Gulf Marine Services (GMS) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue rose 14% year-over-year to $42.3 million, driven by higher day rates and vessel utilization.

• Adjusted EBITDA increased 21% to $25.6 million, with margin improving to 61%.

• Net leverage ratio reduced to 1.79x, reflecting improved EBITDA and lower net debt.

• Backlog grew 24% to $570 million, supporting future revenue visibility.

Financial highlights

• Gross profit reached $19.9 million, up 17% year-over-year; gross margin improved to 47%.

• Finance expenses fell 31% to $4.3 million due to lower debt and improved loan terms.

• Net debt decreased to $187.4 million from $256.5 million a year ago.

Outlook and guidance

• 2025 adjusted EBITDA guidance maintained at $100–108 million; 2026 targeted at $105–115 million.

• Market demand expected to remain strong, with new vessel supply anticipated but likely absorbed by asset retirements.

• Management remains focused on resilience and risk management amid global economic uncertainties.