Slide 1: 1H 2026 Investor Presentation
1H 2026 Investor Presentation August 7, 2026 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. 1H 2026 Highlight II. Industry Landscape III. Financial Summary IV. Financial Guidance V. Appendix 3
Slide 4: I. 1H 2026 Highlight
& MODEC I. 1H 2026 Highlight
Slide 5: 1H 2026 Highlight – Earnings Results Overview
1H 2026 Highlight Earnings Results Overview Revenue Net Income $ 2,447MM $ 224MM 53% achievement ratio against FY2026 guidance ($4,600MM) 60% achievement ratio against FY2026 guidance ($370MM) Increase by $373MM or 18% as compared to 1H 2025 Increase by $79MM or 54% as compared to 1H 2025 Ad
Slide 6: 1H 2026 Highlight – Topics
1H 2026 Highlight – Topics FPSO Baobab Ivoirien refurbishment completed / FPSO Gato do Mato forward hull completed / Shape-Halliburton collaboration / SOFC / Fitch Upgrades MV24’s notes ratings FPSO Baobab Ivoirien: Restarts production after life extension and refurbishment (June 2026) Shape Digital
Slide 7: II. Industry Landscape
& MODEC ll. Industry Landscape
Slide 8: Industry Landscape: Strong Global Pipeline
Industry Landscape Strong Global Pipeline ▪ Global FPSO pipeline remains robust with Latin America, West Africa and Southeast Asia leading the market. For deepwater/ultra-deepwater, Latin America and West Africa are promising areas. ▪ MODEC has the track record to serve each of these markets Overall
Slide 9: III. Financial Summary
& MODEC Ill. Financial Summary
Slide 10: Business Model: EPCI / Charter / O&M Project at Glance
Business Model EPCI / Charter / O&M Project at Glance Current Vessel Start End 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 Vessel Name Offtakers Location Stage Date Date 1 EPCI - FPSO Hammerhead - awarded in Sep ‘25 E
Slide 11: Financial Summary: Backlog in EPCI Business
Financial Summary Backlog in EPCI Business Backlog Overview EPCI Projects MODEC has maintained a robust EPCI backlog, supported by favorable market conditions. Hammerhead Gato do Mato In 2025, the EPCI backlog increased significantly with two large contract awards – “Shell Gato do Mato” (March)
Slide 12: Financial Summary: Backlog in O&M Business
Financial Summary Backlog in O&M Business Backlog Overview O&M Projects MODEC has been steadily expanding its O&M business as new FPSOs have entered service every year since 2022. Hammerhead Gato do Mato In 2025, the O&M backlog increased significantly and reached a historical high, reflecting t
Slide 13: Financial Summary: EPCI / O&M Performance
Financial Summary EPCI / O&M Performance1 Revenues1 2 3 4 (US$ MM) 4,530 Higher Revenues in 1H/2026 (+18%) over 1H/2025 31 4,138 3,870 50 EPCI revenues were higher as compared to 1H/2025 due to the higher revenues from 26 3,532 two projects (Hammerhead, Gato do Mato) as they progressed into the se
Slide 14: Financial Summary: Charter Earnings under Long-Term Contracts
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 138 cumulative years of Charter contracts with 11.4-year remaining average life and $8.5B backlog. MODEC does not consolidate its minority stakes in the SPCs. MODEC’s share of SPCs’ net earnings ar
Slide 15: Financial Summary: Income Statement
Financial Summary Income Statement 1 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff. EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 1,397 1,616 + 219 O&M 885 892 745 728 901 1,006 1,177 1,605 628 797 + 169 Service Fee 23 27 28 29 36 42 48 51 23 25 +2 Others 40 56 43 26 2
Slide 16: Historical EBITDA Performance & Financial Metrics
Financial Summary Historical EBITDA Performance & Financial Metrics 1,2 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff. Highlights EPCI + O&M Profits FY2025 EBITDA reached $440MM, a record high number, reflecting the increased (Gross Profits excluding Service 215 40 (121) (2
Slide 17: Financial Summary: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,326 1,491 1,914 + 423 Trade & other receivables 856 1,491 1,205 379 478 592 752 977 530 649 + 119 Contract assets - - - 704 2
Slide 18: Key Stock Data
Key Stock Data Share Price Performance Share Price Since 2024 (JPY) Key Stock Data Since 2024 Current 2 MAX MIN 2025 3Q Financial Results Share Outstanding 68,345,300 2025 2Q Public Float 1 66.5% 29.8% Financial Results Share Price 9,936 16,720 1,918 2025 1Q Financial Results 2025 4Q Market Cap （US$
Slide 19: IV. Financial Guidance
& MODEC IV. Financial Guidance
Slide 20: Financial Guidance: FY2026 Earnings Outlook / Shareholder Return
Financial Guidance FY2026 Earnings Outlook / Shareholder Return FY2026 Earnings Forecast Reiterated Revenue and operating income in the first half benefited from ad hoc order on existing projects. Investments for future growth planned at the beginning of the fiscal year, including R&D, digital t
Slide 21: V. Appendix
& MODEC V. Appendix
Slide 22: 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 23: Industry Landscape: Solid Operating Environments with Competitive Deep Water Fields
Industry Landscape Solid Operating Environments with Competitive Deep Water Fields ▪ Oil is expected to remain the leading source of energy supply even though alternative energy are expected to grow ▪ MODEC’s primary target market is the deepwater and the ultra-deepwater reserves, which are cost-com