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Foraco International (FAR) investor relations material
Foraco International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenue rose to $66 million, up 8% year-over-year, with South America as the main growth driver and EBITDA flat at $10 million due to ramp-up costs and seasonal effects.
Full year 2025 revenue was $258 million, down from $293 million in 2024, reflecting a market transition and asset redeployment, but Q4 marked an inflection point with strong demand and a record order book.
Order book reached a record $404 million at year-end, with $228 million executable in 2026; 90% of the backlog is with tier one customers.
Increased exposure to gold, now over 35% of the 2026 order book, and strengthened commercial activity in key regions.
Management emphasized strict financial discipline, positive free cash flow, and a solid balance sheet with full compliance to financial covenants.
Financial highlights
Q4 2025 revenue was $63 million, up from $61 million in Q4 2024; mining contributed 82% and water 18%.
Q4 2025 EBITDA was $10.4 million (16.5% of revenue), stable year-over-year; net profit was $2.3 million, up 10% from Q4 2024.
Full year EBITDA margin was 18%, down from 21% in 2024; EBIT was $27 million (10% of revenue) versus $43 million (15%) in 2024.
Working capital requirement dropped to $0.6 million from $10 million year-over-year.
Net debt at year-end was $71 million, up from $61 million in 2024.
Outlook and guidance
Record order backlog of $404 million at year-end 2025, with $228 million to be executed in 2026.
Strong demand expected to continue, driven by record gold prices and structural copper demand.
Margins anticipated to improve as new contracts are tendered at higher rates to reflect increased costs.
Ramp-up costs expected to persist through Q2 2026, then normalize as utilization stabilizes.
Management expects enhanced revenue visibility and improved cash conversion for FY 2026, supported by completed major mobilizations and a solid operational base.
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