Solstad Maritime ASA

Investor Presentation • Jul 14, 2025

Q2 2025 Presentation

w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO

14 July 2025

Disclaimer

Important information

Cautionary note regarding forward-looking statements.

This presentation, prepared by Solstad Maritime ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provide any assurance as to the correctness of such forward-looking information and statements.

The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

	2Q 2025 Highlights Business update
Business update	Solstad Maritime ASA listed on Euronext Oslo Børs on 16 May 2025. Market capitalization at quarter end of USD ~1,1 billion1
Market update	The long-term demand within offshore-energy services remains positive
Utilization	 Utilization of 78% in the quarter compared to 82% same quarter last year. Planned maintenance activity in 1H25 has been extraordinary high and is the main driver for the reduced utilization AHTS: 63% in the quarter compared to 75% same quarter last year o CSV: 84% in the quarter compared to 87% same quarter last year o
Adjusted EBITDA	USD 78 million in the quarter compared to USD 77 million same quarter last year
Order intake & book-to-bill	Several new long-term contracts entered into in Brazil with commencement in Q1 2026, contributing towards a total order intake of USD 267 million in the quarter equaling a book-to-bill ratio of 1.8x
Dividend	Distributes cash dividend for Q2 2025 of USD 0.075/share, totaling USD ~35 million
3 1: NOK 23,95 per share and USDNOK 10,10.

Market Update

• The long-term demand within offshoreenergy services remains positive
• The current subsea market is characterized by a more competitive project market, with a typical contract duration of 1-6 months
• Reduced activity level in the North Sea AHTS spot/project market
• The exception is Brazil where there are several long-term opportunities for both CSVs and AHTS'
• Local presence in main regions is key to exploit market opportunities

Strengthening backlog and earning visibility

1: Normand Maximus bareboat contract included in backlog calculation, however not reported as Operating Income. Contracts are a combination of time charter and bareboat with associated Adjusted EBITDA margins 2: Includes 2x5 year bareboat option for Normand Maximus (USD 303m), i.e. not including purchase call option in Solstad Offshore 3: The estimated EBITDA margin is solely related to the current backlog

Solstad Maritime | Q2 25 Financial Highlights

Note: All figures in USD million unless otherwise indicated. Prior year figures in parentheses.

Updated 2025 financial guiding

	Updated 2025 guiding	Previous 2025 guiding
Adjusted EBITDA	USD 360 – 380m	USD 360 – 390m
Tax payable	USD 5 – 15m	USD 5 – 15m
Capex1 , of which - Maintenance - Investment	USD 95 – 125m - USD 80 – 100m - USD 15 – 25m	USD 95 – 125m - USD 80 – 100m - USD 15 – 25m
Net interest	USD 50 – 60m	USD 50 – 60m
Scheduled debt amortization	USD 131m	USD 131m

• 2025 Adjusted EBITDA guidance narrowed. Upper range reduced due to lower utilization in 1H and the effect of mobilizations for upcoming contracts in Brazil
• 2H25 Adjusted EBITDA assumed to increase compared to 1H25 due to completion of the majority of the maintenance program
• Approximately USD 130 million in Adjusted EBITDA already booked for 2H – need to book at least USD 70 million to reach guided Adjusted EBITDA level

7

1: Annual capex varies significantly between years as vessels are due for main class renewal every fifth year, hence the timing is dependent on build year. In addition, vessels undergo intermediate class renewals and other maintenance in between.

Dividend key dates

• Distributes cash dividend for Q2 2025 of USD 0.075/share, totaling USD ~35 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment
• Key dates regarding Q2 2025 dividend:
  • o Last day incl. right to dividend: 14 July 2025
  • o Ex-date: 15 July 2025
  • o Record date: 16 July 2025
  • o Distribution date: On or about 21 July 2025

Normand Sigma, Normand Sirius and Normand Flower have each been awarded a 4-year contract with Petrobras commencing in Q1 2026

Summary

A quarter influenced by extraordinary high maintenance activity

Activity remain at a high level with many prospects, but in a more competitive market

High tendering and award activity in Brazil where local presence is the key enabler

Strong order intake and increased visibility for 2025 and beyond

Continued shareholder friendly approach with a dividend of USD ~35 million declared for the quarter

Solstad Maritime | Income Statement & Adjusted EBITDA

Unaudited USDm	2025 01.04-30.06	2024 01.04-30.06	2025 01.01-30.06	2024 01.01-30.06
Charter income and
other operating income	152	139	297	259
Gain on sale of assets	0	0	0	7
Total operating income	152	140	297	266
Vessel operating expenses	(70)	(62)	(131)	(120)
Administrative expenses	(11)	(8)	(20)	(22)
Total operating expenses	(81)	(70)	(151)	(142)
Operating result before
depreciations and impairment	71	70	147	124
Depreciation	(18)	(17)	(38)	(33)
Impairment	0	10	0	10
Operating result	53	63	108	101
Income from investments in associates	(0)	0	(0)	0
Interest income	5	6	11	11
Net currency gain/-loss	5	(6)	12	33
Interest charges	(18)	(28)	(37)	(51)
Other financial expenses	0	(3)	0	(3)
Net financing	(8)	(31)	(14)	(11)
Ordinary result before taxes	45	32	94	90
Taxes on result	(1)	(3)	(3)	(1)
	0	0	0	0
NET RESULT	44	28	92	89
Adjusted EBITDA	78	77	159	129

