Slide 1: 1H 2025 Investor Presentation
1H 2025 Investor Presentation August 8, 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. 1H 2025 Highlight II. Industry Landscape III. Financial Summary IV. Key Stock Data / Guidance V. Appendix 3
Slide 4: I. 1H 2025 Highlight
& MODEG |. 1H 2025 Highlight
Slide 5: 1H 2025 Highlight – Earnings Results Overview
1H 2025 Highlight Earnings Results Overview Revenue Net Income $ 2,074MM $ 145MM 56% achievement ratio against FY2025 guidance 53% achievement ratio against FY2025 guidance Increase by $197MM or 10% as compared to 1H 2024 Increase by $21MM or 17% as compared to 1H 2024 Adjusted EBITDA Total
Slide 6: 1H 2025 Highlight – Topics
1H 2025 Highlight – Topics Shell New EPCI & O&M Contract / ExxonMobil New LNTP Contract / New Offices / New Technology Initiative / Fitch Ratings Upgrade Shell Gato do Mato FPSO - Secured New EPCI and O&M Contract (March 2025) New Execution / Engineering Centers Officially Opens (April / June 2025)
Slide 7: II. Industry Landscape
& MODEG ll. Industry Landscape
Slide 8: 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
Slide 9: 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 10: III. Financial Summary
& MODEG Ill. Financial Summary
Slide 11: EPCI / Charter / O&M Projects at 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 12: 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 1H 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 13: EPCI / O&M Performance
Financial Summary EPCI / O&M Performance1 Revenues2 3 4 (US$ MM) 4,138 Higher Revenues in 1H/2025 (+10%) over 1H/2024 3,870 50 26 3,532 36 EPCI revenues were higher as compared to 1H/2024 due to the higher revenues from 3,009 2,966 728 1,177 Raia Project and two new projects (Gato do Mato, Hammerh
Slide 14: Predictable & Stable Charter Earnings under Long-Term Contracts
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 152 cumulative years of Charter contracts with 12.1-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 15: Income Statement
Financial Summary Income Statement 1 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 1H 2024 1H 2025 Diff. Revenue EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 1,271 1,397 + 126 O&M 885 892 745 728 901 1,006 1,177 556 628 + 72 Service Fee 23 27 28 29 36 42 48 23 23 +0 Others 40 56 43 26 26 36 50 26 24
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 1H 2024 1H 2025 Diff. Highlights EPCI + O&M Profits (Gross Profits excluding Service 215 40 (121) (254) 31 208 344 174 171 -3 Strong EBITDA continues, exceeding the pre-Covid record.
Slide 17: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 1H 2025 Diff Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,491 238 Trade & other receivables 856 1,491 1,205 379 478 592 752 530 -222 Contract assets - - - 704 257 185 195 102 -93 ST loans receivab
Slide 18: IV. Financial Guidance
& MODEG lV. Financial Guidance
Slide 19: Share Price Performance / Key Stock Data / FY2025 Guidance
Financial Guidance Share Price Performance / Key Stock Data / FY2025 Guidance Share Price Since 2023 (JPY) Key Stock Data Since 2023 7,000 Current 2 MAX MIN 2025 1Q 6,000 Financial Results Share Outstanding 68,345,300 2024 4Q 1 Financial Results Public Float 66.5% 29.8% 5,000 Secondary Share Price 6
Slide 20: V. Appendix
& MODEG V. Appendix
Slide 21: 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