Gulf Marine Services (GMS) H1 2026 earnings summary

Executive summary

• Adjusted revenue fell 3% year-over-year to $84.1m, mainly due to Gulf conflict disruptions and vessel redeployments.

• Net loss of $14.8m (vs. $3.9m profit in H1 2025) driven by a $22.7m impairment and lower EBITDA.

• Average fleet utilisation dropped to 75% (from 87%), but average day rates rose 7% to $37.4k.

• Expansion into Latin America and Africa, with new contracts expected to boost H2 2026 results.

Financial highlights

• Adjusted EBITDA declined 14% to $43.8m; adjusted net profit down 51% to $6.9m.

• Gross profit plummeted to $2.0m (from $35.9m), mainly due to impairment and conflict impacts.

• Adjusted EPS was $0.60 (vs. $1.26); diluted EPS $0.59 (vs. $1.23).

• Operating cash flow rose to $44.9m; capital expenditure surged to $58.8m due to vessel acquisition.

Outlook and guidance

• FY2026 adjusted EBITDA guidance reaffirmed at $105–115m, assuming no further Gulf escalation.

• H2 2026 expected to recover on Latin America expansion and redeployment of a large vessel in Europe.

• Secured backlog increased to $659m as of August 2026, reflecting strong contract wins.

• Shareholder distribution policy remains deferred pending geopolitical clarity.