27 FEBRUARY 2025 | BERGEN

FOURTH QUARTER 2024 RESULTS PRESENTATION

DISCLAIMER

This presentation by Scana ASA is designed to provide a high-level overview of aspects of the operations of Scana ASA.

The material set out in the presentation is current as of 27 February 2025.

This presentation contains forward-looking statements relating to operations of Scana ASA that are based on the management's own current expectations, estimates and projections about matters relevant to Scana ASA's future financial performance. Words such as «likely», «aims», «looking forward», «potential», «anticipates», «expects», «predicts», «plans», «targets», «believes» and «estimates» and similar expressions are intended to identify forward-looking statements.

References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results.

No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of Scana ASA or the likelihood that the assumptions, estimates or outcomes will be achieved.

Scana ASA's divisions engages in project activities which means that significant fluctuations in sales and order intake from quarter to quarter can be expected. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. Scana ASA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.

All forward-looking statements made in this presentation are based on information presently available to management and Scana ASA assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity.

You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

INDUSTRIAL HISTORY – SOLUTIONS FOR TOMORROW

PSW Power & Automation strengthened its energy storage portfolio with strong positioning in the Nordic and Baltic energy transition.
PSW Power & Automation secured important frame agreement with a Swedish energy company and received the first call-off within energy modules for data centers.
Joint venture in Singapore between Skarpenord and Xtronica expands Scana's reach in the Asia-Pacific region.
Mongstad Industrier delivered best quarter ever.
New chairman of the board and board member elected during EOGF in December.

Major acquisitions, orders and deliveries 2024

Q4 HIGHLIGHTS

*) EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods. Ref appendix, Alternative Performance Measures

2024 HIGHLIGHTS

OFFSHORE PSW TECHNOLOGY

PSW SOLUTIONS
PSW NAMIBIA

8 NOVEMBER 2024 THIRD - QUARTER RESULTS 2024 Slide 8

WEST ASSET MANAGEMENT

SKARPENORD
SEASYSTEMS
SUBSEATEC
MONGSTAD INDUSTIER

LATEST WITHIN OFFSHORE

Order intake Q4: NOK 202 million
Turnaround project at Equinor Mongstad: Orders for electrical disciplines and management received. Operational planning continues.
PSW Namibia delivered a strong half year with new contract extension secured for first half year 2025.

Altera Baleine project: FPSO and FSO on route from Dubai to Ivory Coast. Project successfully completed.
Process improvement and synergy assessment related to the Mongstad Businesses.
Excellent performance on the maintenance contract led to high score on KPI's.
New NDT facilities at Mongstad are in full operation with great reception from customers.
Strong quarter for Mongstad Industrier thanks to the delivery of three major projects.
Supply chain issues affecting our subsea projects are resolved and deliveries are progressing smoothly.

Increased strategic focus on China, Singapore and Brazil for mooring solutions within Oil & Gas. Fish farming projects are gaining traction while renewables are progressing slowly.
Continued work with our PSW business portfolio to improve facility utilization.
Strong demand within NDT with several large surface treatment projects for Equinor in the funnel.
Continued focus on regional development of our business portfolio through co-operation and joint ventures.
Continued focus on Namibian Oil & Gas market.

ENERGY PSW POWER & AUTOMATION

LATEST WITHIN ENERGY

Order intake Q4: NOK 140 million
Power & Automation secured an important frame agreement with a Swedish energy company and received the first call off within energy modules / data centers.
An important 11.3 MWh BESS contract was signed with Trollhättan Energi, with installation at 3 different locations in Sweden.
Expansion to the Baltic energy storage market by signing a contract with a Baltic energy company.

Secured leasing agreements including recurring revenues from grid balancing services both in Sweden and the Baltics.
Reinforced business development team to capitalize on emerging opportunities within new markets and segments.
Increased demand for long-term service agreements towards BESS and shore power.
Established software development project for our EMS (Energy Management System) platform – to be conducted in 2025.
Delivered 6 MW offshore electrification project "Askepott elektrifisering".
Delivered 4MWh BESS project to Uddevalla Energi.

