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MMODEC 1H 2026 Investor Presentation August 7 , 2026
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Disclaimer 2 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 credibility, accuracy or completeness of the information herein. The information contained herein may change without prior notice. You may not publish or use this presentation and the contents thereof for any other purpose without a prior written consent of the Company. Furthermore, the information on future business results are forward-looking statements. Forward-looking statements include but not limited to expressions such as "believe", “expect", "plan", "strategic", "expect", "anticipate", "predict" and "possibility", as well as other similar expressions to explain future business activities, achievements, events and future conditions. Forward-looking statements are predictions about the future that reflect management's judgment based on currently available information. As such, these forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, you may not rely entirely on forward-looking statements. The Company does not assume any obligation to change or correct any forward- looking statements in light of new information, future events or other findings. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. In giving this presentation, the Company does not undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company. Information on companies other than the Company and information provided from third parties are based on public information or sources. The Company has not independently verified the accuracy and appropriateness of such data and indicators used herein, nor assume any responsibility for the accuracy and appropriateness of such data and indicators presented in this document.
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Table of Contents I. 1H 2026 Highlight II. Industry Landscape III. Financial Summary IV. Financial Guidance V. Appendix 3
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4 I. 1H 2026 Highlight
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5 1H 2026 Highlight Earnings Results Overview Adjusted EBITDA $ 297MM Net Income $ 224MM Revenue $ 2,447MM 53% achievement ratio against FY2026 guidance ($4,600MM) Increase by $373MM or 18% as compared to 1H 2025 60% achievement ratio against FY2026 guidance ($370MM) Increase by $79MM or 54% as compared to 1H 2025 Increase by $117MM or 65% as compared to 1H 2025 Overall operating performance in 1H 2026 remained solid, better than 1H 2025, and in line with expectations EPCI: Steady progress on Hammerhead, Gato do Mato, Raia and Uaru EPCI projects O&M: Steady operating performance of the existing vessels and earnings from ad hoc order Charter: Stable earnings under long-term availability-based contracts Backlog: 7% decrease reflect the steady progress on the existing projects of all three segments Total Backlog $ 25.0B • Decrease by $1.9B or -7% as compared to FYE2025
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1H 2026 Highlight – Topics 6 Shape Digital and Halliburton form collaboration (May 2026) SOFC Update: New Technology Development Initiatives (June 2026) MODEC has signed a joint development agreement with Eld Energy to create an integrated 1.2MW Solid Oxide Fuel Cell (SOFC) and CO₂ capture system for FPSOs, with onshore tests planned in 2029. The new agreement scales output from 40 kW to 120 kW and integrates a CO₂ capture and fuel recovery unit optimized for SOFC exhaust. The goal is to establish a scalable multi-MW, zero-carbon-intensity power system capable of meeting full FPSO power demand, enhancing both environmental performance and operational value. FPSO Baobab Ivoirien: Restarts production after life extension and refurbishment (June 2026) The FPSO Baobab Ivoirien (ex-MV10) safely restarted oil production on June 4, 2026, following a major life extension and refurbishment campaign executed in Dubai. MODEC was responsible for the life-extension and refurbishment project. The FPSO was delivered to our client, CNR International (Côte d’Ivoire) S.A.R.L. (“CNR”), on schedule, with more than 6.7 million man-hours worked without a Lost Time Injury. In February 2025, MODEC transferred ownership of the FPSO to CNR and concluded the charter