EXMAR (EXM) H2 2025 earnings summary

Executive summary

• Strong cash generation across business units in 2025, with continued fleet renewal and expansion in shipping and infrastructure segments.

• Significant vessel transactions: two new MGCs delivered, one MGC and three pressurized vessels sold, and four Suezmax tankers ordered.

• Major LNG infrastructure contracts signed and extended, including new projects in Colombia and the Netherlands.

• Arbitration ongoing regarding performance bonus for TANGO FLNG project with ENI.

Financial highlights

• Revenue (proportionate consolidation) declined to $343.0M from $434.9M year-over-year.

• EBITDA (proportionate) dropped to $178.2M from $273.8M; Adjusted EBITDA stable at $178.2M vs $175.2M.

• Net income attributable to owners fell to $74.3M from $181.0M year-over-year.

• Basic EPS (USD) decreased to $1.15 from $3.15 year-over-year.

• Net financial debt increased to $324.9M from $197.9M, reflecting newbuild investments and dividend payouts.

Outlook and guidance

• 86% of MGC capacity already covered for 2026; seven newbuilds scheduled for delivery in 2026.

• LNG infrastructure contracts in Colombia and the Netherlands expected to drive future growth, pending final investment decisions.

• Continued focus on fleet renewal, energy transition, and regulatory compliance.