Financial Data and Key Metrics Changes - Total company inbound for the year was $11.2 billion, with a backlog ending at $16.6 billion [4] - Total company revenue for the year grew 9% to $9.9 billion, with Adjusted EBITDA improving to $1.8 billion, an increase of 33% compared to the prior year [4] - Full-year free cash flow increased to $1.4 billion, and shareholder distributions grew to $1 billion, both more than double the levels achieved in the prior year [4][21] Business Line Data and Key Metrics Changes - In Subsea, orders in the quarter were $2.3 billion, resulting in $10.1 billion of inbound for the full year, with iEPCI projects being the largest contributor [5] - Subsea revenue for the quarter was $2.2 billion, a decrease of 5% versus the third quarter, while full-year Subsea revenue grew 11% [15] - Surface Technologies revenue was $323 million, a decrease of 2% from the third quarter, with an adjusted EBITDA margin improving to 18% [16] Market Data and Key Metrics Changes - The Subsea opportunity list reflects approximately $29 billion of opportunities for future development, marking the highest level ever recorded [10] - The company expects a greater share of capital spending to move offshore, with operators increasingly adopting a portfolio approach to offshore development [9][10] Company Strategy and Development Direction - The company is focused on expanding its Configure-to-order applications and improving project certainty through industrialization and simplification [12][27] - The management emphasizes the importance of reducing cycle time and enhancing project returns, which is seen as a key differentiator in the market [13][63] - The company aims to maintain a disciplined, asset-light approach to capital management, with expectations of returning at least 70% of free cash flow to shareholders in 2026 [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strength in offshore activity through the end of the decade, driven by a shift in customer behavior towards a portfolio approach [10][11] - The management noted that the industry is seeing renewed interest in greenfield developments, with exploration budgets increasing and new basins being identified [36] - The company anticipates further growth in backlog and revenue, with a guidance of $9.4 billion in Subsea revenue for 2026 and an Adjusted EBITDA margin of 21.5% [18][21] Other Important Information - The company repurchased $168 million of stock in the fourth quarter, with total shareholder distributions exceeding $1 billion for the full year [17] - Cash and cash equivalents ended the year at $1 billion, with a net cash position increasing to $602 million [17] Q&A Session Summary Question: Margin expansion potential from industrializing the SURF process - Management highlighted the focus on expanding Configure-to-order applications and improving project certainty, indicating substantial opportunities in the SURF process [25][27] Question: Visibility on further margin expansion in Subsea - Management confirmed that the company is inbounding at a level that is accretive to backlog margin, with a focus on reducing cycle time and improving project returns [28][30] Question: Renewed interest in Greenfield developments - Management noted that there are substantial greenfield developments where exploration has already been done, and increased exploration budgets are being observed [35][36] Question: Expectations for subsea services growth - Management indicated that subsea services revenue is expected to align with overall revenue growth, estimating around $2 billion for the year [53][54] Question: Customer behavior in a choppy macro environment - Management stated that customers are regaining confidence in offshore investments, focusing on prolific reserves and improved project returns [62][63] Question: Portfolio approach and its impact on revenue - Management acknowledged that while the portfolio approach is still a smaller portion of discussions, it is gaining traction among customers [88][90]

Core Viewpoint - FMC Technologies reported quarterly earnings of $0.7 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and showing an increase from $0.54 per share a year ago [1] Earnings Performance - The earnings surprise for the quarter was +36.77%, with a previous quarter surprise of +15.38% when actual earnings were $0.75 compared to an expected $0.65 [2] - Over the last four quarters, FMC Technologies has surpassed consensus EPS estimates three times [2] Revenue Performance - The company reported revenues of $2.52 billion for the quarter, which was 1.17% below the Zacks Consensus Estimate, but an increase from $2.37 billion year-over-year [3] - FMC Technologies has topped consensus revenue estimates two times over the last four quarters [3] Stock Performance - Shares of FMC Technologies have increased approximately 39.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [4] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates of $0.53 for the coming quarter and $2.74 for the current fiscal year, with revenues expected to be $2.52 billion and $10.64 billion respectively [5][8] - The Zacks Rank for FMC Technologies is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [7] Industry Context - The Oil and Gas - Field Services industry, to which FMC Technologies belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9]

Operational highlights and financial results Q4 2025 Earnings Presentation February 19, 2026 © 2025 TechnipFMC. All rights reserved. The information contained in this document is company confidential and proprietary property of TechnipFMC and its affiliates. It is to be used only for the benefit of TechnipFMC and may not be distributed, transmitted, reproduced, altered, or used for any purpose without the express written consent of TechnipFMC. Disclaimer Forward-looking statements This communication contain ...

