Avance Gas (AGAS) Q1 2025 earnings summary

Executive summary

• Net profit of $42.6 million and EPS of $0.56 for Q1 2025, down from $210.2 million and $2.74 in Q4 2024, reflecting asset sales and wind-down activities.

• Completed sale of four MGC newbuilding contracts to Exmar for $282.4 million, booking a $34.2 million gain in Q1 2025.

• Distributed $435.6 million to shareholders in Q1 2025, including return of capital, extraordinary dividends, and BW LPG share distribution.

• Announced final extraordinary distribution of $0.74 per share in April 2025; company proceeding with delisting and voluntary liquidation.

Financial highlights

• Operating revenue was $114 thousand in Q1 2025, down from $44.8 million in Q4 2024, due to sale of VLGC fleet.

• EBITDA was $94 thousand in Q1 2025, compared to $26.1 million in Q4 2024.

• Gain on sale of assets was $34.2 million in Q1 2025, related to MGC newbuilding sale.

• Change in fair value of BW LPG shares was a $11.4 million gain in Q1 2025, versus a $96.7 million loss in Q4 2024.

• Adjusted net profit (excluding gains and fair value changes) was a loss of $3 million in Q1 2025.

Outlook and guidance

• No new investments planned; company in wind-up process with all assets sold and capital returned to shareholders.

• Special General Meeting scheduled for May 16, 2025, to approve delisting and voluntary liquidation; delisting expected by June/July 2025.