Electrification trend driving growth: The ongoing electrification trend supports underlying and expected growth in all segments.
While order intake may vary over time, we see increased bidding activities in Northern Europe where our market position is strong.
In 2025 the energy storage as a service model will be deployed with an expected uplift in margins.
The development of aftermarket services on Energy Storage is expected to gain pace as installed systems reach first twelve months of operation.
Significant growth potential towards new markets - both the Baltics and the Middle East.

FINANCIAL PERFORMANCE

REVENUE GROWTH AND MARGIN INCREASE

	QUARTER		FULL YEAR
NOK million	Q4 2024	Q4 2023	2024	2023
Revenue	448,4	412,3	1 970,1	1 606,0
Materials, goods and services	(198,0)	(216,5)	(919,3)	(881,3)
Payroll expenses	(171,9)	(134,6)	(634,1)	(441,9)
Other operating expenses	(52,0)	(24,3)	(156,0)	(101,6)
EBITDA	26,4	36,9	260,6	181,3
EBITDA-margin	5,9%	9,0%	13,2%	11,3%
Depreciation, amortisation, impairment	(29,7)	(26,9)	(113,0)	(97,9)
Operating profit/(loss) - EBIT	(3,2)	10,0	147,6	83,3
EBIT-margin	-0,7%	2,4%	7,5%	5,2%
Income from interests in associated companies	-	(0,0)	-	4,8
Net financial income/expenses (-)	(10,8)	(8,2)	(37,7)	(31,6)
Profit/(loss) before tax	(14,1)	1,8	109,9	56,5
Income tax expense	2,4	15,1	(26,6)	15,0
Profit/(loss)	(11,7)	16,9	83,3	71,6

Adjusted EBITDA*	49,8	41,2	253,3	197,0
Adjusted EBITDA-margin	11,1%	10,0%	12,9%	12,3%

Revenue of NOK 448 million

The growth in revenue of 9% compared to Q4 last year is driven by the offshore division. Energy has higher underlying value creation as new leasing model is reflected in capex until BESS is delivered.

EBITDA of NOK 26 million

Energy delivers stable EBITDA margins while Offshore is negatively impacted by one-off cost related to an arbitration process.

Net loss before tax of NOK 14 million

The increase in financial cost is related to unrealized losses on currency hedges.

*) Ref appendix Alternative Performance Measures

ROBUST FINANCIAL STRUCTURE

FUNDING, 31 DEC, 2024 | MNOK

CASH FLOW Q4 | MNOK

Liquidity reserve of NOK 167 million at end of quarter includes NOK 160 million of undrawn WCF.
Cash flow from operation was NOK 30 million with a release of working capital of NOK 6 million
CAPEX of NOK 18 million in Q4. NOK 12 million is related to the Energy-segment.
NIBD of NOK 60 million at end of quarter includes NOK 50 million in bank loans and NOK 18 million related to Mongstad Industrier*).
Net working capital of NOK 157 million at end of quarter.

*)See appendix for details on financing

Order backlog of NOK 1.008 million at end of Q4 2024.

NOK 826 million of the order backlog related to projects estimated to be executed in 2025.

Conservative approach to backlog where only firm commitments on frame agreements is included.

*) Options framework contract Equinor 2*3year options, first renewal in 2026. 10-year contract in West Asset Management has a mutual 1-year cancellation clause

OFFSHORE

Revenue of NOK 288 million

Revenue increased with 21% compared to Q4 last year. Excellent performance from Mongstad Industrier and successful handling of supply chain delays within subsea are the main drivers of growth in the quarter. Overall revenues within offshore has been negatively impacted by cost-saving measures from Mongstad Refinery which impacts revenue both directly and indirectly.

