Floatel International (FLOAT) investor relations material

Executive summary

• Achieved 100% fleet utilization in Q2 2026, with all vessels active on contracts across Norway, Australia, and Brazil, and 86% utilization for H1, the highest since 2018.

• Major contract extensions secured, including 12-month firm periods for key vessels with Aker BP and new assignments in Brazil and Australia.

• Strategic review initiated with major shareholder and external advisor to assess future direction and ownership.

Financial highlights

• Q2 2026 revenues reached $79.2 million, up from $70.4 million in Q2 2025; recurring EBITDA was $36.6 million (46.3% margin), with net income after taxes of $15.1 million.

• Cash balance at period end was $49 million, with undrawn RCF of $25 million; net interest-bearing debt reduced to $257 million.

• Full-year 2026 EBITDA guidance revised downward to mid to high $70 million range due to unexercised options and increased maintenance costs.

• Earnings per share for Q2 2026 was $0.14, compared to $0.11 in Q2 2025.

• Firm orderbook at end of June 2026 stood at $294 million, with options valued at $137 million.

Outlook and guidance

• Market outlook remains positive with high utilization expected for 2026 and 2027, driven by resilient energy demand and regional energy security.

• Tendering activity remains high, with several outstanding tenders for assignments starting in 2027 and beyond.

• Backlog distribution: 42% in 2027, 29% in 2026, 17% in 2029, 9% in 2028, and 3% in 2030.

• Maintenance and modification work expected to dominate future contracts, with fewer large hookup projects.

• Oil price volatility and geopolitical uncertainties remain risk factors, but direct impact on operations has been limited.