Forum Energy Technologies (FET) 17th Annual Midwest IDEAS Conference summary

Business Overview and Segment Performance

• Operates globally with two main segments: artificial lift & downhole (direct to operators) and drilling & completion (serving major oilfield service firms).

• About 60% of revenue comes from drilling & completion, with half of total sales in the U.S. and half internationally.

• 80% of sales are activity-based consumables, which are high-value, recurring products that require regular replacement.

• Revenue has grown from $540M in 2021 to a projected $890M in 2026, with EBITDA rising from $20M to $120M and margins improving from 4% to 13%.

• Focus on consumables and activity-driven sales underpins strong financial performance.

Key Conference Highlights

• Presented at the Midwest IDEAS Investor Conference on August 26, 2026, focusing on financial performance, growth strategy, and market positioning.

• Emphasized forward-looking statements, with guidance for 2026 revenue at $870–$910 million and EBITDA at $115–$125 million.

Financial Outperformance and Value Proposition

• Achieved 10% compound annual revenue growth and 46% CAGR in adjusted cash flow, outperforming the Russell 2000.

• Five-year annualized stock return was 16% versus 6% for the Russell 2000; last year saw a 158% return.

• Delivers three times more free cash flow per share than manufacturing peers and trades at about half their EV/EBITDA and price-to-sales multiples.

• Maintains lower financial leverage than peers, supporting flexibility and value.

• EBITDA margin improved from 4% in 2021 to an estimated 13% in 2026.