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MIDWEST IDEAS INVESTOR CONFERENCE AUGUST 26, 2026
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Forward Looking Statements and Non -GAAP Reconciliation The statements made during this presentation, including the answers to your questions, may include information that the Company believes to be forward- looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements involve risk and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements. Those risks include, among other things, matters that the Company has described in its earnings release and in its filings with the Securities and Exchange Commission, including its most recent annual report on Form 10- K and subsequently filed quarterly reports on Form 10-Q. The Company does not undertake any ongoing obligation, other than that imposed by law, to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after this presentation. In addition, this presentation contains time sensitive information that reflects management's best judgment only as of the date of this presentation. All references to EBITDA in this presentation refer to adjusted EBITDA. All references to Free Cash Flow in this presentation refers to Free Cash Flow, before acquisitions, unless otherwise noted. Please see “Appendix” for a reconciliation of all FET-related non-GAAP financial measures referenced in this presentation. The iShares Russell 2000 ETF (IWM-US) and the equities contained within were used as a proxy for the Russell 2000. Source is FactSet and all data is as of July 30, 2026. For full year 2025, if a company has not yet reported full year 2025 financial results, a trailing-twelve months ended September 30, 2025 figure was used. For annualized returns comparison, the Russell 2000 Index (RUT) was used. The Russell 2000 Manufacturing Comps consists of companies that are classified as aerospace & defense, OEM auto parts, construction materials, electronic production equipment, industrial machinery, industrial specialties, metal fabrication, miscellaneous manufacturing, and oilfield services/equipment. 2
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3 Forum Energy Technologies at a Glance Drilling and Completions 61% 39% Segment Revenue Mix Artificial Lift and Downhole ($ in millions) Manufacturer with Global Reach Financial Performance 47% 53% Geographic Revenue Split United StatesInternational Note: Revenue is trailing twelve months ended June 30, 2026, unless otherwise noted; 2026E revenue and EBITDA represent the midpoint of guidance ranges of $870-$910 million and $115-$125 million, respectively * EBITDA margin is defined as EBITDA divided by revenue for corresponding periods Customers include E&P operators who own and process hydrocarbons Customers include some of the world’s largest oilfield service companies 78% 22% Purchase Cycle Revenue Split Activity Driven Consumables Capital Equipment 2021 2022 20242023 541 700 739 816 2026E 791 2025 890 20 59 67 100 Revenue EBITDA EBITDA margin * (%) 86 120 2021 2022 20242023 2026E2025 4% 8% 9% 12% 11% 13%
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Why FET? 4 1 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
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Why FET? 5 1 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
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6 Track Record of Outperformance Key Financial Metrics High operating leverage Capital lite business model * For comparative purposes, Adjusted Cash Flow is defined as Adjusted EBITDA less capital expenditures Revenue Growth Compound Annual Growth Rate from 2021 through 2025 10% FET 7% Russell 2000 VS. Adjusted Cash Flow* Growth Compound Annual Growth Rate from 2021 through 2025 46% FET 0% Russell 2000 VS. Market share gains and acquisitions
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7 Track Record of Outperformance Annualized Stock Performance Annualized Five-Year Stock Performance As of market close on June 30, 2021 and June 30, 2026, respectively 16% FET 6% Russell 2000 VS. One-Year Stock Performance As of market close on June 30, 2025 and June 30, 2026, respectively 158% FET 39% Russell 2000 VS. Fortified balance sheet with disciplined capital allocation Significant growth outlook Strong financial growth
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Why FET? 8 1 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.
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9 Incredible Value Comparison to Russell 2000 Manufacturing Comps Adjusted Cash Flow Yield Enterprise Value to EBITDA Price to Sales Net Debt to EBITDA FET Advantage FET Strong cash generation Note: All figures are as of June 30, 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 Manufacturing Comps Compelling relative valuation Strong balance sheet flexibility 17%6% Financial Metrics 13.4x 1.7x 2.0x 6.7x 0.7x 1.1x Advantage FET Advantage FET Advantage FET
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Why FET? 10 1 Track Record of Outperformance 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.
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** 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 11 Significant Capital Returns Share repurchases and accretive acquisitions FET’s Capital Allocation Framework * Difference between outstanding shares at December 31, 2024 and June 30, 2026 includes vested shares issued for executive compensation Capital Return Outcomes 8% Reduction in shares outstanding Net Leverage Ratio** December 31, 2019 3.9x 1.1x June 30, 2026 67% Reduction in net debt Shares Outstanding* December 31, 2024 12,290 11,262 June 30, 2026 (in thousands) 5 Accretive acquisitions since 2019 at valuations well below current multiples Net debt reduction drives strategic investment
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Why FET? 12 1 Track Record of Outperformance 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.
