DOF Group ASA - Financial Report for 2nd quarter 2025

20 Aug 2025 07:00 CEST

DOF Group ASA's ("DOF" or the "Group") revenue for 2nd quarter (management
reporting) totals USD 507 million (USD 361 million) and EBITDA totals USD 214
million (USD 122 million). The operating profit (EBIT) is USD 150 million
(USD?111 million). Net financial gain amount to USD 10 million (USD -91 million)
including unrealised currency gain of USD 37 million (loss USD -62 million). The
result after taxes is USD 136 million (USD?6 million). The Group's net interest
-bearing debt is USD 1,368 million (USD 1,286 million). The equity is USD 1,942
million (USD 1,045 million) giving an equity ratio of 46% (35%).


Key Highlights in 2[nd] quarter

· The Group delivered EBITDA of USD 214 million (USD 122 million) including
USD 5 million insurance settlement
· Utilisation of 88% (89%)
· The NIBD/LTM EBITDA is 2.1x
· Quarterly dividend payment in September 2025 of USD 0.3 per share
· Firm backlog by end June is USD 3.7 billion (USD 2.6 billion)

Note: all numbers commented above are based on management reporting

Statement from the CEO

The second quarter of 2025 was a quarter of strong operational and financial
performance for DOF Group ASA, capitalising on the momentum that we have been
building.

I am pleased that we are now starting to see the earnings potential of the DOF
Denmark fleet materialise. After a period of transits and mobilisations
following closing of the acquisition in November 2024, the DOF Denmark fleet
demonstrated increased utilisation at 82% and EBITDA at USD 45 million for Q2.
Beyond that, I am also very happy to see the strong performance of the 'legacy'
DOF fleet, delivering EBITDA of USD 169 million compared to USD 122 million in
Q2 2024.

The quarter contained significant additions to the backlog driven by new long
-term contract awards in Brazil. Further contract announcements have followed in
the start of Q3, and the total backlog including additions after the balance
date for Q2 now exceeds USD 4 billion. The backlog provides good earnings
visibility for the years to come, with several vessels having secured work
through this decade at attractive terms.

We commenced our quarterly dividend payments in June with USD 0.3 per share, and
the next one is coming up in September. Based on the Group's solid earnings,
outlook and financial position, we are committed to continue to deliver
attractive cash returns to our shareholders.

The outlook for the rest of 2025 remains strong, and we narrow our EBITDA
guidance range to USD 740 - 770 million.

Please see enclosed 2nd quarter Financial Report 2025 and presentation.

A webcast, followed by a Q&A session, will be available on Wednesday, 20 August
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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653302_DOF_Group_ASA_Financial_Report_Q2_2025_V1_00.pdf
653302_DOF_Group_ASA_Presentation_Q2_2025.pdf