Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q3 2025 Earnings Presentation
26 slides from Helix Energy Solutions's earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
October 23, 2025 Third Quarter 2025 Earnings Conference Call
Slide 2: At Helix, our purpose is to enable energy transition
At Helix, our purpose is to enable energy transition through: Maximizing Existing Lowering Decommissioning Offshore Renewables & Reserves Costs Wind Farms Enhancing remaining production Safely returning the seabed to Transitioning our energy economy from mature oil and gas wells its original state t
Slide 3: 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 4: Agenda
Agenda • Executive Summary (pg. 5) • Operational Highlights (pg. 8) • Key Financial Metrics and Outlook (pg. 13) • Non-GAAP Reconciliations and Supplemental Information (pg. 21) • Questions and Answers Page 4 © 2025 Helix ESG 4
Slide 5: Executive Summary
Helix ENERGY SOLUTIONS
Slide 6: Summary of Results
Summary of Results ($ in millions, except per share amounts, unaudited) Three Months Ended Nine Months Ended 9/30/25 9/30/24 6/30/25 9/30/25 9/30/24 Revenues $ 377 $ 342 $ 302 $ 957 $ 1,003 Gross profit $ 66 $ 66 $ 15 $ 109 $ 161 18% 19% 5% 11% 16% Net income (loss) $ 22 $ 30 $ (3) $ 23 $ 36 Basic e
Slide 7: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Revenue By Market Strategy4 Quarter Ended September 30, 2025 Third Quarter 2025 Financial Results • Net income of $22 million, $0.15 per diluted share • Adjusted EBITDA1 of $104 million – highest quarterly Adjusted EBITDA since 2014 • Operating cash flows of $24 million
Slide 8: Operational Highlights
* Helix 1 ENERGY SOLUTIONS
Slide 9: Segment Results
Segment Results ($ in mi llions, unaudited) Three Months Ended Nine Months Ended 9/30/25 9/30/24 6/30/25 9/30/25 9/30/24 Revenues Well Intervention $ 193 $ 175 $ 157 $ 548 $ 604 Robotics 99 85 86 236 216 Shallow Water Abandonment 75 72 51 142 149 Production Facilities 19 21 17 55 70 Intercompany eli
Slide 10: Well Intervention
Well Intervention • Q5000 (Gulf of America) – 95% utilized in Q3; completed multi-well production enhancement campaign; vessel then transitioned to a multi-well production enhancement and abandonment campaign • Q4000 (Gulf of America, West Africa) – 38% utilized in Q3; completed multi- well P&A camp
Slide 11: Robotics
Robotics • Grand Canyon II (Asia Pacific) – 92 days (100%) utilized in Q3; performed oil and gas ROV support project offshore Malaysia and wellhead decommissioning in Thailand • Grand Canyon III (North Sea) – 91 days (99%) utilized in Q3; performed renewables trenching projects for three customers a
Slide 12: Shallow Water Abandonment
Shallow Water Abandonment Offshore • Liftboats – nine liftboats with 71% combined utilization in Q3; two liftboats stacked during Q3 • OSVs – six OSVs and one crew boat with 51% combined utilization in Q3; three OSVs stacked during Q3 Energy Services • P&A Systems – 790 days utilization, or 43%, on
Slide 13: Key Financial Metrics and Outlook
Key Financial Metrics and Outlook
Slide 14: Debt Instrument Profile
Debt Instrument Profile Principal Payment Schedule at 9/30/25 Debt and Liquidity Profile at 9/30/25 ($ in millions) ($ in millions) $300 $500 $431 $430 $430 $400 $250 $285 $368 $300 $332 $338 $200 $200 $300 $189 $100 $53 $31 $150 $0 $100 $(30) ($100) $(75) $50 ($200) ($264) $5 ($315) ($307) $10 ($30
Slide 15: 2025 Forecast
2025 Forecast Key Forecast Drivers Key Financial Metrics ($ in millions) 2025 2024 Our outlook for the remainder of 2025 will be affected by, among other things, the following expected drivers: Outlook Actual Well Intervention Revenues $ 1,230 - 1,290 $ 1,359 • Well Enhancer – utilization during the
Slide 16: 2025 Segments Outlook
2025 Segments Outlook Well Intervention Robotics • Q5000 (Gulf of America) – contracted work with high expected utilization • Grand Canyon II (Asia Pacific) – expected to be highly utilized during through remainder of 2025 remainder of 2025 with contracted ROV support work in Malaysia and • Q4000 (G
Slide 17: Capital Additions, Cash Flow and Balance Sheet
Capital Additions, Cash Flow and Balance Sheet 2025 Capital additions1 are forecasted at approximately $70 – $80 million: • Capital Additions during Q3 included approximately $7 million for regulatory certification costs for our vessels and systems (principally on the Q4000), which are reported in o
Slide 18: Key Financial Metrics – Capital Allocation
Key Financial Metrics – Capital Allocation Maintenance Return to Balance Sheet Strategic Capital Capital Shareholders • Maintain sufficient • Regulatory • Build cash to deploy for • $200M share liquidity, low net debt certification of growth repurchase plan • Strong, conventional vessels and systems
Slide 19: Historical Quarterly Revenue & Earnings
Historical Quarterly Revenue & Earnings • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4: • Seasonal peaks generally in Q3 and troughs in Q1 • Business units most impacted by seasonality include: • Well Intervention and Robotic
Slide 20: Beyond 2025
Beyond 2025 Strong Balance Sheet Well Intervention • Negative Net Debt1 of $31 million on September 30, 2025, Gulf of America – Expect soft 2026 production enhancement projected to be > $100 million on entering 2026 market and improving P&A market • Low financial leverage, currently approximately 1.
Slide 21: Non-GAAP Reconciliations and Supplemental Information
Non-GAAP Reconciliations and Supplemental Information
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Nine Months Ended Year Ended ($ in thousands, unaudited) 9/30/25 9/30/24 6/30/25 9/30/25 9/30/24 12/31/24 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ 22,083 $ 29,514 $ (2,598) $ 22,557 $ 35,516 $ 55,637 Adjustments: Income
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ in thousands, unaudited) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (5,165) $ 7,100 $ 15,560 $ (28,333) $ (26,287) $ 32,289 $ 29
Slide 24: 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. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. T
Slide 25: Corporate Sustainability
Corporate Sustainability Sustainability continues to impact our business strategy and decision-making with a focus on our commitment to energy security and participation in the world’s energy transition. Through maximizing existing reserves, decommissioning and renewable energy support, our services
Slide 26: Page 26 © 2025 Helix ESG
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