Good morning, and welcome to Reach Subsea's second quarter 2026 webcast. Our report and presentation were released this morning, and I am Jostein Alendal, CEO, and joined by our CFO Arne Joa.

The second quarter has been good, with higher operational activity and continued progress in the development of Reach Remote. We delivered strong operational performance while continuing to build the foundation for future growth.

Arne will take you through the financial details in a bit, and later in the presentation, I will discuss both our outlook and the progress of Reach Remote and the carve-out process. Please submit questions via the webcast player, and we will address them in the Q&A session after the presentation.

The second quarter was marked by high activity levels and solid operational execution across the business. Compared to first quarter, operational activity and project delivery increased significantly.

The increase in margins is reflecting our focus on efficiency, execution, and value creation through well-delivered lump-sum and technology-enabled contracts. While we would prefer a more balanced activity level between quarters, the reality is that project timing this year has resulted in a more uneven distribution.

Reach Remote achieved further operational milestones and continued commercial deployment with existing and new clients. We have now built a significant operational track record across Reach Remote 1 and 2, providing valuable experience and validation of the operating model.

Reach Remote has matured into a proven and scalable business platform with proprietary technology supported by expanding client adoption. During the quarter, the carve-out project was formally launched, with legal, financial, and strategic advisors engaged.

The process is progressing according to plan and continues to attract strong interest from a broad range of industry parties. With that backdrop, let's look at how Reach is positioned for both near-term opportunities and long-term growth.

Before going into the fleet development and Reach Remote, it is worth taking a step back to look at what Reach Subsea actually do. At our core, we provide subsea services throughout the entire life cycle of offshore assets and infrastructures.

We support our clients from early concept and design, through installation, inspection, maintenance, and repair, and ultimately decommissioning. Our capabilities span traditional subsea services, survey, and monitoring, combining offshore execution with technology and data-driven solutions.

While oil and gas remains an important market, we also support offshore wind, offshore cables, and other emerging ocean industries. What differentiate Reach is our ability to combine engineering, expertise, offshore operations, and technology to deliver efficient solutions across multiple sectors.

This operational foundation has also been the basis for the development of Reach Remote, which has been built from real project experience and client needs. With that context, let's look at how we are developing the fleet to support both today's operations and tomorrow's opportunities.

Looking at our fleet towards 2030, we continue to maintain a combination of owned assets and charter arrangements that provides both visibility and flexibility. Subsequent to the quarter, we announced the sale of Viking Reach, supporting our ambition to build a younger, more efficient, and future-oriented fleet.

At the same time, Viking Vigor, the newbuild 76, and future Reach Remote vessels will provide additional capacity, capability, and strategic options as we continue to evolve the fleet. Over the coming months, several important fleet decisions will need to be made as new assets enter service and existing charter commitments mature.

This gives us the flexibility to either expand capacity where market opportunities support growth or renew the fleet through the introduction of more modern and capable vessels. These decisions will be guided by market development, utilization levels, and where we see the strongest opportunities for long-term value creation.

Our order backlog continues to provide a reasonable level of visibility and has been further strengthened by the recent award of a 2+1-year IMR contract. The contract also adds Norman Jarstein to our project charter fleet.

Tender activity remains relatively stable, with an increasing share of opportunities requesting remote and uncrewed capabilities. Together, this position us to build a modern fleet that combines conventional offshore execution with the gradual introduction of remote and autonomous operations as we move towards 2030.

During the quarter, we continued to expand both the operational footprint and maturity of the Reach Remote platform. Reach Remote 1 became the first vessel to operate in the UK sector while being remotely controlled from Norway, marking another important milestone for the program.

We also received DNV's world-first notation for autonomously and remotely operated ships, providing formal recognition of the systems, procedures, and operational framework supporting remote vessel operations. At the same time, we have successfully completed multiple operations within 500 m safety zones around offshore installations for several clients.

