Forum Energy Technologies (FET) Investor presentation summary

Business overview and market positioning

• Operates as a global manufacturer providing value-added solutions to enhance energy production efficiency, with a balanced geographic revenue split between the US (53%) and international markets (47%).

• Serves a diversified customer base, including major E&P operators and leading oilfield service companies, with no single customer concentration above 40%.

• Maintains a broad product portfolio across drilling, completions, artificial lift, downhole, and production equipment, supporting resilience and growth.

• Strategic global manufacturing and distribution footprint enables rapid response to customer demand worldwide.

Financial performance and value creation

• Achieved a 10% revenue CAGR and 46% adjusted cash flow CAGR from 2021 to 2025, outperforming the Russell 2000 index.

• EBITDA margin improved from 4% in 2021 to an estimated 13% in 2026, with 2026 revenue guidance at $870–$910 million and EBITDA at $115–$125 million.

• Demonstrated strong stock performance: 16% annualized five-year return and 158% one-year return as of June 2026.

• Maintains a capital-light model with low capex requirements, enabling scalable growth without significant new investment.

Capital allocation and balance sheet strength

• Reduced shares outstanding by 8% and net debt by 67% from 2019 to June 2026, with net leverage ratio declining from 3.9x to 1.1x.

• Executed five accretive acquisitions since 2019 at valuations below current multiples.

• Strong cash generation and balance sheet flexibility, with adjusted cash flow yield at 17% and net debt to EBITDA at 0.7x as of June 2026.