Odfjell Technology Ltd. · OSL:OTL
Odfjell Technology — Q3 2026 Earnings Presentation
18 slides from Odfjell Technology's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Quarterly Results
Odfjell Technology Investor Presentation Q3 2026 Quarterly Results 03.11.2026 03/11/2026 1
Slide 2: Important Notice
Important Notice • By reading this company presentation (the “Presentation”), or attending any meeting or presentation held in relation there to, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. • The Presentation has been prepared by Odfjell Technology Ltd
Slide 3: Agenda
• Highlights of the quarter • Market outlook • Backlog and order intake • Dividend • Financial information • Summary • Appendix 03/11/2026 3
Slide 4: Q3 2026: Earnings and cash flow
Q3 2026: Earnings and cash flow Earnings held at the new level, converted to cash, dividend resumed EBITDA of 241 mNOK, up 19% year on year. Kaseum & Razor Revenue Q3 2026 EBITDA Q3 2026 1 contributed 34 mNOK. Margin of 17.2%, above 17% for a second quarter. 1.4 bnNOK 241 mNOK 5.6 bnNOK LTM 885 mNOK
Slide 5: Stable 2026; North Sea rig count expected to rise in 2027
Stable 2026; North Sea rig count expected to rise in 2027 Priorities: selective international growth, technology, capital discipline 2026 H2 2026 → 2027+ Stable activity • Disciplined spend • Slower awards Improving fundamentals • Stronger P&A demand MARKET VIEW GROWTH & INVESTMENT North Sea: stable
Slide 6: Order backlog 11.5 bnNOK, of which 6.4 bnNOK firm
Order backlog 11.5 bnNOK, of which 6.4 bnNOK firm Lasting partnerships with major energy players provides resilience and predictability across cycles HISTORIC BACKLOG VALUES AND BACKLOG BY SEGMENT ( bnNOK ) ORDER INTAKE LAST 12 MONTHS Firm backlog Options backlog 2 0 0m . . . . . 00m . . . . . 2022
Slide 7: Operations contract overview
Operations contract overview Recent contract awards and extensions over the past year have improved revenue visibility OPERATIONS CONTRACT OVERVIEW RIG STATUS – Q3 2026 Fixed Options ontract 2026 2027 202 202 20 0 20 orway Equinor - ohan Sverdrup Equinor - isund 8 in active drilling mode Equinor - r
Slide 8: Dividend resumed at NOK 1.52 per share
Dividend resumed at NOK 1.52 per share mNO for , after two quarters paused due to aseum & Razor DIVIDEND DECLARED (mNOK) and DIVIDEND PER SHARE (NOK) Q3 2026 DIVIDEND 60 mNOK m m m . . . NOK 1.52 per share ~10% annualised dividend yield SINCE FIRST DIVIDEND IN 2023 PAUSED Invested in 625 mNOK Kaseum
Slide 9: Group financials
Group financials Revenue steady, margin held above , strong cash generation REVENUE (mNOK) EBITDA (mNOK) CASH GENERATION (mNOK) Steady activity Margin above 17% for a second quarter Positive Free cash flow Revenue stable quarter on quarter. Compared Free cash flow of 108 mNOK, up from 31 mNOK 4 Serv
Slide 10: Well Services
Well Services Strong performance with synergies supporting improvements ahead REVENUE (mNOK) EBITDA (mNOK) CAPEX SPEND (mNOK) Revenue up 29% from Q3 2025 Record EBITDA and margin expansion Capex down, reflecting continued discipline Revenue stable from Q2. Year on year up 29%, EBITDA up 6% from Q2,
Slide 11: Operations
Operations Strong operational performance and improved cross-utilisation of staff REVENUE (mNOK) EBITDA (mNOK) RIG COUNT Back to growth Margin momentum continues Stable rig base Revenue up 3% from Q2, with a stable rig base. Second consecutive quarter of margin Operating rig count up 8% year on year
Slide 12: Projects & Engineering
Projects & Engineering Normal seasonal quarter, with margin up year on year REVENUE (mNOK) EBITDA (mNOK) REVENUE BY ASSET TYPE Seasonal summer quarter Margin up year on year Production units close to half of revenue Seasonally lower activity over the summer, with Margin 4 of 8.7%, up from 6.1% a yea
Slide 13: Q3 2026 cash flow
Q3 2026 cash flow Operating cash flow of mNO and cash up mNO OPERATING CASH FLOW WORKING CAPITAL CAPEX Cash conversion +200 mNOK +38 mNOK -7 m 40% LTM Up from 139 mNOK in Q2, on EBITDA and Release vs. 55 mNOK build in Q2, on vs. -93 mNOK in Q2 vs. 25% LTM in Q2 working capital release improved colle
Slide 14: Revenue and EBITDA historical development
Revenue and EBITDA historical development REVENUE (mNOK) 0 6 0 2 0 7 7 2 27 2 22 6 EBITDA INCLUDING AND EXCLUDING RESTRUCTURING COSTS (mNOK) Reported EBITDA Adjustments for Performance Improvement Program restructuring and one-off expenses 2 2 22 22 222 2 2 2 2 2 2 20 7 20 20 20 7 70 14
Slide 15: Performance Improvement: From EBITDA to free cash flow
Performance Improvement Our improvement programme is delivering higher EBITDA, more cash and stronger free cash flow 01 02 03 EBITDA growth Cash discipline Free cash flow • Commercial improvements • Working capital management • Stronger balance sheet • Leaner cost base • Capex discipline • Capacity
Slide 16: EBITDA up 19% year on year, converting to cash
EBITDA up 19% year on year, converting to cash Margin above for a second quarter; dividend resume 1 2 3 HIGHER EARNINGS CASH CONVERSION SHAREHOLDER RETURNS 241m NOK 200m NOK NOK 1.52 EBITDA, 17.2% margin operating cash flow per share, dividend resumed Second quarter above 17%. Kaseum & Free cash flo
Slide 17: Q&A Discussion
*Sodfjell technology QGA Discussion 17
Slide 18: For further information, please contact
For further information, please contact ert Haugland, S P Finance and Investor Relations [email protected] www.odfjelltechnology.com 18