James Fisher And Sons Plc · LSE:FSJ
James Fisher And Sons — H1 2026 Earnings Presentation
41 slides from James Fisher And Sons's earnings presentation, Sep 8, 2026
Slide 1: James Fisher and Sons plc
James Fisher and Sons plc Results for the six months ended 30 June 2026 8 September 2026 james-fisher.com 1
Slide 2: Disclaimer
Disclaimer This presentation is confidential and is delivered the presentation, or on which the presentation is based, or is made available, is responsible for and must make their to interested parties for information only. It is delivered that this information remains unchanged after the issue of o
Slide 3: Agenda
Agenda 01. 1H 2026 highlights 02. Financial results 03. Turnaround update 04. Strategic update 05. Conclusion & outlook 06. Q&A james-fisher.com 3
Slide 4: We are James Fisher
We are James Fisher Solving our customers’ complex challenges in the Blue Economy Defence Energy Maritime Transport Enabling mission Driving offshore Shaping the future critical success energy forward of maritime What Supporting and saving Meeting energy demand growth Ensuring supply reliability we
Slide 5: 01. 1H 2026 highlights
01. 1H 2026 highlights james-fisher.com 5
Slide 6: 1H 2026 Highlights
1H 2026 Highlights Defence and Maritime Transport growth supported improved first-half performance, offsetting more challenging Energy markets Continued financial Attractive markets, Investing for future progress uncertainty in Energy scale • Defence year on year growth and improved • Solid financia
Slide 7: 02. Financial results
02. Financial results james-fisher.com 7
Slide 8: 1H 2026 – improved performance
1H 2026 – improved performance Profitability and returns improved, with margin ahead of 1H 2025, while covenant leverage remained within the Group’s target range Revenue up Underlying Underlying operating 2.1% operating margin1 profit1 up (up 140bps) on a reported basis 27.9% 7.2% Net debt Net debt
Slide 9: Revenue up 2.1%
Revenue up 2.1% Growth in Maritime Transport and Defence, offsetting weakness in Energy (£m) +2.1% 9.5 4.5 3.2 195.9 191.9 (8.7) 15.3 53.8 37.6 (10.3) Defence 68.1 85.8 Energy Maritime Transport 74.0 68.5 1H 2025 IRM Middle East Volume FX 1H 2026 and Africa and mix james-fisher.com 9
Slide 10: Underlying operating profit increased by 27.9%
Underlying operating profit1 increased by 27.9% 5.8% 7.2% margin +27.9% margin 7.0 (4.6) (£m) • Defence execution • Maritime Transport 0.7 14.2 utilisation • Mixed Energy 5.3 markets 11.1 0.7 5.3 Defence 9.7 Energy 10.2 6.9 Maritime Transport (6.6) Corporate (6.2) 1H 2025 Growth Energy FX 1H 2026 do
Slide 11: Margin improvement to 7.2%
Margin1 improvement to 7.2% Against our 10.0% medium-term target +220bps (£m) 195.9 193.1 191.9 5.0% 5.8% 7.2% Improved margin reflects margin margin margin continued focus on: • Productivity • Supply chain 14.2 • Defence growth • Business mix 11.1 9.7 Revenue Underlying operating profit 1H 2024 1H
Slide 12: Defence
Defence Delivering stronger results while investing in the future Underlying results1 for the six months ended 30 June 2026 £m 2025 £m Change Total revenue 53.8 37.6 43.1% Operating profit 5.3 0.7 657.1% Operating margin 9.9% 1.9% 800 bps Revenue increased 43.1% Underlying operating profit up Order
Slide 13: Energy
Energy Performance impacted by disruption and uncertainty in timing of oil and gas recovery Underlying results1 for the six months ended 30 June 2026 £m 2025 £m Change Total revenue 68.1 85.8 (20.6)% Operating profit 5.3 9.7 (45.4)% Operating margin 7.8% 11.3% (350) bps Revenue down 20.6% Underlying
Slide 14: Maritime Transport
Maritime Transport Fleet utilisation and Fendercare ship-to-ship momentum underpin strong results Underlying results1 for the six months ended 30 June 2026 £m 2025 £m Change JF Tankships (inc. Cattedown) revenue 46.0 42.8 7.5% Fendercare revenue 28.0 25.7 8.9% Total revenue 74.0 68.5 8.0% Operating