EBITDA of NOK 28 million

EBITDA reduced with 29% which in full is related to one-off cost. NOK 14 million is related to an arbitration-process with expected conclusion in Q2. Strong underlying margins within subsea, surface treatment and successful project deliveries from Mongstad Industrier are the main contributors in the quarter. Adjusted EBITDA increased with 18%

Order intake of NOK 202 million

While project pipeline and bidding activities has been strong in the quarter, order intake has been sluggish. Uptick expected already in Q1.

Order backlog of NOK 695 million

NOK 250 million of the backlog is related to Equinor. Approximately NOK 530 million of the order backlog is expected to be delivered in 2025.

Revenue of NOK 170 million

Revenues similar to Q4 last year with underlying value creation in Q4 this year is higher as NOK 8 million in BESS for rental is capex with no profit margin attached. There are some temporary delays in project portfolio within modules and grid scale solutions.

EBITDA of NOK 15 million

The increase in EBITDA of 26% is mainly a result of better product mix. Underlying segment performance is mixed as there are a few legacy modules projects coming to an end and a milestone grid BESS project has seen some challenges towards final delivery. Similar to revenue recognition on lease business model, EBITDA of rental portfolio will first be recognized when projects are delivered from Q1 and onwards.

Order intake of NOK 140 million

From all time high order intake in Q3 the current quarter has been slower. Delays in grid sanctioning in Sweden has postponed certain projects in our pipeline while other projects has been moved to the 2025 investment budget. Trollhättan Energi is a key BESS win in the quarter while frame agreements within BESS and Modules towards datacenters has secured a platform for growth without impacting the order intake directly. The order intake is split with approx. 45% energy storage, 45% Modules and 10% shore power.

Order backlog of NOK 318 million

The backlog is split between approx. 50% energy storage, 35% modules and 15% shore power. 93% of the order backlog is expected to be delivered in 2025

Q4 23 Q1 24 Q2 24 Q3 24 Q4 24

Subseatec signed frame agreement with international subsea technology company, becoming exclusive global supplier of steel parts. Expected volume classified as a "sizeable contract".
Seasystems signed sizeable contract for mooring equipment to FLNG plant.

WHY INVEST IN SCANA

A portfolio with exposure to an improving offshore market combined with electrification and renewable energy
Strong revenue and EBITDA growth over the past three years, demonstrating a proven track record.
Positioned to leverage previous investments in equipment and facilities
Significant growth opportunities both organically and through M&A

ADDITIONAL INFORMATION

INCOME STATEMENT

		QUARTER			FULL YEAR		QUARTER		FULL YEAR
NOK million	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024
Revenue	400,5	408,7	384,6	412,3	1 606,0	540,5	545,4	435,8	448,4	1 970,1
Materials, goods and services	(234,8)	(225,6)	(204,5)	(216,5)	(881,3)	(266,5)	(267,8)	(187,0)	(198,0)	(919,3)
Payroll expenses	(98,0)	(102,4)	(106,9)	(134,6)	(441,9)	(148,5)	(158,0)	(155,7)	(171,9)	(634,1)
Other operating expenses	(24,2)	(22,9)	(30,2)	(24,3)	(101,6)	(28,8)	(39,3)	(36,0)	(52,0)	(156,0)
EBITDA	43,4	57,9	43,0	36,9	181,3	96,7	80,4	57,1	26,4	260,6
Depreciation, amortisation, impairment	(23,4)	(23,5)	(24,1)	(26,9)	(97,9)	(27,2)	(28,6)	(27,6)	(29,7)	(113,0)
Operating profit/(loss) - EBIT	20,0	34,4	18,9	10,0	83,3	69,5	51,8	29,5	(3,2)	147,6
Income from interests in associated companies	-	4,8	-	(0,0)	4,8	-	-	-	-	-
Net interest expense	(10,0)	(9,6)	(9,1)	(8,6)	(37,3)	(8,1)	(8,7)	(8,4)	(7,3)	(32,6)
Net currency gain/loss (-)	2,1	4,7	1,0	0,4	8,1	(3,7)	6,2	(2,3)	(3,5)	(3,3)
Other financial income/expenses (-)	(0,8)	(0,7)	(0,8)	(0,1)	(2,4)	(0,4)	(0,8)	(0,7)	0,0	(1,9)
Profit/(loss) before tax	11,2	33,6	10,0	1,8	56,5	57,2	48,6	18,1	(14,1)	109,9
Income tax expense	(0,1)	0,0	0,0	15,1	15,0	(12,6)	(9,5)	(7,0)	2,4	(26,6)
Profit/(loss)	11,1	33,6	10,0	16,9	71,6	44,7	39,1	11,2	(11,7)	83,3

