Modec, Inc. · TSE:6269
Modec — Q3 2026 Earnings Presentation
18 slides from Modec's earnings presentation, Nov 10, 2026
Slide 1: 3Q 2026 Investor Presentation
3Q 2026 Investor Presentation November 10, 2026 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. 3Q 2026 Highlight II. Financial Guidance III. Financial Summary 3
Slide 4: I. 3Q 2026 Highlight
& MODEC I. 3Q 2026 Highlight
Slide 5: 3Q 2026 Highlight: Earnings Results Overview
3Q 2026 Highlight Earnings Results Overview Revenue Net Income $ 3,690MM $ 306MM 80 % achievement ratio against FY2026 original guidance ($4,600MM) 82% achievement ratio against FY2026 original guidance ($370MM) Increase by $339MM or 10% as compared to 3Q 2025 Increase by $61MM or 24% as com
Slide 6: II. Financial Guidance
& MODEC ll. Financial Guidance
Slide 7: Financial Guidance
Financial Guidance FY2026 Revised Earnings Outlook / Shareholder Returns Earnings forecast is revised upward in view of the steady progress in operations of all segments in excess of the original expectation. Based on the record high full year earnings forecast, the Company has resolved to condu
Slide 8: III. Financial Summary
& MODEC Ill. Financial Summary
Slide 9: Business Model Overview
Business Model Overview A Leading Offshore Midstream Company with Long-Term, Contractual & Predictable Business Model MODEC’s revenues across its EPCI, O&M and Charter Services segments are based on the fixed-amount long-term contracts with reputable Oil & Gas companies and thus insulated from the g
Slide 10: Business Model: EPCI / Charter / O&M Project at Glance
Business Model EPCI / Charter / O&M Project at Glance Current Vessel Start End 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 # (%)1 Vessel Name Offtakers Location Stage Date Date 1 EPCI - FPSO Hammerhead - awarded in Sep ‘25 E
Slide 11: Backlog in EPCI Business
Financial Summary Backlog in EPCI Business Backlog Overview EPCI Projects (First Oil Basis) MODEC has maintained a robust EPCI backlog, supported by favorable market conditions. Hammerhead Gato do Mato In 2025, the EPCI backlog increased significantly with two large contract awards – “Shell Gato
Slide 12: Backlog in O&M Business
Financial Summary Backlog in O&M Business Backlog Overview O&M Projects MODEC has been steadily expanding its O&M business as new FPSOs have entered service every year since 2022. Hammerhead Gato do Mato In 2025, the O&M backlog increased significantly and reached a historical high, reflecting t
Slide 13: EPCI / O&M Performance
Financial Summary EPCI / O&M Performance1 Revenues1 2 3 4 (US$ MM) 4,530 Higher Revenues in 3Q/2026 (+10%) over 3Q/2025 31 4,138 3,870 50 EPCI revenues were higher as compared to 3Q/2025 due to the higher revenues from 3,653 26 3,532 two projects (Hammerhead, Gato do Mato) as they progressed into
Slide 14: Predictable & Stable Charter Earnings under Long-Term Contracts
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 134 cumulative years of Charter contracts with 11.1-year remaining average life and $8.3B backlog. MODEC does not consolidate its minority stakes in the SPCs. MODEC’s share of SPCs’ net earnings ar
Slide 15: Income Statement
Financial Summary Income Statement 1 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 3Q 2025 3Q 2026 Diff. EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 2,239 2,492 + 253 O&M 885 892 745 728 901 1,006 1,177 1,605 1,047 1,146 + 99 Service Fee 23 27 28 29 36 42 48 51 35 37 +2 Others 40 56 43 2
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 2025 3Q 2025 3Q 2026 Diff. Highlights EPCI + O&M Profits (Gross Profits excluding Service Fee) 215 40 (121) (254) 31 208 344 506 343 432 + 89 FY2025 EBITDA reached $440MM, a record h
Slide 17: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 3Q 2025 3Q 2026 Diff Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,326 1,301 1,695 + 394 Trade & other receivables 856 1,491 1,205 379 478 592 752 977 707 500 - 207 Contract assets - - - 704 2
Slide 18: Key Stock Data
Key Stock Data Share Price Performance Share Price Since 2024 (JPY) Key Stock Data Since 2024 2 Current MAX MIN 2025 3Q 2026 1Q Financial Results Financial Results Share Outstanding 68,345,300 1 2025 2Q Public Float 66.5% 29.8% Financial Results Share Price 8,296 16,720 1,918 2025 1Q Financial Resul