James Fisher And Sons Plc · LSE:FSJ
James Fisher And Sons — FY2025 Earnings Presentation
42 slides from James Fisher And Sons's earnings presentation, Mar 12, 2026
Slide 1: Results for the year ended 31 December 2025
12 March 2026 James Fisher and Sons plc Results for the year ended 31 December 2025 james-fisher.com 1
Slide 2: Disclaimer
Disclaimer This presentation is confidential and is delivered to interested parties for otherwise. information only. It is delivered solely on the basis that neither the whole nor any part of the information contained in this presentation may be The presentation is not intended to recommend any stra
Slide 3: Agenda
Agenda 01. FY 2025 highlights 02. Financial results 03. Turnaround update 04. Positioning for growth 05. Outlook james-fisher.com 3
Slide 4: FY 2025 Highlights
FY 2025 Highlights Good financial and strategic progress in 2025; momentum building in 2026 Financial Strengthened platform Positioning progress and capabilities for growth • Continued progress on turnaround, setting us • Solid financial performance up for growth • Investing for growth through new t
Slide 5: We are James Fisher
We are James Fisher Solving our customers’ complex challenges in the Blue Economy Defence Energy Maritime Transport Enabling mission Driving offshore Shaping the future critical success energy forward of maritime What Supporting and saving Meeting energy demand growth Ensuring supply reliability we
Slide 6: 02. Financial results
02. Financial results james-fisher.com 6
Slide 7: FY 2025 good progress
FY 2025 good progress With improved margin Revenue up1 Underlying operating Underlying operating margin1 profit1 up (up 250bps) 4.3% down 9.9% on a reported basis 56.3% 7.6% down 3.1% on an underlying basis overall UOP margin up 60bps overall Net debt2 ROCE1 (up 250bps) Net debt to EBITDA 8.6% £54.4
Slide 8: Revenue up 4.3% on an adjusted basis
Revenue up 4.3% on an adjusted1 basis Growth in all three Divisions, more than offsetting some well testing softness 437.7 +4.3% 21.4 377.2 361.7 (5.9) (76.0) FY24 Disposed FY24 (excl. Volume FX FY25 businesses disposed and mix businesses) 1. Revenue stated after the impact of disposals: RMSpumptool
Slide 9: Underlying operating profit increased by 56.3%
Underlying operating profit increased by 56.3%1 After adjusting for the impact of disposals; UOP decrease of 3.1% overall (£m) 6.7% 5.1% 7.6% margin margin margin +56.3% 29.5 8.0 28.6 (1.1) • Defence execution • Margin mix 3.4 in Fendercare • Turnaround of 18.3 Decommissioning (11.2) FY24 Disposed F
Slide 10: Improved performance, with supportive end markets
Improved performance, with supportive end markets Performance excluding disposals and staged business closures 377.2 (£m) 361.7 Improved margin reflects continued focus on: • Productivity • Supply chain 326.6 4.5% 5.1% 7.6% margin margin margin • Decommissioning turnaround 28.6 • Business mix 18.3 1
Slide 11: Defence
Defence Underlying results for the year ended 31 December 2025 2024 Change £m £m Total revenue 88.8 80.1 10.9% Operating profit 5.5 1.9 189.5% Margin 6.2% 2.4% 380 bps Revenue increased 10.9% Operating profit up 189.5% • Predominately driven by stronger • Operational gearing performance in Special F
Slide 12: Energy
Energy Underlying results for the year ended 31 December 2025 2024 Change £m £m Revenue1 141.4 139.0 1.7% Operating Profit1 17.6 14.3 23.1% Margin1 12.4% 10.3% 210 bps Total Revenue 158.6 207.5 (23.6)% Total Operating Profit 17.6 24.8 (29.0)% Revenue up 1.7%1 Operating profit up 23.1%1 • Excluding d
Slide 13: Maritime Transport
Maritime Underlying results for the year ended 31 December 2025 2024 Change Transport JF Tankships revenue £m £m (incl. Cattedown) 86.5 80.5 7.5% Fendercare revenue1 60.5 62.1 (2.6)% Total revenue1 3.1% 147.0 142.6 Operating Profit1 20.8 14.4 44.4% Operating Margin1 14.1% 10.1% 400 bps Total Revenue
Slide 14: Underlying results with improved finance costs
