Forum Energy Technologies, Inc. · NYSE:FET
Forum Energy Technologies — Investor Summit Virtual Conference 2026
23 slides from Forum Energy Technologies's conference presentation, Mar 25, 2026
Slide 1: Investor Summit Virtual Conference
INVESTOR SUMMIT VIRTUAL CONFERENCE MARCH 25, 2026
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% 51% Revenue Mix Revenue Split 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 1 accretive acquisitions 11,097 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
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: Poised for Growth: Leadership Markets
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: Poised for Growth: 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 $840E 5% CAGR Gro
Slide 18: Why FET?
Why FET? 1 2 Track Record of Incredible Value Outperformance A global manufacturer of value- added solutions that increase the 3 4 efficiency of energy production. Significant Capital Poised for Growth Returns 18
Slide 19: Appendix
Appendix
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation FET Adjusted EBITDA FET ($ 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 21: 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 22: 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 23: 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
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