Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Raymond James & Associates 47th Annual Institutional Investor Conference (March 2026)
32 slides from Helix Energy Solutions's conference presentation, Mar 3, 2026
Slide 1: Helix Energy Solutions
Helix Energy Solutions Raymond James & Associates 47th Annual Institutional Investor Conference March 3, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical
Slide 3: Helix – Overview
Helix – Overview Helix is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition. Maximizing Existing
Slide 4: Company Snapshot
Company Snapshot Revenue by Market4 NYSE: HLX Corporate Headquarters in Houston, Texas Other Renewables ($137M) $1.3B $554M 12% 2% Net Debt1 Backlog Liquidity2 December 31, 2025 December 31, 2025 December 31, 2025 Production Maximization 2,212 40 30% Global Employees Nationalities Represented Decemb
Slide 5: Business Segment Overview
Business Segment Overview Key Services and Revenue and Gross Profit Assets Major Customers Tailwinds Margin% by Segment ($MM) 1 2021 2022 2023 2024 2025 • Production enhancement • Purpose-built vessels with $830 Well • Decommissioning higher efficiency and lower operating costs vs. $733 $729 • Seven
Slide 6: Well Intervention
Well Intervention • Leader in rig-less intervention; lower costs, higher efficiency and reduced carbon footprint compared to rigs • Fleet of seven purpose-built well intervention vessels Q7000 (West Africa / Asia Pacific / and 12 well intervention systems operating globally Q4000 (Gulf of America) D
Slide 7: Robotics
Robotics • We serve both the Renewable Energy and Oil and Gas markets • Global leader in trenching windfarm subsea cables • A fleet of advanced subsea trenchers, work-class ROVs and chartered support vessels • Globally diversified operations and broad customer Subsea Trenchers (6 units) ROV Fleet (3
Slide 8: Shallow Water Abandonment
Shallow Water Abandonment • Provider of decommissioning services in the Gulf of America shelf Well Services: Commercial Diving: 20 P&A spreads, six • P&A and coiled tubing systems, heavy lift barge and fleet Three dive support coiled tubing units and one snubbing unit of liftboats, OSVs and diving v
Slide 9: Helix Production Facilities
Helix Production Facilities • Helix Producer I floating production unit (FPU) • Helix Fast Response System (HFRS); one of only two providers in the Gulf of America • Our ownership of the Droshky and Thunder Hawk fields in the Gulf of America Business Mix (year ended December 31, 2025) Revenue1 Well
Slide 10: Debt Instrument Profile
Debt Instrument Profile Minimal maturities until 2029; Net cash position and strong liquidity at 12/31/25 Debt and Liquidity Profile at 12/31/25 Principal Payment Schedule at 12/31/25 ($ in millions) ($ in millions) $300 $700 $600 $554 $250 $500 $431 $430 $400 $445 $200 $285 $300 $368 $332 $300 $200
Slide 11: Key Financial Metrics – Capital Allocation
Key Financial Metrics – Capital Allocation Maintenance Return to Balance Sheet Strategic Capital Capital Shareholders • Maintain sufficient • Regulatory • Opportunistic • $200M share liquidity, low net debt certification of deployment for growth repurchase plan • Strong, conventional vessels and sys
Slide 12: 2026 Forecast
2026 Forecast Key Forecast Drivers Key Financial Metrics Our 2026 outlook will be affected by, among other things, the ($ in millions) 2026 2025 utilization and rates in our spot and call-off operations and the Outlook Actual extent of winter seasonal activity and the following expected key drivers:
Slide 13: EBITDA and Free Cash Flow Generation
EBITDA and Free Cash Flow Generation ($ in millions) Consistent Adjusted EBITDA1 Margins and Free Cash Flow1 Conversion Strong Free Cash Flow Yield Adjusted EBITDA Margin Free Cash Flow Conversion and Free Cash Flow Yield $1,600 22% 25% $325 $303 21% 21% 20% 150% $1,400 20% $273 $272 $275 $260 130%
Slide 14: Why Choose Helix?