Underlying results with improved finance costs 2025 2024 Underlying results for the year ended 31 December £m £m Revenue 394.4 437.7 Operating profit1 28.6 29.5 Investment income 2.6 2.8 Financial interest2 (9.5) (16.1) Lease interest2 (6.4) (4.3) Profit before tax 15.3 11.9 Taxation (5.0) (2.8) Pro
Slide 15: Cash inflows reinvested in growth
Cash inflows reinvested in growth Improved operational cash inflow driven by strong working capital with good debtor collection -3.0% (£m) 4.8 10.4 74.3 (33.0) (7.2) (8.0) (29.2) (10.4) (54.4) (56.1) FY24 Capex / Net finance Lease FY25 EBITDA WC Proceeds Devex costs Tax Other1 Net Debt payments Net
Slide 16: Maintaining financial stability
Maintaining financial stability Leverage decreased to 1.3x driven by increased EBITDA (£m) Net Borrowings (Incl. ROU) Financial Covenants 210 201.1 Interest cover New facilities Net debt to EBITDA 186.6 10 3 2.8 9.6 180 9 2.6 56.9 51.7 2.5 150 142.7 144.1 8 6.8 6.9 7 2 120 108.0 6 1.6 79.4 1.4 89.7
Slide 17: Capital allocation framework
Capital allocation framework Focus on medium-term targets Underlying operating profit Return on Capital Employed (ROCE) >10% >15% Strategic investment Ordinary dividend Acquisitions Focus on organic growth Reinstate at the Pipeline development including innovation appropriate time Maintain net debt
Slide 18: Wrap up on financials
Wrap up on financials Strong delivery and disciplined execution • Strong second half delivering a solid set of results, reflecting improved execution across the Group • Progress made on turnaround actions: • Margin improvements - cost efficiencies and supply chain • Turning around under-performing b
Slide 19: 03. Turnaround update
03. Turnaround update james-fisher.com 19
Slide 20: Turnaround delivery as planned
Turnaround delivery as planned One James Fisher 2023/24 2025 Focus • Purpose and portfolio • Embedding OJF culture • Financial foundations • Delivering financial targets • Unified company priorities • Focus on customer excellence Simplify • OJF executive team • Accountability • Three divisions • Exi
Slide 21: Key drivers to our 10% UOP margin strategic target
Key drivers to our 10% UOP margin strategic target Incremental margin improvement through key drivers Well-positioned for sustainable UOP margin growth – medium-term Further opportunity Technology People & & innovation Aligned strategic capability Supply 10% UOP markets chain strategic target Defenc
Slide 22: 04. Positioning for growth
04. Positioning for growth james-fisher.com 22
Slide 23: Three engines of targeted growth
Three engines of targeted growth Driving sales across key accounts, divisions and geographies Selling existing products to new customers Grow sales with new customers in new geographies, resulting in increased global New customers and market share within existing segments geographies Selecting and n
Slide 24: Enablers of future growth
Enablers of future growth Supportive megatrends Energy demand Decarbonisation Digitalisation Localisation growth & security Geopolitics Our One James Fisher model Delivered through our growth pillars Aligned strategic markets People and capabilities Innovation and technology james-fisher.com 24
Slide 25: Delivering through our growth segments
Delivering through our growth segments Defence opportunities Energy opportunities Aligned strategic markets NEW: Submarine Rescue Defence Commercial Diving Tactical Diving Big Bubble Curtain Offshore Wind Decom / Subsea Well Diving Vehicles Aftermarket Trenching Services Develop a global talent pool
Slide 26: Defence
Defence • Geopolitical tensions translating into increased spending Market drivers • Strong demand for covert, special forces and subsea capabilities • Operational readiness, reliability and interoperability are an imperative Commercial momentum • Partnerships with leading defence companies across E
Slide 27: Energy
Energy • Global energy demand growth, with supply decline, under-investment in E&P Market • Robust OFW outlook with 225GW additional capacity (ex. China) by 2030 drivers • Technology led solutions to drive greater innovation and digitalisation • Efficiency and sustainability remain a critical impera