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Poised for Growth 13 Global Oil Supply Needed to Meet Long -term Demand Industry Fundamentals Drive Growth Global rig count increases with service efficiency at or greater than historical levels. Global GDP growth, urbanization, and electricity consumption increases demand. Investment is required to grow supply meaningfully to meet increasing demand. Global Drivers Support Market Growth to 2030 Record drawdowns of inventory and strategic reserves drive investment to restock. Increasing prioritization around energy security, supply resiliency, and diversification. Disruption to regional oil flows with global production below pre-conflict levels. Middle East Conflict Accelerating Required Investment Global Oil Supply (Millions of barrels per day) 2010 2015 2020 2025 2030 110 104Historical ~1% Growth CAGR Source: Historical information from EIA; future estimates assume similar one percent growth
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UTILIZE COMPETITIVE ADVANTAGES Recognized brands and industry experts Manufacturing know-how and intellectual property 14 Poised for Growth “Beat the Market” Strategy COMPETE IN TARGETED MARKETS Limited competition Differentiated product offering INNOVATE CONTINOUSLY Development of differentiated technology Increase total addressable market LEVERAGE GLOBAL FOOTPRINT Rapidly respond to customer demand Efficient and resilient supply chain “Beat the Market” Strategy Drives Market Share Gains
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15 “Beat the Market” Strategy at Work Source: Baker Hughes; In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia; Baker Hughes only adjusts data back to January 2024. Consequently, FET has adjusted rig count data prior to January 2024 to conform to the newly adopted methodology; FET internal estimates * Trailing twelve months revenue ended June 30 for each respective period Annualized Global Revenue per Rig* ($ in thousands) Gaining Market Share “Beat the Market” Strategy Delivering Market Share Gains 2Q23 2Q252Q24 2Q26 464 426 390 365 FET Global Revenue Per Rig $464K Up 27% United States ~$700K International ~$350K
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16 “Beat the Market” Strategy at Work Product Innovation Expanding Addressable Markets Cased-hole Wireline Power Generation A leading cooling system manufacturer, FET specializes in building industrial heat exchangers. Our over 40 years of experience and expertise can tailor designs for customers’ various applications. The workhorse of the shale revolution, FET manufactures high performance wireline cables. Our cables are engineered to outperform and withstand the extreme pressure and temperature of well conditions. Targeted market coupled with manufacturing know-how and intellectual property Differentiated technology through innovation with greaseless cables for increased efficiency for longer lateral wells Ability to export technology to leverage growing global unconventional resources “Beat the Market” Attributes “Beat the Market” Attributes Leading supplier for cooling solutions for the traditional hydraulic fracturing industry Product and technology adaption for both mobile and stationary power generation Ability to penetrate and benefit from the massive behind the meter power generation for artificial intelligence and data centers
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17 Poised for Growth Market Positioning and Broad Portfolio Supports Growth ~$1.5 billion Addressable Market FET 36% ~Two-thirds of FET revenue with growth from market expansion ~$3.0 billion Addressable Market FET 8% Growth opportunity for new customer acquisition Sustain Edge in Leadership Markets Double Share in Growth Markets to 16% Meaningful market share Solutions fully adopted by industry Broad geographic exposure Leadership Markets Growth Markets Targeted markets with fewer competitors Innovation gaining adoption Expanding geographic reach 8%
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Poised for Growth 18 FET 2030 Forecasted Financials – Flat and Growing Market Scenario Note: 2026 revenue represents the midpoint of the guidance ranges of $870-$910 million * For comparative purposes, full year 2025 free cash flow excludes ~$15 million of proceeds from sale-leaseback transactions FET 2030: Increase Free Cash Flow by ~3x Revenue ($ in millions) EBITDA Free Cash Flow* 2025 $791 $86 $65 2030E Flat Market $1,000 $140 - $160 $100 - $110 2030E Growth Market $1,600 $290 - $370 $210 - $235 ($ in millions) 2025A 5% CAGR 15% CAGR 10% CAGR 2021 – 2025 Revenue 2026E $890E $791 FET 2030 Flat Market Scenario Growth Market Scenario $1,600E $1,000E Capital Lite: 60% to 70% of incremental EBITDA turns into free cash flow Operating Leverage: 25% to 35% of incremental revenue turns into EBITDA
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Why FET? 19 1 Track Record of Outperformance 2 Incredible Value 3 Significant Capital Returns 4 Poised for Growth A global manufacturer of value- added solutions that increase the efficiency of energy production.