FINANCIAL POSITION

	QUARTER
NOK million				Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
NON-CURRENT ASSETS
Deferred tax assets	52,4	52,4	52,4	67,8	55,3	45,0	39,4	44,2
Goodwill				274,2 274,2 274,2 285,9 285,9 308,5 308,5				313,1
Intangible assets	71,6	72,8	70,7	71,4	71,7	69,1	69,7	69,8
Right of use assets	421,5			412,3 398,3 389,5	431,9		418,6 404,3 389,2
Property, plant and equipment	140,9	140,0	140,5	154,0	105,7	119,7	141,0	151,5
Investment in associated companies	36,3	1,1	1,0	1,1	1,1	1,1	1,1	1,1
Other non-current assets	4,9	7,9	7,9	15,0	14,1	14,7	14,7	14,8
Total non-current assets				1 001,8 960,6 945,0 984,7 965,7 976,6 978,7 983,8

CURRENT ASSETS
Inventories	68,0	63,2	67,7	59,2	87,8	124,5	108,1	99,4
Trade receivables				198,8 228,8 269,8 252,6	285,1	313,0		241,7 327,6
Contract assets	147,2	153,6	93,2	99,4	135,4	154,4	153,6	108,0
Derivatives		-	- 1,8	6,4	1,7	4,3	2,7	0,4
Prepayments and other current receivables	48,4	22,0	17,8	56,6	16,9	18,0	17,6	44,8
Cash and cash equivalents	5,1	4,7	26,5	36,4	36,0	23,9	72,9	7,4
Total current assets				467,6 472,3 476,8 510,5 562,9 638,1 596,6 587,5
Total assets	1 469,5	1 432,9	1 421,8	1 495,2	1 528,7	1 614,7	1 575,4	1 571,3

	QUARTER
NOK million				Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
EQUITY
Paid-in capital				1 136,2 1 136,2 1 136,2 1 149,7 1 153,1 1 153,1 1 166,5 1 166,5
Other equity				(631,6) (597,6) (586,8) (568,5) (545,7) (505,3) (492,2) (503,5)
Total equity				504,6 538,7 549,4 581,2 607,4 647,8 674,3 663,0

NON-CURRENT LIABILITIES
Loans and borrowings	123,9	104,0	99,1	93,6	48,8	58,4	58,5	58,0
Lease liabilities			354,7 347,6 336,4				326,1 354,3 349,4 334,9 322,5
Pension obligations	1,9	1,9	1,9	2,2	2,2	2,2	2,2	2,8
Total non-current liabilities				480,5 453,5 437,4 422,0 405,3 410,0 395,6 383,2

CURRENT LIABILITIES
Loans and borrowings	35,7	45,2	22,1	22,1	28,9	75,4	54,4	9,5
Lease liabilities	78,7	79,1	78,5	81,5	98,0	91,7	91,9	92,5
Trade payables	105,4	94,9	92,8	101,2	115,6	134,6	90,5	109,8
Contract liabilities	156,8	97,6	111,3	115,6	80,3	53,0	89,9	97,6
Derivatives	5,9	3,0	1,8	2,8	2,1	0,6	1,6	2,6
Dividend	-	-	-	-	22,6	-	0,0	-
Other current liabilities	101,8	121,0	128,5	168,8	168,4	201,7	177,2	213,0
Total current liabilities				484,3 440,8 435,0 492,1 515,9 556,9 505,5 525,1
Total equity and liabilities	1 469,5	1 432,9	1 421,8	1 495,2	1 528,7	1 614,7	1 575,4	1 571,3

