Solstad Maritime ASA

Investor Presentation • Oct 30, 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.

Q3 2025 Highlights | Business update

Business update

Mainly due to lower fleet utilization than expected in 2H 2025, the Company issued a trading update on 9 October 2025 adjusting the full-year 2025 Adjusted EBITDA guidance to approximately USD 290 million

Market update The long-term demand within offshore-energy services remains positive with several longer-term and project opportunities, however we experience the short-term demand side to be lower than previously expected

Utilization

• Utilization of 80% in the quarter compared to 89% same quarter last year
• o AHTS: 76% in the quarter compared to 83% same quarter last year
• o CSV: 81% in the quarter compared to 93% same quarter last year

Adjusted EBITDA

USD 69 million in the quarter compared to USD 91 million same quarter last year

Order intake & book-to-bill

Several contract extensions and new contracts entered into, contributing towards a total order intake of USD 180 million in the quarter equaling a book-to-bill ratio of 1.2x

Dividend

Distributes cash dividend for Q3 2025 of USD 0.032/share, totaling USD ~15 million

Market Update

• The long-term demand within offshoreenergy services remains positive
• Globally, the offshore energy activity remains at a stable level. In 2025, reduced activity in the North Sea has resulted in lower activity for the CSV and AHTS fleet
• Brazil continue to offer long-term and project opportunities for both the CSV and AHTS segments
• The recent oil price development represent a source of uncertainty going forward

Strengthening backlog and earning visibility

Firm backlog per year

FRITDA OPFX USDm 332 350 300 250 227 184 200 150 115 107 100 50 2025 2026 2027 2028 2029 -->

• Firm backlog¹: USD 964 millon
• Backlog incl. options²: USD 1.693 million
• Current³ backlog has an average EBITDA margin of ~75%, i.e. USD ~720 million of USD 964 million is EBITDA

Firm-/option days per year

• Tender activity remains positive
• ~9% of fleet capacity categorized as AHTS spot/project fleet from 2026

Backlog, order intake and book-to-bill

Order intake reflecting a book-to-bill of 1.2x in the quarter and 1.3x YTD

• 1: Normand Maximus bareboat contract included in backlog calculation, however not reported as Operating Income. 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. Contracts are a combination of time charter and bareboat with associated Adjusted EBITDA margins
• 4: Includes days assumed spent mobilizaing and preparing for upcoming Petrobras contracts. Firm days and backlog is otherwise not adjusted for potential downtime related to drydockings

Solstad Maritime | Q3 25 Financial Highlights

Updated 2025 financial guiding

Updated 2025 guiding Previous 2025 guiding
Adjusted EBITDA1	Approximately USD 290m	USD 360 – 380m
Tax payable	USD 5 – 15m	USD 5 – 15m
Capex2 , of which - Maintenance - Investment	USD 115 – 125m - USD 95 – 100m - USD 20 – 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

Dividend key dates

• Distributes cash dividend for Q3 2025 of USD 0.032/share, totaling USD ~15 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment
• Key dates regarding Q3 2025 dividend:
• o Last day incl. right to dividend: 7 November 2025
• o Ex-date: 10 November 2025
• o Record date: 11 November 2025
• o Distribution date: On or about 13 November 2025

Summary

A quarter influenced by lower utilization for both the CSV and AHTS fleet

Tendering activity for 2026 and onwards remains high and indicates several long-term opportunities for the CSV fleet

Strong order intake of USD 180 million and increased visibility for 2026 and beyond

Continued shareholder friendly approach with a dividend of USD ~15 million declared for the quarter

The recent oil price development represent a source of uncertainty going forward1

Solstad Maritime | Income Statement & Adjusted EBITDA

Unaudited	2025	2024	2025	2024
USDm	01 07-30 09	01 07-30 09	01 01-30 09	01 01-30 09
Charter income and
other operating income	145	152	442	412
Gain of on sale assets	0	0	0	7
Total operating income	145	152	442	419
Vessel operating expenses	(76)	(60)	(208)	(180)
Administrative expenses	(8)	(8)	(27)	(31)
Total operating expenses	(84)	(68)	(235)	(210)
Operating before result depreciations
and impairment	6 1	8 4	207	209
Depreciation	(17)	(18)	(56)	(50)
Impairment and reversal of impairment	0	0	0	10
Operating result	4 3	6 7	152	168
Income from investments in associates	0	0	(0)	0
Interest income	4	5	15	16
currency gain/-loss Net	(2)	1	10	34
Interest charges	(16)	(23)	(53)	(75)
Other financial expenses	0	(0)	0	(3)
Net financing	(14)	(17)	(28)	(28)
before Result taxes	2 9	5 0	124	140
Taxes on result	2	(2)	(0)	(3)
Net Result	3 2	4 8	124	137
Adjusted EBITDA	6 9	9 1	229	220

