Baker Technology (BTP) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 47% YoY to $48.4m, mainly on lower charter income from reduced vessel utilisation; net loss after tax was $25.1m versus $19.1m profit in FY2024.

• Loss attributable to owners was $25.4m versus $18.2m profit; shareholders’ equity ended at $203.8m, down from $235.3m.

Financial highlights

• Gross profit fell to $2.5m from $35.8m and gross margin to 5% from 39%, as fixed operating costs continued while vessels were off-hired.

• FY2025 included a $6.7m foreign-exchange loss versus a $3.6m gain in FY2024, reflecting USD depreciation against SGD; vessel impairment was $2.0m versus nil.

• 2H2025 net loss after tax was $7.7m versus $17.4m in 1H; excluding FX, losses were $9.0m in 2H and $9.4m in 1H.

Outlook and guidance

• The operating stance is prudent, prioritising balance-sheet strength, cost discipline, operational flexibility and careful capital allocation while remaining prepared to pursue suitable opportunities.

• Escalating Middle East conflict disrupted Gulf operations; oil prices exceeded US$100/barrel, while charter cancellations and vessel lock-ins heightened near-term uncertainty.