Solid Debut, Set to Capture Mounting Tailwinds in the Offshore Recovery Cycle

Research evidence excerpt

Solid Debut, Set to Capture Mounting Tailwinds in the Offshore Recovery Cycle

C O M PA N Y N O T E

M a y 1 2 , 2 0 2 6

HMH Holding, Inc. (HMH) Overweight

CONCLUSION PRICE: US$21.16

Since becoming a public company on 3/31/26, HMH has experienced a bit of volatility, TARGET: US$32.00

sliding 16% in its first week of trading before recovering 23% over the past month, now 7x 2027E EBITDA estimate, using $79mm pro

sitting up 4% since its debut. Last week, mgmt reported its first quarterly results, delivering forma net debt

a solid 1.3x B2B and inline EBITDA supported by better-than-expected margins helping to

offset its seasonally impacted topline. All the fundamental elements of the HMH investment Derek Podhaizer

Sr. Research Analyst, Piper Sandler & Co.

case remain firmly intact, specifically increasing floater contracting activity and improving 212 284-9485, derek.podhaizer@psc.com

utilization, resulting in the long anticipated offshore recovery beginning to materialize with Michael Sunshine

2H26 activity expected to pickup. Reiterating its confidence in the outlook, mgmt guided Research Analyst, Piper Sandler & Co.

2026 EBITDA to range $157-177mm or $167mm at the midpoint, ahead of $163mm 212 284-9417, michael.sunshine@psc.com

consensus and relatively inline with our $170mm estimate. Overall, it was solid earnings

Changes Previous Current

debut for HMH, which is well positioned to benefit from mounting tailwinds in the Offshore Rating — Overweight

recovery cycle. Price Tgt — US$32.00

FY26E Earnings ($/sh) 1.48 1.25

• Orders reach a quarterly high. After multiple years of white space impacting Offshore FY27E Earnings ($/sh) 2.16 1.91

markets, resulting in a lethargic order and B2B cadence over the past eight quarters, FY26E EBITDA ($M) — US$170