Forum Energy Technologies : FET 1Q26 IR Presentation Final

Published: 2026-05-18 10:14:25 ET FET

Published on 05/18/2026 at 10:14 am EDT

Manufacturer with Global Reach Financial Performance

($ in millions)

Artificial Lift

and Downhole

Drilling and

Completions

International

United States

816

541

700

739

791

840

40% Segment

Revenue Mix

60%

52%

Geographic

Revenue Split

48%

2021 2022

2023

2024

2025

2026E

Customers include E&P operators who own and process hydrocarbons

Capital Equipment

Activity Driven Consumables

100

103

Customers include some of the world's largest oilfield service companies

23%

Purchase Cycle Revenue Split

77%

20

59

67

86

12%

2021 2022

2023

2024

2025

2026E

Note: Revenue is trailing twelve months ended March 31, 2026, unless otherwise noted; 2026E revenue and EBITDA represents the midpoint of guidance ranges of $800-$880 million and $95-$110 million, respectively

* EBITDA margins is defined as EBITDA divided by revenue for corresponding periods

3

A global manufacturer of value-added solutions that increase the efficiency of energy production.

1

Track Record of

Outperformance

Track Record of

Outperformance

2

Incredible Value

3

Significant Capital

Returns

4

Poised for Growth

A global manufacturer of value-added solutions that increase the efficiency of energy production.

1

Track Record of

Outperformance

Track Record of

Outperformance

2

Incredible Value

3

Significant Capital

Returns

4

Poised for Growth

Key Financial Metrics

Revenue

(Cumulative Average Growth Rate from 2021 through 2025)

FET

Russell 2000

7%

Market share gains and acquisitions

10%

High operating leverage

Adjusted Cash Flow*

(Cumulative Average Growth Rate from 2021 through 2025)

10%

Capital lite business model

46%

Annualized Stock Price Performance

Five Year

(As of market close on March 31, 2021 and March 31, 2026, respectively)

FET

Russell 2000 2%

Strong financial growth

26%

Balance sheet fortification

One Year

(As of market close on March 31, 2025 and March 31, 2026, respectively)

24%

192%

Meaningful capital returns

8

2

Incredible Value

3

Significant Capital

Returns

4

Poised for Growth

A global manufacturer of value-added solutions that increase the efficiency of energy production.

1

Track Record of

Outperformance

Comparison to Russell 2000

Financial Metrics

Adjusted Cash Flow Yield

Russell 2000 Manufacturing Comps

5%

FET 13%

Cash generation advantage

Advantage FET

Enterprise Value to EBITDA 15.5x 8.9x

Compelling

relative valuation

Note: All figures are as of March 31, 2026; Adjusted Cash Flow Yield calculated as trailing twelve months Adjusted EBITDA, less capital expenditures divided by market capitalization; EBITDA and Sales are trailing twelve

months; Source: FactSet

Note: See slide 2 for industry classifications for the Russell 2000 Manufacturing Comps

9

Price to Sales

1.7x

0.8x

Net Debt to EBITDA 2.0x 1.4x

Strong balance sheet flexibility

10

3

Significant Capital

Returns

4

Poised for Growth

2

Incredible Value

A global manufacturer of value-added solutions that increase the efficiency of energy production.

1

Track Record of

Outperformance

FET's Framework

Uses of Cash Share Repurchase Execution

(Shares Outstanding in thousands)

12,290

1

Share repurchases and

accretive acquisitions

8%

11,319

Repurchased

~1.5 million shares at approximately

$26 per share

December 31, 2024 March 31, 2026 **

Substantial Deleveraging Since 2019

Leverage Ratio = 3.9x

2

Build dry powder through

net debt reduction

1.4x

Reduced net debt by 65%

December 31, 2019 March 31, 2026

11

* Net leverage ratio calculated as net debt divided by adjusted EBITDA for the trailing twelve months for each respective period; Net debt is calculated as the sum of the Senior Notes due October 2021 (in 2019 only) plus

the Senior Secured Bonds due in 2029 (in 2026 only) plus the credit facility and other debt, less cash and cash equivalents; Net debt does not include unamortized debt discount and debt issuance costs

** Difference between outstanding shares at December 31, 2024 and March 31, 2026 includes shares issued for executive compensation

12

3

Significant Capital

Returns

4

Poised for Growth

2

Incredible Value

A global manufacturer of value-added solutions that increase the efficiency of energy production.

1

Track Record of

Outperformance

"Beat the Market" Strategy

1

COMPETE IN TARGETED MARKETS

2

UTILIZE COMPETITIVE ADVANTAGES

3

INNOVATE CONTINUOUSLY

4

LEVERAGE GLOBAL FOOTPRINT

Since Strategy Implementation in 2022, Annualized Revenue Per Global Rig is Up 26%

Leadership Markets Approximately Two-Thirds of Revenue

Leadership Markets Example Technologies

Coiled Tubing

Cased-hole Wireline

FET 36%

2025 Addressable Market Size:

$1.5 Billion

FET 2030: Sustain Edge in Leadership Markets

ROVs

Sand and Flow Control

Opportunity for New Customer Acquisition

Growth Markets Example Technologies

Current Market Share

8% Share Gains

8%

Defense

Coiled Line Pipe

2025 Addressable Market Size:

$3.0 Billion

FET 2030: Double Share in Growth Markets to 16%

Pump Protection

Power Generation

$1,600E

15% CAGR

10% CAGR

$840E

$1,000E

5% CAGR

$541

Global Drivers Support Market Growth to 2030

Global GDP growth, urbanization, and electricity demand drives…

Oil and natural gas demand.

Flat Market Scenario

Growth Market Scenario

Investment in supply grows meaningfully, requiring…

Global rig count increases and…

2021 - 2025 Actuals

FET 2030

Service efficiency at or greater than historical levels.

2026 est.

($ in millions)

FET Markets Grow 9% per Year

($ in millions)

2025

2030E

Flat Market

2030E

Growth Market

Revenue

$791

$1,000

$1,600

EBITDA

$86

$140 - $160

$290 - $370

Free Cash Flow*

$65

$100 - $110

$210 - $235

Operating Leverage: 25% to 35% of incremental revenue turns into EBITDA

Capital Lite: 60% to 70% of incremental EBITDA turns into

free cash flow

$1,600E

15% CAGR

10% CAGR

$840E

$1,000E

5% CAGR

$541

Flat Market Scenario

Growth Market Scenario

2021 - 2025 Actuals

2026 est.

($ in millions)

FET 2030

FET 2030: Increase Free Cash Flow by ~3x

2

Incredible Value

3

Significant Capital

Returns

4

Poised for Growth

A global manufacturer of value-added solutions that increase the efficiency of energy production.

1

Track Record of

Outperformance

Global Oil Supply

(Millions of barrels per day)

104

Growing global urbanization and GDP

110

Source: EIA; future estimates assume one percent growth

20

1% estimated demand growth matches longterm historical trend

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Disclaimer

Forum Energy Technologies Inc. published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 18, 2026 at 14:13 UTC.