Regulatory approvals are now in place across Norway, the UK, and Australia, allowing us to operate across an expanding geographic footprint. Perhaps most importantly, Reach Remote 1 and 2 have now accumulated approximately 750 uncrewed operational days, providing valuable operational experience that continues to strengthen both the platform and the organization.

Taken together, these milestones demonstrate that Reach Remote is no longer a concept or a pilot program. It is an operational platform that continues to mature through live commercial operations.

Looking beyond the technology itself, the key question is whether Reach Remote creates value for clients. Today, the answer is increasingly supported by operational experience.

Reach Remote 1 and 2 have delivered projects for a broad range of customers across multiple markets and application areas. These projects include survey, inspection, monitoring, and IMR activities, demonstrating the versatility of the platform.

What we are seeing is that clients are adopting Reach Remote not only because it's new technology, but because it solves practical operational challenges and gives savings in their own overall operational costs. Fuel consumption is perhaps the most obvious benefit, with direct fuel cost savings of up to 90%.

By moving expertise and decision-making onshore, we reduce offshore exposure while maintaining operational oversight and execution quality. The model also support reduced offshore personnel requirements and more efficient use of specialist resources.

Combined with the Reach Horizon, which provides seamless access to data, operations, and expertise from shore, the result is a fundamentally different way of delivering subsea services. Most importantly, these benefits are now being demonstrated through real projects, real clients, and an expanding commercial track record.

As a result of this development, Reach Remote has matured into a proven and scalable business platform. We now have operational validation, regulatory acceptance, growing client adoption, and a portfolio of proprietary technologies supporting the platform.

The focus is therefore increasingly shifting from validation to scale. During the quarter, the carve-out project was formally launched, and work is progressing according to plan.

Advisors have been engaged across legal, financial, and strategic workstreams, while internal separation activities are underway. We are also seeing strong interest from a broad range of industry participants and are actively engaged in discussions, Q&A process, and due diligence activities.

The ambition is to establish Reach Remote as a dedicated technology company and leading asset developer and owner with remote and autonomous offshore operations. Reach Remote is intended not only to operate vessels and subsea robotics, but to drive technology development and innovation within remote operations, robotics, and digital subsea services on a global scale.

Reach Subsea is the first customer utilizing the initial four Reach Remote units, and several of the industry participants who are engaged in the carve-out process are also potential direct customers of Reach Remote. We believe this creates the best condition for accelerating growth, building scale, minimizing cost, and maximizing long-term value creation.

We have already demonstrated what the model can deliver. The next phase is about scaling that capability and establishing a global platform for remote and autonomous offshore operations.

With this, I will hand the word over to Arne, who will take you through our financials.

Good morning. Thank you, Jostein, and thank you for joining Reach Subsea's second quarter 2026 webcast.

As always, we encourage you to submit questions through the chat during the presentation, and we will address them towards the end of the session. Before we move into the details, let me briefly summarize the financials of this quarter.

Revenue increased to NOK 988 million, up 44% year-on-year. The improvement was driven by higher project activity and increased vessel utilization across the fleet, including the addition of Norman Jarstein from mid-May.

EBIT more than doubled to NOK 192 million, compared to NOK 91 million in the same quarter last year. The result reflects improved operational leverage from higher activity levels, despite increased depreciation related to IFRS 16 assets.

Net profit after tax reached NOK 134 million, an increase of 84% from the second quarter of 2025. The strong earnings development reflects the improved operating performance and healthy project execution during the quarter.

Cash and cash equivalents ended the quarter at NOK 410 million, up from NOK 170 million a year ago and NOK 335 million last quarter. The equity ratio was approximately 30%, compared to 39% a year ago.

The reduction is primarily related to the recognition of lease liabilities and right-of-use assets associated with Norman Jarstein under IFRS 16. Despite the lower equity ratio, the company continues to maintain a solid balance sheet and ample liquidity.

