Presentation Q1 2026

13 May 2026



P&L key figures Q1 2026 vs. Q1 2025

Balance sheet key figures Q1 2026 vs. FY 2025

MNOK

MNOK

MNOK

MNOK

185 (199)

3 045 (3 579)

3 695 (3 683)

371 (340)

in freight revenue

in total backlog incl. share

in assets

in cash

of JV

MNOK

MNOK

58 (72)

31% (36%)

881 (967)

59% (58%)

in adj. EBITDA

in adj. EBITDA margin

in NIBD

in equity ratio

Financial highlights / Q1 2026



Business update / Q1 2026

  • Equinor Energy AS extended the contract for the supply vessel Viking Avant to end of May 2026 with further options for extension.

  • Aker BP ASA extended the firm period for the supply vessel Viking

    Prince to end of May 2026.

    Subsequent events:

  • In April 2026, the Board of Directors decided a dividend payment of NOK 0.20 per share to be distributed to the shareholders, with reference to the authorisation from AGM 20 May 2025. The ex-date was 24 April 2026.

  • Management agreement for Cecon Vigor commenced in May



    Operational update / Q1 2026

    • Fleet utilisation in Q1 2026 was 93%

      • Supply utilisation was 93% during the quarter

      • Subsea/Offshore renewables utilisation was 94% during the quarter

    • One LTIs during the quarter



1 400

1 200

MNOK

3 045

Renewable backlog as share of total backlog**

Contract backlog incl. share of JV*

559

557

761

1 168

Fixed backlog from renewables projects as share of total backlog

1 000

mNOK

800 Other

63%

600

400

37%

200

Renewable backlog

0

2026 2027 2028 From 2029

Consolidated incl. share of JV's

Total fixed backlog

Renewable backlog Other

* Does not include variable contractual mechanism, 100% utilisation. Including all new contracts per 12 May 2026.

** Assumes TBN "Viking Vigor" (hull 71) and hull 76 (newbuild) to operate 50/50 in the subsea and offshore renewables space

Contract backlog / Q1 2026



87%

Contract coverage incl. JV

82%

77%

64%

64%

58%

58%

58%

58%

54%

50%

42%

83%

68%

73%

33%

33%

33%

33%

54%

50%

50%

50%

39%

33%

33%

33%

33%

25%

25%

25%

25%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030

Option Firm

Contract coverage incl. JV / Q1 2026



1

Escalating Middle East tensions have increased energy market volatility and reinforced long-term demand for offshore services and vessel capacity

2

Supply: After imbalance in Q1, the North Sea PSV market has begun to recover with improving rates and demand expected to support continued momentum through 2027 and 2028

3

Subsea/Renewables: Starting to see movement in contracting vessels from the larger EPC contractors. The renewable market remains strong and continues to absorb competitive subsea tonnage

Market update



Financial results (NOK1000)

Q1 2026*

Q1 2025*

Q4 2025*

FY2025

Freight revenue

185,2

-7 %

198,8

183,2

785,1

Total Revenue 185,2 198,8 183,2 785,1

Personnel expenses

92,1

91,8

93,0

357,7

Other operating expenses

35,4

34,8

32,6

133,6

OPEX

127,5

126,6

125,6

491,3

EBITDA

57,7

-20 %

72,2

57,6

293,8

EBITDA margin

31 %

36 %

31 %

37 %

Result from JVs and associated

-4,7

-2,0

-0,7

-3,2

Operating result

5,6

22,5

9,4

102,1

Freight revenue

198,8

-7%

185,2

Q1 2026* Q1 2025*

EBITDA

72,2

57,7

31%

36%



Pre-tax result 41,5 29,3 6,8 109,3

* Unaudited

  • Decrease in freight revenue in Q1 2026 (-7%) mainly due to low utilisation for one of our vessels operating in the spot-market