Slide 15: Cash inflows reinvested in growth
Cash inflows reinvested in growth Operating cash generation and disposal proceeds funded working-capital investment, strategic capex and fleet renewal (11.3) (£m) 36.6 4.9 (6.9) (14.5) (3.7) (5.5) (54.4) (15.5) (5.0) (1.7) (65.7) FY25 Capex / Net finance Lease Financing 1H 26 Net Debt1 EBITDA WC Pro
Slide 16: Continued investment for growth
Continued investment for growth £14.5m1 capital expenditure including £2.7m development expenditure in 1H 2026 Defence - future product pipeline Energy – next generation technology Maritime Transport – fleet renewal c. £3m finalising the next-generation Stealth c. £6m investment in electric and oil-
Slide 17: Financial strength for growth
Financial strength for growth Leverage within 1.0-1.5x range (£m) Net Borrowings (Incl. ROU) Financial Covenants 179.9 Interest cover Net debt to EBITDA 180 10 9.6 3 150 142.7 144.1 8 7.4 2.5 6.9 6.8 120 114.2 2 108.0 6 79.4 89.7 90 Adj. – ROU 1.5 1.6 51.9 liability, 1.4 1.5 4 1.3 guarantees 60 & am
Slide 18: Capital allocation framework
Capital allocation framework Focus on medium-term targets Underlying operating profit margin Return on Capital Employed (ROCE) >10% >15% Strategic Ordinary Selective bolt-on investment dividend acquisitions Focus on organic growth Reintroduce a sustainable Where strategically including innovation di
Slide 19: Financial results summary
Financial results summary Improved performance in key metrics Material growth in Defence Investment for demand and to scale Outlook Financial strength for growth james-fisher.com 19
Slide 20: 03. Turnaround update
03. Turnaround update james-fisher.com 20
Slide 21: Turnaround delivery as planned, transitioning to growth
Turnaround delivery as planned, transitioning to growth One James Fisher 2023/24 2025/26 • Purpose and portfolio • Embedding OJF culture and priorities Focus • Financial foundations • Delivering financial expectations • Unified company priorities • Focus on customer excellence • OJF executive team •
Slide 22: 04. Strategic update
04. Strategic update james-fisher.com 22
Slide 23: Key drivers to our 10% UOP margin strategic target
Key drivers to our 10% UOP margin strategic target Incremental margin improvement through key drivers Well-positioned for sustainable UOP margin growth – medium-term Further opportunity Technology People & Aligned & innovation Supply 10% UOP strategic capability chain strategic markets Defence targe
Slide 24: On a journey to grow and scale
On a journey to grow and scale Supportive megatrends Energy demand Disruptive Geopolitics Climate change Localisation growth & security technologies Short term Mid term Invest to grow Customer Platform to scale intimacy New customers & geographies Operational excellence Growth markets Safety, qualit
Slide 25: Defence
Defence Delivering stronger results while investing for the future • Delivering Polish Navy’s Ratownik project to provide deep saturation diving and submarine rescue capability • Secured key contract extensions for Submarine Platforms and Tactical Delivery Vehicle maintenance • Opened new Singapore
Slide 26: Energy
Energy Short-term disruption, investing for long-term growth • Secured first contract for Digi Rig, to create a digital twin to support an ongoing well test campaign • Increased activity and growth in renewables, particularly in the blade aftermarket business • Opened larger operational base in Guya
Slide 27: Maritime Transport
Maritime Transport Delivering stronger results while investing for the future • Dual-fuel LNG fleet set to meet growing customer demand for safer, more efficient lower-emission coastal shipping • Strong ship-to-ship activity in Latin America, more than offset lower volumes in the UK, Middle East and
