H.MH J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

H.MH J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

26 June 2026

HMH Overweight

HMH, HMH US

J.P. Morgan Natural Resources Conference Takeaways Price (25 Jun 26):$19.52

Oil & Gas Exploration & Production

We met with HMH CFO Tom McGee, CTO Pål Skogerbø and VP of Corporate Arun Jayaram AC

Administration Katina Hargett on the sidelines at the J.P. Morgan Natural (1-212) 622-8541

Resources Conference. HMH hosted 1x1 and group meetings with investors. arun.jayaram@jpmchase.com

Jason Kim

• Net takeaway: Slightly Positive. (1-212) 622-1408

• Signs of inflection in offshore support high degree of visibility earnings. jason.b.kim@jpmchase.com

The cleanest bridge to the 2H26 and 2027 setup is reflected in HMH’s inaugural Sowmya Vemulapalli

(1-212) 270-4660

1Q26 earnings call. Specifically, HMH noted the ~110 rig years of floater sowmya.vemulapalli@jpmchase.com

awards captured in the first four months of 2026, representing ~75% for FY25 J.P. Morgan Securities LLC

captured in the first four months of 2026 alone. This figure was corroborated

by contract activity in 1Q26, which represented >75% of 2025 awards. These

datapoints create a forward order stack that is largely back-end loaded into the

end of 2026 and 1H27, and while the near-term revenue impact may be modest,

the company remains in solid positioning. For example, Spares revenue, which

represents a useful leading indicator for HMH, was $67mm representing +11%

YoY and +23% QoQ as customers prepare for increased activity in 2H26.

Management previously characterized visibility into the number of rigs

working with HMH equipment into 2027 as “pretty high,” reinforcing our

confidence that the company’s 2026E EBITDA midpoint guidance/JPMe of