DOF Group (DOFG) investor relations material

Executive summary

• Q1 2026 revenue increased year-over-year, reaching up to USD 502 million, with EBITDA up 11% to as high as USD 175 million, driven by new contracts, improved terms, and strong project execution, despite a slight drop in fleet utilization and more vessels in maintenance.

• Non-recurring events, including vessel upgrades, mobilizations, and maintenance, impacted EBITDA by over $30 million.

• Order backlog at quarter-end was USD 4.9 billion, rising to USD 6.9 billion including post-quarter additions, providing strong revenue visibility.

• Dividend of USD 0.37 per share declared for the quarter, reflecting confidence in future earnings.

Financial highlights

• Operating revenue for Q1 2026 was up to USD 502 million, with EBITDA margin at 35% and net profit for the quarter at USD 69 million.

• Cash balance at quarter-end was USD 377 million, and net cash from operating activities was USD 33 million.

• Free cash flow conversion was 51%.

• Net interest-bearing debt increased to USD 1,265 million, with NIBD/LTM EBITDA at 1.9x.

• Equity ratio remained stable at up to 49%.

Outlook and guidance

• 2026 revenue guidance maintained at USD 2,150–2,250 million; EBITDA guidance raised to up to USD 880 million.

• 85% of 2026 revenue guidance secured through backlog, with strong coverage for years beyond 2026.

• Expect increased order intake for H2 2026 and 2027 in the coming months, with strong demand projected for 2027 and 2028.

• Market environment remains supportive, with high tendering activity and robust pipeline.