Gulf Island Fabrication — Investor Presentation (June 2025)
33 slides from Gulf Island Fabrication's investor presentation, June 2025
Slide 1: Investor Presentation June 2025
INVESTOR PRESENTATION June 2025
Slide 2: Cautionary Statements & Non-GAAP Measures
Cautionary Statements & Non-GAAP Measures CAUTIONARY STATEMENT This presentation contains forward-looking statements in which the Company discusses its potential future performance, operations and projects. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Priv
Slide 3: Gulf Island
Gulf Island ~$156 million ~$109 million ~$67 million of consolidated TTM market capitalization cash balance adjusted revenue through at June 3, 2025 at March 31, 2025 March 31, 2025* Driving value through Profitable Growth, Operational Excellence and Disciplined Capital Allocation Services business
Slide 4: Company Overview
rea GULF ISLAND BUILDING ON TRUST COMPANY OVERVIEW
Slide 5: Strategic Location and Experienced Labor Force
Strategic Location and Experienced Labor Force Locations Experienced Labor Force Fabrication ~250 The Woodlands, TX Broussard, LA & New Iberia, LA Harvey, LA Houma, LA Services ~600 Ingleside, TX • Primary operating facilities in Houma, LA support both Fabrication and Services • Strong team of proje
Slide 6: Segment Overview
Segment Overview Operates Through Two Operating Segments Revenue Mix Oil & Gas Services 55% Oil & Gas LNG SERVICES FABRICATION Fabrication 45% Industrial Renewables Revenue mix for full year 2024 reflects a lack of large-scale project revenue for Fabrication. Relative mix between Fabrication and Ser
Slide 7: Services Division
Services Division Maintenance & Cleaning & Welding Municipal Scaffolding Coatings Decommissioning Environmental Enclosures & Civil Welding Traditional Blasting/Painting Cleaning Spark Containment Pump Stations Fitting SafeDeck Insulation Flushing Pressurized Enclosures Levee Reinforcement Rigging Fi
Slide 8: Attractive End Markets - Services
Attractive End Markets - Services Offshore Services Onshore Services New Services • Attractive long-term fundamentals in the • Offshore professionals and services • Long-term customer base and suite of Gulf of America expected to result in provide a platform for onshore services services provides op
Slide 9: Fabrication Division
Fabrication Division Modules, Skids & Offshore O&G Rolled Goods, Docks Subsea Offshore Wind Piping Systems Structures & Terminals Structures Structures Equipment Jacket Foundations Piles/Monopiles PLETS/PLEMS Jacket Foundations Modules/Skids Decks Large OD Pipe Inline Sleds Electrical Substations Pr
Slide 10: Attractive End Markets - Fabrication
Attractive End Markets - Fabrication LNG Data Center Construction Renewable Energy 25 $30 3.5% 100% $25 3.0% Natural Gas 80% 20 $20 2.5% 2.0% 60% $15 15 1.5% Renewable Energy $10 1.0% 40% Bcf/d 10 $5 0.5% 20% 5 $0 0.0% Coal Nuclear 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 Data Cen
Slide 11: Loyal Customer Base
Loyal Customer Base Loyal Customer Base • Deep industry relationships and history of quality execution drives customer loyalty • High quality, diversified customer base • Services platform provides opportunity for pull-though fabrication work • Many clients embracing sustainability, providing new op
Slide 12: Experienced Management Team
Experienced Management Team Richard W. Heo, PhD Westley S. Stockton PRESIDENT & CEO EXECUTIVE VICE PRESIDENT & CFO Joined Gulf Island in 2019 Joined Gulf Island in 2018 Previous Experience Previous Experience • McDermott International, Inc. – Senior Vice President of • CB&I – Senior Vice President &
Slide 13: Safety Quality Environment
Corporate Sustainability A strong safety culture is a critical element of Gulf Island’s success, and the Company is Safety committed to the safety and health of its employees and subcontractors. Gulf Island has a strong quality management process with certifications in ISO 9001-2015. We use modern w
Slide 14: Safety
Safety Safety Trend 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2019 2020 2021 2022 2023 2024 YTD 2025 • Average Total Recordable Incident Rate of 0.45 since 2019 • One Lost Time Incident since 2019 (over 11.1 million hours worked) 13
Slide 15: Supporting the Community
Supporting the Community Training Future Craft Professionals • Del Mar College – Texas Workforce Commission funding to upskill and reskill craft employees • Louisiana Workforce Commission – Internal training developed to upskill craft employees • Lafourche Parish Career Magnet Center Apprenticeship
Slide 16: Value Creation Framework
Ye} GULF ISLAND BUILDING ON TRUST VALUE CREATION FRAMEWORK
Slide 17: Value Creation Roadmap
