General Oceans ASA – Solid underlying performance in Q1 2026

18 May 2026 07:00 CEST

Oslo, 18 May 2026: General Oceans reports a total revenue in Q1 2026 of NOK 327.
Gross profits were NOK 220 million (NOK 214 million), corresponding to a gross
margin of 67 percent (62 percent). The gross profit margin of 67 percent
reflects a more favourable product mix in Q1 2026, with a greater share of
higher-margin products sold. Adjusted EBITA came in at ~18% which compares to
the longer-term target of the Group of ~20%.

"Operationally, the first quarter confirms the trends we saw through 2025, with
solid underlying performance across our brands", said Atle Lohrmann, President
of General Oceans ASA.

The global demand in Autonomous Underwater Vehicles (AUVs) and Remotely Operated
Vehicles (ROVs), driven predominantly by the defense and energy sectors,
presents a significant opportunity for the Group and is expected to drive future
growth.

The first quarter of 2026 compared to the same period last year was affected by
a strengthening of the NOK and a decline in the average reporting conversion FX
rate.

Backlog was NOK 546 million (NOK 573 million), of which NOK 509 million (NOK 472
million) to be delivered within the current financial year.

General Oceans invites investors, analysts, media and other stakeholders to
attend the presentation of its results for the first quarter of 2026. The Q1
report and presentation materials will be available on the Company’s website
www.generaloceans.com and on www.newsweb.no.

The Q1 2026 presentation will take place on 18 May 2026 at 08:00 CEST at the
offices of ABG Sundal Collier ASA, Ruseløkkveien 26 (8 floor), "Morning Meeting
Room" and will also be live streamed. The presentation will be delivered by
President Atle Lohrmann and CFO Anton Van Heerden and will be followed by a Q&A
session. Questions may be submitted in advance to investors@generaloceans.com or
asked live during the session.

To attend in person or to watch the live stream, please register via the
following link: https://qcnl.tv/p/FnCEb7WXky9KwW4VTGXrlA

A recording of the presentation and the Q&A session will be published on the
Company’s website.

For further information, please contact:

Rachel McAlpine, Group Marketing Manager at General Oceans,
investors@generaloceans.com

About General Oceans ASA

General Oceans is a global provider of advanced underwater technology delivering
sensors, systems and robotic solutions used in demanding marine environments.
The Group produces technology for measuring and understanding the ocean, imaging
& navigation systems, and autonomous/remotely operated vehicles with associated
manipulators and control systems, and delivers products to marine
infrastructure, defense and ocean science Underwater acoustics is the core of
the Group's technology, complemented by optical technology, environmental
sensors and software capabilities.

This information is considered to constitute inside information pursuant to the
EU Market Abuse Regulation article 7 and is subject to the disclosure
requirements pursuant to article 17 of MAR and section 5-12 of the Norwegian
Securities Trading Act.
This stock exchange announcement was published by Rachel McAlpine at 7:00am CEST
18th May 2026. This announcement contains forward-looking statements.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as “believe”, “expect”, “anticipate”, “strategy”,
“intend”, “estimate”, “will”, “may”, “continue”, “should” and similar
expressions. Such statements are based on current expectations and assumptions
and are subject to risks and uncertainties. Actual results may differ materially
from those expressed or implied in these statements.

More information:
Access the news on Oslo Bors NewsWeb site

673644_Q1 Presentation.pdf
673644_General Oceans Interim Report First Quarter 2026_Spreads F.pdf