contract. Upon the sale, the unit was renamed “FPSO Baobab Ivoirien ” and MODEC continues to provide operation and maintenance (O&M) services, currently scheduled through December 2026. Alongside new project wins, MODEC is focused on enhancing business performance through ad-hoc O&M works such as the above, as well as asset enhancement orders, contract extensions, and production-related add-on scopes. New Rating BBB- / Stable Outlook (upgraded in July 2026) Excerpt from Fitch Rating Report “Fitch Ratings has upgraded the senior secured notes issued by MV24 Capital B.V. to ‘BBB-’ from ‘BB+’. The Rating Outlook remains stable and reflects the Outlook on the sovereign. The upgrade reflects the improved credit quality of the sovereign and state-owned oil company, Petrobras, as well as improved transaction performance metrics and DSCRs. These factors have been improving over the last couple of years, with transaction cash flows supporting investment grade credit metrics.” Previous Rating BB+ / Stable Outlook Fitch Ratings, one of the three major international rating agencies, has upgraded MV24’s Secured notes rating to BBB-/Stable. FPSO Gato do Mato: Forward Hull Section completion (Jul 2026) FPSO Baobab Ivoirien refurbishment completed / FPSO Gato do Mato forward hull completed / Shape-Halliburton collaboration / SOFC / Fitch Upgrades MV24’s notes ratings Fitch upgrades MV24’s senior secured notes to “BBB-”, outlook Stable (Jul 2026) MODEC has reached a significant milestone in the construction of FPSO Gato do Mato with the successful completion of the forward hull section at Sumitomo Heavy Industries, Ltd’s (SHI-ME) Yokosuka shipyard in Japan. The forward hull section departed Japan in June and is now at shipyard in China, where it is in the integration process with the aft hull section constructed there. The multi-yard construction model enables parallel fabrication, optimizes yard capacity, and enhances project execution while maintaining high standards of quality and safety. This milestone demonstrates how innovation and collaboration are shaping the future of FPSO delivery. By partnering with SHI-ME on FPSO hull construction for the first time and adopting a multi-yard construction model, MODEC is pioneering a new approach to hull fabrication that expands execution flexibility and strengthens our global delivery capabilities. MODEC affiliate Shape Digital and Halliburton are collaborating to enhance digital asset performance management with a unified asset view that connects subsurface and surface intelligence. The collaboration with Halliburton is expected to expand Shape’s commercial presence into underexplored markets. Halliburton will strengthen its digital offering and sustainability portfolio by integrating Shape’s solutions such as GHG emission reduction, predictive maintenance, and process safety management. Under this collaboration, Shape will scale its global presence through Halliburton’s established sales network, not only improving its own performance but also positioning the company as a trusted partner in the energy industry’s digital transformation.
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7 II. Industry Landscape
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Industry Landscape 8 Strong Global Pipeline Bidding & Final Design (B/FD): Bidding process or FEED process for FPSOs after planning stage completed Planning (PL): Making of development plan after confirming project’s feasibility; firming up estimate for FPSO that would be needed but before actual bidding process started Appraisal (AP): Appraisal of oil reservoir’s production capacity and the recoverable volume from a technical and economical perspective after wildcat drilling; preliminary assessment of potential FPSOs needed if reservoir is commercially viable Source: EMA-Floating Production Report Data-Q2 2026 37 39 31 ▪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 - - - - 1 1 - 5 - AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow Europe - 2 - - 1 1 2 1 2 AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow Mexico 5 - 2 - 1 - - - - AP PL B/FD AP PL B/FD AP PL B/FD Ultra DeepwaterDeepwater Shallow Guyana - - - - 3 - 1 2 - AP PL B/FD AP PL B/FD AP PL B/FD Ultra DeepwaterDeepwater Shallow Oceania - - - - - - - - - AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow Other LatAM - 1 - - 2 4 2 6 4 AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow SEA 2 2 5 2 4 2 2 4 2 AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow West Africa - 1 - 2 - 1 - 3 - AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow Other 8 23 8 4 15 12 7 21 9 AP PL B/FD AP PL B/FD AP PL B/FD Ultra Deepwater Deepwater Shallow Overall 1 17 1 - 3 3 - - 1 AP PL B/FD AP PL B/FD AP PL B/FD Ultra DeepwaterDeepwater Shallow Brazil
