GOWell Energy Technology Ordinary shares 2026 Q2 Earnings Call

Thank you, George, and thank you everyone for joining. This is our first update as a listed company, and as we could not do it earlier because of the de-SPAC process, the goal really of today is quite simple. We want to bring our public numbers up to date with H1 and give you a bit of a view of where we are headed. Next slide, please. So quick overview at a glance on the financials first. H1 revenue year-over-year is up 43%, so quite a strong first half of the year, followed as well by strong growth on the adjusted EBITDA, which leads us to reaffirm our guidance for the year. We're basically on track with what we had announced and laid out during the de-SPAC process earlier in 2026. Mike will take you, in a few minutes, over some more details on those numbers.

On the commercial side, we have had some large capital sales deliveries in H1, mostly in the Caspian region. Those have contributed largely to the H1 growth this year. Having said that, we have also won new awards on the capital sales front, which have allowed us to replenish our backlog, despite those delivery and offset those deliveries, and that's basically providing us a little bit of visibility into 2027. As far as the ongoing conflict in the Middle East, we have obviously experienced a few headwinds. They have been, however, largely offset by a very strong performance, both in North Africa, and Algeria in particular, as well as in Latin America. I think that truly highlights the benefits of having a diversified geographic footprint, and allows us to hedge things a little bit.

On the technology front, the Well Innovation acquisition and the GOTrac technology are now, since a few months ago, fully integrated into GOWell and our offering and conveyance platform. We also have two flagship measurements from our Through Tubing portfolio, namely the Through Tubing Cement Evaluation and the Multi-String Corrosion Imaging technology, which are now firmly into customer hands for validation through field tests and field trials in various part of the world. I will come back to those with a bit more details in a few minutes. Basically, the message here is a strong first half with good momentum, both on the commercial front as well as on the technology maturity side. With this, I will hand it over to Mike for some comments on the numbers.

Thanks, Guillaume. Next slide. We achieved $33.8 million in revenue for the first half of 2026, and this represents a 43% increase over the same period last year. The growth was primarily driven by an increase in equipment sales of about $9 million, but service grew as well at about $1.2 million for the same period last year. Next slide. We achieved operating profit of $9.1 million, and this is a 135% increase over the same period, 2025. Net profit increased 38% to $3.7 million in the first half, versus $2.7 million for the same period last year. The higher operating profit was partially offset by $4.3 million in finance cost, and this is primarily related to the redeemable preferred shares, including a $1.6 million fair value loss on the derivative related to those shares.

Adjusted EBITDA increased 79% to $14.1 million for the first half of 2025, as compared to $7.9 million for the first half of last year. Sorry, '26 is $14.1 million versus $7.9 million. This growth was supported by both the revenue growth and our operating leverage. Next slide. For the full year, as Guillaume said, the company is reiterating the total revenue guidance of $60 million-$68 million, which is about a 27%-44% increase over the $47.2 million that we reported for 2025. We also reiterate the adjusted EBITDA guidance for the full year in the range of $25 million-$29 million, which will be an increase of approximately 40%-63% versus the $17.8 million reported for fiscal year 2025. We are excited to mention that we completed the business combination with Inflection Point Acquisition Corp. V on September 25th. We began trading as GOWell on the 28th.

That completes the finance slides. I will turn it back to Guillaume.

Thank you, Mike. Next slide, please. As mentioned, a few notes and updates on some of our key technologies. Those are really important, and they do matter because this is where lie the long-term value of the company, basically. Each of those really address a structural trend in the market, not just a simple cycle, be it decommissioning, the tightening regulations on well integrity, or the overall drive for lowering costs in wells intervention. The first one of those, the GOTrac, which is basically our tractor technology. This is the next generation conveyance, and it's now fully integrated into our offering. We started manufacturing the first assets, and operations are going to start early in the new year. This is what is allowing to extend our reach from just making measurements into wells to actually getting the sensors to the bottom of those wells, regardless of their actual architecture.

The second one is the Through Tubing Cement Evaluation. It's basically what allows operators to map the cement behind the casing without pulling the tubing. That removes the need to bring a rig early on in a plug and abandonment type of operation, and hence is a major cost lever or cost saver in decommissioning operation. This technology is fully patented. It's unique. It's very innovative. Its validation is currently underway with major customers over the globe, mostly in the North Sea, in the Middle East, and offshore U.S. Thirdly, the Multi-String Corrosion Imaging is another unique solution, unique technology, fully patented as well. That is really answering the increasing need, driven by regulation as wells are aging, to see corrosion across several strings and through tubing in particular. As I mentioned, unique solution, currently as well in field trials, both in Europe and in North America.

It's important to note that none of those technologies are actually reflected in our 2026 numbers or projections in any significant or meaningful way. They are all about 2027 and beyond. Next slide, please. A quick look at some of the key regions and how they contributed to or how they are contributing to 2026, and going forward, how they will continue in 2027. First, the Middle East. The impact of the regional conflicts there has been relatively muted through H1, and mostly we have, as far as GOWell goes, we have mostly offset it through a very strong activity in North Africa. The slower activity in the Gulf countries, we've been able to offset by mostly Algeria, in fact. We are not calling a rebound date, right? And really are staying careful about what's to come.

Although it's clear that when it rebounds, we should see an increase in activity in well interventions, which is where we play, which is kind of our sweet spot. However, it's a little bit difficult to call a rebound date at this stage, so we're not doing this. And that explains how we framed our guidance. On the Caspian, we have seen strong growth from large capital projects, as we mentioned earlier, and this is driven by many of the vertically integrated operators having a lot of CapEx available, especially with the oil price as they are today. And those operators buy technology directly, which is our model. In North America, there again, the market is dominated by many independent service companies that don't necessarily have their own R&D or their own technology.

They do rely on third party to access the technology, precisely the kind of customers that GOWell is built for. In Latin America, it is poised to be the largest non-OPEC production growth area, through new capacity, but also mature field reactivation or optimization, which is a growing focus. Additionally, we see in a few countries a growing interest as well in decommissioning. Venezuela is a bit of a different story. 2026 has really been a building year, a getting ready year for everybody. We are truly following our main customer, the large OFSCs, who are really getting ready to enjoy a full execution year in 2027, which is where we do expect to see some traction on our side. All in all, if we put all this together, 2027 is a relatively positive outlook for GOWell. The Middle East rebounds when it rebounds.

Again, there is some uncertainty there, should see first operators go towards restoring production, which favors integrity and intervention work, what really we do. Secondly, the current geopolitical tension across the globe has increased the awareness and the need for energy security globally, which is driving reactivation and optimization of existing wells. Thirdly, despite the cycle and whatever the cycle, we continue to see regulations tightening around integrity and decommissioning. What ties this together for us, for GOWell, is that our business and its growth is mostly driven on the installed base of existing wells and not so much by new drilling, which allows us to be a little bit more resilient through cycles. With that, I will hand over the call back to George.