Forum Energy Technologies, Inc. · NYSE:FET
Forum Energy Technologies — EnerCom Denver Conference 2026
24 slides from Forum Energy Technologies's conference presentation, Aug 18, 2026
Slide 1: EnerCom Denver Conference
ENERCOM DENVER CONFERENCE AUGUST 18, 2026
Slide 2: Forward Looking Statements and Non-GAAP Reconciliation
Forward Looking Statements and Non-GAAP Reconciliation The statements made during this presentation, including the answers to your questions, may include information that the Company believes to be forward- looking statements within the meaning of the Private Securities Litigation Reform Act. Forwar
Slide 3: Forum Energy Technologies at a Glance
Forum Energy Technologies at a Glance Manufacturer with Global Reach Financial Performance ($ in millions) Artificial Lift Drilling and and Downhole Completions International United States 890 816 791 739 700 541 39% Segment Geographic 47% Revenue Mix 53% Revenue Split 61% 2021 2022 2023 2024 2025 2
Slide 4: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 4
Slide 5: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 5
Slide 6: Track Record of Outperformance
Track Record of Outperformance Key Financial Metrics Revenue Growth Compound Annual Growth Rate from 2021 through 2025 Market share gains and acquisitions FET Russell 2000 VS. 10% 7% High operating leverage Adjusted Cash Flow* Growth Compound Annual Growth Rate from 2021 through 2025 FET Russell 200
Slide 7: Track Record of Outperformance
Track Record of Outperformance Annualized Stock Performance Annualized Five-Year Stock Performance As of market close on June 30, 2021 and June 30, 2026, respectively Strong financial growth FET Russell 2000 VS. 16% 6% Fortified balance sheet with disciplined capital allocation One-Year Stock Perfor
Slide 8: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 8
Slide 9: Incredible Value
Incredible Value Comparison to Russell 2000 Manufacturing Comps Manufacturing Comps Financial Metrics FET Strong cash generation 6% Adjusted Cash Flow Yield 17% Advantage FET 13.4x Enterprise Value to EBITDA 6.7x Advantage FET Compelling relative valuation 1.7x Price to Sales 0.7x Advantage FET Stro
Slide 10: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 10
Slide 11: Significant Capital Returns
Significant Capital Returns FET’s Capital Allocation Framework Capital Return Outcomes Shares Outstanding* Share repurchases and (in thousands) 8% accretive acquisitions 12,290 11,262 Reduction in shares outstanding December 31, 2024 June 30, 2026 67% Reduction in net debt Net Leverage Ratio** Net d
Slide 12: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 12
Slide 13: Poised for Growth: "Beat the Market" Strategy
Poised for Growth “Beat the Market” Strategy COMPETE IN TARGETED MARKETS UTILIZE COMPETITIVE ADVANTAGES Limited competition Manufacturing know-how and intellectual property Differentiated product offering “Beat the Market” Recognized brands and industry experts Strategy Drives INNOVATE CONTINOUSLY M
Slide 14: "Beat the Market" Strategy at Work: Gaining Market Share
“Beat the Market” Strategy at Work Gaining Market Share Annualized Global Revenue per Rig* ($ in thousands) FET Global Revenue Per Rig 464 $464K Up 27% 426 390 United States International 365 ~$700K ~$350K “Beat the Market” Strategy Delivering Market Share Gains 2Q23 2Q24 2Q25 2Q26 Source: Baker Hug
Slide 15: Market Positioning and Broad Portfolio Supports Growth
Poised for Growth Market Positioning and Broad Portfolio Supports Growth Leadership Markets Growth Markets Meaningful market share Targeted markets with fewer competitors Solutions fully adopted by industry Innovation gaining adoption Broad geographic exposure Expanding geographic reach FET FET 8% 8
Slide 16: "Beat the Market" Strategy at Work
“Beat the Market” Strategy at Work Product Innovation Expanding Addressable Markets Cased-hole Wireline Power Generation The workhorse of the shale revolution, A leading cooling system manufacturer, FET manufactures high performance FET specializes in building industrial wireline cables. Our cables
Slide 17: Global Oil Supply Needed to Meet Long-term Demand
Poised for Growth Global Oil Supply Needed to Meet Long-term Demand Global Oil Supply Global Drivers Support Market Growth to 2030 (Millions of barrels per day) 110 Global GDP growth, urbanization, and electricity consumption increases demand. Historical ~1% 104 Growth CAGR Investment is required to
Slide 18: FET 2030 Forecasted Financials – Flat and Growing Market Scenario
Poised for Growth FET 2030 Forecasted Financials – Flat and Growing Market Scenario $1,600E 2021 – 2025 Revenue 2030E 2030E 10% CAGR ($ in millions) 2025 Flat Market Growth Market 15% CAGR Revenue $791 $1,000 $1,600 EBITDA $86 $140 - $160 $290 - $370 $1,000E 5% CAGR Free Cash Flow* $65 $100 - $110 $
Slide 19: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 19
Slide 20: Appendix
Appendix
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation FET Adjusted EBITDA FET ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 2Q26 EBITDA reconciliation* Net income (loss) $ (567) $ (83) $ 4 $ (19) $ (135) $ (10) $ 4 $ 12 Interest expense 32 32 31 18 32 18 4 4 Depreciation and amortization 63 42 37 35 54 34 8 8 Income
Slide 22: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Free Cash Flow FET ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 2Q26 Free cash flow reconciliation* Net cash provided by (used in) operations $ 104 $ (16) $ (17) $ 8 $ 92 $ 70 $ 2 $ 12 Capital expenditures (15) (2) (8) (8) (8) (6) (1) (3) Proceeds fr
Slide 23: Net Leverage Ratio
Net Leverage Ratio Net Leverage Ratio FET ($ in millions) December 31, 2019 June 30, 2026 Net Leverage Ratio* 2021 Notes $ 400 $ - 2029 Bonds - 100 Credit Facility - 45 Other debt 2 3 Long-term debt, principal amount 402 149 Less: Cash and cash equivalents 58 34 Net debt 344 115 Trailing Twelve Mont
Slide 24: Revenue Per Rig
Revenue Per Rig Trailing Twelve Months Ended June 30, ($ in thousands, except global rig information) 2023 2024 2025 2026 Global Revenue per rig* Revenue $ 746,941 $ 772,054 $ 801,867 $ 833,348 Average global rig count 2,046 1,981 1,884 1,797 Revenue per rig $ 365 $ 390 $ 426 $ 464 Annualized revenu
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