Slides
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3Q 2026 Results November 4th, 2026
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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 3Q 2026 Results • Market Highlights: Middle East disruptions and rig reactivation delays remained headwinds in the quarter. However, market fundamentals remain strong, with increasing deepwater investment supporting activity growth into 2027. • Equipment timing: Equipment order delays significantly impacted 2026 results, with several key mining and offshore opportunities shifting into 2027. We view these delays primarily as timing-related rather than a change in underlying demand. • Cash flow and cost positioning: Equipment and rig reactivation delays also pressured cash flow. We intentionally procured long-lead materials ahead of purchase orders to reduce delivery lead times, improve our cost position, and ensure readiness as anticipated orders convert. We also maintained our cost base through the temporary equipment slowdown, which reduced the pace of facility cost absorption and working capital liquidation during the year. • Strategic expansion: Announced the acquisition of Deepwater Riser Services on September 21, expanding our riser services footprint and strengthening our position in the deepwater market. • Order intake of $191 million in the quarter, with a book-to bill of 1.1x. Order intake increased 12% year-over-year • Revenue of $171 million in the quarter • Adjusted EBITDA of $38 million in the quarter, with a 22.3% adj. EBITDA margin • Cashflow used in operating activities of negative $6 million and Free Cash Flow of negative $(12) million 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.
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Financial Results 3Q 2026 Financial Performance Financials 3Q’ 26 3Q’ 25 2Q’ 26 Orders $ 191 12 % (7) % Revenue $ 171 (21) % — % Adjusted EBITDA $ 38 (3) % 13 % Adjusted EBITDA Margin 22.3 % 410 bps 250 bps FCF $ (12) (137) % (152) % YoY order growth with a book to bill ratio of 1.1x Revenue held flat quarter- over-quarter Maintained strong EBITDA Margin Free Cash Flow decrease driven by working capital in preparation for upcoming demand
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Product Line Highlights Services • Revenue declined 7% year-over-year driven by contract services partially offset by increase in repairs and digital technology and increased 9% quarter-over-quarter driven by increased demand for repairs. • Order intake for 3Q 2026 was USD $115 million, up 16% year-over-year driven by repairs and field services and down 3% quarter-over-quarter primarily due to lower digital technology orders following strong prior-quarter activity. Spares • Revenue down 2% year-over-year and down 6% quarter-over-quarter reflecting the pace of order intake and regional mix. • Order intake for 3Q 2026 was USD $60 million, up 7% year-over-year driven by increase Europe topside demand offset by reduced Middle East demand and down 8% quarter- over-quarter driven by lower pressure control spares partially offset by higher topside spares. Products • Revenue down 69% year-over-year and down 19% quarter-over-quarter reflecting reflecting both lower equipment backlog and lower order intake for the quater. • Products orders flat year-over-year and declined 27% quarter-over-quarter, driven primarily by lower pressure control equipment partially offset by higher topside equipment orders. 1. Aftermarket Services: Includes services provided on installed drilling equipment and integrated digital solutions. 2. Spares: Comprises replacement parts for installed equipment. 3. Projects, Products & Other: Includes drilling equipment packages for new or reactivated rigs, standalone drilling products, and equipment for mining and other industries. ORDER INTAKE (USD millions) 171 175 217 205 191 99 75 99 118 115 16 44 55 22 1656 56 63 65 60 Services Products Spares 3Q25 4Q25 1Q26 2Q26 3Q26 REVENUE (USD millions) 217 203 171 171 171 105 103 72 89 97 54 46 33 21 17 58 54 67 61 57 3Q25 4Q25 1Q26 2Q26 3Q26
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Capital Allocation Framework Key capital structure metrics OVERVIEW ($ million) 3Q’ 26 Net Debt(1) $107 Net Debt Leverage Ratio 0.6X Liquidity(2) $165 Cash $90 Cash flow from operations $(6) Capital expenditures(3) $(5) Free cash flow(4) $(12) (1). Net debt defined as total debt $197.5M less cash and cash equivalent $90.1M. (2). Liquidity is defined as cash plus any unused portion of the Revolving Credit Facility. The RCF is undrawn as of September 30, 2026. Total RCF $75M. (3). Capital expenditures defined by purchase of property, plant, and equipment and development cost. (4). Free Cash Flow is defined as cash flow from operations minus purchases of property and equipment and development costs.
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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 Technology Investment Maintain conservative structure and balance sheet with ample liquidity Balance Sheet Strategic capital allocation 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 Portfolio Management 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
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2026 Guidance Update Full-Year Financial Guidance 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. Full-Year Adjusted EBITDA $135M - $140M Capital Expenditures 2% of Revenue Asset-light operating model
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Multiple catalysts for long term growth
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Appendix
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GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA 3Q 2026 (in $ thousands) Net income (loss) $ 10,341 Add: Interest expense, net 3,759 Income tax expense 7,176 Depreciation and amortization 10,640 Share-based compensation 2,343 Restructuring and other expenses 2,174 Foreign currency (gain) loss, net 113 IPO listing and acquisition related costs 1,640 Adjusted EBITDA $ 38,186 Adjusted EBITDA Margin 22.3 % Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 3Q 2026 (in $ thousands) Net cash provided by (used in) operating activities $ (6,189) Add: Purchases of property and equipment (1,727) Development costs (3,678) Free Cash Flow $ (11,594) Class A and Class B Outstanding Common Stock as of September 30, 2026 Outstanding Common Stock – HMH Inc Total Shares Class A Common Stock 12,201,501 Class B Common Stock 31,891,652 Total $ 44,093,153