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9 III. Financial Summary
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5 O&M - FPSO Baobab Ivoirien - in refurbishment (ex-MV10 sold in Feb ’25) CNR Consortium 2025 2026 Business Model 10 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 As of July 2026 Notes: 1. (%) Share % Owned by MODEC group companies (Equity Method Companies) # Current Stage (%)1 Vessel Name Offtakers Vessel Location Start Date End Date 1 EPCI - FPSO Hammerhead - awarded in Sep ‘25 ExxonMobil - - 2 EPCI - FPSO Gato do Mato - awarded in Mar ‘25 Shell - - 3 EPCI - FPSO Raia Equinor - - 4 EPCI - FPSO Uaru ExxonMobil - - 1 Charter 32.5% FPSO Anita Garibaldi MV33 Petrobras 2023 2048 2 Charter 35.0% FPSO Almirante Barroso MV32 Petrobras Consortium 2023 2044 3 Charter 35.0% FPSO MIAMTE MV34 Eni Consortium 2022 2037 4 Charter 29.4% FPSO Guanabara MV31 Petrobras Consortium 2022 2044 5 Charter 29.4% FPSO Carioca MV30 Petrobras Consortium 2021 2042 6 Charter 29.4% FPSO Cidade de Campos dos Goytacazes MV29 Petrobras Consortium 2018 2038 7 Charter 25.0% FPSO Prof. John Evans Atta Mills MV25 Tullow Consortium 2016 2027 8 Charter 29.4% FPSO Cidade de Caraguatatuba MV27 Total Consortium 2016 2036 9 Charter 29.4% FPSO Cidade de Itaguai MV26 Petrobras Consortium 2015 2035 10 Charter 29.4% FPSO Cidade de Mangaratiba MV24 Petrobras Consortium 2014 2034 11 Charter 34.0% FPSO Cidade de Sao Paulo MV23 Petrobras Consortium 2013 2033 12 Charter 42.5% FPSO Cidade de Angra dos Reis MV22 Petrobras Consortium 2010 2030 13 Charter 70.0% FPSO Cidade de Santos MV20 - in decommission Petrobras 2010 - 14 Charter 65.0% FSO Rang Dong MV17 JVPC Consortium 2008 2027 15 Charter 40.6% FSO Cidade de Macae MV15 Petrobras 2007 2027 1 O&M - FPSO Bacalhau Equinor 2025 2026 2 O&M - FPSO Sangomar Woodside 2024 2034 3 O&M - FPSO Raroa OMV 2013 2027 4 O&M - FPSO Pyrenees Venture Woodside 2010 2027 25y 21y 15y 22y 21y 20y 11y 20y 20y 20y 20y 20y 15y 18y 20y 10y 20y 1y 10y 15y 18y 20y EPC(I) Period Charter Firm Period Charter Option Period O&M Firm Period O&M Option Period 10y EPCI / Charter / O&M Project at Glance Charter & O&M Fleet Activities since 2025 MV22 Charter contract extended by 5 years to 2030 in Jan 2025 MV20 Finished production and commenced decommissioning in Jan 2025 MV17 Charter contract extended by 1 year to 2027 in Sep 2025 MV18 Charter ended and decommissioning completed in May 2026 Bacalhau O&M started in Oct 2025 MV10 Charter ended and the sale of FPSO to the charterer completed in Feb 2025, after which refurbishment started Pyrenees Venture O&M contract extended by 1 year to 2027 in Jun 2026 1y 2y
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Financial Summary Backlog in EPCI Business EPCI Backlog (US$ Bn) EPCI Projects 11 Backlog Overview Hammerhead Gato do Mato Raia Uaru Bacalhau Sangomar MV33 MV32 MV34 MV31 MV30 20282018 2019 2025 2026 20272020 2021 2022 2023 2024 MODEC has maintained a robust EPCI backlog, supported by favorable market conditions. In 2025, the EPCI backlog increased significantly with two large contract awards – “Shell Gato do Mato” (March) and “ExxonMobil Hammerhead” (September) – reaching a historical high. The construction of EPCI projects made steady progress in 1H 2026. EPCI revenue is based on the long-term contract (3-5 years) and recognized based on the percentage-of- completion (“POC”) method for accounting purpose, while the cash is paid based on the contractual milestones or monthly schedule for cash purpose EPCI Revenue (US$ MM) 2.9 3.7 3.2 2.2 1.3 5.5 2.9 5.7 4.6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 1,397 1,616 - 500 1,000 1,500 2,000 2,500 3,000 3,500 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026
