1H 2024 Financial Results Webcast Briefing

Good morning, ladies and gentlemen. I'm Judy, the Head of Investor Relations and Corporate Communications at Citroem. Welcome to Citroem Limited's first half-2024 Financial Results webcast briefing. We have with us today Mr Chris Ong, Chief Executive Officer, and Mr Adrian Tang, Chief Financial Officer. To follow today's webcast, please refer to our latest financial results documents which are available on the SGXNet and our corporate website. To commence today's webcast, I'd like to welcome Mr Chris Ong to deliver the CEO address. Chris, please. Thank you, Judy. Good morning and welcome to CITRAAM Group's first half 2024 results presentation. I am pleased to have with me Mr Adrian Tang, Chief Financial Officer. First half of 2024 was a busy, fruitful first half for Ctrum.

We cleaned several price contracts to value add to our portfolio of projects, including the much anticipated new-built AppPSO platforms, P84 and P85, four Petrobras, and the third 2 GW HVDC offshore converter platform for Tenet, as well as a number of repairs and upgrade projects worth over half a billion today. We have also successfully completed our share consolidation exercise in May and embarked on our inaugural SinkDollar 100 million share buyback program. That our investor day held earlier in March. We have laid out our longer-term strategy and 2028 financial targets, providing clarity on how the group intend to leverage the strong industry tailwinds to chart our transformation

journey from here. This morning, we reported our first half 2024 financial results. I will spend some time to go through our operational performance and business outlook. Adrian will then cover the financial performance in greater detail. I am pleased to inform on behalf of the group that CITRAUM has delivered its first positive financial results in first half 2024. First half 2024 revenue crossed SING dollar $4 billion, a 39% increase from SING dollar 2.9 billion in first half 2023. Underlying EBITDA was $3.9 million in first half 2024, a more than 9 fold increase over $6.36 million in the same period last year. The group achieved

an underlying net profit of $1.5 million for the first half of 2024, reversing from a net loss of $6.264 million for first half 2023, a $6.379 million increase in absolute dollar terms. Our profitability turnaround in first half 2024 and a significantly improved EBITDA reflects our strong focus on project execution, prudent cost management and improved operational efficiencies. Citroem's net order book at SING dollar 26.1 billion dollars is at a decade high. In first half 2024 alone, we have secured over SING dollar 13 billion dollars in new orders. Our strong order backlog comprising 32 projects with deliveries to 2031 will underpin our

revenue visibility for the next few years, supported by our one-seater global delivery model which enabled us to scale our business. Today, we have orders from the world's largest oil and gas and renewable players, many of whom are repeat customers. This reflects the trust that our customers have in our ability to deliver quality assets on time and safely. our key business segment, Citram is actively building a franchise of series-built projects to achieve operational efficiencies from project repeatability. In the renewable space, our order book has three 2GWh HVDC offshore converter platforms for Tenet, other than DOWIN, Epsilon and SOFIA HVDC platforms which has sailed away, as well as two wind turbine installation

vessel projects and HVAC offshore substations. In oil and gas, we will solidify our leadership in offshore production assets across EPC projects in floating production storage and offloading platforms, FPSOs, and floating production unit FSPUs. as well as FPSO Top-Sites fabrication integration contracts. Our robust order book currently comprises six P-series new-built FPSOs for Petrobras, and we would have worked on six FPSOs for ExxonMobil through SBM offshore for Guyana. Once FPSO Jaguar comes online by 2027. In repair and upgrades, we have ING-26 alliances and long-term strategic partnerships over time,

and will continue to do more. The ability to simplify and replicate designs and processes enhances productivity, reduces errors and quickens construction time, ultimately making it more sustainable and cost-effective over time. We are now organised around a one-Cetrum global delivery model where operations are closely coordinated across different yards globally, supported by centralized engineering and integrated technology resources. It effectively integrates our global assets and workforce onto an efficient operating platform, enabling Citroen to be the only global player with end-to-end delivery capability in key continents. This will allow us to effectively scale, taking on new projects at any point in time, while harnessing the competitive advantage of the locations we operate in.