Gulf Marine Services (GMS) Investor update summary

Financial performance and turnaround

• Revenue for H1 2025 increased by 8% to $87.1m, with EBITDA up 6% to $50.8m and EBITDA margin at 58%.

• Net debt reduced by 26% to $179m, with leverage down to 1.73x from 2.62x in 2024.

• Sustained deleveraging achieved through accelerated debt repayment and cost reduction, improving balance sheet health.

• Operating costs as a percentage of revenue have declined, supporting higher margins.

• Backlog stands at $474m as of September 2025, providing 2.8x 2024 revenue visibility.

Strategic outlook and shareholder returns

• Positive 2025 outlook with EBITDA guidance of $101m–$109m and improving day rates.

• Plan to maintain leverage below 2x and target 1.5x, with ongoing value transfer to equity holders.

• Shareholder rewards to begin in H1 2026, allocating 20–30% of adjusted net income to buybacks or dividends.

• Strategic goal to double EBITDA in five years and explore growth opportunities.

Market positioning and investment highlights

• Operates 14 advanced self-elevating support vessels, serving oil, gas, and renewables in MENA and Western Europe.

• Completed five-year debt refinancing in December 2024 with favorable terms.

• Strong cash generation, improved share liquidity, and discounted valuation offer upside potential.

• Balanced geographic revenue distribution and long-term client relationships.