TechnipFMC reports $2.9B revenue

Cover page 4 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

22 unchanged paragraphs

Class Outstanding at July 28, 2026

Class Outstanding at October 27, 2026

Ordinary shares, $1.00 par value per share 392,164,388 388,833,346

1 unchanged paragraph

Financial statements 213 changes

2 unchanged paragraphs

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Service revenue $ 1,776.0 $ 1,533.3 $ 3,061.5 $ 2,898.7

Product revenue 987.1 1,001.4 2,194.3 1,869.6

Total revenue 2,763.1 2,534.7 5,255.8 4,768.3

Cost of service revenue 1,364.3 1,157.7 2,416.5 2,290.6

Cost of product revenue 714.1 783.7 1,569.3 1,419.5

Selling, general and administrative expense 169.3 173.2 385.2 357.4

Research and development expense 25.7 14.1 43.5 33.2

Restructuring, impairment and other expenses 5.0 16.4 5.6 17.6

Total costs and expenses 2,278.4 2,145.1 4,420.1 4,118.3

Other income (expense), net ( 18.7 ) ( 10.7 ) ( 12.4 ) ( 40.3 )

Income from equity affiliates (Note 9) 13.8 10.3 18.3 19.7

Income before net interest expense and income taxes 479.8 389.2 841.6 629.4

Interest income 7.1 7.8 18.2 20.5

Interest expense ( 10.7 ) ( 22.2 ) ( 27.8 ) ( 44.8 )

Income before income taxes 476.2 374.8 832.0 605.1

Provision for income taxes (Note 13) 114.1 106.5 210.0 193.5

Net income 362.1 268.3 622.0 411.6

Net income attributable to TechnipFMC plc $ 362.7 $ 269.5 $ 623.2 $ 411.5

Service revenue $ 1,770.9 $ 1,638.6 $ 4,832.4 $ 4,537.3

Product revenue 1,124.9 1,008.7 3,319.2 2,878.3

Total revenue 2,895.8 2,647.3 8,151.6 7,415.6

Cost of service revenue 1,377.6 1,305.5 3,794.1 3,596.1

Cost of product revenue 789.5 738.0 2,358.8 2,157.5

Selling, general and administrative expense 182.7 173.2 567.9 530.6

Research and development expense 30.1 22.5 73.6 55.7

Restructuring, impairment and other expenses 0.5 3.1 6.1 20.7

Total costs and expenses 2,380.4 2,242.3 6,800.5 6,360.6

Other income (expense), net 3.2 ( 17.2 ) ( 9.2 ) ( 57.5 )

Income from equity affiliates (Note 9) 8.0 9.8 26.3 29.5

Income before net interest expense and income taxes 526.6 397.6 1,368.2 1,027.0

Interest income 8.8 8.3 27.0 28.8

Interest expense ( 12.4 ) ( 18.9 ) ( 40.2 ) ( 63.7 )

Income before income taxes 523.0 387.0 1,355.0 992.1

Provision for income taxes (Note 13) 104.3 76.1 314.3 269.6

Net income 418.7 310.9 1,040.7 722.5

Net (income) loss attributable to non-controlling interests 0.6 1.2 ( 0.3 ) ( 1.2 ) 0.1 0.9 ( 1.3 )

Net income attributable to TechnipFMC plc $ 418.4 $ 309.7 $ 1,041.6 $ 721.2

1 unchanged paragraph

Basic $ 0.92 $ 0.65 $ 1.57 $ 0.98

Diluted $ 0.90 $ 0.64 $ 1.53 $ 0.97

Basic $ 1.07 $ 0.76 $ 2.63 $ 1.74

Diluted $ 1.05 $ 0.75 $ 2.59 $ 1.71

1 unchanged paragraph

Basic 396.2 415.4 398.1 418.3

Diluted 404.5 420.5 407.0 426.2

Basic 391.6 409.5 395.9 415.3

Diluted 398.2 415.7 402.6 422.8

3 unchanged paragraphs

Net income attributable to TechnipFMC plc $ 362.7 $ 269.5 $ 623.2 $ 411.5

Net income attributable to TechnipFMC plc, including non-controlling interests 362.1 268.3 622.0 411.6

Three Months Ended Six Nine Months Ended

September 30, September 30,

Net income attributable to TechnipFMC plc $ 418.4 $ 309.7 $ 1,041.6 $ 721.2

Net (income) loss attributable to non-controlling interests 0.6 1.2 ( 0.3 ) ( 1.2 ) 0.1 0.9 ( 1.3 )

Net income 418.7 310.9 1,040.7 722.5

1 unchanged paragraph

Net unrealized gains (losses) arising during the period ( 15.4 ) 121.4 17.3 19.8 ( 20.1 2.8 ) 211.5 231.3

2 unchanged paragraphs

Net gains arising during the period 1.4 50.7 41.6 109.9

Net gains (losses) arising during the period 0.1 ( 2.5 ) 41.7 107.4

Reclassification adjustment for net (gains) losses included in net income 2.6 ( 14.5 1.7 ) 4.8 ( 31.1 28.5 ) 5.5 3.8

2 unchanged paragraphs

Net gains (losses) arising during the period 0.7 ( 3.4 0.4 ) 2.6 ( 9.1 9.5 ) ( 5.7 3.1 )

Reclassification adjustment for amortization of prior service cost included in net income 0.1 0.1 0.2 0.2

Reclassification adjustment for amortization of net actuarial losses included in net income 0.7 2.4 1.6 4.7 0.9 2.3 2.5 7.0

1 unchanged paragraph

Other comprehensive income (loss), net of tax ( 27.1 ) 175.9 ( 17.0 ) 326.0

Comprehensive income 335.0 444.2 605.0 737.6

Other comprehensive income, net of tax 20.6 20.6 3.6 346.6

Comprehensive income 439.3 331.5 1,044.3 1,069.1

Comprehensive (income) loss attributable to non-controlling interest 1.9 1.0 2.5 ( 0.4 0.3 ) ( 1.1 ) 2.2 ( 1.5 )

Comprehensive income attributable to TechnipFMC plc $ 336.9 439.0 $ 445.2 330.4 $ 607.5 1,046.5 $ 737.2 1,067.6 (a) Net of income tax of nil for the three and six nine months ended June September 30, 2026 and 2025.

