Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q2 2025 Earnings Presentation
26 slides from Helix Energy Solutions's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
July 24, 2025 Second Quarter 2025 Earnings Conference Call
Slide 2: At Helix, our purpose is to enable energy transition through:
At Helix, our purpose is to enable energy transition through: Maximizing Existing Lowering Decommissioning Offshore Renewables & Reserves Costs Wind Farms Enhancing remaining production Safely returning the seabed to Transitioning our energy economy from mature oil and gas wells its original state t
Slide 3: 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 4: Agenda
Agenda • Executive Summary (pg. 5) • Operational Highlights (pg. 8) • Key Financial Metrics (pg. 13) • 2025 Outlook (pg. 15) • Non-GAAP Reconciliations and Supplemental Information (pg. 20) • Questions and Answers Page 4 © 2025 Helix ESG 4
Slide 5: Executive Summary
Helix ENERGY SOLUTIONS
Slide 6: Summary of Results
Summary of Results ($ in millions, except per share amounts, unaudited) Three Months Ended Six Months Ended 6/30/25 6/30/24 3/31/25 6/30/25 6/30/24 Revenues $ 302 $ 365 $ 278 $ 580 $ 661 Gross profit $ 15 $ 75 $ 28 $ 42 $ 95 5% 21% 10% 7% 14% Net income (loss) $ (3) $ 32 $ 3 $ 0 $ 6 Basic earnings (
Slide 7: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Revenue By Market Strategy4 Quarter Ended June 30, 2025 Second Quarter 2025 Financial Results • Net loss of $3 million, $(0.02) per diluted share • Adjusted EBITDA1 of $42 million • Operating cash flows of $(17) million Other • Free Cash Flow1 of $(22) million 3% Finan
Slide 8: Operational Highlights
Operational Highlights
Slide 9: Segment Results
Segment Results ($ in mi ll i ons, unaudi ted) Three Months Ended Six Months Ended 6/30/25 6/30/24 3/31/25 6/30/25 6/30/24 Revenues Well Intervention $ 157 $ 218 $ 198 $ 355 $ 429 Robotics 86 81 51 137 132 Shallow Water Abandonment 51 51 17 67 78 Production Facilities 17 25 20 37 50 Intercompany eli
Slide 10: Well Intervention Utilization
Well Intervention Utilization • Q4000 (Gulf of America, West Africa) – 82% utilized in Q2; completed work offshore Nigeria and transited to the Gulf of America; vessel demobilized and performed shipyard repairs before commencing three-well decommissioning operations in June; vessel utilization inclu
Slide 11: Robotics Utilization
Robotics Utilization • Grand Canyon II (Asia Pacific) – 69 days (100%) utilized1 in Q2; performed oil and gas ROV support project offshore Malaysia; vessel was off hire for 22 days for crane wire repair • Grand Canyon III (North Sea) – 75 days (82%) utilized in Q2; performed renewables trenching pro
Slide 12: Shallow Water Abandonment Utilization
Shallow Water Abandonment Utilization Q2 utilization higher than prior quarter with the expected seasonal increase in activity levels in the Gulf of America shelf; several vessels remain temporarily stacked as a cost reduction measure based on current market conditions Offshore • Liftboats – nine li
Slide 13: Key Financial Metrics
Helix ENERGY SOLUTIONS a @
Slide 14: Debt Instrument Profile
Debt Instrument Profile Principal Payment Schedule at 6/30/25 Debt and Liquidity Profile at 6/30/25 ($ in millions) ($ in millions) $300 $500 $431 $430 $375 $400 $250 $285 $368 $300 $332 $320 $200 $200 $300 $189 $100 $53 $150 $8 $0 $100 $(30) ($100) $(75) $50 ($200) ($264) $4 $10 $5 ($315) ($312) ($
Slide 15: 2025 Outlook
2025 Outlook Ee Helix ENERGY SOLUTIONS
Slide 16: 2025 Forecast
2025 Forecast Key Forecast Changes Key Financial Metrics and Drivers ($ in millions) 2025 2024 Our 2025 outlook has been reduced, primarily in our Well Outlook Actual Intervention segment, to align with the softening market due to the current economic and geopolitical climate and related uncertainti
Slide 17: 2025 Segments Outlook
2025 Segments Outlook Well Intervention Robotics • Q5000 (Gulf of America) – contracted work with high expected utilization • Grand Canyon II (Asia Pacific) – expected to be highly utilized during through remainder of 2025 remainder of 2025 with contracted ROV support work in Malaysia and • Q4000 (G
Slide 18: Capital Additions, Cash Flow and Balance Sheet
Capital Additions, Cash Flow and Balance Sheet 2025 Capital additions1 are forecasted at approximately $70 – $80 million: • Capital Additions during Q2 included approximately $17 million for regulatory certification costs for our vessels and systems (principally on the Q5000), which are reported in
Slide 19: Key Financial Metrics – Capital Allocation
Key Financial Metrics – Capital Allocation Maintenance Return to Balance Sheet Strategic Capital Capital Shareholders • Simplified capital • Regulatory • Build cash surplus to • $200M share structure certification of deploy opportunistically repurchase plan • Maintain sufficient vessels and systems
Slide 20: Non-GAAP Reconciliations and Supplemental Information
Non-GAAP Reconciliations and Supplemental Information
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Six Months Ended Year Ended ($ in thousands, unaudited) 6/30/25 6/30/24 3/31/25 6/30/25 6/30/24 12/31/24 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income income (loss) $ (2,598) $ 32,289 $ 3,072 $ 474 $ 6,002 $ 55,637 Adjustments: Incom
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ in thousands, unaudited) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income income (loss) $ (5,165) $ 7,100 $ 15,560 $ (28,333) $ (26,287) $ 32,289 $ 29,
Slide 23: 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. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. T
Slide 24: Historical Quarterly Revenue, Earnings & Cash Flow
Historical Quarterly Revenue, Earnings & Cash Flow • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4: • Seasonal peaks generally in Q3 and troughs in Q1 • Business units most impacted by seasonality include: • Well Intervention
Slide 25: Corporate Sustainability
Corporate Sustainability Sustainability continues to impact our business strategy and decision-making with a focus on our commitment to energy security and participation in the world’s energy transition. Through maximizing existing reserves, decommissioning and renewable energy support, our services
Slide 26: Page 26 © 2025 Helix ESG
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