Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q4 2025 Earnings Presentation
10 slides from Borr Drilling's earnings presentation, Feb 19, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 PRESENTATION February 19, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements These presentational materials and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be
Slide 3: Q4 2025 Company Overview and Highlights
Q4 2025 Company Overview and Highlights Highlights Global Footprint and Diversified Portfolio Fleet Currently Expanded Fleet Remains the Youngest in Industry 29 25 Modern Rigs Active Rigs 3 Q4 2025 Adj. EBITDA FY 2025 Adj. EBITDA 1 Europe FY 2025 at $105.2M $470.1M 5 Top of Guided Range1 MENA 6 2 5
Slide 4: Key Financials Q4 2025
Key Financials Q4 2025 Quarterly Revenue progression ($M) Related Party and BBC Revenue Management contract revenue Dayrate Revenues 271.9 277.1 263.1 267.7 259.4 241.6 20.3 26.7 234.0 37.2 25.5 9.4 23.6 8.9 11.7 27.4 12.8 216.6 10.8 35.7 12.1 6.8 7.6 In $ million Q4 2025 Q3 2025 Change ($) Change (
Slide 5: Fleet Overview
Fleet Overview 2026 YTD Contracting Statistics1 5 New Commitments 1,150+ Added Backlog Days $145M Added Backlog Revenue $125k Average Dayrate2 1 Contracting statistics based on the Company’s definition of “Dayrate Equivalent Backlog” appended hereto; Contracting statistics exclude backed added in re
Slide 6: Contract Coverage and Market
Contract Coverage and Market 2026 Coverage materializing1 Tendering pipeline at multiyear highs2 100% 160 85% Coverage 90% @ 145k/d 80% Coverage @ 135k/d 140 80% 64% Coverage 120 70% @ 136k/d 60% 100 48% Coverage @ 139k/d 50% 80 40% 60 30% 40 20% 10% 20 0% - 2025 2026 H1 2026 H2 2026 Jan-15 Jan-16 J
Slide 7: In Conclusion
In Conclusion 1 Resilient execution in 2025 despite headwinds $470.1M Adj. EBITDA for FY 2025 – top end of guidance range Successful capital market transactions – solidified balance sheet, providing strategic flexibility 2 Completed acquisition of five premium assets Attractive pricing and immediate
Slide 8: Appendix
oe Pea oa Borr “24 Drilling Appendix
Slide 9: Adjusted EBITDA Reconciliation and Definitions
Adjusted EBITDA Reconciliation and Definitions (in US$ millions) Q4 2025 Q3 2025 FY 2025 Net income / (loss) (1.0) 27.8 45.0 Depreciation of non-current assets 37.8 37.6 148.0 Loss from equity method investments 0.4 0.3 2.7 Total financial expense, net 55.8 58.6 233.5 Income tax expense 12.2 11.3 40
Slide 10: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling