Gulf Marine Services (GMS) H1 2025 earnings summary

Executive summary

• Revenue increased by 8% year-over-year to $87.1 million in H1 2025, driven by higher average day rates and the addition of a leased vessel, partially offset by lower fleet utilisation due to maintenance and geopolitical instability.

• Adjusted EBITDA rose 6% to $50.8 million, with a margin of 58%.

• Net profit declined 47% to $3.9 million, mainly due to a one-time tax expense, higher depreciation, and amortisation.

• Net leverage ratio improved to 1.73x, and net bank debt reduced to $179.4 million.

Financial highlights

• Gross profit fell 7% to $35.9 million due to increased cost of sales and higher depreciation.

• Finance expenses dropped 34% to $8.1 million following refinancing at lower interest margins.

• Basic EPS decreased to $0.35 (H1 2024: $0.68); diluted EPS to $0.34 (H1 2024: $0.63).

• Operating cash flow was $41.2 million; capital expenditures increased to $12.9 million.

• Total equity rose to $406.6 million, supported by warrant exercises and profit.

Outlook and guidance

• 2025 adjusted EBITDA guidance raised to $101–109 million; 2026 target range $105–115 million.

• Secured backlog at $517.4 million, reflecting strong contract awards.

• Shareholder rewards (dividends/buybacks) expected in line with policy.