TechnipFMC Announces Fourth-Quarter 2025 Results

• Subsea inbound of $2.3 billion in the quarter; full-year orders of $10.1 billion
• Shareholder distributions of $188 million in the quarter; full-year distributions of $1 billion
• Increased Subsea revenue and adjusted EBITDA margin guidance

NEWCASTLE & HOUSTON: TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today reported fourth-quarter 2025 results.

Total Company revenue in the fourth quarter was $2,517 million. Net income attributable to TechnipFMC was $242.7 million, or $0.59 per diluted share. These results included after-tax charges and credits totaling $43.8 million of expense, or $0.11 per share (Exhibit 6).

Adjusted net income was $286.5 million, or $0.70 per diluted share (Exhibit 6). Adjusted net income included the following items:

• A discrete non-cash, positive net tax benefit of $79.8 million due to the release of valuation allowances which resulted from the Company’s assessment of the carrying value of its deferred tax assets and future projections of income; and
• A foreign exchange loss of $2.9 million after-tax, or a gain of $0.9 million before-tax.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $440.5 million; adjusted EBITDA margin was 17.5 percent (Exhibit 8).

When excluding the after-tax impact of the foreign exchange loss of $2.9 million, net income was $245.6 million. Adjusted EBITDA, excluding the foreign exchange gain of $0.9 million, was $439.6 million (Exhibit 8).

Total Company revenue in the full year was $9,932.6 million. Net income attributable to TechnipFMC was $963.9 million, or $2.30 per diluted share. These results included after-tax charges and credits totaling $63.1 million of expense, or $0.15 per share (Exhibit 6).

Adjusted net income was $1,027 million, or $2.45 per diluted share (Exhibit 6). Adjusted net income included the following items:

• A discrete non-cash, positive net tax benefit of $79.8 million due to the release of valuation allowances which resulted from the Company’s assessment of the carrying value of its deferred tax assets and future projections of income; and

• A foreign exchange loss of $30.3 million after-tax, or a loss of $11.7 million before-tax.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $1,824.1 million; adjusted EBITDA margin was 18.4 percent (Exhibit 9).

When excluding the after-tax impact of the foreign exchange loss of $30.3 million, net income was $994.2 million. Adjusted EBITDA, excluding the foreign exchange loss of $11.7 million, was $1,835.8 million (Exhibit 9).

Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “I am very proud to report our strong quarterly and full-year results, as we closed out 2025 with solid operational momentum. Total Company inbound for the year was $11.2 billion, driving growth in backlog to $16.6 billion.”

“Total Company revenue for the year grew 9 percent to $9.9 billion. Adjusted EBITDA, excluding foreign exchange, improved to $1.8 billion, an increase of 33 percent when compared to the prior year. Full-year cash flow from operating activities increased to $1.8 billion. Free cash flow increased to $1.4 billion and shareholder distributions grew to $1 billion, both more than double the levels achieved in the prior year.”

Pferdehirt continued, “Subsea orders in the quarter were $2.3 billion, resulting in $10.1 billion of inbound for the full year. Direct awards, iEPCI™, and Subsea Services represent an increasing share of our inbound. In fact, this combination accounted for more than 80 percent of our total Subsea inbound in 2025. Most importantly, this high-quality inbound derisks project execution, enabling accelerated project timelines and increased schedule certainty.”

“Over the last three years, we delivered on our goal to inbound more than $30 billion of Subsea orders. This has driven Subsea backlog to $15.9 billion. Given our expectation for $10 billion of Subsea inbound in the current year, we anticipate further growth in backlog.”

Pferdehirt added, “The inbound secured in 2025 also speaks to a change in customer behavior, with more clients adopting a portfolio approach to offshore development. Instead of focusing on the next project exclusively, operators are taking a broader portfolio view of their opportunities and executing a vision for their entire asset base. bp’s approach to the Paleogene is an excellent example, where TechnipFMC is executing the Tiber and Kaskida projects at the same time-utilizing a consistent project methodology focused on our standard 20K equipment and integrated delivery.”

“The increased collaboration that comes with a portfolio approach also provides us with greater visibility into the project pipeline. We are seeing the impact on our Subsea Opportunity list, with the latest update reflecting the sixth consecutive quarterly increase in value. The list now highlights approximately $29 billion of opportunities for future development when using the midpoint of project values, reinforcing our confidence in continued strength in offshore activity through the end of the decade and beyond.”

Pferdehirt concluded, “2025 was another year of exceptional performance for TechnipFMC, and I want to acknowledge the efforts of our 22,000 women and men across the globe. The actions we have taken-which are ultimately focused on driving project returns higher-give our clients confidence that they can build cost and schedule certainty into their expectations, which is creating additional opportunities for our Company.”

“While we had great commercial, operational, and financial success in the year, we are far from achieving optimal performance. We know that our work is not complete. We also know that our culture of continuous improvement in everything we do gives us the right strategic mindset to make offshore investment an even bigger and more sustainable opportunity.”

Operational and Financial Highlights

Subsea reported fourth-quarter revenue of $2,194.2 million, a decrease of 5.4 percent from the third quarter. Revenue decreased sequentially primarily due to lower activity in the North Sea and Latin America, offset in part by higher activity in Asia Pacific.

Subsea reported an operating profit of $269.9 million. Operating profit declined sequentially due to seasonally lower vessel-based activity and reduced fleet availability resulting from higher scheduled maintenance in the period. Results were also negatively impacted by $50.2 million of higher restructuring, impairment and other charges when compared to the prior quarter, driven by additional simplification and industrialization actions taken to further improve operating efficiency. Operating profit margin decreased 500 basis points to 12.3 percent.

