Abl Group Asa · OSL:ABL

Abl Group Asa — Aqualis — Q3 2026 Earnings Presentation

41 slides from Abl Group Asa's earnings presentation, Oct 29, 2026

Slide 2: Operations, Financials, Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2026 Aqualis
Slide 3: Disclaimer
Disclaimer ▪ This Presentation has been produced by Aqualis ASA (the “Company” or “Aqualis”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has n
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights 90.8 • Revenue of USD 83.8m (Q2 2026: USD 90.8m) 87.8 83.8 • Revenue reduction primarily driven by AGR Revenue • Increased revenue in OWC and Longitude (USDm) Q3 25 Q2 26 Q3 26 • Adjusted EBIT of USD 5.0m (Q2 2026: USD 5.3m) 5.3 5.0 • Adj EBIT margin of 5.9%, up from 4.2% in Q3 20
Slide 5: Aqualis – a global consultancy group in energy and oceans
Aqualis – a global consultancy group in energy and oceans Revenue and Group adjusted EBIT, USDm1 354 351 310 251 151 168 18.8 15.3 16.3 77 12.5 13.5 55 9.6 4.8 1.3 2019 2020 2021 2022 2023 2024 2025 LTM Revenue Adj. EBIT LTM revenue by market LTM revenue by segment LTM EBIT by segment3 Longitude, Lo
Slide 6: The AQUALIS family
The AQUALIS family AQUALIS ASA – a global group of specialist technical consultancies, delivering marine, engineering and technical services that drive safety, sustainability and efficiency in energy and oceans. Leading marine consultancy, loss Specialists in drilling, wells and A specialist renewab
Slide 7: Selected projects won or executed during the quarter
Selected projects won or executed during the quarter • MWS on World’s Heaviest • Denmark’s Ruby CO2 • Technical & Environmental • Process Safety & Risk Single-Lift Offshore Op. Onshore Storage DD Supporting Cadeler’s Engineering on FPSO • Country: Norway • Country: Denmark Acquisition of Menck Repla
Slide 8: Investing in growth and productivity improvements
Investing in growth and productivity improvements • Aqualis allocating capital to Group Investment Programmes aimed at: EBIT ex Group Investment Programmes1 • Materially improving productivity • Developing new products and services 1.1 6.1 • Expanding existing business to new sectors or geographies
Slide 9: 1. Operations 2. Financials 3. Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2026 Aqualis
Slide 10: Revenue and adjusted EBIT bridge
Revenue and adjusted EBIT bridge Revenue bridge Q2’26 to Q3’26 Adj. EBIT bridge Q2’26 to Q3’26 Comments • Revenue down from Q2, primarily 90.8 driven by AGR 0.4 ( 1.5) • Improved profitability at segment 0.3 0.0 5.3 level driven by AGR and OWC 5.0 0.9 0.2 83.8 -0.2 -0.8 1.0 • Corporate cost increase
Slide 11: Segment snapshot: ABL
Segment snapshot: ABL Key financials, USDm Comments 40.6 7.6 7.7 • The business continues to perform well in seasonally 37.7 37.2 39.0 7.5 37.1 weaker quarter 6.8 6.5 • Adj. EBIT margin of 19.2%, in line from 19.0% in Q2 2026 20.2 % 19.0 % 19.2 % 18.4 % • Strong performance in Europe and Middle East
Slide 12: Segment snapshot: AGR
Segment snapshot: AGR Key financials, USDm Comments 2.2 • Still some softening of the Norwegian market resulting in 36.2 38.8 33.2 37.2 1.7 1.7 a decline in vessel revenues and resourcing businesses 29.5 1.4 5.8 % 5.6 % 1.2 • Vessel revenues declined to near-zero in Q3 2026, from USD 4.6 % 3.5m in Q
Slide 13: Segment snapshot: OWC
Segment snapshot: OWC Key financials, USDm Comments 8.6 0.8 • Improved performance in Q3 2026 with revenue up 15% 7.9 7.3 7.1 6.9 0.5 10.2 % from last quarter 0.4 5.6 % 0.2 • Adj. EBIT margin of 10.2% in Q3 2026, increased from 5.8 % 2.2 % 5.8% in Q2 2026 reflecting -2.4 % • Improved utilisation of
Slide 14: Segment snapshot: Longitude
Segment snapshot: Longitude Key financials, USDm Comments 7.3 • Revenue has increased from Q2 2026 to Q3 2026 by 6.4 1.2 1.2 5.3 5.9 5.3 14% 0.9 16.2 % 19.2 % 14.5 % • Adj. EBIT flat with a slightly lower margin due to decrease 0.5 in average utilisation from 66% Q2 2026 to 63% Q3 2026 8.6 % 0.1 1.8
