Anton Oilfield Services Group (3337) Q4 2025 earnings summary

Executive summary

• International crude oil prices were highly volatile in Q4 2025 due to shifting supply-demand, tariff uncertainties, and geopolitical risks, while global natural gas demand remained robust, especially in Asia and the Middle East.

• The group advanced its strategy as an integrated service provider for oil and gas asset value enhancement, deepening client co-innovation and expanding its global market platform.

• Significant operational progress included steady project execution in Iraq, milestone achievements in North Africa, and continued breakthroughs in China.

Financial highlights

• New orders in Q4 2025 totaled RMB2,084.1 million, down 20.0% year-over-year.

• Iraq market new orders were RMB1,167.1 million, a 30.5% decrease year-over-year due to a high base from a prior large project.

• Other overseas markets saw new orders rise 525.8% year-over-year to RMB256.7 million.

• China market new orders were RMB660.1 million, down 29.1% year-over-year due to delayed customer tenders.

• Order backlog as of December 31, 2025, was RMB16,755.6 million, with Iraq accounting for 43.3%, China 47.0%, and other markets 9.7%.

Outlook and guidance

• Q1 2026 is expected to see continued crude oil price volatility and growing natural gas demand amid ongoing geopolitical uncertainties.

• The group will focus on integrated solution innovation, digital empowerment, and green development to support sustainable growth.

• Strategic emphasis will be on strengthening regional capabilities, expanding market coverage, and enhancing operational efficiency through digital transformation.