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885 892 745 728 901 1,006 1,177 1,605 628 797 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Financial Summary Backlog in O&M Business O&M Backlog (US$ Bn) O&M Projects 12 Backlog Overview O&M Revenue (US$ MM) MODEC has been steadily expanding its O&M business as new FPSOs have entered service every year since 2022. In 2025, the O&M backlog increased significantly and reached a historical high, reflecting two large contract awards previously noted on the EPCI backlog page: “Shell Gato do Mato” (20-year O&M contract) and “ExxonMobil Hammerhead” (10-year O&M contract) The remaining average life of the O&M backlog is 14.4 years. O&M is based on long- term contracts with reputable counterparties, ranging to as long as 20+ years and thus insulated from the general economic cycle or the volatility in the energy market Hammerhead Gato do Mato Raia Uaru Bacalhau Until 2026 Sangomar Until 2034 MV33 Until 2048 MV32 Until 2044 MV34 Until 2037 MV31 Until 2044 MV30 Until 2042 MV29 Until 2038 2025 2026 2027 20282020 2021 2022 2023 20242018 2019 6.8 8.8 9.1 9.0 9.0 10.6 9.3 12.2 11.8 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026
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215 40 (121) (254) 31 208 344 506 171 312 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Financial Summary Negative Impacts by Covid Outbreak EPCI / O&M Performance1 Note: 1. Presented in accordance with JGAAP up to 2020 and thereafter IFRS. 2. EPCI revenues represent contract amount recognized in the relevant calendar year based on POC (percentage of completion) method. 3. Service Fee for the Charter Business is excluded. 4. USD/JPY conversion rate at the end of each year 2018 (111.02), 2019 (109.54), 2020 (103.50) from MODEC Audited Financial Statement. EPCI/O&M Gross Profits (US$ MM) Revenues1 2 3 4 (US$ MM) 13 EPCI revenues were higher as compared to 1H/2025 due to the higher revenues from two projects (Hammerhead, Gato do Mato) as they progressed into the second year of their construction phase, which more than offset the lower revenues from the mature projects (Uaru, Raia) or the completed project (Bacalhau). O&M revenues were also higher as compared to 1H/2025, reflecting the steady performance across O&M operations in all regions and the incremental revenues from new O&M projects (Bacalhau, Uaru). Gross profit was higher as compared to 1H/2025, due to the higher earnings in both the EPCI and O&M segments. In EPCI segment, the existing construction projects made steady progress. O&M segment earnings increased, supported by the steady fleet -wide performance as expected, and the earnings from ad hoc order. Higher Revenues in 1H/2026 (+18%) over 1H/2025 Higher Gross Profits in 1H/2026 (+82%) over 1H/2025 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 1,397 1,616 885 892 745 728 901 1,006 1,177 1,605 628 797 40 56 43 26 26 36 50 31 24 7 1,975 3,009 2,966 3,870 2,703 3,532 4,138 4,530 2,051 2,422 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026
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23 27 28 29 36 42 48 51 23 25 33 34 35 36 39 41 35 31 15 18 88 21 43 29 126 128 154 133 86 86 145 83 107 95 202 212 237 216 125 129 - 50 100 150 200 250 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Financial Summary Predictable & Stable Charter Earnings under Long-Term Availability-based Contracts MODEC does not consolidate its minority stakes in the SPCs. MODEC’s share of SPCs’ net earnings are recognized under the equity method in the consolidated income statement SPCs are typically capitalized through a combination of (a) the equity investment and (b) the shareholders’ subordinated loans from which MODEC receives the interest income SPCs also pays the fixed amount of the service fees to the sponsors as the sponsors are responsible for the management of SPCs 138 cumulative years of Charter contracts with 11.4-year remaining average life and $8.5B backlog. Charter Business Performance (US$ MM) Service Fee Interest Income Equity in Affiliates (*) The earning growth largely reflects five new FPSOs entering the charter phase in 3 years: 2021: MV30 2022: MV31 and MV34 2023: MV32 and MV33 (from 2H) 14(*) “Equity in Affiliates” represents MODEC’s share of SPCs’ earnings, net of the opex, the financing costs and the taxes. The aggregate net income of the SPC for FY2025 decreased due to the asset enhancement work and decommissioning costs for the older FPSOs in Brazil.
