Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q4 2025 Earnings Presentation
25 slides from Helix Energy Solutions's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
February 24, 2026 Fourth Quarter 2025 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. 8) • Key Financial Metrics and Outlook (pg. 13) • Non-GAAP Reconciliations (pg. 21) • 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 Year Ended 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 Revenues $ 334 $ 355 $ 377 $ 1,291 $ 1,359 Gross profit $ 51 $ 59 $ 66 $ 159 $ 220 15% 17% 18% 12% 16% Net income 1 $ 8 $ 20 $ 22 $ 31 $ 56 Basic earnings
Slide 6: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Fourth Quarter 2025 Financial Results • Net income of $8 million, $0.06 per diluted share • Adjusted EBITDA1 of $74 million • Operating cash flows of $113 million • Free Cash Flow1 of $107 million Operations • Good late-season utilization in Shallow Water Abandonment,
Slide 7: Full Year 2025 Highlights
Full Year 2025 Highlights Revenue By Market Strategy2 Financial Results Year Ended December 31, 2025 • Net income of $31 million, $0.21 per diluted share • Adjusted EBITDA1 of $272 million • Operating cash flows of $137 million • Free Cash Flow1 of $120 million Operations • Strong year for Robotics
Slide 8: Operational Highlights
Operational Highlights
Slide 9: Segment Results
Segment Results ($ in millions, unaudited) Three Months Ended Twelve Months Ended 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 Revenues Well Intervention $ 181 $ 226 $ 193 $ 729 $ 830 Robotics 87 82 99 323 298 Shallow Water Abandonment 58 38 75 200 187 Production Facilities 17 18 19 73 89 Intercompan
Slide 10: Well Intervention
Well Intervention • Q5000 (Gulf of America) – 98% utilized in Q4; completed multi-well production enhancement and abandonment campaign for Shell; vessel then transitioned to a single-well production enhancement and flowline cleanout project for BP • Q4000 (Gulf of America) – 72% utilized in Q4; perf
Slide 11: Robotics
Robotics • Grand Canyon II (Asia Pacific) – 84 days (91%) utilized in Q4; performed oil and gas ROV support project offshore Malaysia and wellhead decommissioning in Thailand • Grand Canyon III (North Sea) – 92 days (100%) utilized in Q4; performed renewables trenching and other ROV support and site
Slide 12: Shallow Water Abandonment
Shallow Water Abandonment Offshore • Liftboats – nine liftboats with 53% combined utilization in Q4; two liftboats stacked during Q4 • OSVs – six OSVs and one crew boat with 51% combined utilization in Q4; three OSVs stacked during Q4 Energy Services • P&A Systems – 538 days utilization, or 29%, on
Slide 13: Key Financial Metrics and Outlook
Key Financial Metrics and Outlook
Slide 14: Debt Instrument Profile
Debt Instrument Profile Minimal maturities until 2029; Net cash position and strong liquidity at 12/31/25 Debt and Liquidity Profile at 12/31/25 Principal Payment Schedule at 12/31/25 ($ in millions) ($ in millions) $600 $554 $300 $500 $431 $430 $250 $400 $445 $285 $368 $300 $332 $200 $200 $137 $300
Slide 15: 2026 Forecast
2026 Forecast Key Forecast Drivers Key Financial Metrics Our 2026 outlook will be affected by, among other things, the ($ in millions) 2026 2025 utilization and rates in our spot and call-off operations and the Outlook Actual extent of winter seasonal activity and the following expected key drivers:
Slide 16: EBITDA and Free Cash Flow Generation
EBITDA and Free Cash Flow Generation ($ in millions) Consistent Adjusted EBITDA1 Margins and Free Cash Flow1 Conversion Strong Free Cash Flow Yield Adjusted EBITDA Margin Free Cash Flow Conversion and Free Cash Flow Yield $1,600 22% 25% $325 $303 21% 21% 20% 150% $1,400 20% $273 $272 $275 $260 130%
Slide 17: Historical Quarterly Revenue & Earnings
Historical Quarterly Revenue & Earnings ($ 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 Q1 • Business units most impacted
Slide 18: 2026 Segments Outlook
2026 Segments Outlook Well Intervention Robotics • Q5000 (Gulf of America) – performed workover in Helix’s Thunder Hawk field at • Grand Canyon II (Asia Pacific) – fully contracted for work in Q1 in Malaysia and beginning of year; vessel expected to have good utilization with contracted work Indones
Slide 19: Capital Additions, Cash Flow and Balance Sheet
Capital Additions, Cash Flow and Balance Sheet 2026 Capital additions1 are forecasted at approximately $70 – $80 million: • Approximately $40 – $45 million for regulatory certification costs for our vessels and systems, reported in operating cash flows • Approximately $30 – $35 million for capital e
Slide 20: Key Financial Metrics – Capital Allocation
Key Financial Metrics – Capital Allocation Maintenance Return to Balance Sheet Strategic Capital Capital Shareholders • Maintain sufficient • Regulatory • Opportunistic • $200M share liquidity, low net debt certification of deployment for growth repurchase plan • Strong, conventional vessels and sys
Slide 21: Non-GAAP Reconciliations and Other Financial Information
Non-GAAP Reconciliations and Other Financial Information
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Year Ended ($ in thousands, unaudited) 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 12/31/23 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ 8,270 $ 20,121 $ 22,083 $ 30,827 $ 55,637 $ (10,838) Adjustments: Income tax provision
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months 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 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (26,287) $ 32,289 $ 29,514 $ 20,121 $ 3,072 $ (2,598) $ 22,083 $ 8,270 Adjustments:
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. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-
Slide 25: Thank You
Thank You Page 25 © 2026 Helix ESG 25
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