Floatel International (FLOAT) investor relations material

Executive summary

• Achieved 72% fleet utilization in Q1 2026, the highest Q1 level since 2018, with all vessels on charter and strong operational momentum continuing from 2025.

• Orderbook at end of March 2026 stands at $342 million firm and $162 million in options.

• All vessels secured new or extended contracts, with high utilization rates and minimal idle periods between contracts.

• Strategic review initiated with largest shareholders to evaluate future direction and ownership.

Financial highlights

• Q1 2026 revenue was $37.3 million, up from $21.1 million in Q1 2025, reflecting improved market demand and higher utilization.

• Recurring EBITDA for Q1 2026 was $4 million, a turnaround from -$4 million in Q1 2025, with a margin of 10%.

• Net result for the quarter was -$17.8 million.

• Cash balance at quarter-end was $69 million, with $42 million in net client receivables.

• CapEx in Q1 2026 was $13 million, mainly for vessel upgrades and thruster overhaul.

Outlook and guidance

• Fleet is largely committed for the remainder of 2026, with robust tender activity for 2027 and beyond.

• Market expected to remain tight with high utilization and potential for higher day rates in coming years.

• Limited vessel availability until 2027 due to strong backlog and high contract coverage.

• CapEx for 2026 guided just north of $50 million, with increased depreciation expected in H2 2026.