Notes from the Conference Call

Research evidence excerpt

Notes from the Conference Call

Update

July 30, 2026 12:06 PM GMT

Morgan Stanley & Co. International plc+MSubsea7 | Europe Guilherme Levy

Equity Analyst

Notes from the Conference Call Guilherme.Levy@morganstanley.comMartijn Rats, CFA +44 20 7425-6616

Equity Analyst and Commodities Strategist

Martijn.Rats@morganstanley.com +44 20 7425-6618

Key Takeaways Alice Bergier Winograd

Discussions were mostly on earnings trajectory from here on the back of strong Alice.Winograd@morganstanley.com +44 20 7425-0174

performance recently and a continuing positive messaging on outlook.

Subsea 7 (SUBC.OL, SUBC NO)

We remain Overweight. Top Pick

Energy Services | Norway

The key highlights from today's conference call are below: Stock Rating Overweight

Industry View In-Line

• Guidance: Management said investors should think about 2026 revenue Price target NKr 370.00

Shr price, close (Jul 29, 2026) NKr 304.80

toward the upper end of the $7.4-7.8bn guidance range. 52-Week Range NKr 358.20- 180.10

° The increase in EBITDA margin guidance to ~24% from ~23% reflects Mkt cap, curr (mn) US$9,476

Net debt (12/26e) (mn)* US$189

stronger execution across the portfolio, the 1H result and improved EV, curr (mn)* US$9,278

visibility for the remainder of the year. No single close-out, region or * = GAAP or approximated based on GAAP

contingency release drove the upgrade.

° Net finance cost guidance of $30-40mn, reduced from $40-50mn,

reflects cash balances running ahead of prior assumptions.

° Management expects an approximately $200mn W/C outflow in 2H,

reversing the $85mn inflow reported in 1H.

• Middle East: CRPO-153 offshore work is beginning, with campaigns over the

next 3-4 months and completion expected by year-end. Management sees no

significant inflation or impact on expected profitability.