TechnipFMC (FTI) Investor presentation summary

Operational and financial highlights

• Q2 2026 inbound orders reached $2.7 billion, with Subsea orders at $2.5 billion and a backlog of $16.4 billion.

• Adjusted EBITDA for Q2 was $601 million, with free cash flow of $488 million and shareholder distributions totaling $440 million, representing 90% of free cash flow.

• Subsea revenue and adjusted EBITDA margin are tracking toward the high end of guidance, with Subsea adjusted EBITDA margin at 23.2%.

• Subsea opportunities list now exceeds $30 billion, marking the 8th consecutive quarter of growth in project value midpoint.

• Surface Technologies revenue decreased 3% sequentially, mainly due to reduced activity in the Middle East and North America.

Segment performance and guidance

• Subsea segment Q2 revenue was $2.49 billion, up 13% sequentially, with adjusted EBITDA of $577 million, up 31%.

• Surface Technologies Q2 revenue was $276 million, down 3% sequentially, with adjusted EBITDA of $50 million, up 1%.

• 2026 full-year guidance: Subsea revenue $9.2–9.6 billion, adjusted EBITDA margin 21–22%; Surface Technologies revenue $1.15–1.3 billion, adjusted EBITDA margin 16.5–18%.

• Free cash flow guidance for 2026 is $1.3–1.45 billion, with capital expenditures around $340 million.

Cash flow, net cash, and backlog

• Cash provided by operations in Q2 was $548 million, with cash and cash equivalents at $992 million as of June 30, 2026.

• Net cash position at quarter-end was $590 million after accounting for debt.

• Subsea backlog as of June 30, 2026, was $15.8 billion, with $3.8 billion scheduled for 2026 and $6.8 billion for 2028 and beyond.

• Surface Technologies backlog was $607 million, with $264 million scheduled for 2026.