Gulf Marine Services (GMS) H1 2026 earnings summary

Executive summary

• Adjusted EBITDA was $43.8m; Gulf conflict caused a $12.8m impact, including $11.6m lost revenue and $1.2m incremental costs.

• Secured backlog reached $659m at 17 Aug 2026; all four evacuated vessels returned to existing contracts by mid-June.

• Adjusted revenue declined 3% to $84.1m; statutory net loss was $14.8m, while adjusted net profit was $6.9m.

• Diversification expanded into Latin America and Africa alongside European renewables growth; Middle East revenue share fell to 80% from 89%.

Financial highlights

• Adjusted revenue was $84.1m, down 3% YoY; adjusted EBITDA was $43.8m, down 14%, and adjusted net profit was $6.9m, down 51%.

• Statutory net loss was $14.8m versus H1 2025 net profit of $3.9m, reflecting a $22.7m impairment and lower EBITDA; adjusted results remained profitable.

• Average day rate rose 7% to $37.4k; fleet utilisation was 75%, down from 87%.

• Operating cash flow was $44.9m; capital expenditure was $58.8m, primarily reflecting vessel acquisition.

• Adjusted EPS was $0.60 versus $1.26; diluted EPS was $0.59 versus $1.23.

Outlook and guidance

• FY2026 adjusted EBITDA guidance of $105m-$115m was reaffirmed, assuming no return to active military action in the Gulf.

• H2 growth drivers include full-period European E-Class operations, Latin America contract ramp-up, Africa vessel-management fees and continued day-rate improvement; recovery of $11.6m lost revenue is potential upside.

• Secured backlog was $659m at 17 Aug 2026, up from $606m at 31 Dec 2025; $384m was firm and $275m optional.

• H1 2026 contract awards and extensions carried 12.3 years of combined charter duration, versus 8.1 years in H1 2025; the long-term aim remains doubling 2024 adjusted EBITDA by 2030.