With that summary, let's take a closer look at the financial development during the quarter. This EBIT bridge illustrates the strong operational leverage in our business.

Following a weak first quarter characterized by lower utilization levels, the activity increased significantly in Q2 across the fleet. Higher vessel utilization and strong performance across the project portfolio were the primary drivers behind the EBIT improvement.

Compared with the same quarter last year, EBIT more than doubled. The increase is primarily driven by higher activity levels, improved utilization, and a stronger project performance.

This demonstrates that the strategic investments made over recent years in fleet capacity, operational capabilities, and new technology platforms are translating into improved financial performance. Our revenue base continues to become more diversified.

Renewables and other sectors now account for close to half of group revenue, while data revenue continues to grow. We also see a broader geographical distribution of activity, reducing dependence on any single market, geography, or customer segment.

The balance sheet remains strong, with equity of approximately NOK 1.2 billion and cash and cash equivalents of NOK 410 million at quarter-end. In addition, the group maintains a healthy liquidity position and expects approximately NOK 200 million additional liquidity from the planned Viking Reach transaction, expected to close in the fourth quarter.

Most of the remaining capital expenditures related to Reach Remote 3 and 4 will be debt-funded, as the equity portion of the projects has now largely been invested. Consequently, the liquidity impact of the investment program will diminish significantly going forward.

I will now hand the word back to Jostein for a quick summary.

Thank you, Arne. Let me just quickly summarize.

The second quarter was characterized by solid operational activity across the business and continued delivering for our clients. We are actively positioning Reach for the future through a more modern and flexible fleet, with Viking Vigor, newbuild 76, and future Reach Remote vessels creating important strategic options in the years ahead.

Reach Remote continues to mature through commercial operations, regulatory milestones, and growing client adoption, and with approximately 750 uncrewed operational days, an expanding operational footprint, and proven client value. Reach Remote has now moved beyond validation and into the next phase of development.

In parallel, the carve-out process is progressing according to plan, as we are preparing Reach Remote for long-term scaling and value creation. Taken together, we believe Reach is well positioned to capture future opportunities across both conventional operations and the growing market for remote and autonomous offshore services.

Thank you for your attention, and we will be ready for your question shortly.

Yes. Thank you for joining our Q&A session.

Are you ready, Jostein?

I am. Hello, Arne.

Yes, quite a few questions coming in. First one for you, Jostein.

Can you tell us more about the timeline for the Reach Remote carve-out?

Yeah. We haven't set sort of hard stops yet.

We are progressing very well. In a short time, we will come up with and announce a timeline.

For the time being, good discussions and so on. So.

Yes. Same topic, can you tell us more what kind of partners Reach is looking for when it comes to Reach Remote carve-out?

Is it mainly industrial or financial partners?

The best thing is industrials, of course, with the same view of what we are going to build and sort of a long-term view on what we're going to create. We have a good list of both industrial and financial parties, counterparts, to speak, so.

Yes. That will be exciting.

Question about utilization. It's about Q3 utilization if we are running above, in line with, or below the second quarter's rate, as well as our expectations for the full year.

We normally don't give any guiding, but I think quite a few are following our vessels on MarineTraffic and different platforms. I don't know if you want to add something, Jostein, about.

That was a good answer. It's.

Yeah. Good.

Then quite a detailed one about the current employment status of Go Electra and what we expect from this vessel over the next quarters.

The question is in the same line

with

back to guiding, but.

Yeah. Are there other regulatory areas for which the company is currently working to obtain Reach Remote approval?

Yes, we are actively working for the rest of the European countries. Also the next big step is going over to Brazil and Americas.

We are working actively within Europe and a big step for the next sort of Reach Remote in all time zones when we go to the Americas. Yeah.

Yes. Good.

Question here about operational performance of Reach Remote 1 and 2 in Q2. Question reads, "Could you disclose if Reach Remote 1 and 2 were contribution-positive in Q2?"