(c) (b) Net of income tax (expense) benefit of $( 0.3 4.0 ) million and $ 0.7 ) 5.3 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 11.1 ) 11.0 million and $ 1.4 ) 11.6 million for the six nine months ended June September 30, 2026 and 2025, respectively.

(b) (c) Net of income tax (expense) benefit of $( 0.2 ) million and $ 2.9 0.3 million for the three months ended June September 30, 2026 and 2025, respectively, and $( 15.0 11.3 ) million and $( 6.3 1.1 ) million for the six nine months ended June September 30, 2026 and 2025, respectively.

3 unchanged paragraphs

Other assets 403.0 339.6

(In millions, except par value data) June September 30,

Cash and cash equivalents $ 991.8 1,049.3 $ 1,031.9

Trade receivables, net of allowances of $ 42.2 40.5 in 2026 and $ 45.3 in 2025

Contract assets 1,295.5 1,299.9 1,065.5

Inventories, net (Note 7) 1,242.6 1,235.2 1,153.0

Derivative financial instruments (Note 11) 251.6 349.9 442.1

Income taxes receivable 142.9 121.9 179.4

Other current assets (Note 8) 486.8 442.1 544.8

Total current assets 5,898.6 5,910.9 5,545.3

Investments in equity affiliates (Note 9) 242.6 233.0 231.1

1 unchanged paragraph

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

and 133 more changes in the filing

Note 3: REVENUE 61 changes

2 unchanged paragraphs

Revenues are disaggregated by geographic location and contract types. Revenue by geography for the three and six nine months ended June September 30, 2026 and 2025 was as follows:

June September 30, 2026 June September 30, 2025

1 unchanged paragraph

Latin America $ 979.1 $ 20.6 $ 854.7 $ 25.1

Latin America $ 1,092.2 $ 20.0 $ 862.1 $ 22.2

1 unchanged paragraph

Africa 314.9 17.3 247.7 14.0

North America 220.5 105.9 250.1 109.8

Asia Pacific 201.4 22.2 115.2 21.0

Middle East 132.9 77.8 77.3 117.9

Total revenue $ 2,486.9 $ 276.2 $ 2,216.3 $ 318.4

Africa 318.7 13.6 374.1 20.0

Asia Pacific 252.0 24.4 162.2 21.4

North America 236.7 108.4 306.0 108.9

Middle East 147.0 96.4 70.3 117.0

Total revenue $ 2,600.0 $ 295.8 $ 2,319.2 $ 328.1

June September 30, 2026 June September 30, 2025

1 unchanged paragraph

Latin America $ 1,859.9 $ 39.4 $ 1,483.0 $ 45.7

Europe and Central Asia 1,085.8 62.0 1,153.0 58.9

Africa 717.7 27.9 499.7 21.5

North America 500.9 220.8 541.4 226.1

Asia Pacific 338.6 42.3 365.7 43.7

Middle East 192.4 168.1 109.7 219.9

Total revenue $ 4,695.3 $ 560.5 $ 4,152.5 $ 615.8

Latin America $ 2,952.1 $ 59.4 $ 2,345.1 $ 67.9

Europe and Central Asia 1,639.2 95.0 1,697.5 97.5

Africa 1,036.4 41.5 873.8 41.5

North America 737.6 329.2 847.4 335.0

Asia Pacific 590.6 66.7 527.9 65.1

Middle East 339.4 264.5 180.0 336.9

Total revenue $ 7,295.3 $ 856.3 $ 6,471.7 $ 943.9

Revenue by contract type for the three and six nine months ended June September 30, 2026 and 2025 was as follows:

June September 30, 2026 June September 30, 2025

1 unchanged paragraph

Services $ 1,671.1 $ 104.9 $ 1,421.5 $ 111.8

Products 815.8 171.3 794.8 206.6

Total revenue $ 2,486.9 $ 276.2 $ 2,216.3 $ 318.4

Services $ 1,655.7 $ 115.2 $ 1,526.3 $ 112.3

Products 944.3 180.6 792.9 215.8

Total revenue $ 2,600.0 $ 295.8 $ 2,319.2 $ 328.1

June September 30, 2026 June September 30, 2025

1 unchanged paragraph

Services $ 2,846.5 $ 215.0 $ 2,679.2 $ 219.5

Products 1,848.8 345.5 1,473.3 396.3

Total revenue $ 4,695.3 $ 560.5 $ 4,152.5 $ 615.8

Services $ 4,502.2 $ 330.2 $ 4,205.5 $ 331.8

Products 2,793.1 526.1 2,266.2 612.1

Total revenue $ 7,295.3 $ 856.3 $ 6,471.7 $ 943.9

1 unchanged paragraph

(In millions) June 30,

The following table provides information about net contract liabilities as of June September 30, 2026 and December 31, 2025:

(In millions) September 30,

Contract assets $ 1,295.5 1,299.9 $ 1,065.5

Contract liabilities ( 2,358.9 2,241.1 ) ( 2,148.9 )

Net contract liabilities $ ( 1,063.4 941.2 ) $ ( 1,083.4 )

The increase in our contract assets from December 31, 2025 to June September 30, 2026 was primarily due to the timing of project milestones.

