TechnipFMC plc

Strong Q1 financial performance; momentum into full-year 2026 - Total revenue: $2.5B. - Adjusted EBITDA: $453M ( 18.2% margin excluding FX). - Free cash flow (FCF): $277M. - Shareholder returns: $285M total distributions in the quarter (includes $20M dividends + $265M share repurchase). - Company positioning: management says this early momentum supports achieving full-year 2026 financial targets and exceeding $2.1B total company EBITDA.

Guidance for Q2 2026: higher Subsea margins, modest Surface revenue decline - Subsea: revenue expected high single-digit sequential growth; adjusted EBITDA margin expected ~+300 bps to ~23%. - Surface Technologies: revenue expected low single-digit sequential decline; adjusted EBITDA margin ~17%. - Corporate expense expected to decline ~25% in Q2 (based on annual guidance cadence assumption). - Commentary on drivers: Surface softness attributed mainly to scheduled Middle East project timing/spillover, not to broader weakness—management also expects a back-half strength and potentially higher margin mix even if revenue is slightly lower.

Subsea growth confidence and backlog conversion story (incl. timing/announcement dynamics) - Q1 Subsea orders: $1.9B, driven by robust services and unannounced project activity; management emphasized that order timing can bunch around quarter boundaries. - Confidence maintained for $10B Subsea orders in 2026 despite Q1 headline not being “midpoint” to some investors’ expectations. - Inbound opportunity outlook: TechnipFMC’s opportunity list reached ~$30B for potential award over the next 24 months, the 7th consecutive quarterly increase; >30% growth over 2 years (using midpoint). - Management expects a step-up in inbound orders in 2027 and through the end of the decade, supported by iEPCI, Subsea 2.0, and Subsea Services (often direct awarded).