  • Personnel and operating expenses flat YoY

  • Positive currency effect impact pre-tax result

Q1 2026* Q1 2025*

Q1 2026 financial results



•

•

Supply

Revenue decreased by NOK 12.3 million mainly due to one vessel operating in weak spot market

EBITDA decreased by NOK 14.5 million, where margin decreased from 37% to 26%

  • Utilisation was 93% in Q1 2026 compared to 100% in Q1 2025



EBITDA Q1 2026 vs. Q1 2025

Revenue & EBITDA margin (incl. share of JV*)

110

108

106

104

NOK million

102

100

98

96

94

92

90

88

Supply Subsea/Renewables

50%



45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

EBITDA margin

Subsea/ Renewables

  • Decreased revenue of NOK 4.0 million due to



    planned docking on Seven Viking

  • EBITDA negatively impacted of NOK 4.9 million where margin decreased from 46% to 43%

  • Utilisation was 94% in Q1 2026 compared to 100 % in Q1 2025

Q1 2026 Q1 2025 EBITDA margin Q1 2026 EBITDA margin Q1 2025

* Consolidated Viking Reach, Seven Viking included with 50%.

Segment performance



Balance Sheet (NOK1000)

31.03.2026*

31.12.2025

Total non-current assets

3 054

3 065

Cash and cash equivalents

371

340

Other current assets 270 277

Total assets

3 695

3 683

Equity

2 177

2 136

Equity ratio

59 %

58 %

Non-current liabilites

1 123

1 178

  • Non-current assets flat from year end

  • Cash balance increased mainly due to received funding towards ammonia project

  • Strong equity ratio of 59%

  • Net interest-bearing debt of NOK 881 million, a decrease due to a positive currency effect in addition to an increase in cash balance.

  • Current NIBD/EBITDA is 2.9x**

Comments for the year

Current liabilites 396 370

Total equity and liabilites 3 695 3 683

* Unaudited

59%

58%

77%

77%

100%

80%

60%

40%

20%

0%

Q1 2026* FY2025

Equity ratio Debt ratio Vessels Cash Other assets

** Adjusted last twelve months, excluding IFRS 16

Balance sheet



500

450

400

350

NOK 1000

300

250

200

150

100

50

0

* Unaudited

95,0

- 37,8

371.1

340,5

- 26,6

Cash 31.12.2025 Operating Investing Financing Cash 31.03.2026*

Operating NOK 95.0 million

The increase compared to Q1 2025 is driven by net received funds towards ammonia project of NOK 75.0 million during the quarter, offset by periodic movement in working capital

Investing NOK -37.8 million

Investment in vessels under construction

Financing NOK -26.6 million

Payment of instalments and interests, offset by new debt related to the newbuilds

Cash flow Q1 2026





Quarter impacted by low utilisation for vessel operating in spot

1 market

2 100% technical uptime on the PSV fleet

Improved operating cost parameters and healthy

  1. balance sheet

  2. Available tonnage in an improving market

  3. Continued focus on growth and fleet renewal

Highlights summary



Contact details

CEO - Helga Cotgrove

+47 90 73 52 46

VP IR - Sindre Stovner

+47 91 78 64 31

investor.relations@eidesvik.no



Appendix



STRATEGY



THE COMPANY



16 ~450

VESSELS* EMPLOYEES

* Whereof two under construction

SEGMENTS

SUPPLY

SUBSEA OFFSHORE

RENEWABLES

Large PSV

  • Seek and evaluate vessels that fits with the

    EIOF profile for additions to the fleet

    Subsea/Offshore renewables

  • Increase IMR fleet with dual use capabilities within offshore renewable

    Key words for future projects

    PS

    V



  • Growth and fleet renewal based on longterm partnerships, positive cash flows and continued focus on emission reduction

Company overview







Energy transition fleet

Supply

Build:

2004

Build:

2003

Build:

2012

Owned:

100%

Owned:

100%

Owned:

100%

Deck m2:

1010

Deck m2:

1030

Deck m2:

1050

Viking Avant

Viking Energy

Viking Prince

NS Orla

Build: 2014

Owned: Mgmt.

