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WHIHIHIHU Инингни Ининининг ИНИНИНИНИИ WHIHIHIHI ИНИНИНИНИ WHIHIHIHI VHIHIHIHIH нин ИНИНИНИНИ ИНИНИННИ Ининининин ИНИНИНИНИ 2Q 2026 Results НИНИННИНИ August 5 , 2026 ИНИНИнини HIHIHIHIHI ИНИНИнини
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This presentation (and oral statements made regarding the subjects of this presentation) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (each a “forward-looking statement”). The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “project,” “foresee,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely,” and similar expressions, and the negative thereof, are intended to identify forward- looking statements. There are many risks and uncertainties that could cause actual results to differ materially from our forward looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. These forward- looking statements are affected by the risk factors described in the Company’s annual report on Form 10-K of HMH Holding Inc (the “Company”) and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: https://www.investor.hmhw.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. Any forward-looking statements speak only as of the date of this presentation. We undertake no obligation to publicly update or revise any forward- looking statement, except as required by law. The Company presents its financial results in accordance with GAAP; however, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. See the Appendix of this presentation for a reconciliation of GAAP to non-GAAP financial measures.
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Highlights 2Q 2026 Results Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow (FCF) are non-GAAP financial measures – see appendix for GAAP to non-GAAP reconciliations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Free Cash Flow as cash flow from operations minus purchases of property and equipment and development costs and excluding the impact of one -time cash payments associated with IPO. •Market Highlights: Increasingly see today's contracting activity supported by strong long-term market fundamentals rather than short-term commodity cycles. Global deepwater capital expenditures expected to be meaningfully higher in 2027 than 2025 levels •Order intake of $205 million in the quarter, with a book-to bill of 1.2x. Order intake increased 19% year-over-year •Revenue of $171 million in the quarter •Adjusted EBITDA of $34 million in the quarter, with a 19.8% adj. EBITDA margin •Cashflow from operating activities of $18 million and Free Cash Flow2) of $22 million
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2Q 2026 Financial Results Financial Performance FINANCIALS 2Q'26 1Q'26 2Q'25 Orders $205M -6% 19% Revenue $171M 0% -16% Adjusted EBITDA $34M 13% 3% Adjusted EBITDA Margin 19.8% + 220 bps + 370 bps FCF $22M 387% 190% Strong YoY order growth with a book to bill ratio of 1.2x Revenue held steady quarter-over-quarter Maintained Adjusted EBITDA Margin growth Positive Free Cash Flow Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow (FCF) are non-GAAP financial measures – see appendix for GAAP to non-GAAP reconciliations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Free Cash Flow as cash flow from operations minus purchases of property and equipment and development costs and excluding the impact of one-time cash payments associated with IPO.
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Product Line Highlights 1) Aftermarket Services : Includes services provided on installed drilling equipment and integrated digital solutions. 2) Spares : Comprises replacement parts for installed equipment. 3) Projects, Products & Other : Includes drilling equipment packages for new or reactivated rigs, standalone drilling products, and equipment for mining and other industries. Services Revenue declined 4% year-over-year due to lower repair activity, partially offset by stronger digital technology volume and increased 24% quarter-over-quarter driven by increased demand for repairs, digital technology, and other services Order intake for 2Q 2026 was USD 118 million, up 50% year-over- year and up 19% quarter-over-quarter driven by strong digital technology volume Spares Revenue up 17% year-over-year due to increased demand from customers as they prepare for upcoming contracts and down 8% quarter-over-quarter Order intake for 2Q 2026 was USD 65 million, up 1% year-over-year and up 2% quarter-over-quarter driven by global offshore market Products Revenue down 66% year-over-year and down 38% quarter-over- quarter reflecting the lower backlog to start the quarter and partially due to a delay in equipment deliveries and installation and commissioning work in the Middle East Equipment orders declined 26% year-over-year and declined 60% quarter-over-quarter, driven primarily by key strategic deals supporting new technology developments in South America received in prior periods REVENUE USD millions 92 105 103 72 89 59 54 46 33 21 52 58 54 67 61 203 217 203 171 171 2Q25 3Q25 4Q25 1Q26 2Q26 ORDER INTAKE USD millions 79 99 75 99 118 30 16 44 55 2264 56 56 63 65 173 171 175 218 205 2Q25 3Q25 4Q25 1Q26 2Q26 Services Products Spares
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Capital Allocation Framework Key capital structure metrics OVERVIEW ($ million) 2Q’26 Net Debt1) $78 Net Debt Leverage Ratio 0.5x Liquidity2) $195 Cash $120 Cash flow from operations $18 Capital expenditures3) $(5) Non-cash IPO related settlement $10 Free cash flow4) $22 (1 Net debt defined as total debt $197.8M less cash and cash equivalent $119.7M (2 Liquidity is defined as cash plus any unused portion of the Revolving Credit Facility. The RCF is undrawn as of June 30, 2026. Total RCF $75M. (3 Capital expenditures defined by purchase of property, plant, and equipment and development cost (4 Free Cash Flow as cash flow from operations minus purchases of property and equipment and development costs and excluding the impact of one-time cash payments associated with IPO.
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Capital Allocation Framework Financial and capital allocation priorities Execute on strategic Priorities Re-invest in existing business and maintain focus on installed base to capture growth in core markets Pursue organic growth as long as capital structure and return objectives are met Maintain conservative structure and balance sheet with ample liquidity Target a capital structure that is sustainable “through-cycle” Hold liquidity as necessary to protect against downturns or take advantage of opportunities Maintain financing access across multiple attractive markets Strategic capital allocation Value accretive M&A with must meet criteria: complementary to our core product offerings and end markets, strong history of generating high returns, and an asset-light business model Retain future earnings following IPO, with possibility for future opportunistic share repurchases Technology Investment Balance Sheet Portfolio Management
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2026 Guidance Update Full-Year Financial Guidance Full-Year Adjusted EBITDA $157M - $177M 2H expected to be meaningfully stronger than 1H Capital Expenditures 2% of Revenue Asset-light operating model Adjusted EBITDA are non-GAAP financial measures – see appendix for GAAP to non-GAAP reconciliations. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from Adjusted EBITDA. We therefore do not present a guidance range or reconciliation to the nearest GAAP financial measure.
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Appendix
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STRICTLY CONFIDENTIAL GAAP to Non-GAAP Reconciliations (in $ thousands) 2Q 2026 Net income (loss) $ (5,019) Add: Interest expense, net $ 3,945 Income tax expense (benefit) $ (4,506) Deprecation and amortization $ 11,066 Share-based compensation $ 22,775 Restructuring and other expenses $ 5,004 Foreign currency (gain) loss, net $ 591 Adjusted EBITDA $ 33,856 Adjusted EBITDA Margin 19.8% (in $ thousands) 2Q 2026 Net cash provided by (used in) operating activities $ 17,869 Add: Purchases of property and equipment $ (1,166) Development costs $ (4,082) Non-cash IPO related settlement $ 9,541 Free Cash Flow $ 22,162 Reconciliation of Net Cash Provided by Operating Activities to Free Cash FlowReconciliation of Net Income to Adjusted EBITDA Class A and Class B Outstanding Common Stock as of June 30, 2026 Outstanding Common Stock – HMH Inc Total Shares Class A Common Stock 12,042,625 Class B Common Stock 31,891,652 43,934,277