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Forum Energy (FET) investor relations material

Forum Energy Water Tower Research Fireside Chat summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Water Tower Research Fireside Chat summary18 Sep, 2025

Strategic vision and market positioning

  • Focus on leadership and growth markets, leveraging proven products and innovation to drive share gains, especially in coil tubing, wireline, subsea, and sand control systems.

  • Vision 2030 aims to double revenue by 2030 through market share expansion and capital-light growth, targeting a 50%+ increase in addressable markets.

  • Growth markets, including coil line pipe and downhole pump protectors, are expected to increase share from 8% to 16% in five years, potentially adding $250 million in revenue.

  • International expansion is prioritized, with strong presence in the Middle East and Argentina, and plans to export U.S.-proven technologies globally.

  • Defense and non-energy sectors, such as naval rescue vehicles, are identified as significant adjacent growth opportunities.

Operational efficiency and innovation

  • Product innovation, such as high-strength coil tubing for sour service and the Unity ROV operating system, enhances customer efficiency and reduces environmental impact.

  • Service intensity trends, like increased frac stages and longer laterals, drive higher demand for consumables and capital products.

  • Consumable products benefit from increased usage cycles, creating recurring demand as operational intensity rises.

  • Coil line pipe offers significant time and cost savings over traditional steel pipe, with high incremental margins and scalable production capacity.

  • Capital-light business model enables revenue growth without significant CapEx, leveraging existing facilities and workforce.

Financial performance and capital allocation

  • 2025 adjusted EBITDA guidance set at $85 million, reflecting industry softness but supported by a strong backlog and cost-saving initiatives.

  • Free cash flow guidance raised to $60–$80 million, driven by working capital reductions and real estate transactions, yielding 19–25% on market cap.

  • Share repurchase program authorized for $75 million, with 5% of shares repurchased year-to-date; capital allocation split between debt reduction and shareholder returns.

  • Conservative net leverage maintained at 1.4x, with flexibility to pursue M&A or further buybacks based on value.

  • Beat-the-market strategy has increased annualized revenue per rig by 20% since 2022, supporting Vision 2030 goals.

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Frequently asked questions

Forum Energy Technologies Inc. is an energy company that designs, manufactures, and supplies equipment and technology solutions for the oil and gas industry. Its offerings include products for drilling, production, subsea operations, and well construction, as well as related aftermarket services. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

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