Viking Wind Power

Build:

Owned: Crane:

2007

100%

100t

Viking Reach

Build:

TBN Viking Vigor*

Viking Neptun

2009

Owned:

Crane:

50.1%

70t

Build:

Owned: Crane:

2026

50.1%

150t

Build:

Owned: Crane:

2015

Mgmt. 400t

* Under construction

Subsea Viking

Seven Viking

TBN*

TBN Cecon Vigor

* Under construction

Methanol Dual Fuel

Battery Hybrid

LNG Dual Fuel



Subsea/ Renewables













Deck m2: 860

Viking Queen

Viking Lady

Viking Princess

NS Frayja

Build: 2008

Build:

2009

Build: 2013

Build:

2014

Owned: 100%

Owned:

100%

Owned: 100%

Owned:

Mgmt.

Deck m2: 1000

Deck m2:

1000

Deck m2: 1020

Deck m2:

860

Build:

1999

Build:

2013

Build:

2027

Build:

2026

Owned:

100%

Owned:

50%

Owned:

33.4%

Owned:

Mgmt.

Crane:

100t

Crane:

135t

Crane:

150t

Crane:

70t





Vessel

Seven Viking Viking Reach Subsea Viking Viking Wind Power

TBN I "Viking Vigor" TBN II

Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant

Q1 2026 Q2 2026

Q3 2026

Q4 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Q1 2028

Q2 2028

Q3 2028

Q4 2028

Q1 2029

Firm

Options Under construction

Contract status



120

90

97

97

97

29

200

Million NOK

100

0

2026 2027 2028 2029 After 2029

Instalments Balloons

In addition, Eidesvik Agalas AS has drawn EUR 40.7 million on its construction loan per Q1 2026, and Eidesvik Agalas Reach AS has drawn EUR

20.0 million on its construction loan per Q1 2026. These loans are not included in the diagram above.

Debt maturity profile 31 March 2026



Adj. Revenue (NOKm)** 699 759 785 185

EBITDA (NOKm) 334 304 294 58

EBITDA margin 43 % 39 % 37 % 31 %

Adj. EBITDA (NOKm)** 261 288 294 58

Adj. EBITDA margin** 37 % 38 % 37 % 31 %

350,0

Adj. EBITDA (NOK million)

FY2023

FY2024

FY 2025

YTD 2026*

Utilization

94 %

96 %

97 %

93 %

Revenue (NOKm)

772

775

785

185

300,0

250,0

200,0

EBIT

577

124

102

6

Adj. EBIT**

95

109

102

6

Equity Ratio

59 %

62 %

58 %

59 %

GIBD (NOKm)

876

894

1 312

1 252

150,0

100,0

50,0

Adjusted EBITDA

37% 38% 37%

261

210

294

288

33%

31%

58

40%

35%

Adj. EBITDA margin

30%

25%

20%

15%

10%

5%

LTV***

0,40

0,37

0,26

0,24

0,0

0%

NIBD/adj. EBITDA****

1,4x

1,5x

3,1x

2,9x

FY2022

FY2023

FY2024

FY2025

YTD 2026

* Unaudited ** Adjusted for gain on sale, other income and reversal of impairments. *** LTV YTD 2026 is based on broker values per 31.12.2025, excl. newbuilds and debt related to newbuilds. **** Adjusted last twelve months, excluding IFRS 16

NIBD/adj. EBITDA

3,1x 2,9x

2,5x

1,4x

1,5x

  • Q1 2026 impacted by reduced utilisation as one of our vessels operated

    in the spot-market

  • Healthy key metrics

FY2022 FY2023 FY2024 FY 2025 YTD 2026

Financial development



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Eidesvik Offshore ASA published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 08:17 UTC.