Unaudited USDm	2025 01.04-30.06	2024 01.04-30.06	2025 1.1-30.06	2024 01.01-30.06
Total operating income	152	140	297	266
Total operating expenses	(81)	(70)	(151)	(142)
EBITDA	71	70	147	124
Leases	5	7	11	12
Restructuring cost	2	0	2	0
Net gain/loss on sale of assets	0	(0)	(0)	(7)
Result associated companies	(0)	0	(0)	0
Loss on accounts receivables	(0)	(0)	(0)	(0)
VAT	0	0	0	0
Adjusted EBITDA	78	77	159	129

Solstad Maritime | Balance sheet

Unaudited USDm	2025 30.06	2024 30.06	2024 31.12
ASSETS
Non-current assets
Deferred tax assets	53	0	52
Tangible fixed assets	1,112	1,055	1,085
Right-of-use assets	26	21	23
Investment in associates and joint ventures	5	4	4
Loan to related parties	0	10	0
Non-current receivables	164	179	172
Total non-current assets	1,360	1,268	1,337
Current Assets
Inventory	9	8	9
Accounts receivables Accounts receivables related parties	100 48	117 23	97 23
Other current receivables	42	41	33
Market based shares	4	4	3
Cash and cash equivalents	98	139	177
Total current assets	302	333	343
Assets held for sale	0	10	10
TOTAL ASSETS	1,662	1,611	1,689

Unaudited USDm	2025 30.06	2024 30.06	2024 31.12
EQUITY AND LIABILITIES
Equity
Paid-in equity	503	582	560
Other equity	309	71	222
Non-controlling interests	(4)	(3)	(3)
Total equity	808	650	779
Liabilities
Non-current provisions	1	5	1
Interest bearing liabilities	546	681	619
Leasing liabilities	23	18	18
Total non-current debt	569	703	638
Current liabilites
Current interest bearing liabilities	135	135	135
Current leasing liabilities	7	4	5
Other current liabilities	143	119	131
Total current liabilities	285	258	272
Total liabilities	854	960	910
TOTAL EQUITY AND LIABILITIES	1,662	1,611	1,689

Lease debt per 30.06.2025, USDm

Solstad Maritime | Cash Flow Statement

Unaudited	2025	2024	2024
USDm	30.06	30.06	31.12
CASH FLOW FROM OPERATIONS
Result before tax	94	90	204
Taxes payable	(0)	1	1
Depreciations, impairments
and reversal of impairments	38	23	21
Gain (-)/loss non-current assets	(0)	(6)	(8)
Interest income	(11)	(11)	(24)
Interest expense	37	51	96
Unrelaised currency gain/-loss	(17)	(31)	(28)
Change in current receivables
and payables	2	(30)	0
Change in other accruals	(26)	27	25
Net cash flow from operations	117	114	286

CASH FLOW FROM INVESTMENTS

Net cash flow from investments	(47)	(7)	(35)
Investments in other shares/ interests	(1)	(0)	(1)
Received interests	3	3	8
Proceeds sale of fixed assets (vessels)	10	22	22
Payment of periodic maintenance	(41)	(26)	(50)
Investment in tangible fixed assets	(18)	(6)	(13)

CASH FLOW FROM FINANCING

Paid-in capital	0	287	287
Payment of dividends	(58)	0	(21)
Refinancing costs	0	(12)	(13)
Paid leases	11	12	24
Paid interests	(31)	(41)	(80)
Proceeds of non-current debt	0	(10)	0
Repayment of non-current debt	(75)	(339)	(404)
Net cash flow from financing	(153)	(103)	(208)
Effect of changes in foreign exchange rates	4	0	(3)
Net change in cash	(83)	3	44
Cash at 01.01	177	136	136
Cash at balance sheet date	98	139	177

Alternative Performance Measures (APM)

Solstad Maritime ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows:

• EBITDA: Operating result before depreciation, impairment and reversal of impairment
• Adjusted EBITDA: Operating result before depreciation and impairment adjusted for Joint Ventures, Associated Companies, net gain/loss on sale of assets, IFRS 16 leases and other non-recurring items
• Adjusted EBITDA Margin: Adjusted EBITDA divided by Total operating income
• Net interest-bearing debt (NIBD): NIBD is calculated as the total interest-bearing liabilities less cash and bank deposits
• Adjusted NIBD: NIBD adjusted by excluding IFRS 16 lease obligations
• Free Cash Flow to Equity (FCFE): Free Cash Flow to Equity (FCFE) is a measure of the amount of cash that a company can return to its shareholders on the basis of net cash flow from operations, net cash flow from investments, and net cash flow from financing, where dividend are added back
• Backlog: Backlog is the total of undiscounted future revenues from contracts that the Company and the customer have mutually agreed in writing (firm/binding contracts)
• Order Intake: Order intake represents the total, undiscounted value of new orders received by the Company from its customers during a specified period
• B2B: Book-to-Bill ratio. B2B compares the value of new orders received (Order Intake) to the value of orders fulfilled (Operating Income) during the same period