Civeo (CVEO) investor relations material

Executive summary

• Q2 2026 revenues rose 11% year-over-year to $180 million, driven by integrated services growth in Australia and Canada, the Qantac Acquisition, and favorable currency movements.

• Net loss improved to $2.5 million ($0.23 per diluted share), down from $3.3 million in Q2 2025, reflecting higher revenues and lower depreciation.

• Adjusted EBITDA was $23.8 million, slightly down from $25 million in Q2 2025, mainly due to start-up costs and inflation.

• Issued $115 million of 4.50% convertible senior notes due 2031 post-quarter, enhancing financial flexibility and enabling significant share repurchases.

• Repurchased 660,297 shares (~$22.3 million) post-quarter, completing a 20% buyback and commencing a new 10% authorization.

Financial highlights

• Q2 2026 revenues were $180 million, up from $162.7 million in Q2 2025.

• Net loss was $2.5 million ($0.23 per diluted share), improving from a $3.3 million loss ($0.25 per share) year-over-year.

• Adjusted EBITDA was $23.8 million, down from $25 million in Q2 2025.

• Operating cash flow improved to $11.6 million from negative $2.3 million year-over-year.

• Six-month revenue was $352.7 million (up 15% year-over-year), with a six-month net loss of $6.3 million, improved from $13.2 million loss in prior year.

Outlook and guidance

• Full-year 2026 revenue guidance remains $675–$700 million; adjusted EBITDA guidance is $85–$90 million.

• Capital expenditure guidance for 2026 is unchanged at $25–$30 million.

• Canada projected to see ~20% revenue growth in H2 2026 versus H2 2025, driven by integrated services and turnaround activity.

• Australia expected to face continued cost pressures through year-end, with improvement anticipated in 2027.

• Management continues to monitor commodity prices, inflation, and customer capital spending for future adjustments.