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Helix Energy Solutions Group (HLX) investor relations material
Helix Energy Solutions Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 results showed a net loss of $2.6M–$3M, with revenues down 17% year-over-year to $302M, driven by Well Intervention and Production Facilities declines, partially offset by Robotics growth.
Adjusted EBITDA was $42M–$42.4M, down from $97M in Q2 2024; free cash flow was negative $21.6M–$22M.
Cash and cash equivalents at quarter end were $319.7M–$320M, with total liquidity of $374.9M–$375M and negative net debt of $8M.
Strong vessel utilization in Brazil and new multi-year contracts in the North Sea and Gulf of America were secured.
Management expects Q3 improvement but limited Q4 visibility as projects shift into 2026; long-term fundamentals and backlog remain solid.
Financial highlights
Q2 2025 revenue was $302M, gross profit $14.9M–$15M, and net loss $2.6M–$3M; gross margin was 5%, down from 21% in Q2 2024.
Adjusted EBITDA for Q2 was $42M–$42.4M, down from $97M in Q2 2024.
Free cash flow for Q2 was negative $21.6M–$22M; operating cash flow was negative $17M.
Six-month net revenues were $518M–$580.4M, with net income $0.5M and adjusted EBITDA $94M.
Share repurchases totaled 4.6M shares for $30M in Q2; $128.4M remains authorized.
Outlook and guidance
2025 revenue guidance lowered to $1.2B–$1.3B and EBITDA to $225M–$265M, reflecting market softness, especially in Well Intervention.
Free cash flow expected between $90M–$140M; CapEx increased to $70M–$80M due to regulatory certifications and vessel maintenance.
Q3 2025 expected to be the strongest quarter, with Q4 impacted by seasonal and market slowdowns; project deferrals into 2026.
Long-term recovery anticipated in 2026, with full strength by 2027, especially in North Sea and abandonment segments.
Renewables and decommissioning demand expected to support future performance.
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