Unaudited USDm	2025 01.07-30.09	2024 01.07-30.09	2025 1.1-30.09	2024 01.01-30.09
EBITDA	6 1	8 4	207	209
Adjustments:
Leases	5	6	16	18
Restructuring costs	0	0	2	1
Net gain/loss on sale of assets	0	0	(0)	(7)
Loss on accounts receivables	3	(0)	3	(0)
Result from Associates	0	0	(0)	0
Adjusted EBITDA	6 9	9 1	229	220

Solstad Maritime | Balance sheet

Unaudited	2025	2024	2024
USDm	30 09	30 09	31 12
ASSETS
Non-current assets
Deferred tax asset	53	0	52
fixed Tangible assets	1 131 ,	1 048 ,	1 085 ,
Right-of-use assets	25	20	23
Investment in associates	5	5	4
Loan related parties to	0	10	0
Non-current receivables	161	175	172
Total non-current assets	1 374 ,	1 258 ,	1 337 ,
Current Assets
Inventory	8	9	9
Accounts receivables	88	98	97
Accounts receivables related parties	35	25	23
Other current receivables	31	34	33
Market based shares	4	4	3
Deposits , cash , etc	124	214	177
Total current assets	290	383	343
Assets held for sale	0	10	10
TOTAL ASSETS	1 665 ,	1 652 ,	1 689 ,

Unaudited	2025	2024	2024
USDm	30 09	30 09	31 12
EQUITY AND LIABILITIES
Equity
Paid-in equity	468	582	560
Other equity	340	116	222
Non-controlling interests	(4)	(3)	(3)
Total equity	804	696	779
Liabilities
Non-current provisions	1	4	1
Debt credit institutions to	547	671	619
Leasing liabilities	21	17	18
Total non-current debt	569	693	638
Current liabilites
Current portion of debt non-current	149	146	135
Current leasing liabilities	7	4	5
Other liabilities current	136	113	131
Total liabilities current	291	263	272
Total liabilities	861	956	910
TOTAL EQUITY AND LIABILITIES	1 665 ,	1 652 ,	1 689 ,

Lease debt per 30.09.2025, USDm

Solstad Maritime | Cash Flow Statement

Unaudited	2025	2024	2024
USDm	30.09	30.09	31.12
CASH FLOW FROM OPERATIONS
before Result tax	124	140	204
Taxes payable	(2)	1	1
Ordinary depreciation and write downs	56	41	21
Gain (-)/ loss long-term assets	(0)	(9)	(8)
Interest income	(15)	(16)	(24)
Interest expense	53	75	96
Unrelaised currency gain/-loss	(16)	(33)	(28)
Change in receivables and payables current	37	(20)	0
Change in other accruals	(27)	37	25
Net cash flow from operations	209	215	286
CASH FLOW FROM INVESTMENTS
Investment in tangible fixed assets	(32)	(9)	(13)
Payment of periodic maintenance	(63)	(36)	(50)
of fixed (vessels) Proceeds sale assets	10	22	22
of Payment non-current receivables	0	0	0
Received interests	3	4	8
Investments in other shares/ interests	(1)	(1)	(1)
Net cash flow from investments	(84)	(20)	(35)
CASH FLOW FROM FINANCING
Paid-in capital	0	287	287
Payment of dividends	(92)	0	(21)
Refinancing costs	0	(12)	(13)
Paid leases	16	18	24
Paid interests	(31)	(61)	(80)
Proceeds of debt non-current	0	(10)	0
Repayment of debt non-current	(75)	(339)	(404)
Net cash flow from financing	(182)	(117)	(208)
Effect of foreign changes in exchange rates	4	0	(3)
Net change in cash	(57)	78	44
Cash at 01.01	177	136	136
Cash balance sheet date at	124	214	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 dividends 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