Financial Performance - Total revenue for Q4 2025 was $2,517 million, a decrease of 4.9% sequentially but an increase of 6.3% year-over-year[3]. - Net income for Q4 2025 was $242.7 million, or $0.59 per diluted share, down 21.6% sequentially but up 8.0% year-over-year[3]. - Adjusted EBITDA for Q4 2025 was $440.5 million, with an adjusted EBITDA margin of 17.5%, reflecting a 15.1% sequential decline but a 25.5% increase year-over-year[3]. - Full-year revenue for 2025 was $9,932.6 million, representing a 9.4% increase from 2024[8]. - Full-year adjusted EBITDA was $1,824.1 million, with an adjusted EBITDA margin of 18.4%, up 350 basis points year-over-year[8]. - Total segment revenue for Q4 2025 was $2,517.0 million, a decrease of 4.9% from Q3 2025's $2,647.3 million and an increase of 6.3% from Q4 2024's $2,367.3 million[50]. - Net income for Q4 2025 was $244.6 million, compared to $387.0 million in Q3 2025 and $211.9 million in Q4 2024, reflecting a decrease of 36.8% quarter-over-quarter and an increase of 15.4% year-over-year[60]. - Total revenue for the year ended December 31, 2025, was $9,932.6 million, an increase from $9,083.3 million in 2024, representing a growth of 9.4%[78]. - Adjusted EBITDA for 2025 was $1,824.1 million, compared to $1,351.1 million in 2024, reflecting a significant increase of 35%[81]. - The operating profit margin for 2025 was reported at 13.2%, up from 11.1% in 2024, indicating improved operational efficiency[78]. - Free cash flow for the year ended December 31, 2025, was $1,447.4 million, compared to $679.4 million in 2024, showing a substantial increase of 113%[86]. - Adjusted EBITDA margin for 2025 was 18.4%, up from 14.9% in 2024, indicating enhanced profitability[78]. Orders and Backlog - Inbound orders for Q4 2025 totaled $2,588 million, a decrease of 2.3% sequentially and 11.5% year-over-year, with a full-year total of $11,156.2 million[3][11]. - Ending backlog as of December 31, 2025, was $16,571.6 million, a decrease of 1.4% sequentially and an increase of 15.3% year-over-year[3][8]. - Subsea inbound orders for Q4 2025 were $2,340.3 million, with a book-to-bill ratio of 1.1x[16]. - The company anticipates $10 billion of Subsea inbound orders in the current year, indicating further growth in backlog[11]. - Total inbound orders for Q4 2025 reached $2,588.0 million, a decrease of 2.3% from Q3 2025 and a decrease of 11.4% from Q4 2024[54]. - The order backlog as of December 31, 2025, was $16,571.6 million, a decrease of 1.4% from $16,813.6 million at the end of Q3 2025 and an increase of 15.3% from $14,376.3 million at the end of Q4 2024[54]. Segment Performance - Surface Technologies reported fourth-quarter revenue of $322.8 million, a decline of 1.6% from the previous quarter, with a year-over-year increase of 1.1%[26]. - Operating profit for the quarter was $46.3 million, an increase of 25.8% sequentially, with an operating profit margin of 14.3%, up 310 basis points[27]. - Adjusted EBITDA was $58.2 million, reflecting an 8.2% increase from the third quarter, with an adjusted EBITDA margin of 18.0%, up 160 basis points[28]. - Inbound orders for the quarter totaled $247.7 million, a decrease of 7.1% sequentially, while the ending backlog was $699.9 million, down 9.7% from the previous quarter[28]. - Subsea segment revenue for Q4 2025 was $2,194.2 million, down 5.4% from Q3 2025 and up 7.1% from Q4 2024[50]. - The company reported a total segment operating profit of $316.2 million for Q4 2025, down 28.0% from $438.1 million in Q3 2025 and up 18.7% from $266.5 million in Q4 2024[50]. Cash Flow and Liquidity - The company reported a free cash flow of $359.1 million for the quarter, with cash provided by operating activities amounting to $453.6 million[30]. - The company ended the period with cash and cash equivalents of $1,031.9 million, with net cash increasing to $601.9 million[31]. - Cash provided by operating activities for the year ended December 31, 2025, was $1,764.6 million, significantly higher than $961.0 million for the year ended December 31, 2024[60]. - The company’s cash and cash equivalents at the end of Q4 2025 were $1,031.9 million, down from $1,157.7 million at the end of Q4 2024[58]. - Net cash at the end of 2025 was $601.9 million, a significant increase from $272.5 million at the end of 2024, highlighting improved liquidity[83]. Corporate Expenses and Charges - Corporate expenses for the quarter were reported at $34.6 million, with net interest expense of $4.6 million and a provision for income taxes of $33.3 million[30]. - Corporate expenses for Q4 2025 were $34.6 million, an increase from $28.0 million in Q3 2025 and a decrease from $37.9 million in Q4 2024[50]. - The company incurred restructuring, impairment, and other charges of $52.1 million in Q4 2025, compared to $3.1 million in Q3 2025[68]. - The company reported restructuring, impairment, and other charges totaling $72.8 million for 2025, compared to $25.8 million in 2024, reflecting increased costs associated with restructuring efforts[78]. Guidance - For 2026, the company provided guidance for Surface Technologies revenue in the range of $1.15 - 1.3 billion and an adjusted EBITDA margin of 16.5 - 18%[34]. - The full-year guidance for Subsea revenue is projected to be between $9.2 - 9.6 billion, with an adjusted EBITDA margin of 21 - 22%[35].

