Slide 1: 2025 Investor Presentation
2025 Investor Presentation February 16, 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. 2025 Highlight II. Industry Landscape III. Financial Summary IV. Financial Guidance V. Appendix 3
Slide 4: I. 2025 Highlight
& MODEC |. 2025 Highlight
Slide 5: 2025 Highlight: Earnings Results Overview
2025 Highlight Earnings Results Overview Revenue Net Income $ 4,581MM $ 360MM 104% achievement ratio against FY2025 revised guidance($4,400MM) 102% achievement ratio against FY2025 revised guidance($350MM) Increase by $395MM or 9% as compared to FY2024 Increase by $140MM or 63% as compared t
Slide 6: 1H 2025 Highlight – Topics
1H 2025 Highlight – Topics Shell New EPCI & O&M Contract / ExxonMobil New LNTP Contract / New Offices / New Technology Initiative / Fitch Ratings Upgrade Shell Gato do Mato FPSO - Secured New EPCI and O&M Contract (March 2025) New Execution / Engineering Centers Officially Opens (April / June 2025)
Slide 7: 2H 2025 Highlight – Topics
2H 2025 Highlight – Topics ExxonMobil Hammerhead Contract Award / Bacalhau First Oil / Co-operation Agreement with AFC / New Technology Initiatives Equinor Bacalhau FPSO – Achieved First Oil and Delivered (October 2025) ExxonMobil Hammerhead FPSO – Secured EPCI and O&M Contract (September 2025) Th
Slide 8: II. Industry Landscape
& MODEC ll. Industry Landscape
Slide 9: Industry Landscape: Strong Global Pipeline
Industry Landscape Strong Global Pipeline ▪ Global FPSO pipeline remains robust with Latin America, West Africa and Southeast Asia leading the market. For deepwater/ultra-deepwater, Latin America and West Africa are promising areas. ▪ MODEC has the track record to serve each of these markets Overall
Slide 10: III. Financial Summary
& MODEC Ill. Financial Summary
Slide 11: Business Model: EPCI / Charter / O&M Project at Glance
Business Model EPCI / Charter / O&M Project at Glance Current Asset Charter Charter 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 Ship Name Offtakers Location Start End Date Stage Date 1 EPCI - FPSO Hammerhead - awarded
Slide 12: Financial Summary: Backlog in EPCI Business
Financial Summary Backlog in EPCI Business Backlog Overview EPCI Construction Period Hammerhead MODEC has maintained a robust backlog in EPCI, supported by favorable market conditions. Gato do Mato EPCI backlog increased significantly in 2025 due to two new large contracts, “Shell Gato do Mato”
Slide 13: Financial Summary: Backlog in O&M Business
Financial Summary Backlog in O&M Business Backlog Overview O＆M Period MODEC has been steadily expanding O&M business as new FPSOs entered into the service every year since 2022. Hammerhead Gato do Mato O&M backlog also increased significantly in 2025, reflecting the awards of two new large contr
Slide 14: Financial Summary: EPCI / O&M Performance
Financial Summary EPCI / O&M Performance1 Revenues2 3 4 (US$ MM) 4,530 3,870 4,138 31 Higher Revenues in FY2025 (+9%) over FY2024 50 26 3,532 EPCI revenues were at the same level as compared to FY2024 due to the higher 36 1,605 revenues from two new projects (Gato do Mato, Hammerhead), which more
Slide 15: Predictable & Stable Charter Earnings
Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts 146 cumulative years of Charter contracts with 11.8-year remaining average life and $8.8B backlog. MODEC does not consolidate its minority stakes in the SPCs. MODEC’s share of SPCs’ net earnings ar
Slide 16: Financial Summary: Income Statement
Financial Summary Income Statement 1 2024 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 vs 2025 EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 - 18 O&M 885 892 745 728 901 1,006 1,177 1,605 + 428 Service Fee 23 27 28 29 36 42 48 51 +3 Others 40 56 43 26 26 36 50 31 - 19 Revenue Total 1,998
Slide 17: Historical EBITDA Performance & Financial Metrics
Financial Summary Historical EBITDA Performance & Financial Metrics 1,2 2024 vs (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 2025 Highlights FY2025 EBITDA reached $440MM, a record high number, reflecting the increased EPCI + O&M Profits (Gross Profits excluding Service Fee) 215 40 (121) (254)
Slide 18: Financial Summary: Balance Sheet
Financial Summary Balance Sheet1 Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 2024 vs 2025 Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,326 + 74 Trade & other receivables 856 1,491 1,205 379 478 592 752 977 + 225 Contract assets - - - 704 257 185 195 70 - 125 ST loans
Slide 19: Share Price Performance / Key Stock Data
Financial Guidance Share Price Performance / Key Stock Data Share Price Since 2024 (JPY) Key Stock Data Since 2024 Current 2 MAX MIN Share Outstanding 68,345,300 2025 3Q Financial Results Public Float 1 66.5% 29.8% 2025 2Q Financial Results Share Price 14,331 16,720 1,918 2025 1Q Financial Results M
Slide 20: IV. Financial Guidance
& MODEC IV. Financial Guidance
Slide 21: FY2026 Earnings Outlook / Shareholder Return
Financial Guidance FY2026 Earnings Outlook / Shareholder Return FY2026 Earnings Forecast Both the revenues and the profits are expected to be slightly higher than those in FY2025. All three business segments are expected to increase the profits due primarily to: EPCI: Higher revenues & profits f
Slide 22: V. Appendix
& MODEC V. Appendix 22
Slide 23: Business Model Overview
Business Model Overview A Leading Offshore Midstream Company with Long-Term, Contractual & Predictable Business Model Founded in 1968, MODEC has established a strong presence in all major offshore oil & gas producing regions of the world, providing a reliable one-stop solution to its clients across
Slide 24: Industry Landscape: Solid Operating Environments
Industry Landscape Solid Operating Environments with Competitive Deepwater Fields ▪ Oil is expected to remain the leading source of energy supply even though alternative energy are expected to grow ▪ MODEC’s primary target market is the deepwater and the ultra-deepwater reserves, which are cost-comp
Slide 25: Appendix: EBITDA Reconciliation
Appendix EBITDA Reconciliation Consolidated Financial Statements for Years ended December 31, 2024 *1 Page 3: 2. Consolidated statement of profit or loss Page 7: 5. Consolidated statement of cash flows EBITDA Calculation for FY2024 (1) (1) (3) (2) (1) (1) (2) (3) (4) (1) (2) (4) Page 34: 25. Finance