DOF Group ASA - Financial Report for 1st quarter 2025

16 May 2025 07:00 CEST

DOF Group ASA's ("DOF" or the "Group") revenue for 1st quarter (management
reporting) totals USD 428 million (USD 330 million) and EBITDA totals USD 158
million (USD 114 million). The operating profit (EBIT) is USD 99 million (USD?70
million). Net financial gain amount to USD 8 million (USD -52 million) including
unrealised currency gain of USD 53 million (loss USD -21 million). The result
after taxes is USD 75 million (USD?6 million). The Group's net interest-bearing
debt is USD 1,383 million (USD 1,358 million). The equity is USD 1,861 million
(USD 1,029 million) giving an equity ratio of 46% (34%).

Key highlights in 1st quarter:
.    The Group delivered EBITDA of USD 158 million (USD 114 million)
.    Utilisation of 83% (87%)
.    The NIBD/LTM EBITDA is 2.4x
.    The refinancing of the Group successfully closed in Q1 2025
.    Initiating quarterly dividends, with first dividend payment in June 2025 of
USD 0.3 per share
.    Firm backlog by end March is USD 3.10 billion (USD 1.94 billion)

Note: all numbers commented above are based on management reporting.

Statement from the CEO
The DOF Group is delivering a good start to 2025 with strong project execution
and a solid first quarter EBITDA of USD 158 million, representing an improvement
from Q4 2024 and close to 40% increase from first quarter last year.
The performance is, as expected, impacted by the integration of the DOF Denmark
fleet to the DOF commercial platform with multiple vessel mobilisations and
transits affecting the utilisation. The DOF Denmark EBITDA contribution for the
quarter was USD 27 million and the utilisation of the fleet was 68%. We remain
confident that the contribution from the DOF Denmark fleet will improve through
2025.
We have secured multiple large contracts in the first quarter utilising the
inhouse capabilities of the subsea regions and the large fleet of high-end
vessels. This together with the strong backlog and the continued high tendering
activity gives confidence in the continued performance of the group. The EBITDA
guidance range for 2025 is narrowed to USD 730 - 790 million.
The refinancing process was concluded in March as planned and we look forward to
making our first quarterly dividend payment of USD 0.3 per share in June. We
expect significant backlog additions in the next months to further increase
earnings visibility. When the increased visibility materialises, we will target
the upper end of the communicated leverage range of 1.5 - 2.0x NIBD / LTM EBITDA
and thus see potential to increase the quarterly dividends going forwards by
returning excess cash to our shareholders.


Please see enclosed 1st quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available Friday, 16 May at 14:00
CEST on www.dof.com/webcast.

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

About DOF
DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea
services to the offshore energy industry. The company owns and operates a fleet
of modern offshore/subsea vessels which is combined with strong engineering
capabilities to provide integrated offshore services globally.

www.dof.com

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646622_DOF_Group_ASA_Financial_Report_Q1_2025.pdf
646622_DOF_Group_ASA_Presentation_Q1_2025.pdf