Forum Energy Technologies, Inc. · NYSE:FET
Forum Energy Technologies — Planet MicroCap Las Vegas 2026
23 slides from Forum Energy Technologies's conference presentation, Jun 17, 2026
Slide 1: Planet MicroCap Presentation
PLANET MICROCAP PRESENTATION JUNE 17, 2026
Slide 2: Forward Looking Statements and Non-GAAP Reconciliation
Forward Looking Statements and Non-GAAP Reconciliation The statements made during this presentation, including the answers to your questions, may include information that the Company believes to be forward- looking statements within the meaning of the Private Securities Litigation Reform Act. Forwar
Slide 3: Forum Energy Technologies at a Glance
Forum Energy Technologies at a Glance Manufacturer with Global Reach Financial Performance ($ in millions) Artificial Lift Drilling and and Downhole Completions International United States 816 840 791 739 700 541 40% Segment Geographic 48% Revenue Mix 52% Revenue Split 60% 2021 2022 2023 2024 2025 2
Slide 4: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 4
Slide 5: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 5
Slide 6: Track Record of Outperformance
Track Record of Outperformance Key Financial Metrics Revenue (Cumulative Average Growth Rate from 2021 through 2025) FET 10% Market share gains and acquisitions Russell 2000 7% High operating leverage Adjusted Cash Flow* (Cumulative Average Growth Rate from 2021 through 2025) 46% Capital lite busine
Slide 7: Track Record of Outperformance
Track Record of Outperformance Annualized Stock Price Performance Five Year (As of market close on March 31, 2021 and March 31, 2026, respectively) FET 26% Strong financial growth Russell 2000 2% Balance sheet fortification One Year (As of market close on March 31, 2025 and March 31, 2026, respectiv
Slide 8: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 8
Slide 9: Incredible Value
Incredible Value Comparison to Russell 2000 Financial Metrics Russell 2000 Manufacturing Comps FET Advantage FET Cash generation advantage Adjusted Cash Flow Yield 5% 13% Enterprise Value to EBITDA 15.5x 8.9x Compelling relative valuation Price to Sales 1.7x 0.8x Strong balance Net Debt to EBITDA 2.
Slide 10: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 10
Slide 11: Significant Capital Returns
Significant Capital Returns FET’s Framework Uses of Cash Share Repurchase Execution (Shares Outstanding in thousands) 12,290 8% Repurchased Share repurchases and ~1.5 million 11,319 1 accretive acquisitions shares at approximately $26 per share December 31, 2024 March 31, 2026 ** Substantial Delever
Slide 12: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 12
Slide 13: Poised for Growth
Poised for Growth “Beat the Market” Strategy Limited competition 1 COMPETE IN TARGETED MARKETS Differentiated product offering Manufacturing know-how and intellectual property 2 UTILIZE COMPETITIVE ADVANTAGES Recognized brands and industry experts Development of differentiated technology 3 INNOVATE
Slide 14: Poised for Growth: Leadership Markets
Poised for Growth Leadership Markets Approximately Two-Thirds of Revenue Leadership Markets Example Technologies Meaningful market share FET 36% Solutions fully adopted by industry Coiled Tubing Cased-hole Wireline Broad geographic exposure 2025 Addressable Market Size: $1.5 Billion ROVs Sand and Fl
Slide 15: Poised for Growth: Opportunity for New Customer Acquisition
Poised for Growth Opportunity for New Customer Acquisition Growth Markets Example Technologies Current Market Share 8% Share Gains Targeted markets with few competitors 8% Innovation gaining adoption Defense Coiled Line Pipe Expanding geographic reach 2025 Addressable Market Size: $3.0 Billion Pump
Slide 16: FET 2030 Forecasted Financials – Flat and Growing Market Scenario
Poised for Growth FET 2030 Forecasted Financials – Flat and Growing Market Scenario $1,600E Global Drivers Support Market Growth to 2030 Global GDP growth, urbanization, and electricity demand drives… 15% CAGR Oil and natural gas demand. 10% CAGR $840E $1,000E 5% CAGR Growth Market Scenario Investme
Slide 17: FET 2030 Forecasted Financials – Flat and Growing Market Scenario
Poised for Growth FET 2030 Forecasted Financials – Flat and Growing Market Scenario $1,600E 2030E 2030E ($ in millions) 2025 Flat Market Growth Market 15% CAGR Revenue $791 $1,000 $1,600 EBITDA $86 $140 - $160 $290 - $370 10% CAGR $1,000E Free Cash Flow* $65 $100 - $110 $210 - $235 $840E 5% CAGR Gro
Slide 18: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 18
Slide 19: Appendix
Appendix
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation FET Adjusted EBITDA FET ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 EBITDA reconciliation* Net income (loss) $ (567) $ (83) $ 4 $ (19) $ (135) $ (10) $ 4 Interest expense 32 32 31 18 32 18 4 Depreciation and amortization 63 42 37 35 54 34 8 Income tax expense (
Slide 21: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Free Cash Flow FET ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 Free cash flow reconciliation* Net cash provided by (used in) operations $ 104 $ (16) $ (17) $ 8 $ 92 $ 70 $ 2 Capital expenditures (15) (2) (8) (8) (8) (6) (1) Proceeds from sale of pro
Slide 22: Net Leverage Ratio
Net Leverage Ratio Net Leverage Ratio FET ($ in millions) December 31, 2019 March 31, 2026 Net Leverage Ratio* 2021 Notes $ 400 $ - 2029 Bonds - 100 Credit Facility - 55 Other debt 2 4 Long-term debt, principal amount 402 159 Less: Cash and cash equivalents 58 37 Net debt 344 121 Trailing Twelve Mon
Slide 23: Revenue Per Rig
Revenue Per Rig Trailing Twelve Months Ended March 31, ($ in thousands, except global rig information) 2023 2024 2025 2026 Global Revenue per rig* Revenue $ 733,738 $ 752,294 $ 807,312 $ 806,895 Average global rig count 2,000 2,004 1,919 1,801 Revenue per rig $ 367 $ 375 $ 421 $ 448 Annualized reven
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