Oceaneering projects $390M–$440M EBITDA for 2026 as ADTech drives multiyear growth

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• Achieved 7% improvement in ROV pricing

  80% confidence

• Interest in autonomous forklifts is high with adoption depending on customer readiness

  80% confidence

• Not pursuing big industry consolidation M&A but sees potential for bolt-on technology acquisitions

  80% confidence

• Oceaneering closed out 2025 with strong execution across the business, making continued progress against strategic priorities

  80% confidence

• Government services lead times for ADTech projects vary quite a bit, with some ramping quickly and others requiring longer engineering and prototyping phases

  80% confidence

• Organic capital expenditures for 2026 forecasted between $105 million and $115 million, with 40% allocated to growth and 60% to maintenance

  80% confidence

• Cash balance increased to $689 million at year-end, further strengthening financial flexibility

  80% confidence

• Achieved 140 basis points EBITDA margin expansion in 2025

  80% confidence

• Net income of $178 million or $1.76 per share represents a 217% increase year-over-year, largely due to $156 million discrete tax benefit related to release of U.S. valuation allowances

  80% confidence

• ROV uptime was 99% for the second consecutive year

  80% confidence

• 2025 order intake was $3.7 billion with a book-to-bill ratio of 1.33

  80% confidence

• Oceaneering's offshore, maritime, and space expertise translates across defense and energy with unique SUBSAFE certifications and capabilities in submarine sustainment and space systems

  80% confidence

• Free cash flow for 2026 anticipated to be $100 million to $120 million, with year-over-year reduction primarily reflecting early receipt of $37 million in customer payments in Q4 2025

  80% confidence

• IMDS integrates machine vision, machine learning, and AI for enhanced inspection capabilities that can be deployed subsea with ROVs

  80% confidence

• 2026 EBITDA projected between $390 million and $440 million with year-over-year improvements in all segments except OPG

  80% confidence

• Consolidated revenue in 2026 projected to grow in the low to mid-single-digit percentage range, with ADTech revenue improving significantly year-over-year

  80% confidence

• Balance sheet strength and cash growth gives more flexibility and opportunity to do more when the time is right

  80% confidence

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