CASH FLOW

		QUARTER			FULL YEAR		QUARTER			FULL YEAR
NOK million	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024
CASH FLOW FROM OPERATING ACTIVITIES
Profit / (loss) before tax	11,2	33,6	10,0	1,7	56,5	57,2	48,6	18,1	(14,1)	109,9
Taxes paid	(0,7)	(0,1)	0,5	0,4	0,1	(0,2)	(0,4)	(1,5)	(4,1)	(6,2)
Gain / loss	0,2	(4,8)	(0,0)	(0,0)	(4,7)	(45,5)	(0,0)	(0,0)	(0,1)	(45,6)
Currency exchange differences and non cash element	5,6	(2,8)	(1,7)	4,5	5,7	5,1	(1,8)	3,8	4,6	11,7
Depreciation, amortisation, impairment	23,4	23,5	24,1	26,9	97,9	27,2	28,5	27,6	29,7	113,0
Net interest costs	10,0	9,6	9,1	8,6	37,3	8,1	8,7	8,4	7,3	32,6
Interest received	0,8	1,2	0,6	0,6	3,2	1,5	1,1	1,1	1,0	4,6
Change in net working capital	(28,5)	(55,9)	37,4	8,7	(38,3)	(78,7)	(58,4)	57,8	5,7	(73,6)
Net cash from operating activities	22,0	4,4	80,0	51,5	157,9	(25,0)	26,2	115,2	30,0	146,5
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sales of property, plant, equipment	0,6	-	0,0	0,0	0,7	105,7	0,0	0,2	0,1	106,1
Acquisition of property, plants, equipment and intangible assets	(3,3)	(7,0)	(5,5)	(16,9)	(32,7)	(19,9)	(13,0)	(29,9)	(18,2)	(81,0)
Proceeds from sale of shares	-	40,2	-	(0,0)	40,2	-	-	-	-	-
Acquisition of subsidiaries	-	-	-	(6,8)	(6,8)	-	(18,2)	0,2	(0,0)	(18,0)
Net changes associated companies and other non-current assets		(1,8)			(1,8)	0,8	(0,1)	0,2	(0,2)	0,8
Net cash from investing activities	(2,7)	31,5	(5,5)	(23,6)	(0,3)	86,7	(31,2)	(29,4)	(18,3)	7,8
CASH FLOW FROM FINANCING ACTIVITIES
Payments of LT borrowings	(5,9)	(20,0)	(5,0)	(5,0)	(35,9)	(55,0)	(5,0)	(5,0)	-	(65,0)
Payments of lease liabilities	(14,4)	(14,4)	(14,9)	(15,5)	(59,2)	(17,3)	(16,6)	(19,5)	(18,4)	(71,8)
Payments of ST borrowings	0,0	(0,5)	0,0	0,2	(0,3)	-	-	-	-	-
Proceeds from issue of new share capital	-	-	-	13,5	13,5	3,4	0,0	13,5	-	16,8
Dividend paid	-	-	-	-	-	-	(22,6)	-	(0,0)	(22,6)
Paid other finance costs	-	(0,0)	(0,1)	(2,5)	(2,6)	(0,2)	(0,5)	(0,5)	(1,0)	(2,2)
Interests paid	(10,9)	(10,9)	(9,6)	(9,0)	(40,4)	(10,7)	(9,9)	(9,5)	(8,3)	(38,5)
Net cash flow from financing activities	(31,2)	(45,9)	(29,5)	(18,3)	(124,8)	(79,8)	(54,7)	(21,1)	(27,7)	(183,3)
Net cash flow	(11,8)	(10,0)	45,0	9,7	32,8	(18,2)	(59,6)	64,7	(16,0)	(29,0)
Cash and cash equivalents at beginning of period	2,6	(8,5)	(18,5)	26,5	2,6	36,4	18,2	(41,5)	23,3	36,4
Net foreign exchange difference	0,6	0,0	0,0	0,3	1,0	0,0	0,0	(0,0)	(0,0)	(0,0)
Cash and cash equiv. at end of period	(8,5)	(18,5)	26,5	36,4	36,4	18,2	(41,5)	23,3	7,3	7,3

