TechnipFMC Shareholders Approve 2025 AGM Proposals

Houston, Texas – TechnipFMC plc (NYSE: FTI) held its Annual General Meeting of Shareholders (AGM) on April 25, 2025, where several proposals were approved by the shareholders. The key results from the AGM are as follows:

Election of Directors: All nine director nominees were re-elected for a term expiring at the 2026 AGM. The individual voting results ranged from 97.78% to 99.95% in favor.

Say-on-Pay: The shareholders approved the 2024 compensation for the Company’s named executive officers with 98.27% in favor.

Say-on-Pay Frequency: The proposal to conduct future Say-on-Pay votes every year was approved, with 98.58% voting for a one-year frequency.

Directors’ Remuneration Report: The shareholders approved the Company’s 2024 Directors' Remuneration Report with 98.51% in favor.

Prospective Directors’ Remuneration Policy: The shareholders approved the remuneration policy for 2025-2027, with 84.27% in favor.

U.K. Annual Accounts: The U.K. accounts for 2024 were approved, with 99.97% of the vote in favor.

Ratification of U.S. Auditor: PricewaterhouseCoopers LLP (PwC) was ratified as the U.S. independent registered public accounting firm for the fiscal year ending December 31, 2025, with 99.56% approval.

Re-appointment of U.K. Statutory Auditor: PwC was re-appointed as the U.K. statutory auditor, with 99.56% in favor.

Approval of PwC’s Fees: Shareholders authorized the Board to determine PwC’s remuneration as the U.K. statutory auditor, with 99.86% approval.

Authority to Allot Equity Securities: Shareholders granted the Board authority to allot equity securities, with 99.05% in favor.

Authority to Allot Without Pre-emptive Rights: The Board was also granted authority to allot equity securities without pre-emptive rights, with 98.24% approval.

The meeting concluded with the approval of key resolutions including the Value Creation Plan for 2025-2027, which includes performance-based restricted stock units (PSUs) for key executives. These PSUs are tied to the Company’s achievement of return on invested capital (ROIC) and share price performance.

Technipfmc Q1 2025 Earnings Summary

revenue and income
- total revenue: $2.23 billion (up 9.4% year-over-year, down 5.6% sequentially)
- net income: $142 million (down 9.6% y/y; diluted eps: $0.33)
- adjusted net income: $142.9 million (up 46.4% y/y; adjusted eps: $0.33)
- adjusted ebitda: $343.8 million (up 36.1% y/y; margin: 15.4%)
- adjusted ebitda excluding fx: $355.9 million

orders and backlog
- inbound orders: $3.09 billion (up 11.3% y/y)
- subsea: $2.79 billion (book-to-bill ratio of 1.4x)
- total backlog: $15.8 billion (up 17.2% y/y)
- subsea backlog: $14.95 billion
- surface technologies backlog: $870 million

cash and shareholder returns
- cash flow from operations: $441.7 million
- free cash flow: $379.9 million
- share repurchases: $250.1 million
- total shareholder returns: $271.1 million (including $21 million in dividends)
- cash and cash equivalents: $1.19 billion
- net cash: $281.9 million

segment performance: subsea
- revenue: $1.94 billion (up 11.6% y/y)
- operating profit: $247.9 million (margin: 12.8%)
- adjusted ebitda: $334.9 million (margin: 17.3%)
- significant awards:
- shell gato do mato iepci (brazil) – major contract (> $1 billion)
- equinor johan sverdrup phase 3 (norway) – large contract ($500 million – $1 billion)

segment performance: surface technologies
- revenue: $297.4 million (down 3.2% y/y)
- operating profit: $30.2 million (margin: 10.2%)
- adjusted ebitda: $46.6 million (margin: 15.7%)
- inbound orders: $303.6 million

2025 guidance (as of april 24, 2025)
- subsea revenue: $8.4 to $8.8 billion
- surface revenue: $1.2 to $1.35 billion
- subsea adjusted ebitda margin: 19 to 20 percent
- surface adjusted ebitda margin: 15 to 16 percent
- free cash flow: $1.0 to $1.15 billion (increased from prior range)
- capital expenditures: approximately $340 million
- effective tax rate: 28 to 32 percent
- corporate expense (net): $115 to $125 million
- net interest expense: $45 to $55 million

TechnipFMC reported strong financial results for the fourth quarter and full year 2024, with significant growth in revenue, net income, and order backlog. The company continued to expand its subsea business, increase free cash flow, and enhance shareholder returns.

Key financial highlights:

Fourth quarter 2024:
- Revenue increased 13.9% year-over-year to $2.37 billion
- Net income grew to $224.7 million, up 324% from the prior year
- Adjusted EBITDA increased 60.5% to $351 million, with a margin of 14.8%
- Subsea inbound orders totaled $2.7 billion, contributing to a total backlog of $14.4 billion
- Free cash flow reached $453 million

Full year 2024:
- Revenue increased 16.1% to $9.08 billion
- Net income surged to $842.9 million, compared to $56.2 million in 2023
- Adjusted EBITDA rose 64.8% to $1.35 billion, with a margin of 14.9%
- Free cash flow increased 45% to $679 million
- Total inbound orders for the year reached $11.6 billion, with subsea orders exceeding $10.4 billion

Operational achievements:
- Continued growth in iEPCI™, Subsea 2.0®, and Subsea Services, with record inbound orders
- Awarded a major iEPCI™ contract from TotalEnergies for the GranMorgu project, the first offshore oil and gas development in Suriname
- Secured a substantial contract from Shell for the Bonga North project in Nigeria, providing Subsea 2.0® production systems
- Formed a collaboration with Prysmian to accelerate floating offshore wind development

Financial position and shareholder returns:
- Returned $486 million to shareholders in 2024, nearly doubling distributions from the prior year
- Increased shareholder distributions target for 2025 to at least 70% of free cash flow
- Repurchased 2.4 million shares for $70 million in the fourth quarter
- Upgraded to investment-grade credit rating by Moody’s in January 2025

2025 financial outlook:
- Subsea revenue expected between $8.4 - $8.8 billion, with adjusted EBITDA margins of 19 - 20%
- Surface Technologies revenue projected at $1.2 - $1.35 billion, with adjusted EBITDA margins of 15 - 16%
- Total free cash flow anticipated between $850 million and $1 billion
- Continued focus on expanding backlog and securing over $10 billion in subsea orders

TechnipFMC remains optimistic about long-term growth, citing strong market demand, robust subsea project pipelines, and a strategic focus on high-margin integrated solutions.