Investment case | James Fisher and Sons plc

Why invest in James Fisher?

We are seeking to deliver sustainable value for our shareholders by implementing a strategy focused on simplifying and focusing the Group. By establishing stronger foundations, we are delivering growth, improved margins and enhanced ROCE.

What sets James Fisher apart

Jfworldwide map with above and below ground images

Growing demand

Within each of our core markets there are substantial opportunities for growth. The ongoing geopolitical and environmental backdrop continues to drive the focus on energy security, decarbonisation and investment in defence. Our breadth of established capabilities mean we are well positioned to play a key role with: - Traditional and new energy markets - Transportation of critical supplies to smaller, regional hubs - Growing demand for maritime and special operations expertise - Opportunity to expand into less mature markets

Scantech Offshore bubble curtain technology

Trusted, innovative partner

Throughout our 175 years, we have demonstrated an ability to solve difficult problems in the harshest of environments, helping our customers navigate seismic shifts in economic and political contexts. We combine subject matter expertise and a deep practical understanding of the reality of working in our chosen markets. In 2023, this included a number of key innovations: - Bubble curtain technology for marine protection - Trial of refuelling-at-sea for the Royal Navy - Launch of Shadow Seal tactical diving vehicle

Established specialisms

Our focus on solving difficult problems in specialist business segments sets us apart from potential competitors. Customers value our specialist assets, capabilities and skills of our global network of businesses. - Primary UK fleet operator for the delivery of petrol, diesel and heating fuels - Leading positions across several markets and geographies - Ship-to-Ship transfers - Submarine rescue - High-voltage engineering for offshore wind

Performance focused

We are focused on actively managing our portfolio, reducing leverage and deploying a balanced capital allocation process, improving and scaling commercial and contracting capabilities and striving for a world-class safety, risk and project management culture. In 2024, we intend to continue this focus with the: - Sale of non-core businesses - Expansion of Lean Six Sigma training programme - Launch of Exceptional Safety commitment - Launch of Project Management pilots

These strengths are underpinned by

James Fisher and Sons PLC purpose statement infographic.

Commitment to our purpose

We recognise that collective success depends upon a shared understanding of the fundamental aims and ambition of the company.

Authentic, inspiring and practical, our purpose sets a clear direction to unite our key stakeholders interests and is an effective tool for driving growth at an individual, team, operating company, division and group level. Forward-looking, our purpose guides future strategic decisionmaking, investment and innovation.

Living our valued behaviours

Reflective of our history, our core guiding behaviours are intrinsic to who we are today as an organisation.

Representing the principles we aspire to uphold, both internally and externally, they are pivotal to our ability to maintain high standards of delivery, long-term flourishing relationships and a strong working culture. Integral to our purpose, they help propel the business forward.

Our exceptional people

Central to the success of our operations are our people. Working across continents, sometimes in the harshest of environments, our people extol our valued behaviours, demonstrating strong local expertise, exemplary teamwork, selflessness and unparalleled fortitude.

It is their talents and passion for creating value for internal and external stakeholders, that will facilitate our strategy of sustainable, profitable growth.

A culture of innovation

Combining instinctive curiosity with subject matter expertise and a deep practical understanding of applications, our people drive continual innovation.

Supported by a culture in which autonomy and collaboration are actively encouraged, they intuitively generate ideas to improve safety and efficiency, and to lower risk and cost.

A focus on margin improvement

We are determined to embed lean and continuous improvement principles throughout our business to guarantee consistent and efficient operational delivery, as part of our sustainable growth strategy.

We are constantly evaluating ways to improve our delivery performance and adopting best practice, methodologies, systems and processes with the sole aim of creating additional value.

empowering, and supporting our employees to deliver optimal quality for our customers

Our commitment to process excellence

Committed to process excellence, we’re focused on actively managing our portfolio, reducing leverage and deploying a balanced capital allocation process, improving and scaling commercial and contracting capabilities and striving for a world-class safety, risk and project management culture.

We believe this will enable us to deliver sustainable growth, improved margins and return on capital employed (ROCE) and reduced leverage.