Floatel International (FLOAT) Q4 2025 earnings summary

Executive summary

• Achieved highest fleet utilization since 2017 at 85% in Q4 2025 and 82% for the full year, with all four units on charter and the fleet largely committed for 2026.

• Revenues rose to $246.1 million for 2025, up from $156.9 million in 2024, with recurring EBITDA more than doubling to $109 million, at the upper end of guidance.

• Multiple new contracts, letters of intent, and tenders secured, extending backlog and ensuring high fleet activity into 2029.

• Orderbook at year-end reached $358 million firm and $520 million including options, with 47% for 2026 and 31% for 2027.

• Sale of Floatel Reliance completed in May 2025 for $9.8 million.

Financial highlights

• Q4 2025 revenue was $71.4 million, up from $31.6 million in Q4 2024; full-year revenue reached $246 million.

• Q4 recurring EBITDA was $34 million (47% margin), with full-year EBITDA at $109 million (44% margin).

• Net profit for the year was $40 million, aided by a $20 million impairment reversal.

• Cash and cash equivalents at year-end were $66 million, with an undrawn $25 million revolving credit facility.

• Net interest-bearing debt reduced to $253 million from $286 million at prior year-end.

Outlook and guidance

• 2026 outlook is strong with the fleet almost fully booked and visible increases in customer activity.

• 2026 EBITDA is expected at the lower end of the $90–110 million range.

• Focus remains on securing employment for available slots in 2027 and beyond, with robust tendering activity and announcements hoped for before June.

• Orderbook at year-end 2025 was $358 million firm, $520 million including options.