1 unchanged paragraph

Net revenue recognized from our performance obligations satisfied or partially satisfied in previous periods had a favorable impact of $ 36.9 million and $ 51.7 million for the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025 we had a favorable impact of $ 95.1 million and $ 71.1 million, respectively. For the three and six months ended June 30, 2026 and 2025, there were no projects with an individually material impact.

In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. Any subsequent revenue we recognize increases the contract asset balance. Revenue recognized for the three months ended June September 30, 2026 and 2025 that was included in the contract liabilities balance as of December 31, 2025 and 2024 was $ 383.3 149.9 million and $ 340.8 170.0 million, respectively, and for the six nine months ended June September 30, 2026 and 2025 was $ 839.7 989.6 million and $ 950.0 1,120.0 million, respectively.

The net impact of changes in contract estimates on gross profit was unfavorable favorable by $ 17.2 8.5 million and favorable by $ 39.4 47.9 million for the three and six nine months ended June September 30, 2026, respectively, and favorable by $ 123.3 1.3 million and $ 137.7 139.0 million, for the comparable prior year corresponding prior-year periods. respectively.

For the three and nine months ended June September 30, 2026, cost estimate revisions on certain projects resulted in an a material unfavorable impact on gross profit of $ 73.3 92.9 million and $ 169.2 million, which was partially offset by immaterial net favorable updates across the project portfolio totaling $ 56.1 101.4 million and $ 217.1 million, respectively. For the three and six nine months ended June September 30, 2025, 2025,cost estimate revisions on certain projects had changes in cost estimates resulting resulted in a material favorable impacts impact on gross profit of $ 115.5 120.2 million, and with additional immaterial net favorable updates across the remaining project portfolio of $ 118.7 18.8 million. respectively. For the three months ended September 30, 2025, there were no projects with individually material impacts.

1 unchanged paragraph

The following table details the RUPO for each business segment as of June 30, 2026:

(In millions) 2026 2027 Thereafter Total

Subsea $ 3,778.8 $ 5,248.8 $ 6,805.6 $ 15,833.2

Surface Technologies 264.2 157.0 185.6 606.8

Total remaining unsatisfied performance obligations $ 4,043.0 $ 5,405.8 $ 6,991.2 $ 16,440.0

Remaining unsatisfied performance obligations ( RUPO ) represent the portion of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied as of the reporting date and reflect only the contract term for which the Company has present enforceable rights and obligations. As of June September 30, 2026, RUPO was $ 16.4 15.1 billion. TechnipFMC expects to recognize revenue on approximately 24.6 % associated with these remaining performance obligations of this amount approximately $ 2.0 billion, during the remainder of 2026, $ 5.9 billion in 2027, and 75.4 % $ 7.2 billion thereafter.

Note 4: BUSINESS SEGMENTS 55 changes

6 unchanged paragraphs

Revenue $ 2,486.9 $ 276.2 $ 2,763.1 $ 2,216.3 $ 318.4 $ 2,534.7

Three Months Ended June September 30,

(In millions) Subsea Surface Technologies Total Subsea Surface Technologies Total (In millions)

Revenue $ 2,600.0 $ 295.8 $ 2,895.8 $ 2,319.2 $ 328.1 $ 2,647.3

1 unchanged paragraph

Operating profit $ 486.5 $ 39.0 $ 380.3 $ 23.4

Six Months Ended June 30,

Revenue $ 4,695.3 $ 560.5 $ 5,255.8 $ 4,152.5 $ 615.8 $ 4,768.3

Operating profit $ 522.6 $ 41.4 $ 401.3 $ 36.8

Nine Months Ended September 30,

(In millions) Subsea Surface Technologies Total Subsea Surface Technologies Total (In millions)

Revenue $ 7,295.3 $ 856.3 $ 8,151.6 $ 6,471.7 $ 943.9 $ 7,415.6

1 unchanged paragraph

Operating profit $ 835.5 $ 76.1 $ 628.2 $ 53.6

Operating profit $ 1,358.1 $ 117.5 $ 1,029.5 $ 90.4

3 unchanged paragraphs

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Subsea $ 486.5 $ 380.3 $ 835.5 $ 628.2

Surface Technologies 39.0 23.4 76.1 53.6

Total segment operating profit 525.5 403.7 $ 911.6 681.8

Corporate expense (a)

Net interest expense ( 3.6 ) ( 14.4 ) ( 9.6 ) ( 24.3 )

Foreign exchange gain (loss), net ( 19.3 ) 12.1 ( 6.5 )

Total corporate items ( 49.3 ) ( 28.9 ) ( 79.6 ) ( 76.7 )

Subsea $ 522.6 $ 401.3 $ 1,358.1 $ 1,029.5

Surface Technologies 41.4 36.8 117.5 90.4

Total segment operating profit 564.0 438.1 $ 1,475.6 $ 1,119.9 ( 28.8 ) ( 28.0 ) ( 92.3 ) ( 80.4 )

Net interest expense ( 3.6 ) ( 10.6 ) ( 13.2 ) ( 34.9 )

Foreign exchange losses, net ( 8.6 ) ( 12.5 ) ( 15.1 ) ( 12.5 )

Total corporate items ( 41.0 ) ( 51.1 ) ( 120.6 ) ( 127.8 )

