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1 james-fisher.com 8 September 2026 James Fisher and Sons plc Results for the six months ended 30 June 2026
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Disclaimer 2 james-fisher.com This presentation is confidential and is delivered to interested parties for information only. It is delivered solely on the basis that neither the whole nor any part of the information contained in this presentation may be disclosed to, or used or relied upon by, any other person or used for any purpose without the prior written consent of James Fisher and Sons plc (JFS). The information contained in this presentation, and upon which this presentation is based, has been derived from publicly available information. None of the information on which this presentation is based has been independently verified. Accordingly, neither JFS nor any member of JFS nor any of its connected persons makes any representation or warranty, assurance or undertaking, express or implied, with respect to the accuracy, adequacy, completeness or reasonableness of the presentation or of the information contained in the presentation, or on which the presentation is based, or that this information remains unchanged after the issue of this presentation. This presentation is not to be construed as carrying the endorsement of JFS or any of its connected persons. Consequently, neither JFS nor any of its connected persons accepts any responsibility or liability to any person to whom the presentation is made available for the accuracy, adequacy, completeness or reasonableness of the information contained in it or otherwise. The presentation is not intended to recommend any strategic decision by JFS or any of its connected persons and should not be considered as a recommendation supporting any of the options discussed herein by any member of JFS or any of its connected persons. Each person to whom the presentation or any part thereof is made available, is responsible for and must make their own independent assessment of the presentation and of the information contained within it. Nothing in the presentation is, or should be relied upon as, a promise or representation as to the future. James Fisher and Sons plc Fisher House, Barrow in Furness Cumbria, LA14 1HR Telephone +44 (0) 1229 615400
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01. 1H 2026 highlights 02. Financial results 03. Turnaround update 04. Strategic update 05. Conclusion & outlook 06. Q&A Agenda 3 james-fisher.com
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We are James Fisher Defence Enabling mission critical success Energy Driving offshore energy forward Maritime Transport Shaping the future of maritime What we do Supporting and saving lives under water Meeting energy demand growth more efficiently and sustainably Ensuring supply reliability of critical energy products Services Customers Submarine rescue Military and commercial diving Stealth mobility solutions Ship-to-ship transfer Fender and mooring services Coastal shipping and port operations Renewable power generation services Commissioning and decommissioning services Well services and asset integrity 4 james-fisher.com Solving our customers’ complex challenges in the Blue Economy
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5 james-fisher.com 01. 1H 2026 highlights
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Defence and Maritime Transport growth supported improved first-half performance, offsetting more challenging Energy markets • Defence year on year growth and improved profitability • Energy conditions remain challenging, with lower short-cycle activity and delays to customer projects • Maritime Transport performed well Continued financial progress • Solid financial performance with UOP1 up 27.9% • Improvement in UOP margin 1 and ROCE 1 • Leverage1 at 1.5x Investing for future scale • Investing to scale and grow through new technology and product development • Customer led geographic expansion • Developing people capability Attractive markets, uncertainty in Energy 1H 2026 Highlights 6 james-fisher.com 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs)
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7 james-fisher.com 02. Financial results
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1H 2026 – improved performance 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs) 2. Net debt – covenant basis £73.3m includes guarantees and collateral deposits amounting to £7.6m Profitability and returns improved, with margin ahead of 1H 2025, while covenant leverage remained within the Group’s target range 8 james-fisher.com Underlying operating profit1 up 27.9% Underlying operating margin1 (up 140bps) 7.2% Revenue up 2.1% on a reported basis ROCE1 (up 210bps) 8.2% Pre-tax ROCE 13.4% Net debt to EBITDA2 1.5x Net debt £65.7m