Slide 28: 05. Conclusion & outlook
05. Conclusion & outlook james-fisher.com 28
Slide 29: Conclusion and 2026 outlook
Conclusion and 2026 outlook Early 2H trading in line with 1H, momentum in Defence and Maritime Transport anticipated to continue through 2H Energy market activity continues to be affected by geopolitical conflicts and macro-economic uncertainty, conditions anticipated to remain challenging through 2
Slide 30: 06. Q&A
06. Q&A james-fisher.com 30
Slide 31: Thank You
Thank You james-fisher.com 31
Slide 32: Appendix
Appendix james-fisher.com 32
Slide 33: 2026 Technical guidance
2026 Technical guidance Remaining newbuild Underlying effective Covenant Net Debt to Capital and Interest rate vessels (1 delivered in cash tax rate at EBITDA ratio expected development on bank July 2026, 1 scheduled around 35.0%*. Over to remain towards investment of borrowings for 2H) - each with
Slide 34: Underlying results with improved profit
Underlying results with improved profit 2026 2025 Underlying results for the six months ended 30 June £m £m Revenue 195.9 191.9 Operating profit1 14.2 11.1 Investment income 1.2 1.4 Financial interest2 (4.6) (4.9) Lease interest2 (4.5) (3.1) Profit before tax 6.3 4.5 Taxation (3.0) (2.1) Profit afte
Slide 35: Reported operating profit
Reported operating profit 2026 2025 Reconciliation for the six months ended 30 June £m £m Underlying operating profit 14.2 11.1 Impairment charges (1.2) (0.8) Restructuring costs1 (0.7) (2.4) Disposal of businesses and assets (3.3) (1.2) Other / Tax 1.3 (1.9) Reported operating profit 10.3 4.8 1. Re
Slide 36: 1H 2026 Split – Revenue and Underlying Operating Profit
1H 2026 Split – Revenue and Underlying Operating Profit Balanced global revenues with profits increased in Defence and Maritime Transport Divisional Revenue Underlying Operating Profit 37% -46% 35% 38% £195.9m £14.2m 37% 72% 27% Defence Defence Energy Energy Maritime Transport Maritime Transport Cor
Slide 37: 1H 2025 Split – Revenue and Underlying Operating Profit
1H 2025 Split – Revenue and Underlying Operating Profit Balanced global revenues with profits concentrated in Energy and Maritime Transport Divisional Revenue Underlying Operating Profit -56% 36% 45% 87% £191.9m £11.1m 20% 62% 6% Defence Defence Energy Energy Maritime Transport Maritime Transport Co
Slide 38: Consolidated Income Statement
Consolidated Income Statement 1H 2026 1H 2025 £m £m Revenue 195.9 191.9 Cost of sales (131.1) (131.2) Gross profit 64.8 60.7 Administrative expenses (55.2) (56.3) Share of post-tax results of joint ventures and associates 0.7 0.4 Operating profit 10.3 4.8 Finance income 1.2 1.4 Finance expense (8.7)
Slide 39: Underlying operating profit – 1H 2026
Underlying operating profit – 1H 2026 Disposal of Impairment Other/ Underlying As reported Restructuring businesses charges and assets Tax results £m £m £m £m £m £m Revenue 195.9 - - - - 195.9 Cost of sales (131.1) 0.2 - 1.0 - (129.9) Gross profit 64.8 0.2 - 1.0 - 66.0 Administrative expenses (55.2)
Slide 40: Underlying operating profit – 1H 2025
Underlying operating profit – 1H 2025 Disposal of Other/ Underlying As reported Impairment charges Restructuring businesses and assets Tax results £m £m £m £m £m £m Revenue 191.9 - - - - 191.9 Cost of sales (131.2) 0.8 - - - (130.4) Gross profit 60.7 0.8 - - - 61.5 Administrative expenses (56.3) - 2
Slide 41: Cash flow
Cash flow 2026 2025 Free cash flow for the period ended 30 June £m £m Underlying operating profit 14.2 11.1 Depreciation and amortisation 22.4 22.2 Non-cash items1 1.6 1.0 Movements in working capital (6.9) 9.3 Underlying operating cash flow 31.3 43.6 Tax (5.5) (4.9) Capex and Devex (14.5) (19.2) Le
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