Slide 15: Abbreviated Financials: Income Statement
Abbreviated Financials: Income Statement USD million • Reduction in revenue (-8% QoQ) accompanied with a Abbreviated income statement Q2 26 Q3 26 reduction in operating cost (-8% QoQ) Total revenue 90.8 83.8 • Net FX gain is primarily revaluation of instruments, including Operating costs (84.5) (77.
Slide 16: Abbreviated Financials: Cash Flow
Abbreviated Financials: Cash Flow USD million • USD 2.1m increase in cash flow from operations but net Abbreviated cash flow Q2 26 Q3 26 working capital yet to unwind: Profit before taxes 1.9 5.2 • Negative cash flow from changes in working capital of USD 0.2m Non-cash adjustments 1.9 1.9 during qua
Slide 17: Abbreviated Financials: Balance Sheet
Abbreviated Financials: Balance Sheet USD million • Net debt1 increased to USD 21.7m Abbreviated balance sheet Q2 26 Q3 26 • Working capital remained flat at USD 45.6m maintaining high YTD levels: • Softer Norwegian market impacting AGR revenues Cash and cash equivalents 8.7 10.8 • AGR runs on a zer
Slide 18: Declaring semi-annual dividend of NOK 0.45 per share
Declaring semi-annual dividend of NOK 0.45 per to be paid in November Paid and proposed dividends • Continued focus on returning cash to shareholders 2.3x • Declaring dividend of NOK 0.45 per share, corresponding to USD 6.4 0.45 0.45 0.45 0.45 million 0.40 0.40 0.35 0.35 0.30 0.30 ▪ The dividend was
Slide 19: 1. Operations 2. Financials 3. Market outlook
1. Operations Hege Norheim, CEO 2. Financials Stuart Jackson, CFO 3. Market outlook Hege Norheim, CEO © 2026 Aqualis
Slide 20: Oil & Gas: Flat offshore trajectory amid Middle East conflict
OIL & GAS Flat offshore trajectory – uncertainty prevails amid Middle East conflict E&P capex growth Rigs under contract Comments 40% 400 220 • MWS Services • MWS sees activity peaks 2–3 years after FID, hence current and expected 30% 380 200 activity remains strong despite flatter near-term E&P cap
Slide 21: Offshore Wind market: selective progress amid cost and delivery pressures
RENEWABLES Offshore Wind market: selective progress amid continuing cost and delivery pressures Offshore wind projects by installation year (GW)1 Comments OWC’s main market: • Offshore renewables (offshore wind) 2022 report 3-5 years before installation • The market has stabilised. Offshore wind is
Slide 22: Robust demand base as global trade continues to increase
MARITIME Robust demand base as global trade continues to increase Comments World fleet growth, in dwt and world GDP, % • Stable underlying drivers 12.0 • The long-term driver of Aqualis maritime activities is the size of the global shipping 10.0 fleet • The global shipping fleet has grown by 3.3% an
Slide 23: Summary and outlook
Summary and outlook • Improved profitability with highest EBIT margin since 2023 • Continued strong delivery from ABL • Increased EBIT in AGR, despite reduced revenue in resourcing and marine operations • Continued improvement in OWC and Longitude • Semi-annual dividend of NOK 0.45 per share declare
Slide 25: In 2025, Aqualis…
In 2025, Aqualis… In 2025, Aqualis… In 2025, Aqualis… ...carried out ...received ...worked on 1,300+ 2,600+ 890+ rig moves maritime instructions, incl. wind, solar and battery projects with a potential 1600+ 1,300+ capacity of MWS projects loss management 890+ 272+ GW 950+ vessel surveys/audits* mar
Slide 26: Revenue base increased 10x since 2018
Revenue base increased 10x since 2018 Revenue development, Aqualis (USDm) Key acquisitions • 2014: OWC 354 351 • 2019: Braemar Technical Services (BTS), forming 310 AqualisBraemar • 2020: LOC Group, forming ABL 251 Group (now Aqualis) • 2021: East Point Geo, OSD-IMT 168 • 2022: Add Energy 151 • 2023
Slide 27: Billing ratio development
Billing ratio development Billing ratio1,2 – Technical staff Comments • Reduced in utilisation from Q2 80% 2026 but in line with historical 80% 78% 78% 78% 78% range 76% 76% 74% • Freelancers are ~100% utilisation 71% by definition 71% 68% 69% 69% 68% 66% 64% 65% Billing ratio - Own staff Billing ra
