Slide 1: 3Q 2025 Investor Presentation
3Q 2025 Investor Presentation November 12, 2025 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by MODEC, Inc. (the “Company”) solely for information purpose only. The information contained herein is based on current economic, regulatory, market trends and other conditions. The Company makes no representation or guarantee with respect to the credi
Slide 3: Table of Contents
Table of Contents I. 3Q 2025 Highlight II. Financial Guidance III. Financial Summary 3
Slide 4: I. 3Q 2025 Highlight
& MODEG |. 3Q 2025 Highlight
Slide 5: 3Q 2025 Highlight: Earnings Results Overview
3Q 2025 Highlight Earnings Results Overview Revenue Net Income $ 3,351MM $ 245MM 90% achievement ratio against FY2025 original guidance 90% achievement ratio against FY2025 original guidance Increase by $357MM or 11% as compared to 3Q 2024 Increase by $74MM or 43% as compared to 3Q 2024 Adju
Slide 6: 3Q 2025 Highlight – Topics
3Q 2025 Highlight – Topics ExxonMobil Hammerhead Contract Award / Bacalhau First Oil / Co-operation Agreement with AFC / New Technology Initiative ExxonMobil Hammerhead FPSO – Secured EPCI and O&M Contract (September 2025) Equinor Bacalhau FPSO – Achieved First Oil and Delivered (October 2025) MOD
Slide 7: II. Financial Guidance
& MODEG ll. Financial Guidance
Slide 8: Financial Guidance: FY2025 Earnings Outlook / Shareholder Return
Financial Guidance FY2025 Earnings Outlook / Shareholder Return FY2025 Earnings Forecast Revenue is expected to be higher than original guidance, mainly due to steady progress in the construction work of FPSOs. Profits are expected to be higher than original guidance, mainly due to the higher ea
Slide 9: Share Price Performance / Key Stock Data / FY2025 Guidance
Financial Guidance Share Price Performance / Key Stock Data / FY2025 Guidance Share Price Since 2023 (JPY) Key Stock Data Since 2023 17,000 Current 2 MAX MIN 15,000 Share Outstanding 68,345,300 2025 3Q Financial Results 13,000 Public Float 1 66.5% 29.8% 11,000 2025 2Q Financial Results Share Price 1
Slide 10: III. Financial Summary
& MODEG Ill. Financial Summary
Slide 11: Business Model Overview
Business Model Overview A Leading Offshore Midstream Company with Long-Term, Contractual & Predictable Business Model Founded in 1968, MODEC has established a strong presence in all major offshore oil & gas producing regions of the world, providing a reliable one-stop solution to its clients across
Slide 12: EPCI / Charter / O&M Project at Glance
Business Model EPCI / Charter / O&M Project at Glance Current Asset Charter Charter 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 # (%)1 Ship Name Offtakers Location Start End Date Stage Date 1 EPCI - FPSO Hammerhead - awarded
Slide 13: High Backlog in EPCI and O&M Business
Financial Summary High Backlog in EPCI and O&M Business Backlog Overview EPCI Construction Period Hammerhead MODEC has maintained a robust backlog, supported by favorable market conditions. Gato do Mato EPCI backlog increased significantly in 3Q 2025 due to two new large contracts, “Shell Gato d
Slide 14: EPCI / O&M Performance
Financial Summary EPCI / O&M Performance1 Revenues2 3 4 (US$ MM) 3,870 4,138 50 Higher Revenues in 3Q/2025 (+11%) over 3Q/2024 26 3,532 3,316 36 EPCI revenues were higher as compared to 3Q/2024 due to the higher revenues from 3,009 2,966 728 1,177 2,959 29 Raia Project and two new projects (Gato d
Slide 15: Predictable & Stable Charter Earnings under Long-Term Contracts
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 149 cumulative years of Charter contracts with 12.0-year remaining average life MODEC does not consolidate its minority stakes in the SPCs. MODEC’s share of SPCs’ net earnings are recognized under
Slide 16: Income Statement
Financial Summary Income Statement 1 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 3Q 2024 3Q 2025 Diff. EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,096 2,239 + 143 O&M 885 892 745 728 901 1,006 1,177 818 1,047 + 229 Service Fee 23 27 28 29 36 42 48 35 35 +0 Others 40 56 43 26 26 36 50 45 29 - 16
Slide 17: Historical EBITDA Performance & Financial Metrics
Financial Summary Historical EBITDA Performance & Financial Metrics 1,2 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 3Q 2024 3Q 2025 Diff. Highlights EPCI + O&M Profits (Gross Profits excluding Service Fee) 215 40 (121) (254) 31 208 344 262 343 + 81 Strong EBITDA continues, exceeding the pre-Covid
Slide 18: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 3Q 2025 Diff Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,301 48 Trade & other receivables 856 1,491 1,205 379 478 592 752 707 -45 Contract assets - - - 704 257 185 195 109 -86 ST loans receivable