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15.3 4.5 (10.3) Revenue up 2.1% Growth in Maritime Transport and Defence, offsetting weakness in Energy 9 james-fisher.com 1H 2025 IRM Middle East and Africa FX 1H 2026 191.9 +2.1% 3.2 (8.7) 195.9 (£m) Maritime Transport Defence Energy 9.5 Volume and mix 68.5 85.8 37.6 74.0 68.1 53.8
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(£m) 7.2% margin 5.8% margin Underlying operating profit1 increased by 27.9% +27.9% 1H 2025 Growth Energy downturn 1H 2026FX 10 james-fisher.com 11.1 7.0 (4.6) 0.7 14.2 • Defence execution • Maritime Transport utilisation • Mixed Energy markets 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs) Maritime Transport Defence Energy Corporate 6.9 9.7 0.7 (6.2) 10.2 5.3 5.3 (6.6)
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1H 2024 1H 2025 1H 2026 Revenue Underlying operating profit 193.1 191.9 195.9 (£m) 5.0% margin 7.2% margin 5.8% margin 14.2 11.1 9.7 11 james-fisher.com Margin1 improvement to 7.2% Improved margin reflects continued focus on: • Productivity • Supply chain • Defence growth • Business mix 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs) +220bps Against our 10.0% medium-term target
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Defence Delivering stronger results while investing in the future 1212 james-fisher.com Revenue increased 43.1% • Strong performances in Tactical Delivery Vehicles (TDV) and Submarine Platforms • Good progress on the Polish Navy's Ratownik Submarine Escape programme • Military Diving delivered increased volumes Underlying operating profit up • Leverage existing cost base whilst increasing revenue • Favourable revenue mix • Continued operational efficiencies and supply chain initiatives • Disciplined cost management as the business starts to scale • Continuing to invest for future growth • Orderbook £295m at 30 June 2026 (June 2025: £315m) • Additional c. £95m programmes awarded and c. £15m p/a run-rate revenue • Rebreather awards in the US, TDV maintenance contract award, further contract awards expected 2H 2026 • Strong order pipeline and sustained customer demand across core markets • Continued new product investment Underlying results1 for the six months ended 30 June 2026 £m 2025 £m Change Total revenue 53.8 37.6 43.1% Operating profit 5.3 0.7 657.1% Operating margin 9.9% 1.9% 800 bps Order book 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs)
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Energy Performance impacted by disruption and uncertainty in timing of oil and gas recovery 1313 james-fisher.com Revenue down 20.6% • Excluding £8.7m related to previously announced IRM ME & Africa closure, like-for-like decrease would be 11.7% • Energy Services down c. £15m • Geopolitical uncertainty reducing customer investment and delaying projects • Renewables partially offsetting with increased activity and growth Underlying operating profit down • Primarily driven by lower revenues in the Energy Services Product Lines • Reduced operational leverage, despite steady gross margins • Continue to invest in technology to serve evolving customer requirements Underlying results1 for the six months ended 30 June 2026 £m 2025 £m Change Total revenue 68.1 85.8 (20.6)% Operating profit 5.3 9.7 (45.4)% Operating margin 7.8% 11.3% (350) bps 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs)
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Maritime Transport Fleet utilisation and Fendercare ship-to-ship momentum underpin strong results 1414 james-fisher.com Revenue increased 8.0% • Tankships strong performance, high fleet utilisation and favourable spot market • Cattedown improved performance, higher cargo volumes and stronger petroleum rates • Fendercare high Latin America STS activity, offsetting lower volumes elsewhere Underlying operating profit up • Disciplined cost management, particularly in relation to vessel maintenance • Three of the four newbuild tankers have now been delivered (2 in 1H, 1 in July) • Some activity impacted by geopolitical environment and Middle East conflict Underlying results1 for the six months ended 30 June 2026 £m 2025 £m Change JF Tankships (inc. Cattedown) revenue 46.0 42.8 7.5% Fendercare revenue 28.0 25.7 8.9% Total revenue 74.0 68.5 8.0% Operating profit 10.2 6.9 47.8% Operating margin 13.8% 10.1% 370 bps 1. Refer to the RNS for further details and reconciliations of Alternative Performance Measures (APMs)
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36.6 (6.9) 4.9 (14.5) (3.7) (5.5) (15.5) (5.0) (1.7) (54.4) (65.7) Operating cash generation and disposal proceeds funded working-capital investment, strategic capex and fleet renewal (£m) FY25 Net Debt1 EBITDA WC Capex / Devex Tax Lease payments Other 1H 26 Net Debt (11.3) Proceeds 15 james-fisher.com Cash inflows reinvested in growth Net finance costs Financing Sarnia vessels 1. 1H 25 net debt £(63.3)m