SPLIT PER SEGMENT

	QUARTER				FY		QUARTER			FY			QUARTER			FY		QUARTER			FY
NOK million		Q1 2023 Q2 2023 Q3 2023 Q4 2023			2023		Q1 2024 Q2 2024 Q3 2024 Q4 2024			2024	NOK million		Q1 2023 Q2 2023 Q3 2023 Q4 2023			2023			Q1 2024 Q2 2024 Q3 2024 Q4 2024		2024
REVENUE											EBIT
ENERGY	115,3	114,3	154,1	178,4	562,1		218,6 232,2 203,8			170,0 824,6	ENERGY	11,1	9,5	14,1	4,4	39,1	12,7	19,2	13,1	5,0	50,0
OFFSHORE	286,4		297,4 232,4		239,1 1 055,3				336,1 330,6 246,2 288,2 1 201,2		OFFSHORE	22,5	34,6	12,0	20,8	89,9	68,7	44,3	27,6	8,9	149,5
SCANA HQ	0,9	0,8	0,9	2,6	5,1	0,2	1,5	0,8	3,3	5,8	SCANA HQ	(13,6)	(9,7)	(7,2)	(15,1)	(45,6)	(11,9)	(11,6)	(11,1)	(17,2)	(51,9)
ELIMINATION / INTERSEGMENT	(2,1)	(3,8)	(2,8)	(7,8)	(16,5)	(14,4)	(18,9)	(15,1)	(13,2)	(61,6)	EBIT	20,0	34,4	18,9	10,0	83,3	69,5	51,8	29,5	(3,2)	147,6
Revenue		400,5 408,7 384,6		412,3					1 606,0 540,5 545,4 435,8 448,4 1 970,1
											EBIT%
EBITDA											ENERGY	9,6%	8,3%	9,1%	2,5%	7,0%	5,8%	8,3%	6,4%	2,9%	6,1%
ENERGY	15,8	14,3	19,2	12,2	61,5	20,5	29,3	21,3	15,3	86,5	OFFSHORE	7,9%	11,6%	5,2%	8,7%	8,5%	20,4%	13,4%	11,2%	3,1%	12,4%
OFFSHORE	40,9	53,2	30,9	39,8	164,8	88,0	62,7	46,9	28,2	225,7	EBIT%	5,0%	8,4%	4,9%	2,4%	5,2%	12,9%	9,5%	6,8%	-0,7%	7,5%
SCANA HQ	(13,2)	(9,6)	(7,1)	(15,1)	(45,0)	(11,9)	(11,6)	(11,1)	(17,1)	(51,5)
EBITDA	43,4	57,9	43,0	36,9	181,3	96,7	80,4	57,1		26,4 260,6	NET ORDER INTAKE
											ENERGY	206,0	115,9	170,2		174,8 666,9	198,2	187,6	319,3	140,1	845,1
EBITDA%											OFFSHORE		830,6 234,9 223,4				315,5 1 604,4 368,9 308,6		188,6		201,6 1 067,7
ENERGY	13,7%	12,5%	12,5%	6,8%	10,9%	9,4%	12,6%	10,5%	9,0%	10,5%	ELIMINATION / INTERSEGMENT	(1,2)	(3,1)	(2,0)	(3,6)	(9,9)	(14,2)	(17,4)	(15,8)	(13,0)	(60,4)
OFFSHORE	14,3%	17,9%	13,3%	16,6%	15,6%	26,2%	19,0%	19,0%	9,8%	18,8%	NET ORDER INTAKE	1 035,4	347,7		391,6 486,7		2 261,4 552,8 478,8			492,1 328,7	1 852,4
EBITDA%	10,8%	14,2%	11,2%	8,9%	11,3%	17,9%	14,7%	13,1%	5,9%	13,2%
											ORDER BACKLOG
ADJUSTED EBITDA											ENERGY	283,7	285,3	301,3	297,7	297,7	278,7	237,7	353,9	318,2	318,2
ENERGY	15,8	14,3	19,2	12,2	61,5	20,5	29,3	21,3	15,3	86,5	OFFSHORE		887,2 824,3		815,5 898,4 898,4		859,0	836,7	782,8	694,5	694,5
OFFSHORE	43,4	53,2	33,2	39,8	169,6	42,4	66,4	48,8	46,8	204,5	ELIMINATION / INTERSEGMENT	-	-		- -	-		-	- (1,5)	(4,6)	(4,6)
SCANA HQ	(8,3)	(8,7)	(6,4)	(10,8)	(34,1)	(10,7)	(8,3)	(6,9)	(12,3)	(38,2)	ORDER BACKLOG				1 170,9 1 109,6 1 116,8 1 196,1 1 196,1 1 137,7				1 074,5 1 135,1	1 008,1	1 008,1
ADJUSTED EBITDA	50,9	58,9	46,0	41,2	197,0	52,3	87,4	63,8		49,8 253,4
											BOOK TO BILL
ADJUSTED EBITDA%											ENERGY	1,8	1,0	1,1	1,0	1,2	0,9	0,8	1,6	0,8	1,0
ENERGY	13,7%	12,5%	12,5%	6,8%	10,9%	9,4%	12,6%	10,5%	9,0%	10,5%	OFFSHORE	2,9	0,8	1,0	1,3	1,5	1,1	0,9	0,8	0,7	0,9
OFFSHORE	15,2%	17,9%	14,3%	16,6%	16,1%	12,6%	20,1%	19,8%	16,2%	17,0%	BOOK TO BILL	2,6	0,9	1,0	1,2	1,4	1,0	0,9	1,1	0,7	0,9
ADJUSTED EBITDA%	12,7%	14,4%	12,0%	10,0%	12,3%	9,7%	16,0%	14,6%	11,1%	12,9%