Subsea reported adjusted EBITDA of $415.6 million, a decrease of 17.8 percent when compared to the third quarter. The sequential decline was driven by seasonally lower vessel-based activity and reduced fleet availability resulting from higher scheduled maintenance in the period. Adjusted EBITDA margin decreased 290 basis points to 18.9 percent.

Subsea inbound orders were $2,340.3 million for the quarter. Book-to-bill in the period was 1.1x. The following awards were included in the period:

• Ithaca Energy Flexible Pipe Contract (U.K. North Sea)
  Significant* contract by Ithaca Energy for flexible risers on the Captain development in the U.K. North Sea. TechnipFMC will design, manufacture, and install flexible risers, flowlines, and associated hardware. The Captain field has benefited from technology enhancements since first production in 1997, including the second phase of an enhanced oil recovery project supported by TechnipFMC in 2024.
  *A “significant” contract is between $75 million and $250 million.

• Chevron Gorgon Stage 3 Project (Australia)
  Significant* contract by Chevron for Subsea 2.0® production systems for the Gorgon Stage 3 brownfield project. This contract marks the introduction of the first 7-inch series of Subsea 2.0® horizontal subsea trees. In addition, TechnipFMC will deliver flexible jumpers designed to increase production rates and provide flow assurance for gas applications.
  *A “significant” contract is between $75 million and $250 million.

• bp 20K Tiber iEPCI™ Project (Gulf of America)
  Large* integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by bp for its greenfield Tiber development in the Gulf of America. This direct award leverages the engineering and equipment in progress for bp’s first 20,000 psi (20K) Paleogene project, Kaskida, which bp awarded to TechnipFMC in 2024.
  *For TechnipFMC, the value of this contract is between $600 million and $800 million.
  /i>The following awards were announced in the period and were included in prior quarter results:

• Eni Maha iEPCI™ Project (Indonesia)
  Substantial* iEPCI™ contract by Eni S.p.A. for the deepwater Maha project offshore Indonesia. The project represents Eni’s first deployment of TechnipFMC’s Subsea 2.0® configure-to-order (CTO) technology in Indonesia. The award leverages experience gained through a series of successful projects with Eni in the region, including Jangkrik and Merakes, and will tie back to the existing Jangkrik Floating Production Unit. TechnipFMC will design and manufacture Subsea 2.0® tree systems, flexible flowlines, a manifold, and controls, as well as install the subsea production system.
  *A “substantial” contract is between $250 million and $500 million. This award was included in inbound orders in the second quarter of 2025.

• Eni Coral North Development (Mozambique)
  Substantial* Engineering, Procurement, Construction, and Installation contract by Eni S.p.A. for the Coral North development, the second floating liquefied natural gas (FLNG) project offshore Mozambique, in water depths of approximately 2,000 meters. TechnipFMC will manufacture and install flexible flowlines and risers, as well as install subsea manifolds and umbilicals.
  *A “substantial” contract is between $250 million and $500 million. This award was included in inbound orders in the second quarter of 2025.

Surface Technologies reported fourth-quarter revenue of $322.8 million, a decline of 1.6 percent from the third quarter. The modest decrease in revenue was driven by lower activity in North America and timing of project-related activity in the Middle East, partially offset by higher activity in Asia Pacific.

Surface Technologies reported operating profit of $46.3 million, an increase of 25.8 percent versus the third quarter. Operating profit increased sequentially due to higher services activity in the Middle East and operational efficiencies related to business transformation initiatives. The prior period was also negatively impacted by an accelerated amortization expense. Operating profit margin increased 310 basis points to 14.3 percent.

Surface Technologies reported adjusted EBITDA of $58.2 million, an increase of 8.2 percent when compared to the third quarter. Results increased due to higher services activity in the Middle East and operational efficiencies related to business transformation initiatives. Adjusted EBITDA margin increased 160 basis points to 18 percent.

Inbound orders for the quarter were $247.7 million, a decrease of 7.1 percent sequentially. Backlog ended the period at $699.9 million.

Corporate and Other Items (three months ended December 31, 2025)

Corporate expense was $34.6 million.

Foreign exchange gain was $0.9 million.

Net interest expense was $4.6 million.

The provision for income taxes was $33.3 million.

Total depreciation and amortization was $105.9 million.

Cash provided by operating activities was $453.6 million. Capital expenditures were $94.5 million. Free cash flow was $359.1 million (Exhibit 11).

During the quarter, the Company repurchased 3.9 million of its ordinary shares for total consideration of $168.1 million. When including a dividend payment of $20.2 million, total shareholder distributions in the quarter were $188.3 million. For the twelve months ended December 31, 2025, the Company’s total distributions to shareholders were $1,000.6 million.

The Company ended the period with cash and cash equivalents of $1,031.9 million. Net cash increased sequentially to $601.9 million (Exhibit 10).

2026 Full-Year Financial Guidance1

The Company’s full-year guidance for 2026 can be found in the table below.

Updates to Subsea guidance, previously issued on October 23, 2025, are as follows:

• Subsea revenue in a range of $9.2 - 9.6 billion, which increased from the previous guidance range of $9.1 - 9.5 billion.

• Subsea adjusted EBITDA margin in a range of 21 - 22%, which increased from the previous guidance range of 20.5 - 22%.