Reach Subsea

Investor Presentation • Aug 26, 2025

Find out more at reachsubsea.com

Q3 2024 2Q 2025

Everything within Reach

Quarterly Consolidated Presentation

Sustainable access to ocean space

Jostein Alendal, CEO | Birgitte Wendelbo Johansen, CFO | 26 August 2025

Disclaimer

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2nd 2nd Quarter Quarter2025 2025 ⁹

Reach Subsea Maintains Steady Development

Contents

Sustainability Finance Financial Statements

Weaker 2Q than last year driven by lower than expected utilisation of assets.

All time high turnover and EBIT for the first half of 2025.

NOK 684 million Revenue 2Q 2025

NOK 91 million EBIT 2Q 2025

NOK 1 150 million

Order backlog

NOK 8 billion Tender volume

Reach Remote – now a proven solution in commercial operation, redefining subsea operations.

The outlook remains sound, with a backlog of NOK 1.15 billion and tender volume of NOK 8 billion, as expected in a cautious market.

Successful NOK 500 million bond placement provides capital for fleet expansion and strategic investments

2nd2nd Quarter Quarter2025 2025 ⁹

Vessel capacity combining visibility and flexibility

440 740 815 590 690 1200 1300 1600 1500 1200 1300 1150

Order backlog

-28%

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

Outstanding tender volume NOK 8 billion (NOK 11 billion)

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

	VESSEL	TYPE	OWNERSHIP	STATUS	2025	2026	2027	2028	2029
wned vessels O	Viking Reach	Survey, IMR, Light Construction	49.9%	Operational
	Reach Remote 1	Unmanned and robotics	100%	Operational
	Reach Remote 2	Unmanned and robotics	100%	Operational
	Reach Remote 3	Unmanned and robotics	100%	Newbuild
	Reach Remote 4	Unmanned and robotics	100%	Newbuild
	Deep Cygnus	Light Construction	-	Operational
Chartered vessels	Go Electra	Survey, IMR	-	Operational
	Olympic Triton	IMR, Light Construction	-	Operational
	Havila Subsea	Survey, IMR, Light Construction	-	Operational
	Olympic Taurus	IMR, Light Construction	-	Operational
	Offshore Surveyor	Survey	-	Operational
	Northern Maria	Survey	-	Operational
	Viking Vigor	IMR, Light Construction	-	Newbuild
	NB 76	IMR, Light Construction	33%	Newbuild
Project charter Pacific Crest Survey			-	Operational
			Charter fixed		Option	Project charters

Our business

SURVEY

Cost-efficient high-end seabed mapping and inspection survey services

SUBSEA SERVICES

Ranging from construction and decommissioning services to specialized inspection, maintenance, and repair operations.

1 Our service capabilities

MONITORING

Innovative services for hydrocarbon production, CCS projects and environmental monitoring.

Delivering tailored solutions and specialised services for the global offshore industry. 2

Serving a range of industries

Our expertise supports multiple industries, ensuring efficient and reliable operations. 3

Supporting projects, start to finish

We assist clients at every stage of their projects, from initial concept to decommissioning.

Technical developments deployed in operation - U864 – High definition wreck survey

A new survey of the site, providing the Norwegian Coastal Administration with updated data at a resolution not seen before at this site.

160,000 images were processed using our in-house developed workflow to produce the highly detailed 3D model of the wreck

Reach Remote – a milestone for uncrewed maritime operations

Norway's pioneering fleet of uncrewed 24-meter surface vessels Reach Remote highlights

Successful pilot with Reach Remote 1, proved her capabilities.

30-60%

50-70%

Capex reduction

Opex reduction 80-90% Lower emissions

MAJOR CLIENTS Pilot program in collaboration with Equinor and TotalEnergies

LARGE COST AND ENERGY EMISSION SAVINGS

Dramatically lowers operational costs and environmental footprint of subsea operations vs. traditional vessels

Reach Remote 1 commercial

Technical developments Reach Remote Scaling: Reach Remote 3 & 4 plan

Reach Remote 2 delivered

Reach Subsea | Quarterly Consolidated Report

Financials

2Q 2025 Highlights

• Weaker 2Q than last year caused by reduced asset

- utilization

-

• 2Q revenue at NOK 684 million

• All time high Year to date revenue and EBIT

• Bond loan NOK 500 million (closed after quarter end)

Revenue

NOK 684 million (NOK 623 million)

• Pre-tax profit

NOK 88 million (NOK 111 million)

Cash and cash equivalents NOK 170 million (NOK 222 million)

Cash positive position; net interest-bearing debt, excl IFRS 16 leases NOK 122 million (negative NOK 128 million)

NOK 91 million (NOK 121 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.

2Q 2025 Key developments

Oil and gas

• 10 percent revenue increase for the quarter driven by
  • Increased number of project days
  • Higher pricing
  • Integrated, full service scope
• Solid growth in renewables & other sector and solutions.
• Increase in global projects

Revenue mix by geography

Europe

Other

Positioned for growth

• Strong liquidity and equity positions (equity share 39,4 %)
• Well-positioned for further investments in Reach Remote and technology updates
• Bond loan MNOK 500 closed after quarter end

Solid financial position (MNOK)

Sustainability highlights of the quarter

Environment Social Governance

Operational maturity of remote services Process for ISO27001 certification

Year-to-date, 4 remote service projects on both manned and unmanned vessels have been completed, surpassing the annual sub-target. Additionally, 17 tenders have included USV solutions, highlighting strong market interest and commitment to sustainable innovation.

So far this year, 2 lost-time injuries and 1 workrelated injury have been recorded, with all affected personnel fully recovered. Safety performance is benchmarked against IMCA standards, reflecting a commitment to continuous improvement and a strong safety culture.

Safety at the core

A cybersecurity gap analysis has been completed, and a roadmap toward ISO 27001 certification established. Dedicated internal resources are driving this initiative, strengthening the company's cybersecurity resilience.

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.