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(US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff. EPCI 1,049 2,059 2,175 3,115 1,775 2,488 2,910 2,892 1,397 1,616 + 219 O&M 885 892 745 728 901 1,006 1,177 1,605 628 797 + 169 Service Fee 23 27 28 29 36 42 48 51 23 25 + 2 Others 40 56 43 26 26 36 50 31 24 7 - 17 Revenue Total 1,998 3,036 2,994 3,899 2,739 3,574 4,186 4,581 2,074 2,447 + 373 EPCI + O&M Profits (excluding Service Fee) 215 40 (121) (254) 31 208 344 506 171 312 + 141 Service Fee 23 27 28 29 36 42 48 51 23 25 + 2 Interest Income 33 34 35 36 39 41 35 31 15 18 + 3 Equity in Affiliates 88 21 43 29 126 128 154 133 86 86 + 0 Charter Profits Total 145 83 107 95 202 212 237 216 125 129 + 4 Total Segment Profits 360 123 (14) (159) 233 420 581 722 296 441 +145 Other Income/Expense 0 (151) 17 24 33 2 0 0 0 0 + 0 SG&A (104) (112) (116) (145) (153) (188) (223) (254) (108) (130) - 22 Finance Income 22 20 6 18 24 48 32 81 33 26 - 7 Interest Expense (8) (7) (5) (3) (16) (27) (33) (26) (17) (12) + 5 Other Expense (10) (14) 0 (78) (67) (41) (49) (16) (7) (16) - 9 Finance Expense Total (18) (22) (6) (82) (84) (69) (83) (42) (24) (29) - 5 EARNINGS BEFORE TAX 259 (142) (113) (344) 54 214 307 508 196 307 + 111 Tax (56) (19) (11) (15) (13) (88) (44) (97) (31) (59) - 28 Minority Interest (5) (4) (1) (4) (3) (29) (42) (49) (19) (24) - 5 NET INCOME 197 (166) (126) (363) 37 96 220 360 145 224 + 79 Financial Summary Income Statement 1 Note: 1. Presented in accordance with JGAAP up to 2020 and thereafter IFRS 2. Excluding Interest Income from Subordinated Loans 15 2
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0 65 206 366 106 87 0 0 0 0 100 200 300 400 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 Covid-19 Impact Onerous Contract Special Maintenance Campaign Others Financial Summary Historical EBITDA Performance & Financial Metrics 1,2 Unusual Items (US$ MM) Note: 1. Presented in accordance with JGAAP up to 2020 and thereafter IFRS 2. Minority interest: SOFEC (JV with Mitsui E&S until 2024), OFS (JV with TOYO from 2022) Adj EBITDA: Adjusted EBITDA before adjustments of the Unusual Items, specifically Covid-19 impact and Special Maintenance Campaign Total Debt: Include Borrowing (Current liability) and Bonds and Borrowing (Non-current liabilities) Capitalization: Sum of Total Debt and Equity 3. Onerous contract reserves, which were established for three older FPSOs in Brazil, is calculated in the amount of present value of future expected NET cash flow from both O&M and Charter contracts. Please note that PV of negative expected cash flow from O&M exceed the positive net cash flow from the charter, thus established onerous contract reserve. FY2025 EBITDA reached $440MM, a record high number, reflecting the increased earnings from EPCI and O&M segments, which more than offset the lower Charter earnings and the higher SG&A expenses. 1H/2026 EBITDA was higher as compared to 1H/2025, reflecting the higher earnings from EPCI and O&M segments. With the earning enhancements from EPCI and O&M in recent years, MODEC’s earnings are well balanced in terms of three service segments as well as the clients / revenue diversification. Financial metrics continued to improve as evidenced by the low cash flow leverage (debt/EBITDA of 0.8x) or low balance sheet leverage (debt/capitalization or debt/equity of 20% or 26%, respectively). Large cash on hand of approx.$1.9 billion largely reflects the advance payments for the large EPCI projects. Highlights 16 3 (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff. EPCI + O&M Profits (Gross Profits excluding Service Fee) 215 40 (121) (254) 31 208 344 506 171 312 + 141 Service Fee 23 27 28 29 36 42 48 51 23 25 + 2 Interest Income 33 34 35 36 39 41 35 31 15 18 + 3 Equity in Affiliates 88 21 43 29 126 128 154 133 86 86 0 Charter Profits Total 145 83 107 95 202 212 237 216 125 129 + 4 SG&A (104) (112) (116) (145) (153) (188) (223) (254) (108) (130) - 22 Depreciation (CF) 20 31 33 41 39 40 38 39 20 19 - 1 Lease Obligation (CF) 0 (12) (15) (22) (21) (25) (26) (19) (8) (9) - 1 Minority Interest (5) (4) (1) (4) (3) (29) (42) (49) (19) (24) - 5 Adj. EBITDA before