Noble : First Quarter 2026 Earnings Presentation

Published: 2026-04-26 17:07:04 ET NE

Published on 04/26/2026 at 05:07 pm EDT

Noble Corporation plc

First Quarter 2026 Earnings Conference Call

April 27, 2026

Summary

Approximately $565M in New Contracts1, Backlog at $7.5B

Courage, Deliverer, Developer, BlackRhino, Venturer, Viking

Q1 Adjusted EBITDA2 of $277M, Free Cash Flow2 of $169M

Consistent Return of Capital Program

Q2 2026 dividend maintained at $0.50 per share

2026 Outlook: Revenue and Adjusted EBITDA Guidance Maintained

Capital Expenditures range increased by $25M due to Deliverer reactivation

New contracts since 1/26/2026 fleet status report.

A reconciliation to GAAP results for the current and prior periods is included on slide 10. The definition of each Non-GAAP measure is included on slide 2.

First Quarter Financial Highlights

Adjusted EBITDA1

$277M

$232M

Adjusted EBITDA margin1

35%

30%

Capital expenditures

$104M

$152M

Free cash flow1

$169M

$35M

Net debt1

$1,255M

$1,504M

Net Leverage1

1.1x

1.4x

Liquidity

$1,206M

$1,015M

Backlog

$7.5B

$7.5B

Prior quarter figures for Q4 2025 shown below.

A reconciliation to GAAP results for the current and prior periods is included on slide 10. The definition of each Non-GAAP measure is included on slide 2.

Current Backlog Stands at $7.5 Billion

Backlog ($B) and Contract Coverage

65%

61%

44%

11%

Jackups

1.8

1.8

1.5

2.4

2026 2027 2028

2029-2031

Percentage of available

days committed (1)

Committed days on total marketed fleet of 29 rigs as of 4/26/2026.

Drillships Overview

Noble Faye Kozack Noble Stanley Lafosse Noble Valiant

Noble Venturer Noble Viking Noble Voyager

Noble Tom Madden Noble Sam Croft Noble Don Taylor Noble Bob Douglas Noble BlackHawk Noble BlackHornet Noble BlackLion Noble BlackRhino Noble Gerry de Souza

Noble Globetrotter I

D

N

O

S

A

J

J

M

A

M

F

D J

N

O

S

A

J

J

M

A

M

F

D J

N

O

S

A

J

J

M

A

M

F

J

2028

2027

2026

Recent Highlights

Viking: one well contract in Malaysia.

BlackRhino: one option well exercised

by Beacon in the U.S. Gulf.

Venturer: one well contract with Planet One in Ghana.

Fleet status report as of 4/26/2026.

Firm contract period

Semisubmersibles and Jackups Overview

Jackups

Noble Innovator Noble Integrator Noble Interceptor Noble Intrepid

Noble Invincible

Semisubmersibles Noble Deliverer Noble Developer Noble Discoverer Ocean GreatWhite Noble Courage Ocean Apex

Noble Endeavor

Noble Patriot

D

N

O

S

A

J

J

M

A

M

F

D J

N

O

S

A

J

J

M

A

M

F

D J

N

O

S

A

J

J

M

A

M

F

J

2028

2027

2026

Recent Highlights

Courage: 1,115 days extension with Petrobras in Brazil.

Deliverer: 5 wells with Woodside in

Australia.

Developer: 1 well with ExxonMobil in Guyana.

Fleet status report as of 4/26/2026.

Firm contract period

Financial Overview

($ millions)

Quarter End 3/31/2026

Quarter End 12/31/2025

Revenue

786

764

Adjusted EBITDA(1)

277

232

Margin %(1)

35%

30%

Net Income (Loss)

121

87

Diluted EPS

0.75

0.54

Cash flow from operations

273

187

Capital expenditures

104

152

Free cash flow(1)

169

35

Net debt (1)

1,255

1,504

Net Leverage (1)

1.1x

1.4x

Liquidity (2)

1,206

1,015

A reconciliation to GAAP results for the current and prior periods is included on slide 10. The definition of each Non-GAAP measure is included on slide 2.

3/31/2026 liquidity includes $663 million cash and cash equivalents plus $543 million RCF availability net of Letters of Credit outstanding.

Non-GAAP to GAAP reconciliations provided on slide 10.

2026 Guidance Update

$ millions

Revenue

2,800 - 3,000

Adjusted EBITDA (1)

940 - 1,020

Capital Expenditures (2)

615 - 665

Definition is included on slide 2.

Includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable Capex. Capex range has been increased by $25 million versus prior guidance due to the recent contract award supporting the reactivation of the Noble Deliverer.

Appendix: Reconciliation to GAAP Measures

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Disclaimer

Noble Corporation plc published this content on April 26, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 26, 2026 at 21:06 UTC.