I see you are happy there, Arne. They made money in Q2.

Yes, I guess we're happy with the development. For the Reach Remote carve-out, I think that questions have been answered already when it comes to industrial partnership or private or separate listed company.

Does Reach intend to remain in control after the carve-out?

The setup of the carve-out is dependent on value creation, value setting, and so on. It's also in the discussions with the counterparts, how do we build or make the foundation for that company.

Exactly. Now we have a new building program, and there is a question regarding Viking Vigor.

Is it delayed? From the slides, it seems to be delivered by year-end compared to early announcement in Q3.

That could be an illustration. It's aimed for Q4 as far as we know.

Yeah. That said,

it has been delayed from Q2 this year. We are following the building process closely and have people on the yard and so on, so.

Yeah. Another question in the same category.

Are there any delays for Reach Remote number 3 and 4?

No, that building process is going according to plan, and the hull fabrication and welding is well underway and according to time plan and so on, it's progressing quite well. Also the learning curve from 1 and 2 fabrication, we use the same yard, they are well trained in building number 3 and 4.

Yeah. Good.

Another question about Reach Remote. Seems to be less activity for Reach Remote 2 compared to Reach Remote 1.

Can we expect the demand/activity in Australia to increase in the second half?

I think the plan now Reach Remote 2 is going to be utilized in the HEP projects down in Australia, it's going to be occupied to new year. It's going to be quite busy in the second half.

Yeah. Good.

There is a question, how is it with the dividend payment? I guess that is referring to the communication that we had in Q1 and the AGM authorization.

On that note, the dividend authorization remains in place, but as we have communicated previously, any distribution is subject to compliance with the restriction in our financing agreements. We're not providing guidance on the timing of any dividend payment.

The board will evaluate this continuously and only proceed when it is comfortable that all covenant requirements are met. I don't think we have anything more to add.

Good. A question on, are all ships on working projects today?

Probably means as of today. I think there is a mix.

I think, yeah, they are occupied as we speak. We have one vessel alongside, I think.

The rest is working.

Yeah. Agree.

There's a question about 2+1-year IMR contract in the Black Sea, if we could clarify which company and country the contract is with, and additionally, do you assess any risk exposure arising from the ongoing conflict between Ukraine and Russia?

It's a bad neighborhood, but Turkey is a good place to be, actually, we don't see any risk of escalation there as the rest of the world. I think this conflict there is yeah, it's a bad thing, but within Turkey and the Turkey offshore activities and so on, it's quite safe.

Yeah. Are there any particular frontier markets you are monitoring, follow-up from the last one?

Markets, yeah.

Particular frontier markets, new markets? I guess we're opportunistic.

We're looking at all markets.

That's true, Arne. Oil and gas is just a good market globally, and, yeah, with its ups and downs.

It is the biggest sort of offshore subsea market and industry. We are looking at all asset owners and also the reservoir owners and so on.

It's a good market, and also when it comes to Reach Remote and the more uncrewed operations, it is also governmental and sort of naval activities like surveillance and so on. A growing market within the defense sector, unarmed defense sector.

That's interesting. Back to bad neighborhoods.

There are some bad neighborhoods around the world.

Yeah. Unfortunately.

There's a question here, what is Aqrux? That is the name of the new holding company for the Reach Remote business.

We have established three new companies: one hold company, one IP company holding the IP rights, and one operating company. They are named Aqrux.

Three new companies in the structure. It's a good name.

Let's see if it will stick or if it will be something new. It's a good catch from someone.

I think we only have one more question. It's, "Have you ordered more Reach Remotes?"

Not yet.

Not yet. Good.

If we don't have any more questions coming in, I think we have been through most.

Yeah. Good.

Yeah.

Thank you, Arne.

Yeah.

Thank you all.

Yeah.

See you in 3 months' time.

Yeah. Thank you all.

Yeah.