Jacktel (JACK) Q3 2025 earnings summary

Executive summary

• Achieved 100% operational and financial utilization in Q3 2025, with no lost time injuries or high-potential incidents reported.

• Declared first quarterly distribution to shareholders, classified as repayment of paid-in capital, to be paid in NOK.

• Successful refinancing with a $70m bond, 4-year tenor, 10% coupon, and $10m annual amortization completed in October.

• Equinor exercised final 2-month option, extending contract until March 2026; preparations for Valhall (Aker BP) mobilization progressing.

Financial highlights

• Q3 2025 revenue was $16.6m, EBITDA $9.4m, and net profit $3.1m, with $15.6m from charter hire and $1.0m from reimbursables.

• Operating expenses totaled $7.2m, including $5.0m vessel OPEX and $1.7m SG&A.

• Net financial expenses were $2m; net increase in cash of $8.9m, ending Q3 with $12.1m cash balance.

• Firm EBITDA backlog of $66m, $87m including options as of Q3 2025.

Outlook and guidance

• Contract backlog, including options, extends into 2028, with optimism for further opportunities in oil & gas and offshore wind.

• Near-term focus on reducing the gap between Equinor and Aker BP contracts to enable direct mobilization and cost savings.

• Listing on Euronext Growth considered for Q1 2026.

• Market expected to remain strong due to limited supply and regulatory focus on asset maintenance.