James Fisher and Sons : Document

James Fisher and Sons plc

Presentation of results for the year ended 31st December 2023

16th April 2024

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©2024 James Fisher and Sons plc

Disclaimer

This presentation is confidential and is delivered to interested parties for information only. It is delivered solely on the basis that neither the whole nor any part of the information contained in this presentation may be disclosed to, or used or relied upon by, any other person or used for any purpose without the prior written consent of James Fisher and Sons plc (JFS).

The information contained in this presentation, and upon which this presentation is based, has been derived from publicly available information. None of the information on which this presentation is based has been independently verified. Accordingly, neither JFS nor any member of JFS nor any of its connected persons makes any representation or warranty, assurance or undertaking, express or implied, with respect to the accuracy, adequacy, completeness or reasonableness of the presentation or of the information contained in the presentation, or on which the presentation is based, or that this information remains unchanged after the issue of this presentation.

This presentation is not to be construed as carrying the endorsement of JFS or any of its connected persons. Consequently, neither JFS nor any of its connected persons accepts any responsibility or liability to any person to whom the presentation is made available for the accuracy, adequacy, completeness or reasonableness of the information contained in it or otherwise.

The presentation is not intended to recommend any strategic decision by JFS or any of its connected persons and should not be considered as a recommendation supporting any of the options discussed herein by any member of JFS or any of its connected persons. Each person to whom the presentation or any part thereof is made available, is responsible for and must make their own independent assessment of the presentation and of the information contained within it.

Nothing in the presentation is, or should be relied upon as, a promise or representation as to the future.

James Fisher and Sons plc Fisher House, Barrow in Furness, Cumbria, LA14 1HR Telephone [phone]

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©2024 James Fisher and Sons plc

Today's agenda

01 Business and strategic highlights

02 Financial results

03 Strategy and priorities

1. Conclusion
2. Q&A

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©2024 James Fisher and Sons plc

01 Business and strategic highlights

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2023 Business highlights

• Underlying results ahead of last year with underlying profit growth across all Divisions
• • Robust Energy performance through oil and gas, with renewables returning to break-even
  • Defence returned to profit but impacted by contract delays, strong growing revenue pipeline
  • Solid performance in Maritime Transport with a focus on margin improvement
• Embedded a One James Fisher business model, with new Divisional structures and Executive Team now in place
• Rationalised the portfolio, we divested JF Nuclear and closed Subtech Europe
• Sale of RMSpumptools, announced in March 2024, will significantly reduce debt and strengthen the Group's financial position bringing us towards a leverage range of 1.0-1.5x (Net Debt to EBITDA)
• Business Excellence embedded within the Group, driving greater strength
  and standardisation around safety, forecasting, cash collection and employee engagement

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©2024 James Fisher and Sons plc

2023 strategic commitments

Embed One		Improve		Build a stronger
James Fisher		performance		platform
Deliver the business turn-		Build a stronger, more		Strengthen our financial position
around through a new		sustainable business, delivering		and establish key foundations in
business model, executed		improved operational and		safety, people, governance and
through focus, simplify and		financial performance		sustainability
deliver		improvement (UOP and ROCE)

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©2024 James Fisher and Sons plc

Our focus as a service company

• A services company operating in the Blue Economy
• Leveraging market and customer synergies across three Divisions
• Asset-light with a focus on pooling assets, people and resources

For Energy

Supporting the energy transition through responsible energy service provision and innovative renewable energy solutions

• Differentiated products and services across the offshore asset lifecycle
• Specialist services for the control and monitoring of offshore assets
• OEM equipment and solutions for subsea diving

For Defence

Protecting lives and assets on and under the oceans, in the most sensitive and challenging environment

• Life-supportengineering and OEM for defence divers, submarine rescue systems, submarine egress / ingress systems, and special operations mobility solution
• Product lifecycle services and maintenance
• Global submarine rescue, training and services

For Maritime Transport

Leading the way in targeted coastal shipping and global oil and natural gas ship-to-

ship transfers

• Transport, transfer and storage of liquid and dry cargo
• Service delivery and framework contracts with global energy companies and the UK MoD
• Manage our fleet with flexibility to allow for spot trading

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©2024 James Fisher and Sons plc

02 Financial results

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Early signs of progress

Revenue up	Underlying operating
profit up1
3.8%
12.1%

Net debt 2 (covenant	Net debt 2 to EBITDA
basis)
2.75x
£149.8m

Underlying operating margin1 (up 50bps)

6.0%

ROCE3 (up 130bps)

6.6%

1.	Underlying operating profit is defined as operating profit adjusted for acquisition related income and expense, amortisation of acquired intangible assets, acquisition expenses, adjustments to
	contingent consideration, the costs of a material restructuring, litigation, asset impairment and profit/loss relating to the sale of businesses or any other significant one-off adjustments.	9
2.	Net debt is calculated using net borrowings including guarantees and collateral deposits, excluding right-of-use operating leases.

3. Group ROCE (Return on Capital Employed) is defined as underlying operating profit, less notional tax, divided by average capital employed. Capital employed is defined as net assets less right-of- use assets, less cash and cash equivalents and after adding back borrowings.

Revenue up c.4% - improvement in Energy and Defence

Revenue for year ended 31st December	2023 £m	2022 £m	% change
Energy	266.5	242.6	+9.9
Defence	72.5	68.2	+6.3
Maritime Transport	157.2	167.3	-6.0
Revenue (continuing operations)	496.2	478.1	+3.8

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©2024 James Fisher and Sons plc