Slide 28: Pro-forma combined financials (simplified)
Pro-forma combined financials (simplified) USD millions Revenue Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q/Q growth Y/Y growth ABL Group, as reported 87.8 88.7 82.4 90.8 83.8 -7.8% -4.5% Synergen, revenue (consolidated 3Q26) 1.1 1.6 1.1 1.1 - Pro-forma combined (simplified) 88.9 90.3 83.4 91.9 83.8 -8.9% -5.7%
Slide 29: Abbreviated segment revenues and EBIT
Abbreviated segment revenues and EBIT USD million Revenues Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ABL 37.7 37.1 37.2 40.6 39.0 OWC 8.6 7.3 7.1 6.9 7.9 Longitude 5.3 5.9 5.3 6.4 7.3 AGR 36.2 38.8 33.2 37.2 29.5 Eliminations (0.1) (0.3) (0.3) (0.1) 0.1 Group revenues 87.8 88.7 82.4 90.8 83.8 Adjusted EBIT Q3 2
Slide 30: Segment revenues and adjusted EBIT margin – Last 3 years
Segment revenues and adjusted EBIT margin – Last 3 years ABL, USDm AGR, USDm 40.6 39.0 43.5 36.3 36.2 38.3 37.7 37.1 37.2 35.9 34.5 35.6 34.9 34.0 39.8 38.8 38.8 34.8 36.2 37.2 33.2 21.9% 20.5% 29.5 20.2% 17.8% 18.0% 17.4% 17.2% 18.4% 17.5% 19.0% 19.2% 21.8 15.5% 16.7% 21.4 21.2 21.0 6.7% 6.1% 5.8%
Slide 31: General (1/2)
General (1/2) Basis of preparations Alternative Performance Measures (APMs) This presentation provides consolidated The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures (“APMs”) financial highlights for the quarter of the that came into force on
Slide 32: General (2/2)
General (2/2) Alternative Performance Measures (APMs) continued Return on equity (ROE) ROE is calculated as the adjusted profit for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit is annualised for interim period reporting.
Slide 33: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Restructuring and integration costs 25 1,688 2,116 724 61 (16) Transaction costs related to M&A 21 50 236 25 29 21 Acquisition costs classified as employment costs under IFRS 3 98 473 1,414 192 297 197 Total
Slide 34: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Operating profit (loss) (EBIT) 2,977 (4,168) 3,117 1,598 4,434 4,324 Depreciation, amortisation and impairment 1,873 6,677 11,882 1,896 1,861 1,830 EBITDA 4,850 2,509 14,999 3,494 6,295 6,154 Total adjustme
Slide 35: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Cash and cash equivalents 15,320 14,583 14,583 12,130 8,697 10,801 Less: Interest bearing bank borrowings 17,904 20,001 20,001 24,163 29,050 32,532 Net Cash (Debt) (2,584) (5,418) (5,418) (12,033) (20,353) (21,731) USD t
Slide 36: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Revenue 87,758 88,706 354,358 82,361 90,834 83,783 Staff costs (43,561) (42,208) (170,081) (42,340) (43,322) (39,914) Other operating expenses (39,347) (43,989) (169,278) (36,527) (41,217
Slide 37: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated Cashflow Statement Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Profit (loss) before income tax 6,884 (6,450) (1,485) 2,151 1,884 5,158 Non-cash adjustment to reconcile profit before tax to cash flow: Depreciation, amortisation and impairment 1,8
Slide 38: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Goodwill and intangible assets 71,494 64,967 65,946 65,732 67,295 Property, plant and equipment 12,338 11,896 11,453 10,745 10,710 Investment in associates 40 39 40 40 41 Deferred tax
Slide 39: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 ABL 35,582 34,874 142,911 33,999 38,268 37,747 37,084 147,098 37,172 40,557 39,034 OWC 7,980 8,318 34,220 8,143 9,343 8,639 7,292 33,417 7,058 6,864 7,913 Longitude 3,183 3
Slide 40: Top 20 shareholders
Top 20 shareholders # Name of shareholder No. of shares % ownership 1 GROSS MANAGEMENT AS 15 579 351 11.7% 2 HOLMEN SPESIALFOND 12 102 348 9.1% 3 DNB MARKETS AKSJEHANDEL/-ANALYSE 7 638 059 5.7% 4 BJØRN STRAY 6 524 743 4.9% 5 RGA ENERGY HOLDINGS AS 6 055 556 4.5% 6 VERDIPAPIRFONDET HOLBERG NORGE 6 00

