Eidesvik Offshore (EIOF) Q2 2025 earnings summary

Executive summary

• Q2 2025 freight revenue reached NOK 199 million, up 7% year-over-year, with fleet utilization at 98% and supply utilization at 96%.

• Dividend of NOK 0.30 per share declared, ex-date 28 August 2025.

• Contract backlog stands at NOK 3.4 billion, including JV share, with 100% contract coverage.

• No lost time injuries reported, but an uptick in first aid incidents noted.

• Long-term positive outlook in both supply and subsea/renewables segments.

Financial highlights

• Q2 2025 revenue was NOK 198.5 million (Q2 2024: NOK 197.8 million); adjusted revenue increased 7% year-on-year.

• EBITDA was NOK 76.4 million, margin 38%, up from 36% sequentially; adjusted EBITDA for Q2 2024 was NOK 70.7 million.

• Operating result was NOK 29.1 million, compared to NOK 41.2 million in Q2 2024; adjusted operating result for Q2 2024 was NOK 29.4 million.

• Pre-tax result in Q2 2025 was NOK 30.1 million, down from NOK 39.2 million in Q2 2024.

• Cash position at quarter end was NOK 305 million, down from NOK 396 million at year end due to newbuild investments.

Outlook and guidance

• PSV market outlook is positive for 2025–2028, with vessels well positioned for contract renewals.

• Activity in the North Sea expected to remain flat through 2025, with an uptick anticipated in 2026 and 2027.

• Subsea and renewables activity expected to remain high, with strong demand for suitable vessel tonnage.

• Supply chain cost pressure expected to ease as inflation slows for key components.

• Dividend policy remains at the Board's discretion, with NOK 0.20 per share authorization remaining.