Noble Corporation Plc A · NYSE:NE
Noble Corporation Plc A — Noble — Q4 2025 Earnings Presentation
11 slides from Noble Corporation Plc A's earnings presentation, Feb 12, 2026
Slide 1: Noble Corporation plc Fourth Quarter 2025 Earnings Conference Call
Noble Corporation plc Fourth Quarter 2025 Earnings Conference Call February 12, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward
Slide 3: Summary
Summary $1.3B in New Contracts and Strategic Entry into NCS Floater Market (1) GreatWhite, Gerry de Souza, CEA extension, Endeavor, Developer, BlackRhino Jackup Sales – Unlocking Capital and Sharpening Focus $360M Borr Drilling transaction closed in January | $64M Ocean Oilfield transaction pending
Slide 4: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Adjusted EBITDA Adjusted EBITDA margin Capital expenditures Free cash flow $232M 30% $152M $35M $254M 32% $138M $139M Net debt Net Leverage Liquidity Backlog $1,504M 1.4x $1,015M $7.5B $1,499M 1.3x $1,010M $7.0B Prior quarter figures for Q3 2025 shown below. 4
Slide 5: Current Backlog Stands at $7.5 Billion
Current Backlog Stands at $7.5 Billion Backlog ($B) and Contract Coverage 66% 61% 41% 9% 2.3 2.3 Floaters Jackups 1.7 1.2 2026 2027 2028 2029-2031 Percentage of available days committed (1) 1) Committed days on total marketed fleet of 29 rigs, as of 2/11/2026. 5
Slide 6: Drillships Overview
Drillships Overview 2026 2027 2028 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Noble Faye Kozack Recent Highlights Noble Stanley Lafosse Noble Valiant • Gerry de Souza: 2-year contract with ExxonMobil in Nigeria Noble Venturer Noble Viking • BlackRhino: 1-well plus option
Slide 7: Semisubmersibles and Jackups Overview
Semisubmersibles and Jackups Overview 2026 2027 2028 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Recent Highlights Semisubmersibles Noble Deliverer • GreatWhite: 3-years with Aker BP in Norway Noble Developer Noble Discoverer • Endeavor: 11-wells in South America Ocean Gr
Slide 8: Financial Overview
Financial Overview ($ millions) Quarter End Quarter End Year End Year End 12/31/2025 9/30/2025 12/31/2025 12/31/2024 Revenue 764 798 3,286 3,058 Adjusted EBITDA 232 254 1,107 1,065 Margin % 30% 32% 34% 35% Net Income (Loss) 87 (21) 217 448 Diluted EPS 0.54 (0.13) 1.35 2.96 Cash flow from operations
Slide 9: Full Year 2026 Guidance
Full Year 2026 Guidance $ millions Revenue 2,800 – 3,000 Adjusted EBITDA 940 – 1,020 Capital Expenditures (1) 590 – 640 1) Includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable CapEx. 9
Slide 10: Appendix: Reconciliation to GAAP Measures
Appendix: Reconciliation to GAAP Measures $ millions 10
Slide 11: First Choice Offshore™
First Choice Offshore™