Core Viewpoint - TechnipFMC plc reported its fourth-quarter 2025 financial results, showing a sequential decline in revenue but a year-over-year increase, indicating mixed performance in the company's operations [1]. Financial Performance - Revenue for the fourth quarter of 2025 was $2,517.0 million, a decrease of 4.9% from $2,647.3 million in the third quarter of 2025, but an increase of 6.3% compared to $2,367.3 million in the fourth quarter of 2024 [1].

Core Insights - The energy sector is experiencing contrasting trends in oil and natural gas prices, leading to an intriguing earnings season for energy companies [1] Oil and Natural Gas Pricing Trends - In Q4 2024, average monthly WTI crude prices were $71.99, $69.95, and $70.12 per barrel, while in Q4 2025, they dropped to $60.89, $60.06, and $57.97, indicating a significant year-over-year decline due to global oversupply and OPEC+ production cuts [2] - Conversely, U.S. Henry Hub average natural gas prices rose from $2.20 in October to $3.01 in December 2024, and further increased to $3.19, $3.79, and $4.26 in Q4 2025, showing a positive year-over-year trend [3] Energy Sector Earnings Performance - Approximately 45.8% of S&P 500 oil and energy companies reported Q4 results, with earnings growth of 27.1% year over year despite a 1.3% decline in revenues, indicating strong performance quality as 81.8% exceeded EPS and revenue expectations [4] - The blended outlook for Q4 2025 suggests earnings growth of 13.7% year over year, a significant increase from 3.2% in Q3, although revenues are projected to decline slightly by 0.4%, indicating profit gains driven by margin expansion and cost discipline [5] Company-Specific Insights - TechnipFMC plc (FTI) has an Earnings ESP of +1.61% and a Zacks Rank 2, indicating a high likelihood of an earnings beat, with a consensus estimate of 51 cents per share, reflecting a 5.6% decrease from the prior year [9][11] - Transocean Ltd. (RIG) has an Earnings ESP of +5.88% and a Zacks Rank 3, with a consensus estimate of 9 cents per share, indicating a 200% increase from the prior year [12] - Targa Resources Corp. (TRGP) has an Earnings ESP of +0.18% and a Zacks Rank 3, with a consensus estimate of $2.37 per share, reflecting a 64.6% increase from the prior year [14]

Core Viewpoint - Analysts expect FMC Technologies (FTI) to report quarterly earnings of $0.51 per share, reflecting a year-over-year decline of 5.6%, while revenues are projected to be $2.55 billion, an increase of 7.6% from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 0.4% higher in the last 30 days, indicating a collective reevaluation by analysts [1][2] Revenue Projections - Revenue from Subsea Technologies is expected to reach $2.23 billion, marking an 8.7% increase year-over-year [4] - Revenue from Surface Technologies is projected at $322 million, reflecting a 0.8% increase from the prior year [4] - Revenue from Lease is estimated at $71.31 million, indicating a significant increase of 24% year-over-year [4] - Revenue from Product is anticipated to be $922.80 million, showing an 8.3% increase from the previous year [5] Geographic Revenue Estimates - Revenue from Surface Technologies in Europe and Central Asia is expected to be $33.62 million, a 13.2% increase year-over-year [5] - Revenue from Surface Technologies in Africa is projected at $15.95 million, reflecting a 24.6% increase [6] - Revenue from Surface Technologies in North America is estimated at $105.63 million, indicating a decline of 1.6% from the prior year [6] - Revenue from Surface Technologies in the Middle East is expected to be $118.75 million, reflecting a decrease of 5% year-over-year [7] Order Backlog and Inbound Orders - The Order Backlog for Subsea Technologies is estimated at $16.31 billion, up from $13.52 billion year-over-year [8] - The total Order Backlog is projected to reach $17.06 billion, compared to $14.38 billion a year ago [8] - The Order Backlog for Surface Technologies is expected to be $728.81 million, down from $858.20 million year-over-year [8] - Inbound Orders for Subsea Technologies are forecasted to be $2.45 billion, down from $2.70 billion in the same quarter last year [7] Stock Performance - FMC Technologies shares have shown a return of +17.4% over the past month, outperforming the Zacks S&P 500 composite, which declined by -1.3% [10]

