Fourth quarter and Full-year 2024 Presentation 20 February 2024

AN INNOVATIVE TECHNOLOGY COMPANY SOLVING A PRESSING ISSUE, FOR A GREENER FUTURE

Disclaimer

This presentation (the "Presentation", which term shall be interpreted to include references to this document, the presenters' speeches, the question-and-answer session and any other related verbal or written communication) has been prepared by Soiltech ASA (the "Company" or "Soiltech"), a company with shares admitted to trading on Euronext Expand.

All of the information herein has been prepared by the Company solely for use in relation to this Presentation. The information contained herein does not purport to contain all information concerning the Company. No party has made any kind of independent verification of any of the information set forth herein if not specifically expressed in the Presentation, including any statements with respect to projections or prospects of the business or the assumptions on which such statements are based. The Company does not make any representations or warranty, express or implied, as to the fairness, accuracy, reliability, completeness or correctness of this presentation or of the information contained herein. The information contained in this Presentation is current as of the date hereof and should be considered in the context of the circumstances currently prevailing and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation. Neither the Company, nor any of its subsidiary undertakings or affiliates or any such person's directors, officers, employees, advisors or representatives (collectively the "Representatives") shall have any liability whatsoever arising directly or indirectly from the use of this Presentation or in any other written material furnished or information orally transmitted to a recipient of this Presentation.

Included in this Presentation are various "forward-looking statements", including statements regarding the intent, opinion, belief or current expectations of the Company or its management. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and outcomes to be materially different from any future results, performance or outcomes expressed or implied by such forward-looking statements, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. An investment in the Company and its shares involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation. Reference is made to the risk factors included in the listing prospectus published by the Company in relation to the listing on Euronext Expand, available on www.soiltech.no.

This Presentation is not a prospectus or similar registration document and does not constitute or form an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction, and neither the issue of this Presentation nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Presentation should not be considered as a recommendation by the Company, or any other person in respect of the Company, including any affiliated companies or successors, to invest in its securities.

This Presentation is governed by Norwegian law and any disputes related to it are subject to the ordinary courts of Norway.

A defining quarter

RECORD HIGH REVENUE, EBITDA AND PROFIT BEFORE TAX

Q4 revenues of 80.7 million
Q4 adjusted EBITDA of NOK 25.8 million
Q4 profit before tax (adjusted)¹of NOK 15.8 million

STRONG OPERATING PERFORMANCE

Significant growth in solid waste handling services
High activity across all projects
High personnel utilization

RECENT CONTRACT AWARDS CONFIRM SOILTECH'S STRONG POSTION

Large, long-term contracts with OMV Petrom, Northern Ocean and Equinor demonstrates Soiltech's ability to grow the business
Will add more than NOK 100 million to revenues on an annual basis as they start up during 2025
For these contracts we will use equipment already in stock, and cutting receiving tanks on the PSV to be delivered in Q1

POISED TO CONTINUE THE GROWTH

We see growth opportunities across the full service portfolio
Demand in both Europe and other GEO markets increasing
Solid waste handling business expected to grow further
Driven by operating excellence and technology improvement

Key contracts secured end-2024 and start of 2025

FOURTH QUARTER AWARDS

Call-off under the Frame agreement¹ with Equinor for solid waste (drill cuttings) handling on Statfjord B in Norway. The contract started in fourth quarter 2024. This is estimated to be a large contract

POST QUARTER AWARDS

Contract with OMV Petrom for cuttings containment and transfer equipment and related services to the Neptun Deep project in the Romanian Black Sea. The contract period is 5 years, with an initial estimated contract value of USD 10 million for an estimated duration of 18 months. Commencement is estimated in 2025
Intention for contract with Northern Ocean for drilling waste management services on Deepsea Bollsta, with expected commencement in the second half of 2025. Expected duration two years, plus five one-year optional periods. This is estimated to be a large contract
Call-off under the Frame agreement¹ with Equinor for solid waste (drill cuttings) containment and handling on the Grane field in Norway. Expected startup is first quarter 2025. This is estimated to be a large contract

STRATEGIC PARTNERSHIP WITH ESTEDAMA

Estedama is a leading environmental service provider in Saudi Arabia
The parties aim to offer a complete range of sustainable waste management services in the Kingdom
In line with Saudi's vision 2030 and its objective to achieve environmental sustainability

NORWAY					2029	2030
Rig Name	Rig Type Client		Q1 Q2 Q3 Q4	Q1 Q2 Q3	Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4	Q1 Q2 Q3	Q4
Askeladden	Jackup	Equinor
Askepott	Jackup	Equinor
Oseberg B	Platform	Equinor
Oseberg Sør	Platform	Equinor
Heidrun	Platform	Equinor
Visund	Platform	Equinor
Statfjord B	Platform Equinor
Grane	Platform	Equinor
Njord B (Call Out)	FSU	Equinor
Deepsea Stavanger	Semisub	Odfjell Drilling
COSL Promoter	Semisub	COSL Drilling
Noble Invincible	Jackup	Noble Drilling
Noble Integrator	Jackup	Noble Drilling
Deepsea Aberdeen	Semisub	Odfjell Drilling
Deepsea Atlantic	Semisub	Odfjell Drilling
Deepsea Yantai	Semisub	PGNIGICOPNO
Deepsea Bollsta	Semisub	Northern Ocean
Transocean Enabler	Semisub	Transocean
Transocean Spitsbergen Semisub		Transocean
Shelf Drilling Barsk	Jackup	Shelf Drilling

Note: Contract start, and duration is Soiltech's best estimate. Contracts normally follow the rig's contract. When change in client there may be periods without operation. Rigs may carry out Special Periodic Surveys and rig moves where there are no activity.

INTERNATIONAL
Rig Name		Rig Type Client / End client / Location / Q1 Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 Q2 / Q3 /Q4 / Q1 Q2 / Q3 /Q4 01 02/ Q3 Q4 / Q1 02/ Q3 Q4 / Q1 02/ Q3 /04/ 02/ 03/ 04
Swift 10	Jackup	Wintershall Dea	Netherlands
Mariner A		Platform Odfjell TechnologyUK
Transocean Barents Semisub OMV Petrom			Romania
Noble Resilient	Jackup	Petrogas	UK
Ocean Endeavor	Semisub Shell		UK
Noble Resolute	Jackup	Petrogas	Netherlands

FOURTH QUARTER

Revenues of 80.7 million, +39% year on year (YoY)
Adjusted EBITDA of NOK 25.8 million, +90% YoY
Adjusted EBITDA margin of 32%, up from 23% YoY
Profit before tax (adjusted)¹of NOK 15.8 million, +151% YoY
Profit before tax (adjusted) margin of 20%, up from 11% YoY

FULL-YEAR 2024

Revenues of 274 million, +20% year on year (YoY)
Adjusted EBITDA of NOK 63.3 million, +24% YoY
Adjusted EBITDA margin of 23%, up from 22% YoY
Profit before tax (adjusted)¹of NOK 27.8 million, +9% YoY
Profit before tax (adjusted) margin of 10%, down from 11% YoY

¹ Adjusting for one-off items in 2023 and 2024. Please refer to slide 11, the table below Income statement

INCOME STATEMENT	Q4 2024	Q4 2023	FY 2024	FY 2023
(NOK 1,000)
Revenues	80 659	58 011	274 020	229 279
Operating cost	(39 838)	(32 924)	(157 870)	(135 157)
Gross profit	40 821	25 087	116 150	94 122
Gross profit margin	51 %	43 %	42 %	41 %
SG&A	(14 998)	(11 517)	(52 849)	(42 925)
Adjusted EBITDA	25 823	13 569	63 301	51 197
Adjusted EBITDA margin	32 %	23 %	23 %	22 %
Adjustments*	(273)	(1 460)	1 062	(3 042)
EBITDA	25 550	12 109	64 363	48 155
Depreciation	(6 647)	(4 695)	(22 727)	(17 930)
Impairment	-	(5 050)	-	(5 050)
Other gains	-	15 000	-	15 000
Expenses related to Merger & IPO**	(289)	0	(17 838)	0
Operating profit	18 626	17 364	23 803	40 175
Operating profit margin	23 %	30 %	9 %	18 %
Net financial items	(3 361)	(2 579)	(12 800)	(7 894)
Profit before tax	15 265	14 785	11 003	32 280
Profit before tax margin	19 %	25 %	4 %	14 %

*Adjustments are non-cash cost related to share incentive scheme.

** For more details on Merger & IPO expenses see note 11 in the Q4 2024 quarterly report.

Profit before tax	15 265	14 785	11 003	32 280
Adjustments
Sorbwater reversal contingent liab.	-	-15 000	-	-15 000
Sorbwater impairment goodwill	-	5 050	-	5 050
Non-cash option cost	273	1 460	-1 062	3 042
Merger and IPO cost	289	-	17 838	-
Profit before tax (adjusted)	15 826	6 295	27 779	25 373
Profit before tax (adjusted) margin	20 %	11 %	10 %	11 %

BALANCE SHEET (NOK 1,000)	31.12.2024	31.12.2023
Total assets	433 901	350 681
Total equity	204 171	170 565
Equity ratio %	47 %	49 %

Cash flow (NOK 1,000)	YTD 2024	YTD 2023
Profit before tax	11 003	32 280
Net cashflow from operating activities	39 359	36 748
Net cashflow from investing activities	(38 993)	(64 028)
Net cashflow from financing activities	7 546	15 231
Total net cash flow	7 912	-12 049
Cash at beginning of period	26 783	38 832
Cash at end of period 31.12	34 695	26 783

NET INTEREST-BEARING DEBT

Net interest-bearing debt of NOK 159 million year-end (vs. NOK 111 million in 2023)
Increase is due to investments in new equipment for new projects
NIBD / EBITDA as of year-end 2024 is 2.7

LIQUIDITY

Cash position at year-end NOK 34.7 million
Unused portion of bank loan facility NOK 39.6 million
Available cash reserve at year-end NOK 74.3 million

Outlook

The demand for cleaner production of energy and more effective and sustainable waste management solutions continue to be the key drivers for Soiltech's growth going forward
Soiltech is well positioned to expand our market share across the full technology portfolio
We are optimistic about the market outlook as the demand for our services continues to rise, both in Norway and internationally
Our robust financial results, strong contract pipeline, and strategic partnerships position the company for further growth in 2025 and onwards

Contact: Tove Vestlie CFO / Investor Relations Email [email protected] Mobile +47 90690648

Soiltech ASA Koppholen 25, 4313 Sandnes, Norway www.soiltech.no

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