DOF Group (DOFG) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBITDA reached $238 million, up 11% year-over-year, excluding non-recurring items; reported EBITDA was $358 million, including insurance settlement and vessel sale gains.

• Operating revenue for Q2 2026 was $712 million, a significant increase from $507 million in Q2 2025.

• Net profit for Q2 2026 was $146 million, up from $136 million in Q2 2025.

• Fleet utilization remained high at 88%, with a global spread of contract awards and high backlog visibility.

• Dividend of $0.38 per share declared for the quarter.

Financial highlights

• Backlog at end of Q2 2026 stood at $6.7 billion, with total backlog including post-balance additions at $7.2 billion.

• Revenue guidance for the year raised to $2,250 million midpoint, up $50 million.

• Adjusted EBITDA guidance set at $840–$860 million, reflecting operational adjustments.

• Net interest-bearing debt at $1,217 million; NIBD/LTM EBITDA at 1.8x, within the target range of 1.5–2.0x.

• Positive operational cash flow and dividend payment of close to $90 million in the quarter.

Outlook and guidance

• Market outlook remains strong, with expectations for continued backlog growth and high tender activity.

• 92% of 2026 revenue guidance covered by backlog; 68% of 2027 revenue guidance already secured.

• Anticipates higher project activity in 2027 versus 2026, especially in anchor handling and CSV segments.

• Guidance raised for revenue and adjusted EBITDA, with minor timing-related CapEx adjustments.

• Geopolitical risks, particularly in the Middle East, are being closely monitored.