Why Choose Helix? Market Leader in Purpose-Built Well Intervention and Strong Balance Sheet and Resilient Cash Flow Generation • Strong balance sheet and low financial leverage Subsea Trenching • Resilient FCF generation through the cycles and strong FCF yields • Fleet of seven purpose-built well in
Slide 15: Financial Trends
Financial Trends = € Helix ENERGY SOLUTIONS
Slide 16: Revenue, Earnings and Cash Flow Trend
Revenue, Earnings and Cash Flow Trend1 ($ in millions) $1,600 $100 $1,359 $303 $1,400 $75 $300 $1,290 $1,291 $1,300 $273 $272 $260 $1,200 $50 $56 $1,000 $25 $31 $873 $200 Revenue $800 $(11) $0 $163 $134 $130 $600 ($25) $121 $120 $100 $400 ($50) $200 $(88) ($75) $18 $0 ($100) $0 2022³ 2023³ 2024³ 202
Slide 17: Company Financial Highlights
Company Financial Highlights Revenue Dispersion ($ in millions) By Segment1 By Geography1 $1,600 $1,600 $1,400 $1,400 7% 6% 7% 6% $1,200 14% 5% 7% $1,200 13% 15% 5% 21% 16% $1,000 $1,000 14% Production 19% Other 27% Facilities 22% 14% 9% 17% West Africa $800 $800 10% 14% 5% 21% Shallow Water Asia Pa
Slide 18: Historical Quarterly Revenue & Earnings
Historical Quarterly Revenue & Earnings ($ in millions) • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline $377 $365 $355 in activity during Q1 and Q4: $342 $334 • Seasonal peaks generally in Q3 and troughs in $296 $302 $278 Q1 • Business units most impacted
Slide 19: Adjusted EBITDA to Free Cash Flow
Adjusted EBITDA1 to Free Cash Flow1 2025 $272 $(21) $(29) $- $7 $(52) $137 $120 $(40) $(17) Adjusted EBITDA Interest, net Taxes Regulatory Certifications Earnout Share-based Comp Working Capital Operating Cash Flow Capital Expenditures, Net Free Cash Flow 2024 $303 $(14) $(14) $(35) $7 $186 $(58) $(
Slide 20: Non-GAAP Reconciliations and Supplemental Information
Non-GAAP Reconciliations and Supplemental Information
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ in thousands, unaudited) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (26,287) $ 32,289 $ 29,514 $ 20,121 $ 3,072 $ (2,598) $ 22,083 $ 8,270 Adjustments:
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATIONS Non-GAAP Reconciliation ($ in thousands, unaudited) 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (61,684) $ (87,784) $ (10,838) $ 55,637 $ 30,827 Adjustments: Income tax provision (benefi
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP Financial Measures We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-
Slide 24: Well Intervention Utilization
Well Intervention Utilization Supplemental Schedule 1 Gulf of America utilization includes Q4000 utilization offshore Nigeria between Q4 2024 and Q2 2025 on a six-month contract 2 North Sea utilization includes Seawell utilization in the western Mediterranean during Q1 and Q2 2024 3 Q7000 utilizatio
Slide 25: Robotics Utilization
Robotics Utilization Supplemental Schedule 1 Integrated vessel trenching days represents trenching activities utilizing Helix trenchers on Helix-chartered vessels and excludes stand-alone trenching operations on third-party vessels of 49 days, 92 days, 26 days, 90 days, 91 days, 165 days and 137 day
Slide 26: Shallow Water Abandonment Utilization
Shallow Water Abandonment Utilization Supplemental Schedule Page 26 © 2025 Helix ESG
Slide 27: Macro Outlook - Supports Upside Potential
Appendix Macro Outlook - Supports Upside Potential Oil & Gas Global Offshore Deepwater O&G OpEx1 ($ in billions) • Helix business lines are primarily production- 120 focused and activity-driven by Upstream OpEx 104 110 budgets 100 88 92 98 84 • Current high commodity pricing environment is 80 80 fav
Slide 28: Key Performance Indicators - Oilfield Service Market
Appendix Key Performance Indicators - Oilfield Service Market Rystad Energy | Oilfield Service Contract February 6, 2026 Page 28 © 2025 Helix ESG
Slide 29: North America Decommissioning Market: Outlook 2025-2029
Appendix North America Decommissioning Market: Outlook 2025-2029 Decommissioning Commitments Active Subsea Trees Decommissioning Expenditures Active Wells by Region in 2025 by Facility Group in 2025 North America Occidental Petroleum Fixed Talos Energy Rest of the world Floater Cantium LLC Talos Ene
Slide 30: Global Decommissioning Market: Outlook 2025-2029
Appendix Global Decommissioning Market: Outlook 2025-2029 Page 30 Source: Rystad Energy ServiceCube as of February 2026 © 2025 Helix ESG
Slide 31: Offshore Wind Renewables Market
Appendix Offshore Wind Renewables Market: Cumulative Offshore Wind Cable Installations by Continent, 2020-2030 100 Export Aray Cable Cable Asia Europe Americas 90 47% 53% 80 76.8 76.8K 70.5 70 km 63.0 60 56.0 50 48.5 40.8 40 36.5 33.8 29.9 30 26.0 20 16.6 10 0 2020 2021 2022 2023 2024 2025 2026 2027
Slide 32: Thank You
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