4 unchanged paragraphs

(In millions) June September 30, 2026 December 31, 2025

Subsea $ 7,487.3 7,442.1 $ 6,900.3

Surface Technologies 1,174.2 1,160.1 1,145.6

Total segment assets 8,661.5 8,602.2 8,045.9

Total assets $ 10,368.4 10,435.8 $ 10,118.2

4 unchanged paragraphs

Three Months Ended June September 30,

1 unchanged paragraph

Subsea $ 59.3 $ 54.3 $ 85.2 $ 104.4 $ 24.6 $ 12.8

Surface Technologies 3.1 14.4 11.8 10.7 1.1 1.3

Subtotal 62.4 68.7 97.0 115.1 25.7 14.1

Corporate ( 2.3 ) 14.9 0.1 0.1

Total $ 60.1 $ 83.6 $ 97.1 $ 115.2 $ 25.7 $ 14.1

Subsea $ 50.2 $ 56.5 $ 88.9 $ 102.5 $ 29.2 $ 20.9

Surface Technologies 10.8 15.1 11.6 15.7 0.9 1.6

Subtotal 61.0 71.6 100.5 118.2 30.1 22.5

Total $ 61.0 $ 77.3 $ 100.7 $ 118.2 $ 30.1 $ 22.5

2 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

1 unchanged paragraph

Subsea $ 104.5 $ 105.9 $ 177.0 $ 190.9 $ 41.3 $ 31.1

Surface Technologies 11.0 21.2 23.5 26.4 2.2 2.1

Subtotal 115.5 127.1 200.5 217.3 43.5 33.2

Corporate 0.2 18.3 0.2 0.3

Total $ 115.7 $ 145.4 $ 200.7 $ 217.6 $ 43.5 $ 33.2

Subsea $ 154.7 $ 162.4 $ 265.9 $ 293.5 $ 70.5 $ 52.0

Surface Technologies 21.8 36.3 35.1 42.1 3.1 3.7

Subtotal 176.5 198.7 301.0 335.6 73.6 55.7

Corporate 0.2 24.0 0.4 0.3

Total $ 176.7 $ 222.7 $ 301.4 $ 335.9 $ 73.6 $ 55.7

Note 5: EARNINGS PER SHARE 10 changes

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Net income attributable to TechnipFMC plc $ 362.7 $ 269.5 $ 623.2 $ 411.5

Weighted average number of shares outstanding 396.2 415.4 398.1 418.3

Total shares and dilutive securities 404.5 420.5 407.0 426.2

For the three and six months ended June 30, 2026 and three months ended June 30, 2025, 0.1 million, 0.1 million, and 0.2 million shares, respectively were excluded from the calculation of diluted weighted average number of shares, because their effect would be anti-dilutive.

Net income attributable to TechnipFMC plc $ 418.4 $ 309.7 $ 1,041.6 $ 721.2

Weighted average number of shares outstanding 391.6 409.5 395.9 415.3

Dilutive effect of awards granted under our stock incentive plans 8.3 5.1 8.9 7.9 6.6 6.2 6.7 7.5

Total shares and dilutive securities 398.2 415.7 402.6 422.8

Note 6: RECEIVABLES 8 changes

2 unchanged paragraphs

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Loans receivables and other Moody s rating Aa3 - Ba1 2022-2025 2022-2026 $ 126.8 131.7 Moody s rating Aa3 - Ba1 2022-2025 $ 129.1

Total financial assets $ 126.8 131.7 $ 129.1

2 unchanged paragraphs

The table below shows the roll-forward of allowance for credit losses for trade receivables as of June September 30, 2026 and 2025, respectively.

2 unchanged paragraphs

Recoveries $ ( 0.1 )

Current period provision (release) for expected credit losses ( 3.1 3.7 ) 8.1 11.4

Recoveries ( 1.1 ) $ ( 7.1 )

Allowance for credit losses at June September 30,

1 unchanged paragraph

Note 7: INVENTORIES 7 changes

1 unchanged paragraph

(In millions) June 30,

Raw materials $ 473.8 $ 414.6

(In millions) September 30,

Raw materials $ 448.5 $ 414.6

Work in process 226.6 237.5 212.6

Finished goods 542.2 549.2 525.8

Inventories, net $ 1,242.6 1,235.2 $ 1,153.0

Note 8: OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES 22 changes

1 unchanged paragraph

(In millions) June 30,

Prepaid expenses 104.8 98.5

(In millions) September 30,

Value-added tax receivables $ 146.0 127.0 $ 228.1

Advances paid to suppliers 141.0 101.9 112.1

Prepaid expenses 101.5 98.5

Withholding tax and other receivables 66.4 81.9 78.3

Total other current assets $ 486.8 442.1 $ 544.8

1 unchanged paragraph

(In millions) June 30,

Accrued payroll $ 193.5 $ 202.1

Compensation accrual 81.8 159.3

(In millions) September 30,

Accrued payroll $ 202.2 $ 202.1

Compensation accrual 137.4 159.3

Social security and payroll taxes 89.0 81.7 103.7

Value-added tax and other taxes payable 53.4 73.4 53.7

Warranty accruals and project contingencies 78.9 70.9 82.6

Legal provisions 52.6 55.6 59.1

Consideration payable 55.3 55.4 55.6

Provisions for operational commitments 44.5 36.2 59.6

Other accrued liabilities 119.9 123.0 98.0

Total other current liabilities $ 768.9 835.8 $ 873.7

Note 9: INVESTMENTS 2 changes

Income from equity affiliates, which is included in our Subsea segment, was $ 13.8 8.0 million and $ 10.3 9.8 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 18.3 26.3 million and $ 19.7 29.5 million, for the six nine months ended June September 30, 2026 and 2025, respectively.

3 unchanged paragraphs

Dofcon Navegacao Ltda. and Techdof Brasil AS have debts related to loans on their vessels. TechnipFMC and DOF provide guarantees for the debts, and our share of the guarantees was $ 228.9 266.4 million as of June September 30, 2026.