Slide 28: Maritime Transport
Maritime Transport • Market demand remains supportive, with vessel supply tightening Market • Stricter environmental and safety compliance across global shipping drivers • Safety, reliability and service quality • Strong tanker utilisation with 80%+ contracted • Reinforced presence in Caribbean with
Slide 29: Our focus on growth through delivery
Our focus on growth through delivery Creating ability to scale through manufacturing excellence and supply chain • One James Fisher approach to global market • Standardising our operating model across sites to deliver consistent quality, efficiency and agility • Investing in capacity, systems and st
Slide 30: 05. Outlook
05. Outlook james-fisher.com 30
Slide 31: Summary and 2026 outlook
Summary and 2026 outlook 2025 Summary • Delivering business turnaround, investment in technology, commercial excellence & people • Largely supportive end markets, despite softness in oil and gas, positioning for growth • Maintaining financial stability with increased headroom to support a broader ra
Slide 32: 06. Q&A
06. Q&A james-fisher.com 32
Slide 33: Thank You
Thank You james-fisher.com 33
Slide 34: Appendix
Appendix james-fisher.com 34
Slide 35: 2026 Technical guidance
2026 Technical guidance Trading year to date is in line with management's expectations, performance as usual will be second half weighted Interest rate New built vessels to be Continued delivered in 2026 Underlying effective capital investment of on bank and 2027 - each with 20- cash tax rate at aro
Slide 36: Reported operating profit
Reported operating profit 2025 2024 Underlying results for the year ended 31 December £m £m Underlying operating profit 28.6 29.5 Impairment charges (2.7) (5.1) Re-financing - (3.5) Restructuring costs (3.3) (1.7) Disposal of businesses and assets (2.1) 54.9 Other / Tax (4.4) (1.0) Reported operatin
Slide 37: FY 2025 Split – Revenue and Underlying Operating Profit
FY 2025 Split – Revenue and Underlying Operating Profit Balanced global revenues with profits concentrated in Energy and Maritime Transport Divisional Revenue Underlying Operating Profit -54% 62% 39% 37% £377.2m £28.6m 19% 24% 73% Energy Energy Defence Defence Maritime Transport Maritime Transport C
Slide 38: FY 2024 Split – Revenue and Underlying Operating Profit
FY 2024 Split – Revenue and Underlying Operating Profit Balanced global revenues with increased Defence profits Divisional Revenue Underlying Operating Profit -67% 78% 40% 38% £361.7m £18.3m 10% 22% 79% Energy Energy Defence Defence Maritime Transport Maritime Transport Corporate costs Financials ar
Slide 39: Consolidated Income Statement
Consolidated Income Statement 2025 2024 £m £m Revenue 394.4 437.7 Cost of sales (266.0) (304.7) Gross profit 128.4 133.0 Administrative expenses (110.4) (101.6) Impairment charges (0.2) (5.2) Profit on disposal of businesses - 49.5 Refinancing costs - (3.5) Restructuring costs (3.3) (1.7) Share of p
Slide 40: Underlying operating profit – 2025
Underlying operating profit – 2025 Disposal of Other/ Underlying As reported Impairment charges Restructuring businesses and assets Tax results £m £m £m £m £m £m Revenue 394.4 - - - - 394.4 Cost of sales (266.0) 2.5 - - - (263.5) Gross profit 128.4 2.5 - - - 130.9 Administrative expenses (110.4) - -
Slide 41: Underlying operating profit – 2024
Underlying operating profit – 2024 Disposal of Other/ Underlying As reported Impairment charges Refinancing Restructuring businesses and assets Tax (restated) results £m £m £m £m £m £m £m Revenue 437.7 - - - - - 437.7 Cost of sales (304.7) - - - - - (304.7) Gross profit 133.0 - - - - - 133.0 Adminis
Slide 42: Cash flow
Cash flow 2025 2024 Free cash flow for the year ended 31 December £m £m Underlying operating profit 28.6 29.5 Depreciation and amortisation 45.7 40.2 Non-cash items1 1.9 (1.5) Movements in working capital 10.4 5.8 Underlying operating cash flow 86.6 74.0 Tax (8.0) (9.7) Capex and Devex (33.0) (31.7)