Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q1 2026 Earnings Presentation
21 slides from Helix Energy Solutions's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
April 23, 2026 First Quarter 2026 Earnings Conference Call
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: Agenda
Agenda • Executive Summary (pg. 4) • Operational Highlights (pg. 7) • Key Financial Metrics and Outlook (pg. 12) • Non-GAAP Reconciliations (pg. 18) • Questions and Answers Page 3 © 2026 Helix ESG 3
Slide 4: Executive Summary
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Slide 5: Summary of Results
Summary of Results ($ in millions, except per share amounts, unaudited) Three Months Ended 3/31/26 3/31/25 12/31/25 Revenues $ 288 $ 278 $ 334 Gross profit $ 9 $ 28 $ 51 3% 10% 15% Net (loss) income1 $ (13) $ 3 $ 8 Basic (loss) earnings per share $ (0.09) $ 0.02 $ 0.06 Diluted (loss) earnings per sh
Slide 6: First Quarter 2026 Highlights
First Quarter 2026 Highlights Revenue By Market Strategy2 Financial Results Quarter Ended March 31, 2026 • Net loss of $13 million, $(0.09) per diluted share • Adjusted EBITDA1 of $32 million • Operating cash flows of $62 million • Free Cash Flow1 of $59 million Decommissioning Financial Condition 5
Slide 7: Operational Highlights
Operational Highlights
Slide 8: Segment Results
Segment Results ($ in millions, unaudited) Three Months Ended 3/31/26 3/31/25 12/31/25 Revenues Well Intervention $ 209 $ 198 $ 181 Robotics 62 51 87 Shallow Water Abandonment 21 17 58 Production Facilities 19 20 17 Intercompany eliminations (24) (8) (9) Total $ 288 $ 278 $ 334 Gross profit (loss) %
Slide 9: Well Intervention
Well Intervention • Q5000 (Gulf of America) – 82% utilized in Q1; completed a single-well production enhancement project for BP, followed by a workover of a Thunder Hawk well on behalf of our Production Facilities segment; vessel then underwent annual regulatory inspection, completed a single well p
Slide 10: Robotics
Robotics • Grand Canyon II (Asia Pacific) – 81 days (90%) utilized in Q1; performed oil and gas ROV support projects offshore Malaysia and Indonesia; ended Q1 commencing transit to North Sea for long-term trenching contract • Grand Canyon III (North Sea) – 61 days (79%) utilized in Q1; performed ren
Slide 11: Shallow Water Abandonment
Shallow Water Abandonment Offshore • Liftboats – nine liftboats with 47% combined utilization; two liftboats stacked • OSVs – six OSVs and one crew boat with 34% combined utilization; three OSVs stacked Energy Services • P&A Systems – 334 days utilization, or 19%, on 20 P&A systems • CT Systems – 35
Slide 12: Key Financial Metrics and Outlook
Key Financial Metrics and Outlook
Slide 13: Debt Instrument Profile
Debt Instrument Profile Minimal maturities until 2029; Significant net cash position and strong liquidity at 3/31/26 Debt and Liquidity Profile at 3/31/26 Principal Payment Schedule at 3/31/26 ($ in millions) ($ in millions) $612 $554 $431 $430 $501 $445 $368 $332 $198 $300 $137 $53 $(30) ($362) ($3
Slide 14: 2026 Forecast
2026 Forecast Key Forecast Drivers Key Financial Metrics Our 2026 outlook will be affected by, among other things, the ($ in millions) 2026 2025 utilization and rates in our spot and call-off operations and the extent Outlook Actual of winter seasonal activity and the following expected key drivers:
Slide 15: 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 $288 Q1 • Business units most imp
Slide 16: 2026 Segments Outlook
2026 Segments Outlook Well Intervention Robotics • Q5000 (Gulf of America) – completed workover of Helix’s Thunder Hawk field in • Grand Canyon II (Asia Pacific/North Sea) – transiting to North Sea for long-term March; expected to have good utilization with contracted work and identified trenching c
Slide 17: Capital Additions, Cash Flow and Balance Sheet
Capital Additions, Cash Flow and Balance Sheet 2026 Capital additions1 are forecasted at approximately $70 – $80 million: • Capital additions during Q1 included approximately $10 million for regulatory certifications costs for our vessels and systems, which are reported in operating cash flows, and
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations = € Helix ENERGY SOLUTIONS
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Year Ended ($ 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 3/31/26 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) $
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP Financial Measures We define Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization expense, net other income or expense, gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and inte
Slide 21: Thank You
Thank You Page 21 © 2026 Helix ESG 21
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