EXMAR (EXM) H1 2025 earnings summary

Executive summary

• Consolidated profit for H1 2025 was USD 44.4 million, down from USD 69.5 million in H1 2024, mainly due to lower revenue in Infrastructure and Shipping, and a reduced gain on disposals.

• Revenue decreased to USD 122.4 million (IFRS), reflecting lower engineering, procurement, and construction activity, fewer pressurized vessels, and the sale of Bexco NV.

• Cash position increased to USD 323.2 million at June 30, 2025, up from USD 274.7 million at year-end 2024, driven by operating cash flow and offset by debt repayments.

• Equity rose to USD 659.6 million, up USD 50.0 million, primarily due to the H1 2025 profit.

• Operational performance was supported by strong engineering business and a $15 million reversal of a Marine XII project warranty provision.

Financial highlights

• Revenue: USD 122.4 million (H1 2025, IFRS) vs. USD 194.1 million (H1 2024); proportionate revenue: USD 168.9 million vs. USD 237.4 million.

• EBITDA: USD 61.0 million (H1 2025) vs. USD 67.8 million (H1 2024); Adjusted EBITDA: USD 61.0 million (no adjustments in 2025, 2024 included a USD 19.6 million gain on Bexco sale).

• Operating result (EBIT): USD 47.3 million (H1 2025) vs. USD 50.1 million (H1 2024).

• Net financial debt reduced to USD 189.9 million from USD 235.9 million year-over-year.

• Basic earnings per share: USD 0.77 (H1 2025) vs. USD 1.20 (H1 2024).

Outlook and guidance

• Shipping expects freight rates for fully refrigerated vessels to improve in H2 2025, driven by new LPG storage and ammonia production capacity in the US Gulf.

• Infrastructure anticipates continued downstream LNG expansion, with Eemshaven LNG terminal maintaining 100% uptime and contract coverage through Q3 2027.

• MGC fleet coverage stands at 95% for the remainder of 2025.

• Ongoing development of floating liquefaction and regasification projects, with new ammonia-fueled vessels to be delivered from Q1 2026.