MODEC (6269) investor relations material

Executive summary

• Revenue for Q1 2026 reached $1,077.1 million, up 23.4% year-over-year, driven by FPSO project progress.

• Net income attributable to owners was $99.1 million, up 80% from Q1 2025.

• Adjusted EBITDA rose 59% to $128 million compared to Q1 2025.

• Operating profit increased 63.2% year-over-year to $122.7 million.

• Order intake dropped 97.3% year-over-year to $129.3 million, with backlog down 3.9% from year-end 2025.

Financial highlights

• Gross profit for Q1 2026 was $144.8 million, 76% higher than Q1 2025.

• Basic and diluted EPS for Q1 2026 were $1.45, up from $0.81 in Q1 2025.

• Cash and deposits at $1.96 billion, with total debt at $420 million and equity at $1.51 billion as of Q1 2026.

• Total assets increased to $4,862.1 million as of March 31, 2026.

• Financial leverage remains low, supporting a stable outlook.

Outlook and guidance

• Q1 2026 revenue and net income represent 23% and 26% achievement of FY2026 guidance, respectively.

• Full-year 2026 revenue forecast is $4,600 million, with operating profit projected at $460 million and EPS at $5.41.

• Annual dividend forecast is 200 yen per share, unchanged from prior guidance.

• Backlog and earnings expected to remain stable, supported by long-term contracts and diversified client base.