TechnipFMC PLC 2Q26 First Take – ALERT

研报英文原文证据摘录

TechnipFMC PLC 2Q26 First Take – ALERT

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

30 July 2026

TechnipFMC PLC Overweight

FTI, FTI US

2Q26 First Take – ALERT Price (29 Jul 26):$71.73

Oil & Gas Exploration & Production

EBITDA Results: Adj. EBITDA $601mm vs. JPMe/STe $572mm/$569mm. Arun Jayaram AC

(1-212) 622-8541

JPM View: Stock Reaction – Neutral. We anticipate a fairly benign reaction to arun.jayaram@jpmchase.com

the print, which featured a 5% EBITDA beat vs. JPMe, significantly higher-than- Sowmya Vemulapalli

expected FCF, and the return of significant FCF to shareholders, but unchanged (1-212) 270-4660

guidance. The results were a stark contrast to the earnings challenges reported by sowmya.vemulapalli@jpmchase.com

one of the large energy-focused EPC contractors in Europe, which was negatively Jason Kim

impacted by Middle East disruptions. 2Q26 inbound Subsea orders of $2.51bn (1-212) 622-1408

jason.b.kim@jpmchase.com

were consistent with our $2.56bn expectation and we think a little ahead of buy- J.P. Morgan Securities LLC

side expectations given recent investor conversations suggesting that 2026 Subsea

orders could be a bit more back-end loaded in the year. FTI’s Subsea book:bill was

1.0x during the period. CEO Pferdehirt blessed the company’s $10bn Subsea order

outlook for 2026 with a step change expected in 2027 that is expected to persist

through the end of the decade. FTI continues to see market dynamics shift toward

more integrated projects, which they believe will support higher returns for FTI

shareholders as they leverage their iEPCI integrated projects execution model. The

company’s Subsea Opportunity List (SOL) rose for the eighth consecutive quarter,

reaching $30.5b and growing ~$500mm or 2% sequentially. Despite the beat, the