Core Insights - FTI Consulting has appointed Scott Davidson as a Senior Managing Director in the Aviation Business Transformation practice, enhancing its capabilities in the aviation sector [1][4] Group 1: Appointment and Expertise - Scott Davidson brings nearly two decades of experience in advising airlines, aviation service providers, and manufacturers on strategic and operational challenges [2] - His expertise includes airline technical operations, ground operations, crew management, fleet planning, network planning, procurement support, product development, and revenue management [2] Group 2: Role and Responsibilities - In his new role, Davidson will assist clients in implementing sustainable business plans through profit transformations, restructuring, and capital investment [3] - He will focus on enhancing operational resilience, financial performance, and customer experience by leveraging emerging technologies [3] Group 3: Company Overview - FTI Consulting is a leading global expert firm specializing in crisis and transformation, with over 8,100 employees in 32 countries as of September 30, 2025 [5] - The company generated $3.70 billion in revenues during fiscal year 2024 [5]

Core Viewpoint - TechnipFMC has declared a quarterly cash dividend of $0.05 per share, payable on April 1, 2026, to shareholders of record as of March 17, 2026, which is also the ex-dividend date [1] Company Information - TechnipFMC is a leading technology provider to both traditional and new energy industries, focusing on delivering fully integrated projects, products, and services [1] - The company is organized into two business segments: Subsea and Surface Technologies, and aims to advance the industry through integrated ecosystems, technology leadership, and digital innovation [1] - TechnipFMC employs approximately 21,000 individuals who are committed to client success and fostering a culture of strong execution and purposeful innovation [1] Financial Announcements - The fourth-quarter 2025 earnings conference call is scheduled for February 19, 2026, at 1:30 p.m. London time, with a press release to be issued prior to the call [1] - A live webcast of the earnings call will be available on the Investor Relations website [1] Recent Contracts - TechnipFMC has been awarded a large integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by bp for its greenfield Tiber development in the Gulf of America, building on previous work for bp's Kaskida project [1]

Core Viewpoint - TechnipFMC plc (FTI) is set to announce its fourth-quarter fiscal 2025 results on February 19, with earnings estimated at 51 cents per share and revenues at $2.55 billion [1] Group 1: Recent Performance - In the last reported quarter, FTI achieved adjusted earnings of 75 cents per share, surpassing the Zacks Consensus Estimate of 65 cents, driven by strong performance in the Subsea segment [2] - FTI's revenues for the last quarter were $2.6 billion, exceeding the Zacks Consensus Estimate by 1.2% [2] - FTI has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 20.16% [3] Group 2: Fourth Quarter Expectations - The Zacks Consensus Estimate for fourth-quarter fiscal 2025 earnings has remained unchanged, indicating a 5.56% year-over-year decrease, while revenue estimates suggest a 7.58% increase from the previous year [3] - FTI's revenue is expected to improve due to strong contributions from the Subsea segment, which is projected to generate $2.2 billion, reflecting an 8.7% year-over-year increase [4][5] - The company holds a $16.8 billion backlog, which, along with the ongoing industrialization of its Subsea business, is expected to positively influence fourth-quarter earnings [6] Group 3: Cost Considerations - Rising costs may negatively impact FTI's bottom line, with total costs and expenses increasing by 8.8% in the last quarter, a trend expected to continue [7] - The increase in costs is attributed to the inflationary environment and a tight labor market [7] Group 4: Earnings Prediction - The model predicts an earnings beat for FTI, supported by a positive Earnings ESP of +1.61% and a Zacks Rank of 2 (Buy) [10][11]