Forum Energy Technologies (FET) Investor presentation summary

Financial performance and guidance

• 2026 revenue guidance is $900-$920m, up 15% YoY at the midpoint; adjusted EBITDA guidance is $123-$129m, up 46%.

• Q4 2026 guidance: revenue $230-$250m, up 19% YoY at midpoint; adjusted EBITDA $33-$39m, up 59%; free cash flow $25-$30m, up 27%.

• 9M26 Drilling and Completions revenue was $413m with $50m adjusted EBITDA and a 12% margin; Artificial Lift and Downhole revenue was $259m with $60m adjusted EBITDA and a 23% margin.

Growth strategy and outlook

• 2030 revenue targets are $1.0bn in the flat-market scenario and $1.6bn in the growth-market scenario, versus $791m in 2025; corresponding adjusted EBITDA targets are $140-$160m and $290-$370m.

• 2030 free cash flow targets are $100-$110m in the flat-market scenario and $210-$235m in the growth-market scenario, versus $65m in 2025; stated conversion assumptions are 25%-35% of incremental revenue to EBITDA and 60%-70% of incremental EBITDA to free cash flow.

• Global revenue per rig reached $489k in 3Q26 YTD, up 35%; U.S. revenue per rig was ~$717k and international revenue per rig ~$388k.

• The strategy emphasizes differentiated products, continuous innovation, manufacturing expertise and global reach to gain share; the stated aim is to double share in growth markets from 8% to 16%.

Market drivers

• Global producers are projected to offset 29 million barrels per day of production decline and add 6 million barrels per day to meet demand by 2030.

• U.S. LNG export capacity is expected to almost double by 2028; energy security and data centers are identified as natural gas demand drivers.

• Service intensity is rising: well stages per U.S. rig grew at an ~11% CAGR and thousand feet drilled per rig at an ~8% CAGR over the periods shown; rig-count projections assume service-intensity gains of 7% annually.