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Appendix
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($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 2Q26 EBITDA reconciliation* Net income (loss) (567)$ (83)$ 4$ (19)$ (135)$ (10)$ 4$ 12$ Interest expense 32 32 31 18 32 18 4 4 Depreciation and amortization 63 42 37 35 54 34 8 8 Income tax expense (benefit) (2) 1 7 11 7 26 3 4 Transaction and restructuring expenses & other 10 10 9 7 11 5 2 1 Loss (gain) on extinguishment of debt - 5 - - 3 - - - Inventory and other working capital adjustments 5 5 (3) (1) - 20 - - Loss (gain) on foreign exchange, net 5 - (23) 11 8 (5) (1) 1 Stock-based compensation expense 16 8 4 5 7 9 3 3 Gain on sale-leaseback transactions - - (7) - (5) (11) - - Impairment of intangible assets 532 - - - 119 - - - Contingent consideration benefit (5) - - - - - - - Gain on disposition of business (2) - - - - - - - Amortization of basis difference for equity method investment 1 - - - - - - - Disposal related to equity-based compensation 1 - - - - - - - Gain realized on previously held equity investment (2) - - - - - - - Adjusted EBITDA 89$ 20$ 59$ 67$ 100$ 86$ 23$ 32$ ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 2Q26 Drilling and Completions - - - 51 49 48 13 16 Artificial Lift and Downhole - - - 38 74 64 17 22 Drilling and Downhole 36 25 45 - - - - - Completions 48 21 33 - - - - - Production 22 (7) 3 - - - - - Corporate (17) (19) (23) (21) (24) (25) (7) (6) Adjusted EBITDA 89$ 20$ 59$ 67$ 100$ 86$ 23$ 32$ FET FET 39 GAAP to Non -GAAP Reconciliation FET Adjusted EBITDA * The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure for evaluating the Company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions; In addition, EBITDA is a widely used benchmark in the investment community; table may not foot due to rounding Segment Adjusted EBITDA
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40 GAAP to Non -GAAP Reconciliation (continued) Free Cash Flow * The company believes free cash flow, before acquisitions, and adjusted cash flow is an important measure because it encompasses both profitability and capital management in evaluation results; table may not foot due to rounding Adjusted Cash Flow ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 2Q26 Free cash flow reconciliation* Net cash provided by (used in) operations 104$ (16)$ (17)$ 8$ 92$ 70$ 2$ 12$ Capital expenditures (15) (2) (8) (8) (8) (6) (1) (3) Proceeds from sale of property and equipment 1 7 3 1 1 1 - - Proceeds from sale-leaseback transactions - - 32 - 20 15 - - Free cash flow, before acquisitions 90$ (11)$ 11$ 2$ 105$ 80$ 1$ 10$ FET ($ in millions) 2019 2021 2022 2023 2024 2025 1Q26 2Q26 Adjusted cash flow reconciliation* Adjusted EBITDA 89$ 20$ 59$ 67$ 100$ 86$ 23$ 32$ Capital expenditures (15) (2) (8) (8) (8) (6) (1) (3) Adjusted cash flow 73$ 18$ 51$ 59$ 92$ 80$ 22$ 30$ FET
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41 Net Leverage Ratio Net Leverage Ratio * The Company believes net leverage ratio is an important measure because it represents the Company's ability to meet its financial obligation; table may not foot due to rounding ($ in millions) December 31, 2019 June 30, 2026 Net Leverage Ratio* 2021 Notes 400$ -$ 2029 Bonds - 100 Credit Facility - 45 Other debt 2 3 Long-term debt, principal amount 402 149 Less: Cash and cash equivalents 58 34 Net debt 344 115 Trailing Twelve Months Adjusted EBITDA 89 100 Net leverage ratio 3.9x 1.1x FET
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42 Revenue Per Rig * The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusts data back to January 2024. Consequently, FET has adjusted rig count data prior to January 2024 to conform to the newly adopted methodology; table may not foot due to rounding ($ in thousands, except global rig information) 2023 2024 2025 2026 Global Revenue per rig* Revenue 746,941$ 772,054$ 801,867$ 833,348$ Average global rig count 2,046 1,981 1,884 1,797 Revenue per rig 365$ 390$ 426$ 464$ Annualized revenue per rig 365$ 390$ 426$ 464$ ($ in thousands, except global rig information) 2023 2024 2025 2026 United States Revenue per rig* Revenue 507,637$ 421,010$ 412,310$ 388,690$ Average United States rig count 754 624 583 548 Revenue per rig 673$ 674$ 708$ 710$ Annualized revenue per rig 673$ 674$ 708$ 710$ ($ in thousands, except global rig information) 2023 2024 2025 2026 International Revenue per rig* Revenue 239,304$ 351,044$ 389,557$ 444,658$ Average intenational rig count 1,292 1,357 1,302 1,250 Revenue per rig 185$ 259$ 299$ 356$ Annualized revenue per rig 185$ 259$ 299$ 356$ Trailing Twelve Months Ended June 30, Trailing Twelve Months Ended June 30, Trailing Twelve Months Ended June 30,