TechnipFMC plc

Strong Q2 financial performance + shareholder returns (good) - Total company revenue: $2.8B - Adjusted EBITDA: $601M; 21.8% margin excluding FX - Free cash flow (FCF): $488M - Cash returns to shareholders: $440M total in the quarter ($420M share repurchase + $20M dividends) - Balance sheet: ended quarter with net cash of ~$590M, cash & cash equivalents $992M - Full-year update: management raised total company adjusted EBITDA to ~$2.19B (excluding FX) and raised FCF guidance to ~high end: ~$1.45B - 6-month shareholder returns: $725M, ~95% of FCF (reinforces capital return commitment)

Subsea momentum remains the core driver; margin strength (good/surprising) - Inbound orders in Q2: $2.7B total, including $2.5B Subsea and 4 announced awards - Subsea revenue: $2.5B, +13% sequentially (iEPCI strength in North Sea & Mediterranean, offset by weaker Africa & U.S. Gulf) - Subsea adjusted EBITDA: $577M, +31% sequentially - Subsea EBITDA margin: 23.2%, indicating strong execution and higher-quality work - Outlook (Q3): Subsea revenue and EBITDA margin expected “in line” with Q2 - Book-to-bill: above 1 in the quarter, and they expect strengthening order trend in 2H 2026

Subsea inbound target clarity: 2026 $10B confidence + 2027 “step-up” (opportunity) - Management reaffirms expectation for $10B Subsea inbound in 2026 - Opportunity pipeline: record level subsea opportunities list (visibility extending beyond decade end) - They explicitly reiterate a step-up in inbound orders in 2027, extending through the end of the decade, supported by: - iEPCI - Subsea 2.0 - Subsea services (notably “much of which will be direct awarded”) - What changes across years: - 2026: more smaller/brownfield tieback and marginal field projects (shorter cycle) - 2027: more larger greenfield opportunities driving the inflection