MODEC (6269) investor relations material

Executive summary

• Revenue reached $4,581 million, up 9.4% year-over-year, surpassing guidance and driven by major FPSO contracts in Brazil and Guyana.

• Net income rose 63% to $360 million, with operating profit up 35.5% to $438 million.

• Adjusted EBITDA hit a record $440 million, up 34% year-over-year, with strong EPCI and O&M segment performance.

• Orders received soared 646.6% year-over-year, and total backlog increased up to 43.6%, reflecting robust demand.

• Operating performance remained solid, with record results for the second consecutive year.

Financial highlights

• EPCI and O&M revenues increased, with EPCI stable due to new projects offsetting mature declines.

• O&M backlog reached $12.2 billion, with a 14.2-year average contract life.

• Charter business maintains $8.8 billion backlog and 11.8-year average contract life.

• Gross profit rose 47% year-over-year, and FY2025 EBITDA reached $440 million, with low leverage and $1.3 billion cash on hand.

• Total assets were $4,763 million and total equity $1,474 million.

Outlook and guidance

• FY2026 revenue forecast at $4,600 million, with profits and EPS expected to rise to $370 million and $5.41, respectively.

• Annual dividend planned to increase to JPY200 per share in FY2026.

• All segments expected to contribute to growth in FY2026.