Subsea 7 S A : Presentation (3q25 presentation)

Third quarter 2025 results

20 November 2025

1

© Subsea7 - 2025

subsea7.com

Third quarter 2025 - gathering pace

• Adjusted EBITDA of $407 million

  • 27% growth year-on-year

  • Margin of 22%, up ~460 bps year-on-year

• Increased profitability driven by strong project execution and continued high-grading of the backlog

• On track to exceed the upper end of guidance for full year 2025

• Strong order intake of $3.8 billion

  • Q3 book-to-bill of 2.1 times

  • 9M book-to-bill of 1.4 times

• A record backlog of $13.9 billion

photo

Búzios 8 torpedo installation

Record backlog of $13.9 billion

Subsea and Conventional Renewables

9.8

9.1

6.5

5.6

4.3

11.8

2.1

1.7

1.5

1.2

0.6

2.1

Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25

• New awards of over $3 billion in Q3

• $4.9 billion for execution in 2026

- Up 13% from the prior year

$bn

Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25

• Selective bidding since 2022

• $1.0 billion for execution in 2026

- Up 12% from the prior year

Group revenue and EBITDA

Revenue Adjusted EBITDA

1,090

315

714

407

559

245

321

201

360

$m

292

86

162

107

162

236

Q4 Q3 Q2 Q1

134

171

169

6.8

6.0

5.1

1.9

1.6

1.3

1.8

1.8

1.4

1.6

$bn

1.2

1.5

1.7

1.8

1.2

1.2

1.4

1.5

Q4 Q3 Q2 Q1

2022 2023 2024 2025 2022 2023 2024 2025

Subsea and Conventional

Revenue Adjusted EBITDA

$1.4bn

$1.5bn

$1.3bn

Q3 2023 Q3 2024 Q3 2025

$251m

$182m

14.2%

17.5%

24.3%

$368m

• Revenue $1.5 billion

  • High activity in Brazil, Türkiye and Norway

• Adjusted EBITDA $368 million

  • Up 46% from the prior year period

  • Margin 24.3%

  • Margin expansion of 680 bps

• Net operating income of $228 million

  • Up 80% from the prior year period

  • Margin 15.1%

    Q3 2023 Q3 2024 Q3 2025

    Renewables

    Revenue

    $376m

    Adjusted EBITDA

    $302m

    $269m

    Q3 2023 Q3 2024 Q3 2025

    $52m

    $31m

    11.7%

    17.1%

    16.4%

    $62m

• Revenue $0.3 billion

  • Sustained activity in UK

  • Elevated activity in Taiwan in 2024

• Adjusted EBITDA $52 million

  • Margin 17.1%

  • Margin expansion of 70 bps

• Net operating income of $21 million

  • Margin 6.9%

Q3 2023 Q3 2024 Q3 2025

Cash flow bridge

$m

407

(82)

(51)

(34)

16

546

(123)

413

Including:

• Capex $47m

• Lease payments $79m

  Equating to:

• Free cash flow $236m

• Cash conversion 0.8x

• Net debt $505m

- Including lease liabilities $421m

Cash	Adjusted	Working	Tax	Investing	Financing	Other	Cash
Jun 25	EBITDA	capital					Sept 25

2025 guidance increased

	2024	2025	2026
Revenue	$6.8 billion	$6.9 - 7.1 billion	$7.0 - 7.4 billion
Underlying administrative expense1	$297 million	$290 - 310 million
Adjusted EBITDA margin	16%	20 - 21%	~22%
Depreciation and amortisation	$623 million	~$680 million
Net finance cost	$77 million	~$50 million
Effective tax rate	41%	30 - 35%
Capital expenditure	$349 million	$300 - 320 million	$350 - 380 million

1. Excludes costs of approximately $30 million expected to be incurred in 2025 in relation to the proposed merger.

Increasing performance - 4insight® by 4Subsea

• Automated, data-driven decision making, with opportunities for reduced waiting on weather

  
  
  

• Combines real time data from vessels with advanced algorithms and AI to predict and enhance operability

  • Extends the window of operability and increases delivery performance

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  • Enhances collaboration between marine and project crews, and onshore and offshore teams

• Added 35 days of operation to Seven Vega to date in 2025.