1H 2025 Financial Results Webcast Briefing

Good morning and welcome to Citraim's first half 2025 results briefing. I'm Winston Cheng from the investor relations and corporate communications team. With me today is our Chief Executive Officer, Mr. Chris Ong, and our Chief Financial Officer, Dr. Steven Liu. We'll kick off today's briefing with the CEO's address, followed by the CFO's financial review and end with the CEO's take on priorities and outlook for the company. At the conclusion of the briefing, we will have ample time for questions and answers. With that, let me turn the presentation over to Mr Chris Ong. Good morning and thank you for joining us today for Citroen Group's first half 2025 Resorts Briefing. Before we dive into the numbers, let me take a moment to reflect on the broader industry landscape. The first half of 2025 has tested the resilience of global markets. Hate tensions and geopolitical uncertainties have postponed investment decisions, creating

hate winds across maritime trade and in offshore development. Yet amid these challenges, there are reasons for cautious optimism. The oil and gas sector remains active, and while offshore wind currently face hate winds, there's continued momentum in Asia-Pacific and Europe. Crucially, CITRAAM continues to benefit from a diversified and resilient order book that extends through to 2031. This breadth across geographies and segments not only strengthens our revenue visibility, but also helps buffer the impact of short-term volatility. As we navigate this evolving environment, our path towards our 2028 targets is guided by a purposeful set of strategic priorities, delivering operational excellence, steadfast financial discipline,

deepening customer partnerships, and positioning C-term for sustainable long-term growth. Our first half performance reflect this steady trajectory and discipline execution of our strategy. With that context in mind, let's take a closer look at the key performance highlight for the first half of 2025. First, I am pleased to share that we delivered a stronger financial performance despite the volatile macro environment. We expanded our gross margin and improved our net profit. Clear signs that our disciplined approach and operational resilience are paying off. Second, we remain laser-focused on project execution, safety and quality. pillars of our one-seater global delivery model. We currently have 25 projects underway, all

progressing steadily against key milestones. In the first half of 2025, we successfully delivered two APSO integration projects and completed 101 repairs and upgrades. This includes a world-first full-scale turnkey carbon capture and storage retrofit. That's a major milestone, not just for us, but for the industry. And third, we continue to build momentum on commercial front. Our multi-prong strategy and proven execution help us secure new wins and pursue a healthy pipeline of opportunities. Notably, we marked our entry into Japan's offshore wind market with a heavily vested order. We also signed an MOU for BP for Tiber, a second floating production unit, and secured two

FSRU conversions. These achievements reflect the strength of our integrated model, the trust of our partners and dedication of our people across the globe. Turning to our financial performance for the first half of 2025, we delivered strong top-line growth, with revenue rising 34% to $5.4 billion, from $4 billion in the same period last year. This reflects our continued focus on discipline project execution and delivering on our commitments to clients. Net profit came in at $144 million, marking a remarkable 301% increase from $36 million a year ago. This significant improvement underscores the impact of our strategic focus and operational efficiency. We also saw a meaningful improvement in margins, driven by a shift towards higher margin projects

and enhanced cost management. This translated into a 31% increase in EBITDA, reaching $407 million compared to $311 million in first half 2024. Our return on equity improved by 340 basis points to 4.5% and we strengthened our balance sheet, bringing net debt to EBITDA down to 1X from 2.9X previously. As of end June 2025, our net order book stood at $18.6 billion, with $6.3 billion of that anchored in renewables and cleaner energy solutions. This reflects our continued momentum in energy transition space and commitment to building a more sustainable future. The oil and gas segment continues to be a key growth engine for C-TRAM underpinned by

by focus execution of a robust order book. At the heart of this momentum are our FPSO series build and integration programs, alongside the floating production units for Shell and BP. For Petrobras, we recently celebrated the sale away of FPSO P78, the first of six in the series. The lessons learned from his execution, particularly in engineering and workflow efficiencies, now been applied to P80, P82 and P83. With all three APSO progressing in parallel by year end, we will see a stronger capacity utilization and improved execution rhythm at Trans Boulevard. In addition, Topside module fabrication for Modex APSO-Raya destined for Brazil is on contract for delivery in the second half of 2025.