NIBD / FINANCIAL COVENANTS

Net interest bearing debt | NOK million

NOK million	Facilities	Maturity	Interest	31.12.2024
Interest-bearing liabilities	NOK 110m WC facility	Annual renewal	NOWA +2,45%	-
Interest-bearing liabilities	NOK 50m WC facility	Annual renewal	NOWA +2,45%	0,0
Interest-bearing liabilities	NOK 50m bullet	Bullet January 27	3mnd Nibor +2,75%	50,0
Interest-bearing liabilities	Amortized cost			(1,5)
Interest-bearing liabilities	Accrued interests			0,8
Interest-bearing liabilities	Seller credit	2026	4 %	10,0
Interest-bearing liabilities	Contingent consideration - earn-out	2025-2026		8,2
Cash and cash equivalents				(7,4)
Net interest bearing debt				60,1

Financial covenants | NOK million

NOK million	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Covenant NIBD/EBITDA - threshold	2.5x	2.5x	2.5x	2.5x
Covenant NIBD/EBITDA - actual	0,6	0,8	0,3	0,4
Covenant Equity ratio - threshold	30 %	30 %	30 %	30 %
Covenant Equity ratio - actual	56 %	55 %	59 %	57 %

ALTERNATIVE PERFORMANCE MEASURES

Alternative performance measures, which means financial target figures that are not defined within the current financial reporting framework, is used by Scana to provide additional information.

Alternative performance targets are intended to improve the comparability of the results from period to period. It is Scana's experience that these are often used by analysts, investors, and other parties.

Alternative performance measures are not a substitute for measuring results in accordance with IFRS.

ORDER INTAKE/BACKLOG MEASURES

Order intake Consists of the period's new orders as well as net changes to existing orders, including variation orders, cancellations and changes related to exchange rates.

Order backlog Consists of estimated value of remaining deliveries on contracts entered at the end of the period. The order backlog does not include potential growth or value of options in existing contracts. The order backlog does not include framework agreements, except for estimates of firm scope to be delivered

Book to bill Order intake divided by revenue in the period.