Note 10: DEBT 10 changes

1 unchanged paragraph

(In millions) June 30,

(In millions) September 30,

3 unchanged paragraphs

Total debt $ 401.9 $ 430.0

Bank borrowings and other 91.9 94.7 111.0

Unamortized debt issuance costs and discounts ( 3.5 3.4 ) ( 3.7 )

Total debt $ 404.0 $ 430.0

Less: Short-term debt and current portion of long-term debt 115.3 121.5 34.3

Long-term debt $ 286.6 282.5 $ 395.7

4 unchanged paragraphs

Availability of borrowings under the Credit Agreement is reduced by outstanding commercial paper and letters of credit issued against the facility. As of June September 30, 2026, there were no letters of credit or commercial paper outstanding, and our availability under the Credit Agreement was $ 1.25 billion.

8 unchanged paragraphs

As of June September 30, 2026, TechnipFMC was in compliance with all debt covenants.

6 unchanged paragraphs

Note 11: DERIVATIVE FINANCIAL INSTRUMENTS 63 changes

3 unchanged paragraphs

Foreign exchange rate forward contracts - The purpose of these instruments is to hedge the risk of changes in future cash flows of anticipated purchase or sale commitments denominated in foreign currencies and recorded assets and liabilities in our condensed consolidated balance sheets. As of June September 30, 2026, we held the following material net positions:

1 unchanged paragraph

British pound 874.0 1,155.0

Norwegian krone 9,290.0 936.2

Australian dollar 490.7 337.9

Malaysian ringgit 251.1 61.5

Singapore dollar 75.6 58.4

Brazilian real ( 149.1 ) ( 28.8 )

Indian rupee 2,068.2 21.8

Indonesian rupiah 744,211.8 41.6

Canadian dollar ( 76.7 ) ( 53.9 )

Euro 1,279.3 1,454.2

British pound 1,029.6 1,368.3

Norwegian krone 8,975.9 936.2

Australian dollar 441.3 307.7

Singapore dollar 69.3 54.3

Brazilian real ( 270.8 ) ( 52.3 )

Canadian dollar ( 109.8 ) ( 77.5 )

Malaysian ringgit ( 420.8 ) ( 103.1 )

U.S. dollar ( 3,787.5 3,999.9 ) 3,787.5 ( 3,999.9 )

Foreign exchange rate instruments embedded in purchase and sale contracts - The purpose of these instruments is to match offsetting currency payments and receipts for particular projects or comply with government restrictions on the currency used to purchase goods in certain countries. As of June September 30, 2026, our portfolio of these instruments included the following material net positions:

1 unchanged paragraph

Brazilian real 48.9 9.4

Euro ( 9.5 ) ( 10.8 )

Brazilian real 56.2 10.9

Euro ( 11.0 ) ( 12.5 )

2 unchanged paragraphs

June September 30, 2026 December 31, 2025

3 unchanged paragraphs

Current - Derivative financial instruments $ 242.2 341.6 $ 246.3 339.1 $ 404.4 $ 354.7

Long-term - Derivative financial instruments 162.2 181.8 194.9 221.3 179.2 202.4

Total derivatives designated as hedging instruments 404.4 428.1 536.5 560.4 583.6 557.1

2 unchanged paragraphs

Total derivatives $ 413.8 $ 477.6 $ 629.2 $ 560.7

Three Months Ended June 30, Six Months Ended June 30,

Foreign exchange contracts $ 6.2 $ 47.0 $ 33.5 $ 104.1

Current - Derivative financial instruments $ 9.4 8.3 $ 49.5 27.4 $ 37.7 $ 3.6

Long-term - Derivative financial instruments 0.1 0.1 7.9

Total derivatives not designated as hedging instruments 9.4 49.5 8.4 27.5 45.6 3.6

Total derivatives $ 544.9 $ 587.9 $ 629.2 $ 560.7

Cash flow hedges of forecasted transactions, net of tax, which qualify for hedge accounting, resulted in accumulated other comprehensive losses o f $ 33.5 30.8 million and $ 44.0 million, as of June September 30, 2026 and December 31, 2025, respectively. We expect to transfer an approximate $ 93.2 82.8 million loss from accumulated OCI to earnings during the next 12 months when the anticipated transactions actually occur. All anticipated transactions currently being hedged are expected to occur by the second half of 2029.

The following table presents the gains (losses) recognized in OCI related to derivative instruments designated as cash flow hedges:

Gain (Loss) Recognized in OCI

Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2026 2025 2026 2025

Foreign exchange contracts $ 0.2 $ ( 8.5 ) $ 33.7 $ 95.7

The following table represents the effect of cash flow hedge accounting in the condensed consolidated statements of income for the three and six nine months ended June September 30, 2026 and 2025:

(In millions) Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025

1 unchanged paragraph

Amounts reclassified from accumulated OCI to income (loss) $ 15.4 $ ( 8.2 ) $ 12.2 $ ( 14.0 ) $ 13.0 $ ( 6.1 )

Amounts excluded from effectiveness testing 26.4 ( 14.4 ) ( 41.7 ) 5.8 1.1 ( 9.1 )

Total cash flow hedge gain (loss) recognized in income 41.8 ( 22.6 ) ( 29.5 ) ( 8.2 ) 14.1 ( 15.2 )

(In millions) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Amounts reclassified from accumulated OCI to income (loss) $ ( 6.8 ) $ 3.5 $ ( 3.2 ) $ ( 3.0 ) $ 5.9 $ ( 2.1 )

Amounts excluded from effectiveness testing 19.6 ( 29.3 ) ( 26.0 ) 8.9 ( 6.4 ) ( 1.9 )

Total cash flow hedge gain (loss) recognized in income 12.8 ( 25.8 ) ( 29.2 ) 5.9 ( 0.5 ) ( 4.0 )