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£14.5m1 capital expenditure including £2.7m development expenditure in 1H 2026 Continued investment for growth 16 james-fisher.com 1. Cash capex and devex - does not include acquisition of Sarnia vessels which are financed 2. Capex (excluding devex) to depreciation is 1.8x Defence - future product pipeline c. £3m finalising the next-generation Stealth Multi-Role® (SMR) rebreather and development of the future submarine rescue opportunities Energy – next generation technology c. £6m investment in electric and oil-free compressors, alongside autonomous blade inspection, subsea cutting tools, electrification and digital controls across Well Testing, Decommissioning and Renewables Maritime Transport – fleet renewal c. £6m investment focused on renewing and maintaining the fleet, including new dual-fuel LNG capability vessels
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0 0.5 1 1.5 2 2.5 3 0 2 4 6 8 10 56.1 63.3 54.4 65.7 51.9 79.4 89.7 114.2 0 30 60 90 120 150 180 Notes: preceding 12 months covenant EBITDA Jun 2026: £48.0m (2025: £43.8m). Interest cover: EBITDA to interest payable. Interest cover FY24 9.6x: actual 3-month post September 2024 refinancing, on LTM basis was 4.5x. 17 FY24 HY25 108.0 142.7 Net Borrowings (Incl. ROU) Interest cover Net debt to EBITDA 1.4 FY24 HY25 6.8 (£m) Financial Covenants Financial strength for growth • Increase in ROU liabilities due to MT fleet replacement and vessel lease extension programme • In March 2026, added £25.0m of liquidity, increasing the committed RCF by acceding an additional lender • Lower leverage and more headroom on interest cover covenants post September 2024 refinancing • 1H 2026 interest rate of c. 7.8% • Interest cover of 7.4x at 1H 2026 (>4.5x requirement) with leverage at 1.5x Interest cover Net debt to EBITDA Adj. – ROU liability, guarantees & amortised costs Net debt 9.6 FY25 6.9 1.3 1.6 144.1 FY25 Leverage within 1.0-1.5x range 179.9 HY26 HY26 7.4 1.5 17 james-fisher.com
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Capital allocation framework 18 james-fisher.com Focus on medium-term targets Focus on medium-term targets Ordinary dividend Reintroduce a sustainable dividend at the appropriate time Underlying operating profit margin Return on Capital Employed (ROCE) >10% >15% Selective bolt-on acquisitions Where strategically compelling and consistent with disciplined capital allocation Maintain net debt to EBITDA between 1.0 - 1.5 x Strategic investment Focus on organic growth including innovation
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Financial results summary 19 james-fisher.com Outlook Improved performance in key metrics Financial strength for growth Material growth in Defence Investment for demand and to scale
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20 james-fisher.com 03. Turnaround update
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Turnaround delivery as planned, transitioning to growth 21 james-fisher.com One James Fisher 2023/24 2025/26 Focus • Purpose and portfolio • Financial foundations • Unified company priorities • Embedding OJF culture and priorities • Delivering financial expectations • Focus on customer excellence Simplify • OJF executive team • Three divisions • Standardisation & resource sharing • Accountability • Exiting low-quality revenue business • Supply chain integration and support functions synergy Deliver • Financial discipline • Functional strengthening • Business excellence • Defence rebound • Turnaround of underperforming units • Self-help, people and technology strategy execution Enablers People five-year roadmap Technology and innovation Geographic reach
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22 james-fisher.com 04.Strategic update
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10% UOP strategic target Key drivers to our 10% UOPmargin strategic target Improve business performance = Progress made to 1H25 = Progress made from 1H25 to 1H26 Self help Defence rebound Supply chain 7.2% 1H26 5.8% 1H25 Technology & innovation 23 james-fisher.com Incremental margin improvement through key drivers Refer to slide 8 for definition of underlying operating profit Aligned strategic markets People & capability Well-positioned for sustainable UOP margin growth – medium-term Further opportunity Our ambition is to grow UOP margin to greater than 10% (7.2% at 1H26)
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Growth markets T argeted high growth potential geographies Strategic partnerships Enter and scale Portfolio mix Explore adjacencies On a journey to grow and scale Disruptive technologies Energy demand growth & security Localisation Climate changeGeopolitics Supportive megatrends Operational excellence Safety, quality and supply chain Value drivers T echnology, innovation and sustainability Service differentiator People and expertise Deliver 10% UOP & 15% ROCE – and beyond Sustainable growth Customer intimacy Intelligence led innovation New customers & geographies Short term Invest to grow Mid term Platform to scale 24 james-fisher.com
