TechnipFMC plc

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one a second time. We ask that you please limit yourself to one question and one follow-up. I would now like to turn the conference over to Matt Seinzheimer, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

Thank you, Regina. Good morning and good afternoon, and welcome to Technip FMC's second quarter 2025 earnings conference call. Our news release and financial statements issued earlier today can be found on our website. I'd like to caution you with respect to any forward-looking statements made during this call. Although these forward-looking statements are based on our current expectations, beliefs, and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements. Known material factors that could cause our actual results to differ from our projected results are described in our most recent 10 , most recent 10 , and other periodic filings with the U.S. Securities and Exchange Commission. We wish to caution you not to place undue reliance on any forward-looking statements which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise. I will now turn the call over to Doug Ferdihert Technique FMC's Chair and Chief Executive Officer.

Thank you, Matt. Good morning and good afternoon. Thank you for participating in our second quarter earnings call. Total company revenue in the period was $2.5 billion. Adjusted EBITDA was $509 million with a margin of 20.1% when excluding foreign exchange impacts. We generated free cash flow of $261 million and distributed $271 million through dividends and share buybacks, further demonstrating our commitment to return a significant portion of free cash flow to shareholders. I am very proud of what our team has accomplished. This was another solid quarter driven by continued strength and execution from both the commercial and operational teams. I regularly speak to the transformation we have made in Sub-C to achieve meaningful and sustainable improvements. These include the complete reinvention of our commercial models, the development of configurable product offerings that provide solutions to our customers' unique challenges, and the optimization of operational workflows that drive continuous improvement in everything we do. But I also want to recognize the much improved performance of Surface Technologies, a direct result of a similar transformation, driven by the right leadership, focused on the right customers in the right markets, and executing with the team working in new ways that are fundamentally changing the way we operate our business today. In North America, this means doing more with less. Here we have exited unprofitable markets and product lines, and we have closed and consolidated facilities throughout the region. In fact, when including the actions taken in the second quarter, we have reduced our North America footprint by 50% over the last three years, while improving operating margins, and increasing cash flow. Looking beyond North America to the international markets, which today represent nearly two-thirds of our surface technologies revenue, we continue to focus on core markets with longer-term production growth ambitions, where our strong customer relationships and technology leadership can provide unique avenues of growth for our company. Now moving to subsea orders. We achieved $2.6 billion of inbound in the quarter, representing a diverse set of awards. We continue to benefit from our unique combination of IEPCI, subsea services, and direct awards. Subsea services was particularly robust, representing one of the highest quarterly inbound levels ever achieved. I would also add that while brownfield activity remains strong, nearly half of our project inbound was tied to greenfield developments. We look forward to sharing more about some of these projects in the coming weeks. The uniqueness and diversity of our order book gives us continued confidence in delivering more than $10 billion of subsea inbound for the year. Our differentiated orders most of which are direct awards to our company speak in part to the strength of our customer relationships which we work to build and enhance every day i'm proud to announce that we recently entered into a new iepci collaboration agreement with var energy supporting their subsea developments on the norwegian continental shelf working together We will utilize our integrated execution model to optimize development solutions and maximize value creation. Our differentiation goes beyond customer relationships. It is also fueled by technology leadership. We have been pioneering technology for decades, and we are constantly working with clients to solve their unique challenges. For instance, in partnership with Petrobras, we recently developed the technology behind HiSep, a high pressure separation process that enables the capture of CO2 rich dense gases directly from the well stream, all taking place on the sea floor. We have also been working with the same client to create a definitive solution for stress corrosion cracking that occurs in flexible pipe applications where there is a very high CO2 content, predominantly in pre-salt fields. We approach this industry challenge as a technology leader. Rather than simply evolving to the next iteration of an existing product, we set our sights on an innovative technology that would retain the advantages of flexibles but provide unrivaled corrosion resistance without compromising on other attributes such as weight. Product weight significantly impacts the design of the entire subsea architecture and can influence other major cost drivers such as the vessel requirements for the installation campaign. Our new hybrid flexible pipe is both disruptive and scalable and is fully aligned with our goal of delivering certainty through industrialization. We continue to advance our solution and are currently in the qualification process. Importantly, we have created a solution that can be used more broadly in applications that extend well beyond the pre-sale. Another focus of innovation is all-electric technology. Last year, we were awarded the industry's first all-electric subsea system for BP's Northern Endurance CCS project. This flagship project shows the critical importance of electric technology and the opportunities it can help clients realize. However, carbon capture and storage is just one application, and electrification is not a one-size-fits-all solution. Additionally, the use of all electric technology can be extended beyond new developments. It can also help our clients exploit their sizable existing portfolios, including systems that are currently operating on the seabed today. Here we are collaborating with Petrobras to extend the performance of existing production systems using electric solutions. Whether it be new commercial agreements, like our IEPCI collaboration with VAR Energy or the development of innovative technologies like hybrid flexible pipe and all electric, we are honored to be our client's trusted partner and the team they turn to for their most challenging projects. Turning to the outlook, offshore activity remains robust. Front end engineering activity is strong. and our subsea opportunity list remains healthy, with name projects progressing across multiple basins over the next 24 months. This supports continued strength in subsea inbound. In Guyana, where a significant ramp in production is already underway, we are excited about the progression of future project sanctioning, and we also see emerging potential for brownfield opportunities to provide incremental activity in the region. Mozambique continues to be one of the most promising areas for new development, particularly in gas. Suriname is also exciting, as we were recently awarded an IEPCI contract from Total Energies for the first oil and gas development in the region. Technip FMC is also involved in front-end engineering for multiple operators in the Orange Basin, offshore Namibia, and the surrounding area in South Africa. Taken together, these constitute a rich set of near-term opportunities, even before considering other frontier developments in the Americas, Eastern Mediterranean, and Asia. We continue to believe that offshore markets, will attract more capital due to the superior quality of these abundant reserves, their broad accessibility to operators, and the strong economics these resources provide, which we aim to further enhance in part through greater execution certainty. In closing, the market is not without challenges. However, as our results clearly demonstrate, we are navigating the issues and mitigating the impacts to our company. This reflects both the actions we are taking today and the structural changes we have made over the last several years. We have emphasized the importance of new commercial models and configurable product offerings as key enablers to our continued success. Our inbound also highlights the importance of strong and enduring customer relationships This is further supported by our legacy of technology innovation, focused on solving some of the industry's biggest challenges. Our visibility into the market continues to benefit from the high level of direct awards to our company. Our unique opportunity set also gives us confidence that we will reach our three-year goal of $30 billion in subsea inbound by the end of this year. And we see strength in offshore continuing, supported by client discussions for projects that are likely to be sanctioned through the end of the decade. I am very proud of the financial results we shared today and want to acknowledge the unwavering efforts of our global teams that continue to drive our performance to higher levels. I will now turn the call over to Elf to discuss our financial results