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SED Energy Holdings (ENH) investor relations material
SED Energy Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational and financial performance in Q3 2025, with all assets on contract and high technical utilization across both Energy Drilling and SeaBird Exploration.
Completed the business combination of Energy Drilling and SeaBird Exploration in May 2025, expanding operational scale and reducing single asset risk.
Significant shareholder distributions: USD 40 million paid in October 2025, USD 20 million proposed for Q3 2025, with full-year guidance updated to USD 80–85 million.
Maintained a conservative capital structure and robust liquidity, supporting ongoing distributions and strategic flexibility.
No major capital expenditures planned in the near term, supporting strong cash conversion and flexibility.
Financial highlights
Q3 2025 revenue increased to USD 50.7 million, up as much as 72% year-over-year; nine-month revenue up to USD 164.2 million pro forma.
Adjusted EBITDA for Q3 2025 was USD 24 million, up 33% year-over-year; nine-month adjusted EBITDA up 50% to USD 84.7 million.
Net profit for Q3 2025 was USD 7.8 million; underlying nine-month net profit was USD 35.2 million, excluding tax and merger costs.
Cash and cash equivalents at quarter-end were USD 66 million, with net interest-bearing debt at USD 23.4 million and leverage ratio of 0.2x LTM adjusted EBITDA.
Adjusted EBITDA margin for Q3 2025 was 47%.
Outlook and guidance
Full-year 2025 shareholder distributions guided at USD 80–85 million, with potential for further increases in 2026 due to full fleet utilization and high earnings visibility.
Expectation of increased revenue and distributions in 2026 based on strong backlog and all assets on contract.
Continued focus on quarterly distributions and optimizing balance sheet for flexibility and shareholder returns.
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