Gain (loss) recognized in income on derivatives not designated as hedging instruments 0.4 15.5 1.2 ( 0.4 0.6 ) 13.2 30.3 ( 0.3 ) 0.1 16.4

(In millions) Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025

1 unchanged paragraph

Amounts reclassified from accumulated OCI to income (loss) $ 15.7 $ 10.4 $ 11.8 $ ( 22.8 ) $ 25.5 $ ( 9.1 )

Amounts excluded from effectiveness testing 41.5 ( 34.8 ) ( 35.9 ) 8.0 5.1 ( 20.1 )

Total cash flow hedge gain (loss) recognized in income 57.2 ( 24.4 ) ( 24.1 ) ( 14.8 ) 30.6 ( 29.2 )

Amounts reclassified from accumulated OCI to income (loss) $ 8.9 $ 13.9 $ 8.7 $ ( 25.8 ) $ 31.4 $ ( 11.0 )

Amounts excluded from effectiveness testing 61.1 ( 64.1 ) ( 61.9 ) 16.9 ( 1.3 ) ( 22.1 )

Total cash flow hedge gain (loss) recognized in income 70.0 ( 50.2 ) ( 53.2 ) ( 8.9 ) 30.1 ( 33.1 )

Gain (loss) recognized in income on derivatives not designated as hedging instruments 1.9 2.3 ( 1.1 1.7 ) 7.3 37.6 ( 1.6 1.9 ) 0.1 31.9 0.2 48.3

(a) The total effect of cash flow hedge accounting on selling, general and administrative expense is not material for the three and six nine months ended June September 30, 2026 and 2025.

Balance Sheet Offsetting - We execute derivative contracts with counterparties that consent to a master netting agreement, which permits net settlement of the gross derivative assets against gross derivative liabilities. Each instrument is accounted for individually, and assets and liabilities are not offset. As of June September 30, 2026 and December 31, 2025, we had no collateralized derivative contracts. The following tables present both gross and net information of recognized derivative instruments:

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Derivative assets $ 413.8 544.9 $ ( 214.0 298.4 ) $ 199.8 246.5 $ 629.2 $ ( 227.1 ) $ 402.1

Derivative liabilities $ 477.6 587.9 $ ( 214.0 298.4 ) $ 263.6 289.5 $ 560.7 $ ( 227.1 ) $ 333.6

Note 12: FAIR VALUE MEASUREMENTS 10 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Equity securities $ 36.4 $ 36.4 $ $ $ 32.5 $ 32.5 $ $

Equity securities $ 37.0 $ 37.0 $ $ $ 32.5 $ 32.5 $ $

Money market and stable value fund 5.7 4.8 5.5 4.6 3.6 3.1

1 unchanged paragraph

Foreign exchange contracts 413.8 413.8 544.9 544.9 629.2 629.2

Total assets $ 455.9 587.4 $ 36.4 37.0 $ 418.6 549.5 $ $ 665.3 $ 32.5 $ 632.3 $

1 unchanged paragraph

Total liabilities $ 477.6 $ $ 477.6 $ $ 560.7 $ $ 560.7 $

Foreign exchange contracts 477.6 477.6 587.9 587.9 560.7 560.7

Total liabilities $ 587.9 $ $ 587.9 $ $ 560.7 $ $ 560.7 $

6 unchanged paragraphs

Fair value of debt - We use a market approach to determine the fair value of our fixed-rate debt using observable market data, which results in a Level 2 fair value measurement. The estimated fair value of our private placement notes and senior notes was $ 290.2 284.0 million and $ 296.4 million as of June September 30, 2026 and December 31, 2025, respectively.

1 unchanged paragraph

Note 13: INCOME TAXES 1 change

The provision for income taxes for the six nine months ended June September 30, 2026 and 2025 was $ 210.0 314.3 million and $ 193.5 269.6 million, respectively, resulting in effective tax rates of 25.2 23.2 % and 32.0 27.2 %, respectively. The decrease in effective tax rate is primarily due to the geographic distribution of earnings.

1 unchanged paragraph

Note 14: STOCKHOLDERS EQUITY 42 changes

On February 17, July 28, 2026, the Company announced that its Board of Directors has authorized and declared a quarterly cash dividend of $ 0.05 per share, payable on April 1, September 2, 2026 to shareholders and represents $ 0.20 per share on an annualized basis. The cash dividends paid during the three and six nine months ended June September 30, 2026 were $ 19.8 19.5 million and $ 39.7 59.2 million, respectively, and for the three and six nine months ended June September 30, 2025 were $ 20.6 20.5 million and $ 41.6 62.1 million, respectively.

On October 22, 2025, our Board of Directors authorized additional share repurchases of up to $ 2.0 billion, increasing the Company s total share repurchase authorization to $ 3.8 billion. Pursuant to this share repurchase program, we repurchased $ 420.1 320.0 million and $ 684.9 1,004.9 million during the three and six nine months ended June September 30, 2026, respectively, and $ 250.1 million and $ 500.2 750.2 million during the three and six nine months ended June September 30, 2025, respectively.

Based upon the remaining repurchase authority of $ 1.5 1.2 billion and the closing stock price as of June September 30, 2026, approximately 22.5 17.2 million ordinary shares could be subject to repurchase. Since the initial share repurchase authorization in July 2022, we have purchased an aggregate amount of $ 2.3 2.6 billion of ordinary shares through June September 30, 2026. All repurchased shares were cancelled.