Aqualis — Q3 2026 Earnings Presentation on 6ix

Abl Group Asa — Aqualis — Q3 2026 Earnings Presentation

Slide 1: 2026 Q3 Results

Slide 2: Operations, Financials, Market outlook

Slide 3: Disclaimer

Slide 4: Q3 2026 Highlights

Slide 5: Aqualis – a global consultancy group in energy and oceans

Slide 6: The AQUALIS family

Slide 7: Selected projects won or executed during the quarter

Slide 8: Investing in growth and productivity improvements

Slide 9: 1. Operations 2. Financials 3. Market outlook

Slide 10: Revenue and adjusted EBIT bridge

Slide 11: Segment snapshot: ABL

Slide 12: Segment snapshot: AGR

Slide 13: Segment snapshot: OWC

Slide 14: Segment snapshot: Longitude

Slide 15: Abbreviated Financials: Income Statement

Slide 16: Abbreviated Financials: Cash Flow

Slide 17: Abbreviated Financials: Balance Sheet

Slide 18: Declaring semi-annual dividend of NOK 0.45 per share

Slide 19: 1. Operations 2. Financials 3. Market outlook

Slide 20: Oil & Gas: Flat offshore trajectory amid Middle East conflict

Slide 21: Offshore Wind market: selective progress amid cost and delivery pressures

Slide 22: Robust demand base as global trade continues to increase

Slide 23: Summary and outlook

Slide 24: Appendix

Slide 25: In 2025, Aqualis…

Slide 26: Revenue base increased 10x since 2018

Slide 27: Billing ratio development

Slide 28: Pro-forma combined financials (simplified)

Slide 29: Abbreviated segment revenues and EBIT

Slide 30: Segment revenues and adjusted EBIT margin – Last 3 years

Slide 31: General (1/2)

Slide 32: General (2/2)

Slide 33: Adjustment items

Slide 34: APMs and Key Figures

Slide 35: APMs and Key Figures

Slide 36: Consolidated Statement of Income

Slide 37: Consolidated Statement of Cash Flow

Slide 38: Consolidated Statement of Financial Position

Slide 39: Revenues and EBIT - split per segments

Slide 40: Top 20 shareholders

Slide 41: aqualis-group.com