Slide 1: 1Q 2025 Investor Presentation
1Q 2025 Investor Presentation May , 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. 1Q 2025 Highlight II. Financial Summary III. Financial Guidance 3
Slide 4: I. 1Q 2025 Highlight
& MODEG |. 1Q 2025 Highlight
Slide 5: 1Q 2025 Highlight - Earnings Results Overview
1Q 2025 Highlight Earnings Results Overview Revenue Net Income $ 873MM $ 55MM • 23% achievement ratio against FY2025 guidance • 20% achievement ratio against FY2025 guidance • Increase by $50MM or 6% as compared to 1Q 2024 • Decrease by $6MM or 11% as compared to 1Q 2024 Adjusted EBITDA Credit Ratin
Slide 6: 1Q 2025 Highlight – Topics
1Q 2025 Highlight – Topics Shell New Project Award / ExxonMobil LNTP Contract / Malaysia Execution Center / Fitch Ratings Upgrade / New Technology Initiative Shell Gato do Mato FPSO - Secured New EPCI and O&M Contract (March 2025) New Execution Center in Malaysia Officially Opens (April 2025) MODE
Slide 7: II. Financial Summary
& MODEG ll. Financial Summary
Slide 8: Business Model Overview
Business Model Overview A Leading Offshore Midstream Company with Long-Term, Contractual & Predictable Business Model Founded in 1968, MODEC has established a strong presence in all major offshore oil & gas producing regions of the world, providing a reliable one-stop solution to its clients across
Slide 9: EPCI / Charter / O&M Projects at a Glance
Financial Summary EPCI / Charter / O&M Projects at Glance Current Asset Charter Charter 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 # (%)1 Ship Name Offtakers Location Start End Date Stage Date 1 EPCI - FPSO Gato do Mato - a
Slide 10: High Backlog in EPCI and O&M Business
Financial Summary High Backlog in EPCI and O&M Business Backlog Overview EPCI Construction Period EPCI backlog increased significantly in 1Q 2025 due to a large contract, “Shell Gato do Mato”, Gato do Mato awarded in March. Raia FEED for ExxonMobil “Hammerhead” Project has commenced following th
Slide 11: Significant improvement in EPCI / O&M Performance
Financial Summary Significant improvement in EPCI / O&M Performance1 Revenues2 3 4 (US$ MM) 4,138 3,870 50 Higher Revenues in 1Q/2025 (+6%) over 1Q/2024 26 3,532 36 EPCI revenues were slightly lower as compared to 1Q/2024 due to the lower revenues 3,009 2,966 728 1,177 from the mature projects whi
Slide 12: Predictable & Stable Charter Earnings under Long-Term Contracts
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 155 cumulative years of Charter contracts with 12.3-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 13: Income Statement
Financial Summary Income Statement 1 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 1Q 2024 1Q 2025 Diff. Revenue EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 558 534 - 23 O&M 885 892 745 728 901 1,006 1,177 241 311 + 70 Service Fee 23 27 28 29 36 42 48 11 11 +0 Others 40 56 43 26 26 36 50 12 15 +3 R
Slide 14: Historical EBITDA Performance & Financial Metrics
Financial Summary Historical EBITDA Performance & Financial Metrics 1,2 Highlights (US$ MM) 2018 2019 2020 2021 2022 2023 2024 1Q 2024 1Q 2025 Diff. Strong EBITDA growth, now exceeding the pre-Covid record. EPCI + O&M Profits 215 40 (121) (254) 31 208 344 68 75 +7 (excluding Service Fee) Profit
Slide 15: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 1Q 2025 Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,489 Trade & other receivables 856 1,491 1,205 379 478 592 752 480 Contract assets - - - 704 257 185 195 90 ST loans receivable 387 76 - 14 - 27
Slide 16: III. Financial Guidance
& MODEG Ill. Financial Guidance
Slide 17: Financial Guidance
Financial Guidance Share Price Performance / Key Stock Data / FY2025 Guidance Share Price Since 2024 (JPY) Key Stock Data Since 2024 5,000 Current 2 MAX MIN 2024 4Q Financial Results Share Outstanding 68,345,300 4,000 Secondary Public Float 1 66.5% 29.7% Offering 2023 4Q Financial Results Market Cap