Gulf Marine Services (GMS) Q3 2025 TU earnings summary

Executive summary

• Revenue for the nine months ended September 2025 rose 10% year-over-year to $138.3 million, driven by higher day rates and an additional leased vessel.

• Adjusted EBITDA increased 7% to $81.5 million, with a margin of 59% for the period.

• Net leverage ratio improved to 1.63x from 2.31x year-over-year, reflecting deleveraging and lower net debt.

• The company remains on track to meet 2025 objectives despite one-time events such as a Saudi tax judgment and operational disruptions from Gulf conflict.

Financial highlights

• Revenue up 10% to $138.3 million compared to the same period last year.

• Adjusted EBITDA up 7% to $81.5 million; margin at 59%.

• Finance expenses down 35% to $11.6 million due to reduced gross debt and lower interest rates.

• Net debt reduced to $172.2 million from $221.2 million year-over-year.

Outlook and guidance

• Adjusted EBITDA guidance for 2025 raised to $101–109 million; 2026 target set at $105–115 million.

• Confident in achieving leverage targets and executing shareholder reward program.