EXMAR (EXM) H1 2026 earnings summary

Executive summary

• Consolidated net profit reached USD 53.4 million for H1 2026, up from USD 44.4 million in H1 2025, driven by strong financial gains and operational resilience despite lower revenue.

• Delivered four new MGC vessels, including the world's first oceangoing dual-fuel ammonia engine vessel, ANTWERPEN.

• Bought back two VLGCs, generating a USD 25 million financial profit due to favorable exchange rates.

• Customer EemsEnergyTerminal made FID for Eemshaven LNG extension; awarded a second FSRU.

• Acquired three LNG carriers to support new infrastructure projects.

Financial highlights

• Revenue: USD 115.8 million (H1 2026), down from USD 122.4 million (H1 2025).

• EBITDA: USD 39.3 million (H1 2026), down from USD 61.0 million (H1 2025).

• Operating income (EBIT): USD 26.7 million (H1 2026), down from USD 47.3 million (H1 2025).

• Net finance result: USD 21.2 million profit (H1 2026) vs. USD 13.5 million loss (H1 2025).

• Earnings per share: USD 0.67 (H1 2026) vs. USD 0.77 (H1 2025).

Outlook and guidance

• Medium to long-term outlook remains positive for LPG transportation and ammonia trade, supported by fleet renewal and strong customer relationships.

• VLGC rates expected to remain firm through 2026, supported by strong utilization and market inefficiencies.

• Infrastructure segment expects continued demand for floating LNG solutions as energy security and decarbonization drive investments.

• Infrastructure department is pursuing several new projects, with updates expected soon.

• Anticipates competitive LNG pricing and robust demand for floating import and storage infrastructure, especially in Europe.