Unusual Items 271 26 (114) (291) 95 218 328 440 180 297 + 117 Add Back: Unusual Items 0 65 206 366 106 87 0 0 0 0 + 0 Adj. EBITDA after Unusual Items 271 91 93 76 202 306 328 440 180 297 + 117 KEY FINANCIAL ITEMS (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff Cash & Deposits 461 478 638 810 492 1,013 1,253 1,326 1,491 1,914 + 423 Total Debt 279 226 130 426 393 570 514 420 419 421 + 2 Equity 1,375 1,111 883 532 811 992 1,180 1,452 1,281 1,646 + 365 Capitalization 1,654 1,337 1,013 959 1,204 1,563 1,694 1,873 1,701 2,067 + 366 KEY FINANCIAL RATIOS Debt / Adj. EBITDA before Unusual Items 1.0 x 8.6 x (1.1 x) (1.5 x) 4.1 x 2.6 x 1.6 x 1.0 x 1.5 x 0.8 x -0.8 x Debt / Adj. EBITDA after Unusual Items 1.0 x 2.5 x 1.4 x 5.6 x 1.9 x 1.9 x 1.6 x 1.0 x 1.5 x 0.8 x -0.8 x Debt / Capitalization 17% 17% 13% 44% 33% 37% 30% 22% 25% 20% -4% Debt / Equity 20% 20% 15% 80% 48% 57% 44% 29% 33% 26% -7%
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Balance sheet (US$ MM) 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 Diff Cash & cash equivalents 461 478 638 810 492 1,013 1,253 1,326 1,491 1,914 + 423 Trade & other receivables 856 1,491 1,205 379 478 592 752 977 530 649 + 119 Contract assets - - - 704 257 185 195 70 102 75 - 27 ST loans receivable 387 76 - 14 - 27 6 120 0 108 + 108 Investment accounted for using equity method 643 659 652 739 1,114 1,374 1,587 1,576 1,604 1,638 + 34 LT loans receivable 332 345 367 398 365 348 307 222 315 222 - 93 Other Assets 411 447 590 381 430 346 393 467 452 467 + 15 TOTAL ASSETS 3,092 3,498 3,454 3,425 3,136 3,887 4,496 4,762 4,497 5,077 + 580 Trade & other payables 879 1,377 1,462 1,356 921 1,189 1,326 1,121 1,312 1,291 - 21 Contract liablilities 89 122 313 405 499 590 877 1,061 855 1,046 + 191 LT bonds & borrowings 279 226 130 426 393 570 514 420 419 421 + 2 Other Liabilities 358 628 630 683 482 503 579 685 600 639 + 39 Total Liabilities 1,608 2,353 2,536 2,870 2,295 2,852 3,298 3,288 3,187 3,398 + 211 Non-controlling interests 109 32 34 22 29 42 18 21 27 31 + 4 Capital 549 542 574 562 562 377 359 358 358 358 + 0 Retained earnings 842 656 543 85 131 522 722 1,027 843 1,216 + 373 Other components of equity (16) (85) (232) (115) 118 94 98 66 79 72 - 7 Equity 1,375 1,111 883 532 811 992 1,180 1,452 1,281 1,646 + 365 EQUITY & LIABILITIES 3,092 3,498 3,454 3,425 3,136 3,887 4,496 4,762 4,497 5,077 + 580 Financial Summary Balance Sheet1 Note: 1. Presented in accordance with JGAAP up to 2020 and thereafter IFRS 17
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Current MAX MIN Share Outstanding 68,345,300 Public Float 66.5% 29.8% Share Price 9,936 16,720 1,918 Market Cap （US$ MM) 4,171 7,217 902 PBR 2.99 5.57 0.76 PER (LTM) PER (Guidance) 9.50 11.28 19.34 3.89 EPS (US$ / LTM) EPS (US$ / Guidance) 6.42 5.41 6.42 2.28 Key Stock Data 18 Share Price Performance EPS (US$/LTM) since 2024Daily Trading Volume Since 2024 (US$MM) 3 Key Stock Data Since 2024 Share Price Since 2024 (JPY) 2023 4Q Financial Results Secondary Offering US Reciprocal Tariff 2 1 Note: 3. 25 days moving average 2024 4Q Financial Results Note: 1. Excluding the shares held by three Mitsui Group companies 2. Average of July 2026 2025 2Q Financial Results 2025 3Q Financial Results 2025 1Q Financial Results 2025 4Q Financial Results Over $100MM
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19 IV. Financial Guidance
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Financial Guidance 20 FY2026 Earnings Outlook / Shareholder Return FY2026 Earnings Forecast Reiterated Revenue and operating income in the first half benefited from ad hoc order on existing projects. Investments for future growth planned at the beginning of the fiscal year, including R&D, digital technology and new business development, are expected to accelerate in the second half of the year. FY2026 Annual Dividend Guidance Reiterated The Company plans to pay an annual dividend of JPY200 per share in FY2026 2025 Interim ：JPY60 (actual) Year-end ：JPY80 (guidance) 2026 Interim ： JPY100 (actual) Year-end： JPY100 (guidance) (US$ MM) 2025 Actual 2026 Guidance 2025 Actual VS 2026 Guidance 2026 1H Actual Revenue 4,581 4,600 + 19 2,447 Operating Income 437 460 + 23 293 Earnings Before Tax 508 500 (8) 307 Net Income 360 370 + 10 224 EPS (US$/LTM) 5.27 5.41 +US$0.14 6.42 EBITDA 440 450 + 10 297
