options and expected call- off extensions under frame agreements

Outstanding tender volume NOK 10 billion (NOK 10 billion)

Entire fleet equipped to deliver enhanced services, enabling continued growth.

1st Quarter 1st Quarter 202025 5 ⁹

Keeping the fleet busy: Strong utilisation across vessels

Havila Subsea Go Electra

Viking Reach Survey, IMR and Light Construction Vessel Survey, IMR and Light Construction Vessel Construction Vessel Survey, IMR and Light Construction Vessel

Offshore Surveyor

Deep Cygnus

Olympic Taurus

Olympic Triton Northern Maria IMR and Light Construction Vessel Survey and IMR Vessel IMR and Light Construction Vessel Survey Vessel

The progress for Reach Remote 1 & 2

Highlights 1Q

Directors Report

Pilot program Joint Industry Project

Proving the capabilities of the vessel

• Seabed mapping
• Pipeline inspection
• Subsea structure inspection
• ROV intervention
• Reservoir modelling by gravimetry measurements

Delivery of Reach Remote 1 ROV Installation and Testing Reach Horizon Reach Remote 2

1st Quarter 1st Quarter 2025025 ¹⁸

Reach Remote

Successful pilot with Reach Remote 1

Reach Remote 1 Showcases Next-Generation Maritime and Subsea Robotization

Commercial Projects Scaling up the Reach Remote fleet

Reach Remote 1 and 2 are now joining our fleet for commercial projects, following the successful technology and operational validation.

With the Reach Remote 1 & 2 concept proven, we are preparing to scale up our remote fleet to meet the market demands.

Humans and Technology

Reach Subsea are combining conventional and remote operations for value creation, flexibility and growth.

Reach Subsea | Quarterly Consolidated Report

Financials

Q1 2025 Highlights

• Strong 1Q quarter leveraged by global operations

• 1Q revenue at NOK 699 million
• Order backlog remaining strong at NOK 1.3 billion

NOK 699 million (NOK 575 million)

• Pre-tax profit

NOK 67 million (NOK -9 million)

Cash and cash equivalents NOK 327 million (NOK 201 million)

Cash positive position; net interest-bearing debt, excl IFRS 16 leases negative NOK 117 million (negative NOK 107 million)

NOK 68 million (NOK 29 million)

Revenue and EBIT growing to record levels

Rolling 12-month Revenue (MNOK) Rolling 12-month EBIT and Pre-tax profit (MNOK)

*Excluding a 29,8 MNOK one-off effect from sale of one ROV in 2Q-2023.

1Q 2025 Key developments

Oil and gas

• 22 percent revenue increase for the quarter driven by
  • Increased number of project days
  • Higher pricing
  • Integrated, full service scope
• Solid growth in oil & gas sector and solutions.

Revenue mix by geography

Norway

Europe

Americas

Other

Positioned for growth

• Strong liquidity and equity positions • Capital increase from Warrants being exercised into new shares. • Well-positioned for further investments in Reach Remote and technology updates

Solid financial position (MNOK)

2Q 20243Q 20244Q 20241Q 2025

Sustainability in REACH

Environment Increase proportion of fleet classified as unmanned/modern Achieved Zero major spills of hazardous materials to the sea Achieved Ensure operational maturity of remote services Achieved Lost time incidents (LTI) at 0 (INCA benchmark) Achieved Maintain personnel turnover below industry average Achieved Work more systematically with nature-related risks and impacts Ongoing Transparency Act procedure

Enhance cybersecurity resilience

Achieved

Begin the process for ISO27001 certification

Ongoing

Strong corruption and bribery resilience

Achieved

Internal procurement audit compliant with RS

Achieved

Summary

ATTRACTIVE MARKET OUTLOOK POSITIONED FOR GROWTH

Positioned for continued growth

Sustainable access to ocean space

STRONG MARGINS

Global reach: US, Trinidad & Tobago, Brazil, United Kingdom, Norway, Sweden, Singapore, Australia.

TECHNOLOGY LEADER ATTRACTIVE FINANCIALS

Expanded service offerings, long-term vessel capacity, and a global footprint. Focus on scaling remote operations, fleet upgrades, and tapping into emerging subsea sectors.

Well-positioned in a dynamic market, navigating uncertainty with adaptability. Growing demand across industries.

Strong execution, proven track record in subsea solutions, data gathering, inspection, and monitoring. Secured vessel capacity at attractive terms and bolstered project execution capabilities.

Global leader in marine robotization with remote subsea solutions driving efficiency and commercial traction. Advancing remote capabilities through Reach Remote USVs.

Strong cash flow, solid balance sheet, and shareholder-friendly strategy. Positioned for sustainable growth with increasing demand for remote, sustainable solutions.