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Reach Subsea (REACH) investor relations material
Reach Subsea Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 results were weaker than expected due to lower vessel and asset utilization and extraordinary costs from Reach Remote implementation and certification.
Despite market turbulence and project delays, project execution remained strong, and the long-term subsea industry outlook is positive.
Major milestone achieved with the commercial launch and trading permit for Reach Remote 1, the first unmanned vessel operating fully remotely in Norwegian oil and gas fields.
Early adoption of remote solutions by major energy companies is driving broader industry acceptance and future growth.
The company is accelerating the scale-up of remote operations, with Reach Remote 2 preparing for Australia and orders placed for Reach Remote 3 and 4.
Financial highlights
Q3 2025 revenue was NOK 688 million, down from NOK 834–834.6 million in Q3 2024; EBIT margin was 7.3%, with EBIT at NOK 50.6–51 million.
Q3 2025 profit was NOK 34.8–40.4 million, down from NOK 91.4–92 million in Q3 2024.
Operational cash flow in Q3 was NOK 335.3–340.6 million, with cash and cash equivalents at NOK 616.8–617 million.
Year-to-date revenue reached NOK 2.07 billion, slightly higher than last year; EBITDA for the first nine months was NOK 914.5 million (margin 44.2%).
Equity ratio improved to 34.8–35% at Q3 2025, up from ~30% last year.
Outlook and guidance
The order backlog stands at NOK 1.05 billion, with a tender volume of NOK 9 billion, supporting a robust pipeline and positive outlook.
The company expects improved utilization in Q4 2025 and is focused on optimizing fleet use and expanding remote operations.
No formal quarterly or annual guidance provided, but management sees ample global opportunities and is exploring options to accelerate Reach Remote scale-up.
Reach Remote 3 and 4 are expected to be operational by mid-2027.
Strategic priorities include scaling remote capabilities, growing in offshore wind and carbon storage, and strengthening core data and monitoring services.
Accelerate Reach Remote scale-up: options
Mitigate market caution and low fleet utilization
Strategy for emerging market growth
How does Reach Remote certification accelerate growth?
Are Q3 Reach Remote extraordinary costs one-off?
How does fleet flexibility mitigate market caution?
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Next Reach Subsea earnings date
Q4 202512 Feb, 2026
Next Reach Subsea earnings date
Q4 202512 Feb, 2026
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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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