Medtronic Plc. · NYSE:MDT
Medtronic — Q1 2025 Earnings Presentation
19 slides from Medtronic's earnings presentation, May 21, 2025
Slide 1: 1Q25 Results Presentation
1Q25 Results Presentation May 21, 2025 1
Slide 2: Forward looking statements
Forward looking statements This presentation and any other written or oral statements made by us in connection with this presentation include forward-looking statements within the meaning of and made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All
Slide 3: CoolCo at a glance
CoolCo at a glance 1Q25 2Q25 perspectives Average TCE(1) Backlog (1) Total Net Debt(2) Rapid restocking in Europe continuing to weigh on demand $70,600 per ~$1.6 bn $1,294m day ($0.95 bn firm) Weak tonne mile growth until Average Interest supply arrives later in 2025 Revenue Dry-docks Rate ~5.7% $85
Slide 4: Quarterly highlights
Quarterly highlights Portfolio of charters support operating profitability in the face of a rapidly deteriorating market • Achieved Average TCE1 of $70,600 per day (Q4: $73,900 per day), primarily due to an increase in repositioning expenses for both, our newbuild vessel GAIL Sagar before commencing
Slide 5: Commodity prices in $/MMBTUeq.
Takeaways from the commodity markets Story of a cold European winter, a need to restock and high LNG prices for the time of year While margins on European storage LNG remains above LNG remain strong, needs refilling after $10/MMBTU volatility has hitting a low of 34% because of dropped in 2025 (60%
Slide 6: Flexible destination of US LNG
Flexible destination of US LNG More than 80% of US LNG went to Europe in March, which is a historically high share • Scope for China and other Asian countries to take more, if only to help with trade imbalances • Of the 19 US cargos lifted by Chinese offtakers in 1Q25, 15 went to Europe 6 Source: Fe
Slide 7: Impact on shipping demand
Impact on shipping demand While European demand is negative for shipping, there is upside from trading patterns shifting east Shipping distance (nm) Tonne-miles 6000 240 Billions 5800 220 5600 5400 200 5200 180 5000 160 4800 4600 140 4400 120 4200 4000 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Slide 8: LNG supply growth finally set to return
LNG supply growth finally set to return Lower European demand when growth in LNG supply is so close would be highly positive for shipping 60 +10% 50 +6% +23% Ruwais 40 Flat LNG supply picture Rio Grande soon to change Port Arthur Million Tonnes Other 30 Golden Pass NFE LNG Canada 20 Corpus Christi 3
Slide 9: Market backdrop - TFDEs
Market backdrop - TFDEs CoolCo’s new charters reduces exposure to two vessels over the next 12 months Spot TFDE rates - avg. monthly data (2018 -2024) 12 mo TFDE rates - avg. monthly data (2018 -24) 240 240 Thousands Thousands 220 220 200 Kool Husky Spot May-Aug’25 200 Two TFDEs open in before fixed
Slide 10: Market backdrop – strokes
Market backdrop – 2 strokes While record-high numbers of spot fixtures reduce the risk of idle time, they reduce opportunities for term Spot 2-st rates - avg. monthly data (2019 -24) 12mo 2-st rates - avg. monthly data (2019 -24) 240 240 Thousands Thousands 220 220 200 200 Kool Tiger 180 Trading spo
Slide 11: Rebalancing underway as orderbook from 2022-24 delivers
Rebalancing underway as orderbook from 2022-24 delivers Indigestion has reduced appetite for newbuilds and is driving steam turbine vessels out of the market LNGC orders have all but dried up in 2025; Replacement demand from retiring Steam Turbines Orderbook largely contracted 40 70 160 Available 29
Slide 12: Q1 revenues match consensus based on analyst research reports
Q1 revenues match consensus based on analyst research reports Results in Q1 reflect addition of one newbuild and cost savings, offset by lower avg TCE rate and swap losses 3Q24 4Q24 1Q25 2Q25 (in $ million, except average daily TCE) actual actual guidance consensus actual guidance Time and charter v
Slide 13: Strong backlog coverage in a challenging market
Strong backlog coverage in a challenging market Recent contract additions have added backlog, but cont’d focus on securing additional term contract coverage ~$1.0Bn of firm and floating backlog (or ~35 years), averaging ~2.7 years per vessel (13 vessels) ~$1.6Bn of total backlog incl. extension opti
Slide 14: Strong cost management performance
Strong cost management performance Opex trending in the right direction, while drydocks executed on a well-planned schedule Drydocks: Average Opex/day/vessel 18,000 • In 2024 and early 2025, we successfully completed 7 drydocks, delivered on time and within budget. 17,000 • Achieved a strong schedul
Slide 15: Operating and Net Income bridges
Operating and Net Income bridges Results impacted by delivery of the 2nd newbuild and interest rate movements Q4 to Q1 Operating Income bridge ($m) Q4 to Q1 Net Income bridge ($m) 15
Slide 16: Balance sheet and liquidity
Balance sheet and liquidity After a successful 2024 refinancing year, opportunistically focussing on additional swaps and share buybacks $256m $0m ~5.7% 75% $26m Additional opportunistic interest rate swaps (IRS): in liquidity in debt in average Fixed and in cumulative • During Q1, we entered into:
Slide 17: Financial summary
Financial summary Given current market rates, maintain runway and retain flexibility for growth Strong operating History of accretive results and backlog transactions Balance sheet and liquidity allow for Significant upside Corporate once rates improve transactions 17
Slide 18: Appendix A: Non-GAAP measures
Appendix A: Non-GAAP measures(1) Adjusted EBITDA: represents net income adjusted for other non-operating income, amortization of intangible assets and liabilities -charter agreements, net, income taxes, net, depreciation and amortization, interest income, interest expense, gains/(losses) on derivati
Slide 19: www.coolcoltd.com
www.coolcoltd.com www.coolcoltd.com/investors Tickers: NYSE:CLCO & EURONEXT: CLCO.OL BMG2415A1137 19