Soiltech

Investor Presentation • Aug 28, 2025

Second-quarter 2025 Presentation 28 August 2025

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

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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.

1 HIGHLIGHTS

Company overall strategy ² Operational review

3 Financial review

ANOTHER QUARTER WITH RECORD PERFORMANCE

HISTORICALLY STRONG QUARTER

• Q2 revenues of 112 million
• Q2 EBITDA adj. of NOK 26 million
• Q2 profit before tax of NOK 12 million

EXCELLENT PERFORMANCE BY THE SOILTECH TEAM

• Exceptional sequential growth
  • o Revenues 30%
  • o EBITDA adj. 44%
  • o Profit before tax 71%
• High activity puts an extra toll on the field personnel high operating cost in quarter. These costs are expected to go down in the next quarters
• Demonstrated scale effects in onshore support team keeping SG&A cost flat

SUCCESSFUL REFINANCING

• Refinancing and expansion of bank facilities at attractive terms
• Enabling investments to be made ahead of time
• Taking advantage of market opportunities
• Strategic investments in technologies and field personnel

OPERATIONAL HIGHLIGHTS

VERY HIGH ACTIVITY IN THE QUARTER

• Operations well underway on Transocean Barents and Deepsea Bollsta
• Commercial uptime 100% across all projects
• Fluid treatment accounting for 50% of the revenue
• Solid waste management business continues to grow with a 44% share
• Norway accounted for 80% of revenue; international 20%
• International activities expected to increase

SOILTECH SMARTTRANSFER CONCEPT CONTINUES TO GAIN TRACTION

• Waste management solutions tailored to each specific project
• Automation and digitalisation of the waste handling
• Enabling increased drilling speed, safer operations and reduced operating cost

CONTRACT STATUS NORWAY

SOILTECH
		FOR A GREENER FUTURE

NORWAY			2025 2026								2027				2028		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	PGNIG/COPNO
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		2025			2026			2027				2028			2029				2030
Rig Name	Rig Type	Client	Location	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3 Q4	Q1	Q2	Q3	Q4	Q1	Q2 Q3	Q4
Swift 10	Jackup	Wintershall Dea	Netherlands
Mariner A	Platform	Odfjell Technology UK
Transocean Barents	Semisub	OMV Petrom	Romania
Noble Resilient	Jackup	Petrogas	UK
Noble Resolute	Jackup	Petrogas	Netherlands

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.

Source: Company

1 Highlights

3 FINANCIAL REVIEW

Business plan 2025-2026 4 Outlook

SECOND QUARTER 2025

• Revenues of 112 million, +61% year on year (YoY)
• EBITDA adj. of NOK 26 million, +87% YoY
• EBITDA adj. margin of 24%, up from 20% YoY
• Profit before tax of NOK 12 million, +348% YoY

HALF-YEAR 2025

• Revenues of 198 million, +57% year on year (YoY)
• EBITDA adj. of NOK 45 million, +86% YoY
• EBITDA adj. margin of 23%, up from 19% YoY
• Profit before tax of NOK 19 million, +226% YoY

2025 LTM – Rolling Revenue and EBITDA adj. for the last twelve months

INCOME STATEMENT

(MNOK)	Q225	%	Q224	%	YTD25	%	YTD24	%
Revenues	112		70		198		126
Operating cost	70		43		123		78
Gross profit	42	38 %	26	38 %	75	38 %	48	38 %
SG&A	16		12		31		24
EBITDA adj.	26	24 %	14	20 %	45	23 %	24	19 %
Adjustments*	-2		1		-2		1
EBITDA	25		16		42		25
Depreciation	8		5		15		10
Merger & IPO expenses	-		4		-		4
Operating profit	17	15 %	7	10 %	28	14 %	12	9 %
Net financial items	5		4		9		6
Profit before tax	12	11 %	3	4 %	19	10 %	6	5 %

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

BALANCE SHEET

(MNOK)	30 Jun25	30 Jun24
Total assets	554	412
Current liabilities	121	79
Non-current liabilities	207	157
Total equity	226	176
Equity ratio %	41 %	43 %
FINANCIAL METRICS

(MNOK)	Q225	YTD25
Earnings per share (EPS)	1.18	1.84
Return on capital employed (ROCE)	-	15 %
NIBD/EBITDA (12 month rolling)		2.6

ROCE = (Operating profit + Adjustments + Merger & IPO expenses) last 12 months / (Total assets – Current liabilities), average last 12 months

EPS = Profit after tax / weighted average number of shares in the period

CASHFLOW

(MNOK)	30 Jun25	30 Jun24
Profit before tax	12	3
Net cashflow from operating activities	39	7
Net cashflow from investing activities	-28	-28
Net cashflow from financing activities	-11	19
Total net cash flow	0	-1
Cash at beginning of period	35	27
Cash at end of period	35	25

REFINANCING OF DEBT FACILITIES – TERMS & CONDITIONS

Facility	Amount (MNOK)	Margin	Duration	Purpose
			3 years,
			10-year repayment	Refinancing of
A - Term loan	108	3m nibor+1.80%	profile	existing debt
			3 years,
			10-year repayment	New
B - Investment loan	150	3m nibor+1.80%	profile	investments
				Working
				capital
C - Overdraft facility	30	3m nibor+1.80%	Annual renewal	financing
			7 years/ Extended	Ongoing
D - Leasing facility	123	3m nibor+2.25%	by 3 years	leasing
Total facilities MNOK	411
Whereof unused MNOK	180

Main covenants: NIBD/EBITDA >3.75, Equity ratio min. 30%

OUTLOOK

• The sequential growth of 30% in revenues demonstrates the underlying strength of Soiltech's business model
• Activity levels are expected to be high also in the second half of 2025, although at a somewhat lower level than Q2, primarily due to transition between contracts
• Importantly, demand drivers remain intact, and the outlook for 2026 and beyond is highly positive
• The Norwegian market remains robust with strong demand for our solutions
• International, the demand for cost-effective, sustainable waste management solutions is growing, driven by tighter regulations and client priorities
• We will focus on targeted growth in selected GEO markets

Contact: Tove Vestlie CFO / Investor Relations Email tove.vestlie@soiltech.no Mobile +47 90690648

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

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