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Reach Subsea (REACH) investor relations material

Reach Subsea Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • 2Q 2025 revenue increased 10% year-over-year to NOK 684 million, driven by high project activity, growth in renewables and solutions, and more project days, though EBIT declined to NOK 91 million due to lower asset utilization and vessel idle periods in a cautious market.

  • Year-to-date 2025 revenue and EBIT reached all-time highs, supported by a strong first quarter and ongoing investments in technology and fleet expansion.

  • Order backlog stands at NOK 1.15 billion with a tender volume of NOK 8 billion, supporting a positive outlook.

  • Reach Remote 1 and 2 were delivered and commercialized, with successful pilots and commercial projects, marking a milestone in remote subsea operations.

  • NOK 500 million bond placement completed post-quarter end, strengthening capital for fleet expansion and strategic investments.

Financial highlights

  • 2Q 2025 revenue: NOK 684 million (2Q 2024: NOK 623 million); 6M 2025 revenue: NOK 1.4 billion (6M 2024: NOK 1.2 billion).

  • 2Q 2025 EBIT: NOK 91 million (2Q 2024: NOK 121 million); 6M 2025 EBIT: NOK 159 million (6M 2024: NOK 150 million).

  • 2Q 2025 pre-tax profit: NOK 88 million (2Q 2024: NOK 111 million); net income: NOK 73 million (2Q 2024: NOK 87 million).

  • Cash and cash equivalents at quarter end: NOK 170 million (2Q 2024: NOK 222 million).

  • Net interest-bearing debt (excluding IFRS 16): NOK 122 million (2Q 2024: negative NOK 128 million); including IFRS 16: NOK 1,120 million (2Q 2024: NOK 1,566 million).

Outlook and guidance

  • Long-term outlook remains positive, with stable and increasing OpEx activities, a sound CapEx outlook, and strong demand for remote and sustainable subsea solutions.

  • Order backlog and tender pipeline are robust, though market turbulence and project postponements may shift some work into later quarters.

  • Strategic focus on scaling remote operations, fleet upgrades, and expanding into new regions and high-growth subsea sectors.

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Frequently asked questions

Reach Subsea is an ultra-modern subsea company with a large fleet of dive support and inspection, repair, and maintenance service vessels for the offshore oil & gas and renewables industries. In addition to the diving services, Reach Subsea also offers rental of tooling and equipment to third parties. Furthermore, the Company provides technical and commercial management for projects, which includes engineering and project management, ROV and survey services, and light construction. Reach Subsea ASA serves oil & gas industry.

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