Accumulated other comprehensive loss for the three and six nine months ended June September 30, 2026 and 2025 consisted of the following:

6 unchanged paragraphs

March 31, 2026 $ ( 1,181.1 ) $ ( 20.4 ) $ ( 145.8 ) $ ( 1,347.3 ) $ ( 5.9 )

Other comprehensive income (loss) before reclassifications, net of tax ( 14.1 ) 1.4 0.7 ( 12.0 ) ( 1.3 )

Reclassification adjustment for net (gains) losses included in net income (loss), net of tax ( 14.5 ) 0.7 ( 13.8 )

Other comprehensive income (loss), net of tax ( 14.1 ) ( 13.1 ) 1.4 ( 25.8 ) ( 1.3 )

1 unchanged paragraph

March 31, 2025 $ ( 1,296.3 ) $ ( 71.7 ) $ ( 154.8 ) $ ( 1,522.8 ) $ ( 6.1 )

Other comprehensive income (loss), net of tax 121.2 55.5 ( 1.0 ) 175.7 0.2

Other comprehensive income (loss) before reclassifications, net of tax 121.2 50.7 17.3 0.1 ( 3.4 0.4 ) 168.5 0.2 17.0

Reclassification adjustment for net losses included in net income (loss), net of tax 4.8 2.4 7.2 2.6 1.0 3.6

Other comprehensive income, net of tax 17.3 2.7 0.6 20.6

September 30, 2026 $ ( 1,177.9 ) $ ( 30.8 ) $ ( 143.8 ) $ ( 1,352.5 ) $ ( 7.2 )

1 unchanged paragraph

Other comprehensive income (loss) before reclassifications, net of tax 19.9 ( 2.5 ) 2.6 20.0 ( 0.1 )

Reclassification adjustment for net (gains) losses included in net income (loss), net of tax ( 1.7 ) 2.4 0.7

Other comprehensive income (loss), net of tax 19.9 ( 4.2 ) 5.0 20.7 ( 0.1 )

September 30, 2025 $ ( 1,155.2 ) $ ( 20.4 ) $ ( 150.8 ) $ ( 1,326.4 ) $ ( 6.0 )

7 unchanged paragraphs

Other comprehensive income (loss), net of tax ( 18.8 ) 10.5 ( 7.4 ) ( 15.7 ) ( 1.3 )

June 30, 2026 $ ( 1,195.2 ) $ ( 33.5 ) $ ( 144.4 ) $ ( 1,373.1 ) $ ( 7.2 )

Other comprehensive income (loss) before reclassifications, net of tax ( 18.8 1.5 ) 41.6 41.7 ( 9.1 9.5 ) 13.7 30.7 ( 1.3 )

Reclassification adjustment for net (gains) losses included in net income, net of tax ( 31.1 28.5 ) 1.7 2.7 ( 29.4 25.8 )

Other comprehensive income (loss), net of tax ( 1.5 ) 13.2 ( 6.8 ) 4.9 ( 1.3 )

September 30, 2026 $ ( 1,177.9 ) $ ( 30.8 ) $ ( 143.8 ) $ ( 1,352.5 ) $ ( 7.2 )

1 unchanged paragraph

Other comprehensive income, net of tax 211.2 115.4 ( 0.9 ) 325.7 0.3

June 30, 2025 $ ( 1,175.1 ) $ ( 16.2 ) $ ( 155.8 ) $ ( 1,347.1 ) $ ( 5.9 )

Other comprehensive income (loss) before reclassifications, net of tax 211.2 109.9 231.1 107.4 ( 5.7 3.1 ) 315.4 0.3 335.4 0.2

Reclassification adjustment for net losses included in net income, net of tax 5.5 4.8 10.3 3.8 7.2 11.0

Other comprehensive income, net of tax 231.1 111.2 4.1 346.4 0.2

September 30, 2025 $ ( 1,155.2 ) $ ( 20.4 ) $ ( 150.8 ) $ ( 1,326.4 ) $ ( 6.0 )

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

3 unchanged paragraphs

Foreign exchange contracts $ 15.4 $ ( 14.0 ) $ 15.7 $ ( 22.8 ) Revenue ( 8.2 ) 13.0 10.4 25.5 Cost of sales

12.2 ( 6.0 ) 11.8 ( 9.0 ) Other income (expense), net

Foreign exchange contracts $ ( 6.8 ) $ ( 3.0 ) $ 8.9 $ ( 25.8 ) Revenue

3.5 5.9 13.9 31.4 Cost of sales

( 3.1 ) ( 2.0 ) 8.7 ( 11.0 ) Other income (expense), net

4.9 ( 2.2 3.8 ) 6.8 ( 0.8 ) 3.0 ( 1.6 ) Provision (benefit) for income taxes

1 unchanged paragraph

( 0.2 ) ( 0.6 ) ( 0.4 ) ( 1.3 ) Provision (benefit) for income taxes

Amortization of prior service credit (cost) $ $ $ ( 0.1 ) $ ( 0.1 ) $ ( 0.2 ) Other income (expense), net (a)

Amortization of net actuarial loss ( 0.9 1.3 ) ( 3.0 ) ( 2.0 3.3 ) ( 6.0 9.0 ) Other income (expense), net (a)

( 0.3 ) ( 0.7 ) ( 0.7 ) ( 2.0 ) Provision (benefit) for income taxes

1 unchanged paragraph

Note 15: SHARE-BASED COMPENSATION 3 changes

1 unchanged paragraph

In 2025, our Board of Directors granted one-time PSU awards under the shareholder approved Value Creation Plan ( VCP ) to certain executives with overall payout capped at 3.6 million PSUs. As of June September 30, 2026, the performance-based vesting condition, return on invested capital ("ROIC"), was considered probable.

During 2026, the Compensation and Talent ( C&T ) Committee reviewed the Company's performance results under the VCP and determined that the ROIC target had been achieved and, based on the applicable 12 -month volume weighted average share price ("VWAP"), approved the vesting of approximately 2.3 million PSUs under the VCP in July 2026 and the remaining 1.3 million PSUs in October 2026. The October 2026 determination was based on ROIC for the 12 -month period ended September 30, 2026, which was 80 % higher than before the VCP was adopted. Accordingly, all 3.6 million PSUs granted under the VCP have vested.

