Slide 1: 1Q 2026 Investor Presentation
1Q 2026 Investor Presentation May 13, 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. 1Q 2026 Highlight II. Financial Summary III. Key Stock Data 3
Slide 4: I. 1Q 2026 Highlight
& MODEC I. 1Q 2026 Highlight
Slide 5: 1Q 2026 Highlight: Earnings Results Overview
1Q 2026 Highlight Earnings Results Overview Revenue Net Income $ 1,077MM $ 99MM 23% achievement ratio against FY2026 guidance ($4,600MM) 26% achievement ratio against FY2026 guidance ($370MM) Increase by $204MM or 23% as compared to 1Q 2025 Increase by $44MM or 80% as compared to 1Q 2025 Adj
Slide 6: II. Financial Summary
& MODEC ll. Financial Summary
Slide 7: Business Model: EPCI / Charter / O&M Project at Glance
Business Model EPCI / Charter / O&M Project at Glance Current Vessel Start End 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 # (%)1 Vessel Name Offtakers Location Stage Date Date 1 EPCI - FPSO Hammerhead - awarded in Sep ‘25 E
Slide 8: Financial Summary: Backlog in EPCI Business
Financial Summary Backlog in EPCI Business Backlog Overview EPCI Projects MODEC has maintained a robust EPCI backlog, supported by favorable market conditions. Hammerhead Gato do Mato In 2025, the EPCI backlog increased significantly with two large contract awards – “Shell Gato do Mato” (March)
Slide 9: Financial Summary: Backlog in O&M Business
Financial Summary Backlog in O&M Business Backlog Overview O&M Projects MODEC has been steadily expanding its O&M business as new FPSOs have entered service every year since 2022. Hammerhead Gato do Mato In 2025, the O&M backlog increased significantly and reached a historical high, reflecting t
Slide 10: Financial Summary: EPCI / O&M Performance
Financial Summary EPCI / O&M Performance1 Revenues1 2 3 4 (US$ MM) 4,530 31 Higher Revenues in 1Q/2026 (+23%) over 1Q/2025 4,138 3,870 50 EPCI revenues were higher as compared to 1Q/2025 due to the higher revenues from 26 3,532 two projects (Gato do Mato, Hammerhead) as they progressed into the se
Slide 11: Predictable & Stable Charter Earnings under Long-Term Contracts
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 142 cumulative years of Charter contracts with 11.6-year remaining average life and $8.7B backlog. MODEC does not consolidate its minority stakes in the SPCs. MODEC’s share of SPCs’ net earnings ar
Slide 12: Financial Summary: Income Statement
Financial Summary Income Statement 1 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2025 1Q 2026 Diff. EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 534 663 + 129 O&M 885 892 745 728 901 1,006 1,177 1,605 311 394 + 83 Service Fee 23 27 28 29 36 42 48 51 11 12 +1 Others 40 56 43 26 26 36
Slide 13: Historical EBITDA Performance & Financial Metrics
Financial Summary Historical EBITDA Performance & Financial Metrics 1,2 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2025 1Q 2026 Diff. Highlights EPCI + O&M Profits FY2025 EBITDA reached $440MM, a record high number, reflecting the increased (Gross Profits excluding 215 40 (121) (254) 31 2
Slide 14: Financial Summary: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,326 1,961 Trade & other receivables 856 1,491 1,205 379 478 592 752 977 445 Contract assets - - - 704 257 185 195 70 71 ST loans receivabl
Slide 15: III. Key Stock Data
& MODEC Ill. Key Stock Data
Slide 16: Key Stock Data
Key Stock Data Share Price Performance Share Price Since 2024 (JPY) Key Stock Data Since 2024 2 Current MAX MIN Share Outstanding 68,345,300 2025 3Q Financial Results 1 2025 2Q Public Float 66.5% 29.8% Financial Results Share Price 13,978 16,720 1,918 2025 1Q Financial Results 2024 4Q 2025 4Q Market