FY 2024 Full-Year Financial Results Webcast Briefing

Good morning, ladies and gentlemen. A warm welcome to Citroem's Financial Year 2024 results briefing. I'm Judy from the Investor Relations and Corporate Communications team. Citroem announced its second half and full year results this morning before market opened on the SGX. With me today, I have our Chief Executive Officer, Mr Chris Ong, and our Chief Financial Officer, Mr. Adrian Tang. We'll kick off today's briefing with the CEO's address, followed by the CFO and a question and answer session. I'll now pass on the mic to Mr. Ong. Thank you, Judy. Good morning and welcome to Citroen Group's full year 2024 results briefing. I'm pleased to have with me, Mr. Adrian Tang, Chief Financial Officer. 2024 was a fruitful year for Citroen. marked by strong order winds, a decade high order book, and most importantly a return to

full year profitability. The progress that we have made is reflective of our collective determination and hard work. But this is just the beginning for us in our transformation journey. As we go through the slides, I will outline how we are building a strong foundation to achieve our long term targets. In financial year 2024, our revenue grew to $9.2 billion, an increase of 27% year-on-year as we recognized revenue from the execution of our larger order book, and we also saw more higher value activity in repairs and upgrades. Underlying EBITDA improved to $771 million for financial year 2024, reflecting our increased revenue and discipline approach to cost management, we recorded a turnaround to full year profitability.

Underlying net profit for financial year 2024 was $200 million compared to a net loss of $28 million last year. The board of directors has proposed a dividend of 1.5 cents per share for financial year 2024. We want to thank our shareholders for their patience and continued trust in Citroën. 2024 was a busy year for Citroëm as we focused our efforts on operational excellence and strengthening our balance sheet. We delivered seven projects during the year, including Singapore's first new-built membrane-type liquefied natural gas bunker vessel. The repairs and upgrades business segment also saw a strong activity with the group completing 231 projects. We have strengthened our balance sheet, reduced debt, as well as diverse non-core assets,

which has freed up resources for reinvesting into enhancing our capabilities. The cash dividend of 1.5 cents per share for financial year 2024, if approved by shareholders at the upcoming AGM, will be paid on 19 May 2025. We will continue to focus on our growth and reinvesting in our capabilities to scale the business. We achieved a strong net order of $23.2 billion, a 43% increase from $16.2 billion in the previous period, including $15.2 billion worth of new orders secured from both new and repeat customers. On 13 February 2025, we announced the MOU with BP for Tiber Floating Production Unit, and this will be BP's second project with us, with the first being Cascida FPU.

The Tiber FPU Contract Award is subject to FID, which we are expecting later this year. Our sizeable new order wins reflect the continued confidence that our customers have in our strong project execution and operational excellence. In particular, it underscores the success of our series build franchise, which allows us to achieve operational efficiencies from project repeatability. In the offshore wind space, we are executing a series of three 2G of offshore converter platforms, two wind turbine installation vessels, and a heavy lead vessel for installation of larger wind turbine foundation. For our first Jones Act compliant wind turbine installation vessel built in the US, we recently completed the jacking trials and have commenced on few specific installations. The vessel is 96% complete and will be delivered this year.

In the oil and gas space, our net order book includes six new built FPSOs for petrol brass. Our third and fourth FPUs that leverage the group's proven top-side single leaf integration methodology as well as a number of top-side fabrication and integration projects. As we expand our franchise of series-built projects, we will continue to enhance productivity, reduce construction time and rework and ultimately improve project margins over time. When Cetram was formed, we reviewed our global operation and established our one-Cetram global delivery model. This unique end-to-end model centralizes our global expertise onto a single operating platform, ensuring consistent and efficient delivery of solutions to our customers. To enhance operational excellence, our yards are supported by engineering and technology

centers of excellence internationally. The slide shows the current status of P78 FPSO project for Petrobras at Citroem's Bernard Yard in Singapore. Top side modules fabricated by our yards in Brazil, China and Singapore are being integrated onto the how. We expect to deliver this project in a later part of this year. We have also achieved a significant milestone on Beta Offshore Converter Platform for Tenet. After almost 18 months of engineering and procurement work, we celebrated the top-side strike steel ceremony in September 2024. This marks the start of construction on the platform. In FY 2024, revenue from the repairs and upgrades grew 7% to $1.1 billion, driven by higher revenue per vessel, as compared with financial year 2023, despite fewer vessels worked on.