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12 Focus on growing the pipeline and scaling efficiently • Opened new Singapore facility, strengthening presence in Asia- Pacific • US geographic expansion, including investment in capability to support long-term growth • Investment in Sweden to expand Tactical Delivery Vehicle capacity Delivering stronger results while investing for the future • Investment in new product development, including military diving rebreather and submarine rescue capabilities to sustain growth • Delivering Polish Navy’s Ratownik project to provide deep saturation diving and submarine rescue capability • Secured key contract extensions for Submarine Platforms and Tactical Delivery Vehicle maintenance 25 james-fisher.com Defence
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12 Delivering, innovating and evolving customer solutions Short-term disruption, investing for long-term growth 26 james-fisher.com Energy • Opened larger operational base in Guyana to strengthen footprint in high growth Latin America region • Investment in next generation electric compressors, first units deployed offshore in the Norwegian market • Innovation and specialist engineering capability support evolving customer requirements and adjacent-market opportunities • Secured first contract for Digi Rig, to create a digital twin to support an ongoing well test campaign • Increased activity and growth in renewables, particularly in the blade aftermarket business
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12 Well positioned with new fleet to capture market demand Delivering stronger results while investing for the future 27 james-fisher.com Maritime Transport • Strong ship-to-ship activity in Latin America, more than offset lower volumes in the UK, Middle East and Africa, where activity was impacted by the challenging geopolitical environment • Dual-fuel LNG fleet set to meet growing customer demand for safer, more efficient lower-emission coastal shipping • Fleet modernisation and replacement on track, three of the four newbuild tankers now delivered (two in 1H, one in July 2026)
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05.Conclusion & outlook 28 james-fisher.com
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Conclusion and 2026 outlook 29 james-fisher.com Outlook Early 2H trading in line with 1H, momentum in Defence and Maritime Transport anticipated to continue through 2H Structural drivers for all three divisions remain compelling Continued investment in people, innovation and international expansion supports medium-term targets of 10% UOP and 15% ROCE Energy market activity continues to be affected by geopolitical conflicts and macro-economic uncertainty, conditions anticipated to remain challenging through 2H As a result and assuming no worsening disruption in the Energy market, the Board’s FY expectations remain unchanged
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30 james-fisher.com 06.Q&A
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31 james-fisher.com Thank You
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32 james-fisher.com Appendix
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2026 Technical guidance Underlying effective cash tax rate at around 35.0%*. Over medium term, rate expected to trend towards 30.0% * This rate is adjusted for non-cash rate impacting items including unrecognised tax losses and will continue to be impacted by fluctuations in geographical profit mix 33 james-fisher.com Remaining newbuild vessels (1 delivered in July 2026, 1 scheduled for 2H) - each with 20- year, $25m ROU leases, replacing older fleet Interest rate on bank borrowings of c. 8.0% Capital and development investment of c. £35m in 2026 Covenant Net Debt to EBITDA ratio expected to remain towards top of target range 1.0-1.5x
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Underlying results with improved profit 34 james-fisher.com 2026 £m Revenue 195.9 191.9 Operating profit1 14.2 11.1 Investment income 1.2 1.4 Financial interest2 (4.6) (4.9) Lease interest2 (4.5) (3.1) Profit before tax 6.3 4.5 Taxation (3.0) (2.1) Profit after tax 3.3 2.4 2025 £m Underlying earnings per share (pence)1 6.5 4.8 Underlying results for the six months ended 30 June 1. These are Alternative Performance Measures (APMs), refer to the RNS for further details and reconciliations 2. Underlying interest excludes £0.4m gain (1H 2025:£0.1m loss) impact from the remeasurement of borrowings and £0.4m net unrealised loss (1H 2025: £3.3m gain) from retranslation of lease liabilities