PROFIT MEASURES

EBITDA Operating profit/loss before depreciation, amortization and impairment.

Adjusted EBITDA EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods.

	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY
NOK million	2023	2023	2023	2023	2023	2024	2024	2024	2024	2024
EBITDA					43,4 57,9 43,0 36,9 181,3 96,7 80,4 57,1 26,4					260,7
1) Gain from sale	-	-	-	-		- (45,6)	-	-		- (45,6)
2) Strategy and M&A costs	0,2	0,1	2,2	-	2,6	-	2,7	1,1	1,9	5,7
3) Option program / incentive scheme	0,7	0,7	0,7	1,5	3,6	1,2	1,2	3,2	0,5	6,1
4) Restructuring costs	6,6	0,1	-	2,8	9,5	-	-	-	1,8	1,8
5) Business development	-	-	-	-	-	-	0,3	1,3	0,7	2,3
6) ERP	-	-	-	-	-	-	2,8	1,2	3,2	7,2
7) Arbitration case									15,2	15,2
Total items excluded from EBITDA	7,5	0,9	3,0	4,3	15,7	(44,4)	7,0		6,7 23,3	(7,4)
Adjusted EBITDA					50,9 58,8 46,0 41,2 197,0 52,3 87,4 63,8 49,8					253,3

EBIT Operating profit/loss.

Margins EBITDA margin, Adjusted EBITDA margin and EBIT margin are calculated as EBITDA, Adjusted EBITDA and EBIT divided by revenue.

ALTERNATIVE PERFORMANCE MEASURES (CONT.)

FINANCING MEASURES

Net working capital (NWC) Net working capital is a measure of the current capital necessary to maintain operations. Working capital includes inventories, trade receivables, trade payables, contract assets, contract liabilities, accruals and provisions.

Net interest-bearing debt (NIBD) Total non-current and current interest-bearing financial debt (excluding lease liabilities), minus total cash.

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
NOK million	2023	2023	2023	2023	2024	2024	2024	2024
Non-current loans and borrowings	123,9	104,0		99,1 93,6		48,8 58,4 58,5 58,0
Current loans and borrowings		35,7 45,2	22,1	22,1		28,9 75,4 54,4		9,5
Cash and cash equivalents	(5,1)		(4,7) (26,5)		(36,4) (36,0)		(23,9) (72,9)	(7,4)
NIBD	154,5		144,5 94,7 79,3		41,7		109,9 40,0 60,1

Covenant NIBD/EBITDA NIBD divided by Covenant EBITDA (12 months rolling).

Covenant equity ratio Equity divided by (total assets – lease liabilities)

Liquidity reserve Available cash. Calculated by adding cash and cash equivalents and unused credit facilities.

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
NOK million	2023	2023	2023	2023	2024	2024	2024	2024
WC Facility limit		110,0 110,0 110,0 110,0 160,0				160,0	160,0	160,0
WC Facility drawn	(13,6)	(23,2)	-	-		(17,8) (65,5)	(49,6)	-
Cash and cash equivalents	5,1			4,7 26,5 36,4		36,0 23,9 72,9		7,4
Liquidity reserve		101,5 91,5	136,5		146,4 178,2	118,4	183,3	167,4

Equity ratio Total equity divided by total assets.

Covenant EBITDA Adjusted EBITDA adjusted for financial lease.

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
NOK million	2023	2023	2023	2023	2024	2024	2024	2024
Adjusted EBITDA			50,9 58,8 46,0	41,2		52,3 87,4 63,8 49,8
Effect leasing - IFRS 16		(19,4) (19,8) (19,9)			(20,0) (23,8)		(22,9) (25,4)	(24,8)
Covenant EBITDA		31,6 39,0	26,1	21,2		28,5 64,5 38,4 25,0
Covenant EBITDA (12 months rolling)	46,3 79,1			104,1 117,8 114,8		140,3	152,7	156,5