Forum Energy Technologies, Inc. · NYSE:FET
Forum Energy Technologies — Q4 2025 Earnings Presentation
44 slides from Forum Energy Technologies's earnings presentation, Feb 20, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
INVESTOR PRESENTATION FOURTH QUARTER 2025
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. Forward
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 49% Revenue Mix Revenue Split 51% 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 December 31, 2020 and December 31, 2025, respectively) FET 25% Strong financial growth Russell 2000 5% Balance sheet fortification One Year (As of market close on December 31, 2024 and December 31, 202
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 FET Advantage FET Adjusted Cash Flow Yield 7% 19% Enterprise Value to EBITDA 12.3x 6.2x FET is an incredible value Price to Sales 1.3x 0.5x Net Debt to EBITDA 3.5x 1.2x Note: All figures are as of December 31, 2025; Adjusted
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 10% Repurchased Share repurchases and ~1.4 million 11,097 1 accretive acquisitions shares at less than $25 per share December 31, 2024 December 31, 2025 ** 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: Beat the Market Strategy
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: Leadership Markets Approximately Two-Thirds of Revenue
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: 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: Global Drivers
Global Drivers
Slide 20: Global Oil Supply Forecasted to Grow
Global Oil Supply Forecasted to Grow Global Oil Supply (Millions of barrels per day) 110 104 Growing global urbanization and GDP 1% estimated demand growth matches long- term historical trend 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Sou
Slide 21: Production Growth Needed to Overcome Decline Rates
Production Growth Needed to Overcome Decline Rates Global Oil Production by Year Completed (Millions of barrels per day) 110 104 +6 mbpd -29 mbpd Global E&Ps need to offset 29 million barrels per day of production decline and grow production 6 million barrels per day to meet demand by 2030 2009 2010
Slide 22: Long-term Growing Demand for Natural Gas
Long-term Growing Demand for Natural Gas United States LNG Export Capacity (billion cubic feet per day) United States LNG ~10 bcf export capacity to almost double by 2028 Projects Under Construction Energy security and data ~11 bcf centers driving natural gas demand growth Existing Export Capacity 2
Slide 23: Service Intensity Growth
Service Intensity Growth Well Stages per U.S. Rig Thousand Feet Drilled per U.S. Rig 918 ~6% CAGR 194 182 180 177 ~9% CAGR 794 747 668 141 620 130 128 561 114 509 435 2016 2017 2018 2019 Covid 2022 2023 2024 2016 2017 2018 2019 Covid 2022 2023 2024 FET benefits from increased service intensity Sourc
Slide 24: Global Rig Count to Balance Demand
Global Rig Count to Balance Demand Global Rig Count (Average yearly rig count) 3,839 3,724 3,639 3,624 3,156 Rig count approaches 2,653 2023 peak levels 2,510 2,471 2,332 2,025 1,914 1,934 1,948 1,958 1,818 1,587 1,520 Assumes service intensity gains continue at 7% per year 2010 2011 2012 2013 2014
Slide 25: FET Reporting Segments, Product Lines, and Other Financial Information
FET Reporting Segments, Product Lines, and Other Financial Information
Slide 26: Global Business
Global Business Balanced Geographic Mix* Manufacturing and Distribution Footprint nton, Alber Hamb mo ur Ed ta g, Ger many 12 1 International United States 1 1 xas Te 20 n, Brya 1 1 1 1 Damm am , Saudi Arab Extensive global reach with strategically located Headquarters (Houston, Texas) ia manufactur
Slide 27: Market Share Gains - Global
Market Share Gains - Global Revenue per Rig Growth Outpacing the Market FET Revenue per Global Rig Revenue by Purchase Cycle* ($ in thousands) FET revenue per rig up 20% Capital 435 equipment 419 362 365 Activity driven consumables Consumable products constitute a small share of overall customer ope
Slide 28: Market Share Gains – U.S. and International
Market Share Gains – U.S. and International Revenue per Rig Growth Outpacing the Market United States: Revenue per Rig International: Revenue per Rig ($ in thousands) ($ in thousands) FET revenue per rig up 10% 716 692 663 651 FET revenue per rig up 64% 310 298 212 189 2022 2023 2024 2025 2022 2023
Slide 29: Balanced Product Portfolio
Balanced Product Portfolio Product Segments Drilling and Completions Artificial Lift and Downhole Stimulation & Production Drilling Coiled Tubing Subsea Downhole Valve Solutions Intervention Equipment Product Line % of 2025 17% 17% 14% 12% 25% 9% 6% Revenue Manufactures high- Designs and Leads the i
