SED Energy Holdings (ENH) Investor presentation summary

Strategic positioning and business model

• Focuses on high-quality, cash-generative energy services with exposure to niche segments through a holding structure.

• Formed by combining Energy Drilling and SeaBird Exploration, each retaining operational independence.

• Prioritizes regular shareholder distributions, balance sheet strength, and growth in existing and adjacent verticals.

• Management emphasizes disciplined capital allocation and strategic expansion.

Financial performance and shareholder returns

• Over 30% of initial market capitalization returned to shareholders since inception, with leverage ratio reduced to 0.1x.

• Consistent quarterly distributions, with NOK 1.72 per share paid/proposed since May 2025.

• Q2 2026 cash distribution of USD 25 million proposed; full-year guidance of USD 90-110 million.

• Strong cash conversion and low leverage support ongoing distributions.

Backlog and operational visibility

• Total firm revenue backlog stands at USD 342 million, with options increasing it to USD 650 million.

• Several ongoing tender processes expected to further extend backlog coverage.

• Energy Drilling holds USD 318 million in firm backlog, SeaBird Exploration USD 24 million.