Share-based compensation expense for non-vested performance stock units, restricted stock units, and VCP awards was $ 15.9 31.5 million and $ 71.4 102.9 million for the three and six nine months ended June September 30, 2026, respectively, and $ 17.4 15.2 million and $ 31.5 46.7 million for the three and six nine months ended June September 30, 2025, respectively.

Note 16: SUPPLIER FINANCE PROGRAM OBLIGATIONS 1 change

1 unchanged paragraph

All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable, trade in our condensed consolidated balance sheets, and the associated payments are included in operating activities within our condensed consolidated statements of cash flows. As of June September 30, 2026 and December 31, 2025, the amounts due to suppliers participating in the SCF were $ 143.7 137.9 million and $ 123.2 million, respectively.

Note 17: COMMITMENTS AND CONTINGENT LIABILITIES 4 changes

2 unchanged paragraphs

(In millions) June 30,

(In millions) September 30,

2 unchanged paragraphs

Maximum potential undiscounted payments $ 2,601.7 2,142.2

4 unchanged paragraphs

Contingent liabilities associated with liquidated damages - Some of our contracts contain provisions that require us to pay liquidated damages if we are responsible for the failure to meet specified contractual milestone dates and the applicable customer asserts a conforming claim under these provisions. These contracts define the conditions under which our customers may make claims against us for liquidated damages. Based upon the evaluation of our performance and other commercial and legal analysis, management believes we have appropriately recognized probable liquidated damages as of June September 30, 2026 and December 31, 2025, and that the ultimate resolution of such matters will not materially affect our condensed consolidated financial position, results of operations, or cash flows.

Note 18: RELATED PARTY TRANSACTIONS 2 changes

Trade receivables, payables, revenues, and expenses, which are included in our condensed consolidated financial statements for all transactions with related parties, were not material as of and for the three and six nine months ended June September 30, 2026 and the comparable period of the prior year. Related parties are defined as entities related to our directors, officers, and main shareholders as well as the partners of our consolidated joint ventures.

Loan receivables from Dofcon, including accrued interest, were $ 95.6 97.2 million and $ 98.9 million as of June September 30, 2026 and December 31, 2025, respectively.

Note 20: SUBSEQUENT EVENTS 2 changes

In July 2026, the Compensation and Talent ( C&T ) Committee reviewed the Company's performance results under the VCP and determined that the ROIC target has been achieved for the 12-month period ended June 30, 2026, with ROIC 60 % higher than before the VCP was adopted. Upon achievement of the ROIC target, the number of PSUs earned is determined based on the 12 -month volume weighted average share price ("VWAP"). Based on a VWAP of $ 52.02 as of June 30, 2026, the C&T Committee approved the performance results and the vesting of approximately 2.3 million PSUs under the VCP.

On July 28, October 27, 2026, the Company announced that its Board of Directors has authorized and declared a quarterly cash dividend of $ 0.05 per share, payable on September December 2, 2026 to shareholders of record as of the close of business on the New York Stock Exchange on August 18, November 17, 2026, which is also the ex-dividend date.

MD&A 150 changes

Overall Outlook - The global economy is expected to show moderate growth in 2026, led by India, China, and the United States. Resilient consumer spending and easing of monetary policy continued investment in key regions artificial intelligence (AI) should be essential drivers of economic growth. Continued investment in artificial intelligence (AI) is expected to provide additional support. Military activity in the Middle East, shifting trade and inflation dynamics, more restrictive monetary policies, and an uneven global recovery present risk to the growth outlook.

5 unchanged paragraphs

In our New Energy business, we are executing multiple first-of-its-kind project awards, including the Mero 3 HISEP project for Petrobras offshore Brazil. This project is enabling the capture, processing, and reinjection of CO 2 -rich dense gases on the seabed to reduce emission intensity while increasing production. In the UK, United Kingdom, we are executing the first all-electric, subsea integrated engineering, procurement, construction and installation ( iEPCI ) for carbon capture and storage for the Northern Endurance Partnership, a joint venture between bp, Equinor, and TotalEnergies.

6 unchanged paragraphs

Surface Technologies North American activity is among the most impacted by commodity prices given the relatively high cost of development in the region. Our surface activities on U.S. land represented less than five percent of total Company revenue in 2025.

2 unchanged paragraphs

THREE MONTHS ENDED JUNE SEPTEMBER 30, 2026 AND 2025

September 30, Change

1 unchanged paragraph

Revenue $ 2,763.1 $ 2,534.7 $ 228.4 9.0

Cost of sales 2,078.4 1,941.4 137.0 7.1

Selling, general and administrative expense 169.3 173.2 (3.9) (2.3)

Research and development expense 25.7 14.1 11.6 82.3

Restructuring, impairment and other expenses 5.0 16.4 (11.4) (69.5)

Other expense, net (18.7) (10.7) (8.0) (74.8)

Income from equity affiliates 13.8 10.3 3.5 34.0

Net interest expense (3.6) (14.4) 10.8 75.0

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

4 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

5 unchanged paragraphs

and 137 more changes in the filing

Controls and procedures 2 changes

1 unchanged paragraph

1 unchanged paragraph

and 2 more changes in the filing

Unregistered sales of stock 11 changes

4 unchanged paragraphs

1 unchanged paragraph

and 11 more changes in the filing

Other information 17 changes

2 unchanged paragraphs

1 unchanged paragraph

and 17 more changes in the filing

Exhibits 3 changes

1 unchanged paragraph

11 unchanged paragraphs

3 unchanged paragraphs

and 3 more changes in the filing