TechnipFMC plc

CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC

THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Revenue

Revenue increased by $298.9 million during the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily attributable to an increase in Subsea of $291.1 million. This growth was driven by a higher backlog, up 11.1% as of December 31, 2024, compared to December 31, 2023, resulting in increased activity across iEPCI™ and subsea services, particularly in Brazil, the United States and Israel. Surface Technologies revenue increased by $7.8 million for the same comparable period, reflecting a $22.0 million increase from higher activity in the Middle East, Europe and Africa. This increase was largely offset by a $14.2 million decline in revenue due to lower activity in North America and Latin America.

Gross Profit

Gross profit (revenue less cost of sales) increased to $603.8 million during the three months ended September 30, 2025, compared to $493.8 million in the prior-year period. Subsea gross profit increased year-over-year by $110.5 million, of which $63.5 million was due to volume increase and $47.0 million as a result of favorable activity mix. Surface Technologies gross profit decreased year-over-year by $0.6 million. The decrease was due to lower activity of $8.9 million in North America and Latin America, offset by $8.3 million in higher activity in the Middle East and Africa.

Selling, General and Administrative Expense

Selling, general and administrative expense decreased to $173.2 million during the three months ended September 30, 2025, compared to $187.4 million in the prior year period. The decrease was primarily due to the alignment of personnel costs with evolving business operations compared to the prior year.

Restructuring, impairment and other expenses

We incurred $3.1 million of restructuring, impairment and other expenses during the three months ended September 30, 2025, that was primarily attributable to $1.4 million in impairments of tangible assets and $1.3 million in restructuring costs in Surface Technologies and Subsea, respectively.

Other Expense, Net

Other income (expense), net, includes gains and losses associated with the remeasurement of net monetary assets and liabilities, gains and losses on sales of property, plant and equipment, and non-operating gains and losses. The net expense increased $9.9 million year-over-year, primarily due to a $9.4 million increase in foreign currency losses.

Income from Equity Affiliates

Income from equity affiliates increased by $1.4 million during the three months ended September 30, 2025, compared to the same period in 2024.

Net Interest Expense

Net interest expense of $10.6 million decreased by $5.3 million in the three months ended September 30, 2025, compared to the same period in 2024, primarily due to the net decrease in outstanding debt year-over-year.

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the three months ended September 30, 2025 and 2024 was $76.1 million and $(6.0) million, respectively, resulting in effective tax rates of 19.7% and (2.2)%, respectively. The increase in tax expense relative to the comparative period primarily reflects the recognition of a deferred tax benefit attributable to the partial release of a valuation allowance in the United States, during the quarter ended September 30, 2024. The increase in tax expense also reflects changes in geographical profit mix year-over-year.

CONSOLIDATED RESULTS OF OPERATIONS OF TECHNIPFMC PLC

NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Revenue

Revenue increased by $699.6 million during the nine months ended September 30, 2025, compared to the prior year period. The increase was primarily attributable to an increase in Subsea revenue of $699.7 million. This growth was driven by the conversion of a backlog, up 11.1% higher as of December 31, 2024, when compared to December 31, 2023, resulting in increased revenue activity across iEPCI™, flexible supply and subsea services, particularly in Brazil, Israel, Norway and Nigeria. Surface Technologies revenue was unchanged for the same comparable period, reflecting a $55.3 million decrease largely attributable to lower activity in North America, Latin America and the sale of MSB. This decrease was offset by a $55.2 million increase in revenue from strong activity in the Middle East as well as Europe and Africa.

Gross Profit

Gross profit (revenue less cost of sales) increased to $1,662.0 million during the nine months ended September 30, 2025 compared to $1,336.1 million in the prior-year period. Subsea gross profit increased year-over-year by $319.5 million, of which $143.1 million due to volume increase and $176.4 million was due to favorable activity mix. Surface Technologies gross profit increased by $5.2 million compared to the same period in 2024. The increase was primarily due to a $32.7 million improvement in the Middle East, partially offset by a reduction in gross profit of $27.5 million due to lower activity in North America, Latin America, Asia Pacific and the sale of MSB.

Selling, General and Administrative Expense

Selling, general and administrative expense was largely unchanged for the nine months ended September 30, 2025, compared to the same period in 2024.

Restructuring, impairment and other expenses

We incurred $20.7 million of restructuring, impairment and other expenses during the nine months ended September 30, 2025, that was primarily attributable to $17.1 million of business transformation initiatives within Surface Technologies.

Other Expense, Net

Other income (expense), net, includes gains and losses associated with the remeasurement of net monetary assets and liabilities, gains and losses on sales of property, plant and equipment, and non-operating gains and losses. The net decrease in expense of $6.2 million was driven by a decrease in foreign currency loss of $12.8 million, which was partially offset by a net increase in miscellaneous other non-operating charges.

Gain on disposal of Measurement Solutions business

For the three months ended March 31, 2024, we recognized a gain of $75.2 million from the sale of equity interests and assets of MSB.

Income from Equity Affiliates

Income from equity affiliates increased by $17.1 million for the nine months ended September 30, 2025, compared to the same period in 2024. The year-over-year increase was driven by higher operational activity of our joint ventures.

Net Interest Expense

Net interest expense of $34.9 million decreased by $15.1 million in the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to the reduction in outstanding debt year-over-year.

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the nine months ended September 30, 2025 and 2024 was $269.6 million and $102.9 million, respectively, resulting in effective tax rates of 27.2% and 14.1%, respectively. The increase in tax expense relative to the comparative period primarily reflects the recognition of a deferred tax benefit attributable to the partial release of a valuation allowance in the United States, during the quarter ended September 30, 2024. The increase in tax expense also reflects changes in geographical profit mix year-over-year.