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35 james-fisher.com 2025 £m 2026 £m Underlying operating profit 14.2 11.1 Impairment charges (1.2) (0.8) Restructuring costs1 (0.7) (2.4) Disposal of businesses and assets (3.3) (1.2) Other / Tax 1.3 (1.9) Reported operating profit 10.3 4.8 Reconciliation for the six months ended 30 June Reported operating profit 1. Restructuring includes IT transformation costs
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37% 37% 72% -46% 35% 27% 38% 1H 2026 Split – Revenue and Underlying Operating Profit Divisional Revenue Energy Defence Maritime Transport £195.9m Underlying Operating Profit Energy Defence Maritime Transport £14.2m Balanced global revenues with profits increased in Defence and Maritime Transport Corporate costs 36 james-fisher.com Refer to slide 8 for definitions of underlying revenue and operating profit
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87% 6% 62% -56% 45% 20% 36% 1H 2025 Split – Revenue and Underlying Operating Profit Divisional Revenue Energy Defence Maritime Transport £191.9m Underlying Operating Profit Energy Defence Maritime Transport £11.1m Balanced global revenues with profits concentrated in Energy and Maritime Transport Corporate costs 37 james-fisher.com Refer to slide 8 for definitions of underlying revenue and operating profit
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1H 2026 £m 1H 2025 £m Consolidated Income Statement Revenue 195.9 191.9 Cost of sales (131.1) (131.2) Gross profit 64.8 60.7 Administrative expenses (55.2) (56.3) Share of post-tax results of joint ventures and associates 0.7 0.4 Operating profit 10.3 4.8 Finance income 1.2 1.4 Finance expense (8.7) (8.1) Net unrealised foreign exchange (loss)/gain (0.4) 3.3 Profit before taxation 2.4 1.4 Tax expense (3.3) (3.8) Loss for the year (0.9) (2.4) Loss per share Pence Pence Basic (1.9) (4.8) Diluted (1.9) (4.8) 38 james-fisher.com
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Underlying operating profit – 1H 2026 As reported Impairment charges Restructuring Disposal of businesses and assets Other/ Tax Underlying results £m £m £m £m £m £m Revenue 195.9 - - - - 195.9 Cost of sales (131.1) 0.2 - 1.0 - (129.9) Gross profit 64.8 0.2 - 1.0 - 66.0 Administrative expenses (55.2) 1.0 0.7 2.3 (1.3) (52.5) Share of post-tax results of joint ventures and associates 0.7 - - - - 0.7 Operating profit 10.3 1.2 0.7 3.3 (1.3) 14.2 Finance income 1.2 - - - - 1.2 Finance expense (8.7) - - - (0.4) (9.1) Net unrealised loss on foreign exchange (0.4) - - - 0.4 - Profit before taxation 2.4 1.2 0.7 3.3 (1.3) 6.3 Income tax (3.3) - - - 0.3 (3.0) (Loss)/ profit for the year (0.9) 1.2 0.7 3.3 (1.0) 3.3 Operating margin (%) 5.3% 7.2% Segmental underlying operating profit/(loss) is calculated as follows: Defence 5.3 - - - - 5.3 Energy 0.8 1.2 - 3.3 - 5.3 Maritime Transport 10.8 - - - (0.6) 10.2 Corporate (6.6) - 0.7 - (0.7) (6.6) Total 10.3 1.2 0.7 3.3 (1.3) 14.2 39 james-fisher.com
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Underlying operating profit – 1H 2025 As reported Impairment charges Restructuring Disposal of businesses and assets Other/ Tax Underlying results £m £m £m £m £m £m Revenue 191.9 - - - - 191.9 Cost of sales (131.2) 0.8 - - - (130.4) Gross profit 60.7 0.8 - - - 61.5 Administrative expenses (56.3) - 2.4 1.2 1.9 (50.8) Share of post-tax results of joint ventures and associates 0.4 - - - - 0.4 Operating profit 4.8 0.8 2.4 1.2 1.9 11.1 Finance income 1.4 - - - - 1.4 Finance expense (8.1) - - - 0.1 (8.0) Net unrealised gain on foreign exchange 3.3 - - - (3.3) - Profit before taxation 1.4 0.8 2.4 1.2 (1.3) 4.5 Income tax (3.8) - - - 1.7 (2.1) (Loss)/profit for the year (2.4) 0.8 2.4 1.2 0.4 2.4 Operating margin (%) 2.5% 5.8% Segmental underlying operating profit/(loss) is calculated as follows: Defence 0.2 0.1 0.2 (0.1) 0.3 0.7 Energy 6.2 0.7 1.0 0.1 1.7 9.7 Maritime Transport 6.4 - 0.4 0.1 - 6.9 Corporate (8.0) - 0.8 1.1 (0.1) (6.2) Total 4.8 0.8 2.4 1.2 1.9 11.1 40 james-fisher.com
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2026 £m 2025 £m Cash flow Underlying operating profit 14.2 11.1 Depreciation and amortisation 22.4 22.2 Non-cash items1 1.6 1.0 Movements in working capital (6.9) 9.3 Underlying operating cash flow 31.3 43.6 Tax (5.5) (4.9) Capex and Devex (14.5) (19.2) Lease payments (15.5) (14.3) Free cash flow (4.2) 5.2 Net interest paid (3.7) (3.7) Net proceeds from disposal of assets and businesses 4.9 0.7 Refinancing related costs - (3.5) Financing of Sarnia vessels (5.0) - Other2 (3.3) (5.9) Movement in net debt (excl. guarantees and collateral deposits) (11.3) (7.2) Net debt (excl. guarantees and collateral deposits) (65.7) (63.3) 41 james-fisher.com Free cash flow for the period ended 30 June 1. Non-cash items primarily comprise share-based payment charges and defined benefit pension cash contributions less service costs 2. Other includes FX and investing outflows. 1H 2025 included £2.3m of restructuring costs and £1.2m of disposal costs and FX.