Slide 30: Drilling and Completions Segment
Drilling and Completions Segment Product Line Breakdown Key Market Drivers ($ in millions) Drilling Subsea Coiled Tubing Stimulation and Intervention Segment Revenue Full Year 2025 Segment Overview 504 471 477 Hydraulic Global Fracturing Service 28% 28% Rig Count Fleet Count Intensity Product Line S
Slide 31: Artificial Lift and Downhole Segment
Artificial Lift and Downhole Segment Product Line Breakdown Key Market Drivers ($ in millions) Downhole Production Equipment Valve Solutions Segment Revenue Full Year 2025 Segment Overview 346 315 14% Well Well Well Count Complexity Production 236 Product Line Split 62% 24% Selected Key Customers $3
Slide 32: Diversified Customer Base with Low Concentration
Diversified Customer Base with Low Concentration Customer Concentration Blue-Chip Energy Clients Percent of Revenue for 2025 Counterparties with low credit risk and Top 20 accounts for ~1/3 stable demand for activity-driven products of revenue in 2025 Selected blue-chip customers 2025 Revenue ~4,500
Slide 33: Low Fixed Cost
Low Fixed Cost COGS and SG&A Cost Base Variable Cost Breakdown Material costs ~70% Fixed Variable ~15-20% ~80-85% FET leverages its variable cost ~30% base to maintain healthy margins by quickly adapting its operations and passing over cost increases to its Other variable costs customers (majority o
Slide 34: Asset-Light Model Facilitates Low Capex Requirements
Asset-Light Model Facilitates Low Capex Requirements Low Capex Post “Relaunch” in 2019/2020 (% of revenue) 1 2 “Optimized and relaunched” FET 3.3% 2.9% 2.3% Design & Production & Development Manufacturing 1.6% 1.2% 3 4 1.1% 1.1% 1.0% 0.8% 0.4% 0.4% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2
Slide 35: Get To Know FET
Get To Know FET
Slide 36: Seasoned Leadership Team with Extensive Industry Experience
Seasoned Leadership Team with Extensive Industry Experience Management Team Board of Directors Neal A. Lux D. Lyle Williams Jr. President & CEO, Board Member EVP & CFO Michael McShane 17 19 Chairman of the Board years with FET years with FET John C. Ivascu Michael D. Danford EVP & General Counsel SV
Slide 37: Environmental, Social and Governance
Expand Participation in New Energy & Sustainability ▪ A “good place to work” is a core value promoting Biogas Drilling Geothermal mutual respect, personal development, a safe es & Do alv wn environment, and workforce diversity Social V ▪ Female, ethnic, and racial diversity above US oil and gas indu
Slide 38: Core Values
Core Values Our Core Values Permeate All Areas of Our Company Customer Focused No One Gets Hurt Our products enhance our customers’ performance. The safety of our employees and customer is our first We listen to their needs and work with them to solve priority. their challenges. Integrity Good Place
Slide 39: Optimized Portfolio For Resilient and Profitable Growth
Optimized Portfolio For Resilient and Profitable Growth Building a Diversified and Sustainable Business Through Consolidating and Integrating Differentiated Technologies Revenue EBITDA margin Acquisitions IPO Divestment FET completed its Sold ABZ and Quadrant IPO on New York Valve brands for $105m D
Slide 40: Appendix
Appendix
Slide 41: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation FET Adjusted EBITDA FET ($ in millions) 2019 2021 2022 2023 2024 2025 EBITDA reconciliation* Net income (loss) $ (567) $ (83) $ 4 $ (19) $ (135) $ (10) Interest expense 32 32 31 18 32 18 Depreciation and amortization 63 42 37 35 54 34 Income tax expense (benefit) (2)
Slide 42: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Free Cash Flow FET ($ in millions) 2019 2021 2022 2023 2024 2025 Free cash flow reconciliation* Net cash provided by (used in) operations $ 104 $ (16) $ (17) $ 8 $ 92 $ 70 Capital expenditures (15) (2) (8) (8) (8) (6) Proceeds from sale of property and equ
Slide 43: Net Leverage Ratio
Net Leverage Ratio Net Leverage Ratio FET ($ in millions) December 31, 2019 December 31, 2025 Net Leverage Ratio* 2021 Notes $ 400 $ - 2029 Bonds - 100 Credit Facility - 37 Other debt 2 4 Long-term debt, principal amount 402 141 Less: Cash and cash equivalents 58 35 Net debt 344 107 Trailing Twelve
Slide 44: Revenue Per Rig
Revenue Per Rig Years Ended December 31, ($ in thousands, except global rig information) 2022 2023 2024 2025 Global Revenue per rig* Revenue $ 699,913 $ 738,864 $ 816,425 $ 791,474 Average global rig count 1,934 2,025 1,948 1,818 Revenue per rig $ 362 $ 365 $ 419 $ 435 Annualized revenue per rig $ 3
Forum Energy Technologies — Q4 2025 Earnings Presentation on 6ix