DOF Group (DOFG) investor relations material

Executive summary

• Q3 adjusted EBITDA was $219m, up 13% YoY; management-reported EBITDA was $240m including a $21m vessel-sale gain.

• Backlog was $6.6bn at quarter-end and ~$7.0bn including subsequent additions; pending contracts could lift it further.

• Last-12-month revenue was $848m; 78 boats operated, including 57 owned vessels and nine hired-in vessels.

Financial highlights

• Management-reported Q3 revenue was $615m versus $501m YoY; adjusted EBITDA was $219m versus $194m, and adjusted EBIT was $168m versus $138m.

• Financial-reporting revenue was $577m, EBITDA $218m, EBIT $156m and net profit $115m; EPS was $0.47.

• Five vessels—four PSVs and Skandi Connector—were sold and delivered during Q3, generating a $21m net gain.

• Financial-reporting operating cash flow was $174m; cash and cash equivalents were $406m at quarter-end.

Outlook and guidance

• FY26 revenue guidance rose to $2,275m–$2,350m; EBITDA guidance excluding asset-sale gains fell by $10m to $830m–$850m, while CapEx remained $285m–$300m.

• FY26 guidance also included depreciation of $280m–$290m, net operating income of $540m–$570m and tax payable of $70m–$75m.

• Record backlog coverage for the next two years, high expected order intake and the initial 2027 budget review support confidence in continued strong earnings; activity and earnings are expected to improve further in 2028.

• Backlog was $6.6bn at quarter-end and ~$7.0bn including subsequent additions; it was ~$7.5bn including pipe layers and could approach $8bn if pending contracts are finalized.

• Backlog for 2027 was nearing $1.7bn and 2028 was ~$1.45bn including pipelines; 72% of midpoint 2027 revenue guidance was covered by firm backlog.