Value Creation Roadmap Our Past Our Path Forward Legacy Profitable Operational Disciplined Capital Gulf Island Growth Excellence Allocation • Complex shipbuilding and • Grow and diversify Services • Further strengthen project • Maintain strong financial fabrication contracts execution and bidding po
Slide 18: Pursue Stable, Profitable Growth
Pursue Stable, Profitable Growth • Grow offshore customer base and broaden service offerings • Expand service offerings to onshore markets • Grow and diversify Services • Launched Cleaning and Environmental Services (2Q24) • Increased focus on small- • Small-scale fabrication provides more stable, p
Slide 19: Operational Excellence
Operational Excellence • Improved operational performance and more disciplined bidding • Services platform provides more stable results • Increase in value-added services and Volume recovery products will benefit margins Grow value-add services and • Volume recovery in Fabrication will drive product
Slide 20: Disciplined Capital Allocation
Disciplined Capital Allocation Maintain Financial Invest in Organic Growth Pursue Strategic Share Repurchase Strength Initiatives Acquisitions Program • Ended 1Q25 with a cash and • Grow offshore customer base and • Previous acquisition of Dynamic • The Company’s current share investments balance of
Slide 21: ENGlobal Acquisition
ENGlobal Acquisition Automation Business Engineering Business Government Business • Provides engineering, design, • Provides engineering and design • Provides ENG’s engineering and fabrication and integration of industrial services for industrial projects automation solutions, generally in the autom
Slide 22: Financial Overview
Ye} GULF ISLAND BUILDING ON TRUST FINANCIAL OVERVIEW
Slide 23: First Quarter Summary
First Quarter Summary Consolidated adjusted Cash and investments New project awards of Consolidated adjusted EBITDA* of $4.5 million balance of $67.5 million (at $34.0 million revenue* of $40.3 million March 31, 2025) Adjusted revenue* for 1Q25 was Adjusted EBITDA* increased 23% Quarter-end cash and
Slide 24: First Quarter Performance - Services
First Quarter Performance - Services Services Revenue Services EBITDA* Services New Project Awards $ in millions $ in millions $ in millions $25.5 $3.3 $25.5 $22.8 $22.4 $20.2 $19.9 $2.7 $20.2 $19.9 $18.8 $18.9 $2.1 $1.9 $1.4 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25
Slide 25: First Quarter Performance - Fabrication
First Quarter Performance - Fabrication Fabrication Revenue Fabrication Adjusted EBITDA* Fabrication New Project Awards $ in millions $ in millions $ in millions $4.6 $4.5 $22.6 $20.7 $18.7 $18.7 $18.3 $17.1 $17.1 $17.6 $16.9 $14.4 $2.7 $2.5 $1.8 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 1Q2
Slide 26: First Quarter & TTM Performance - Corporate & Consolidated
First Quarter & TTM Performance - Corporate & Consolidated Corporate EBITDA* Consolidated Adjusted EBITDA* TTM Consolidated Adjusted EBITDA* $ in millions $ in millions $ in millions $4.5 $13.6 $21.6 $3.7 $3.7 $2.9 $13.6 $2.5 $(8.0) $8.0 ($1.7) ($2.0) ($2.0) ($2.1) ($2.3) Services Fabrication Combin
Slide 27: First Quarter Balance Sheet and Liquidity
First Quarter Balance Sheet and Liquidity Total Cash Position Total Surety Bonds $ in millions $ in millions 67.3 67.5 $66.8 $52.5 $63.1 $28.2 $61.3 $15.6 1Q24 2Q24 3Q24 4Q24 1Q25 4Q23 4Q24 1Q25 Total cash and investments was $67.5 million Surety bonds to support projects and certain at March 31, 20
Slide 28: Key Investment Highlights
Key Investment Highlights • Subsea, Petro-Chem and LNG offer near-term growth opportunity for Fabrication Attractive End Markets • Renewables, energy transition, data center and infrastructure provide longer- term growth opportunity for Fabrication • Stronger, more predictable business positioned fo
Slide 29: Appendix
APPENDIX Ye} GULF ISLAND BUILDING ON TRUST 28
Slide 30: Financial Reconciliation
Financial Reconciliation Services Segment EBITDA $ in millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 TTM Operating income $ 2.87 $ 2.19 $ 1.40 $ 0.88 $ 7.34 $ 1.58 $ 6.05 Depreciation and amortization 0.48 0.49 0.50 0.51 1.97 0.48 1.98 EBITDA $ 3.35 $ 2.68 $ 1.89 $ 1.40 $ 9.31 $ 2.07 $ 8.03 Fabrication Segm
Slide 31: Financial Reconciliation Continued
Financial Reconciliation Continued Consolidated EBITDA & Adjusted EBITDA $ in millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 TTM Net income (loss) $ 6.24 $ 1.89 $ 2.32 $ 4.30 $ 14.74 $ 3.83 $ 12.33 Income tax expense (benefit) 0.01 (0.00) 0.00 (0.06) (0.05) 0.00 (0.06) Interest expense (income), net (0.54)
Slide 32: Contact Information
Contact Information For questions or additional information please contact: Paul Bartolai, CFA 773.489.5692 [email protected] 31
Slide 33: Gulf Island
Fe! GULF ISLAND BUILDING ON TRUST
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