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21 V. Appendix
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Business Model Overview 22 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, prov iding a reliable one-stop solution to its clients across EPCI, O&M and Charter Services MODEC’s revenues of all three service segments are based on the fixed-amount long-term contracts with reputable counterparties and thus insulated from the general economic cycle or the volatility in the market Construction of Production Facility (EPCI) Production & Storage (Charter & O&M) PRODUCTION Onshore or Offshore Transport Storage & Refinery Sales REFINERY & SALES Refined Oil Distribution MODEC Business Areas FPSO is an offshore midstream production/storage facility that is used to extract/transport, process and store deepwater hydrocarbons Onshore Fixed Platform Offshore TLPSpar Semi-Sub FPSO/FSO Acquisition of Concession Seismic Survey Wild Cat Drilling EXPLORATION Development Searching & Identifying Viable Fields MODEC’s Service Segments: EPCI, Charter and O&M Overall MODEC operates in the offshore midstream sector (stable production phase) in the energy value chain. As an EPCI contractor, MODEC manages the entire production process, including managing various vendors and shipyards In the operational phase, MODEC provides Charter and O&M services to its clients Despite the volatility of oil prices, major E&P companies continue the exploration of oil reserves in deep sea areas globally. The deep water and the ultra-deepwater reserves have a low breakeven cost and remain profitable even with oil prices below US$40/barrel EPCI EPCI revenue is based on the long-term contract (3-5 years) and recognized based on the percentage- of-completion (“POC”) method for accounting purpose, while paid in cash based on the contractual milestones or monthly schedule for cash purpose. EPCI contract is a lump-sum turn-key contract. The cost fluctuation risk is mitigated through the contractual mechanism and subcontractor contract on a lump-sum basis with appropriate warranties. Charter and O&M Charter revenue is based on the non-cancellable long-term contract (10-25 years) and the fixed day rate in USD is payable by the client, subject to FPSO’s availability (uptime), irrespective of actual oil production or oil prices MODEC takes a minority stake (typically 25–35%) in the SPC that owns the FPSO chartered by the client, leveraging this partnership to diversify investments, share development risk, and optimize its capital structure O&M revenue is also based on the non-cancellable long-term contract with the fixed day rate. MODEC operates the large diversified contracted fleet. 16 FPSOs/FSOs are chartered to diverse group of counterparties (MODEC also provide O&M-only services to 4 additional projects). FPSO: Processing, Storage Hydrocarbons (Oil, Natural Gas) and water received from the risers are separated, with oil stored pending offloading 2 Offloading Shuttle tankers of field consortium members Production from wellhead to FPSO 3 1 Hydrocarbon Flow
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0 50 100 150 200 250 2000 2010 2020 2030 2040 2050 Oil Natural Gas Coal Nuclear Hydro Geothermal Wind Solar Biomass Oil Natural Gas Coal Nuclear Hydro Geothermal Wind Solar Biomass Industry Landscape 23 Solid Operating Environments with Competitive Deep Water Fields 0 20 40 60 80 100 120 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 ▪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-competitive and will remain profitable even in a depressed oil price environment ▪ Latin America (Brazil, Guyana) and West Africa remain key regions for deepwater and the ultra-deepwater projects Supply by Energy Type1 Oil Demand ＆ Supply1 Cost Curve (liquid offshore fields excl Middle East)1 Demand SupplySupply (New) Supply (Existing) Average breakeven price Breakeven price, USD per bbl EJ MM bopd 1. Source: Rystad Energy December 2024 2. D/UD: Deepwater/Ultra Deepwater 2