Gulf Marine Services (GMS) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 adjusted revenue rose 10% YoY to $151.8m; adjusted EBITDA was unchanged at $81.5m, with Q3 improvement following first-half Gulf conflict disruptions.

• A newly acquired mid-class vessel began operating in Latin America in Q3, while average day rates improved; fleet utilization remained affected by Gulf conflict and vessel preparations.

Financial highlights

• Adjusted revenue was $151.8m in 9M 2026 vs $138.3m in 9M 2025, up 10%; adjusted figures exclude the impact of finance lease accounting for a leased vessel.

• Adjusted EBITDA was $81.5m in 9M 2026, unchanged YoY; net bank debt was $175.4m vs $172.2m, up 2%.

• Backlog at 30 September 2026 was $616.0m vs $457.5m a year earlier, up 35%; backlog was $606m at 31 December 2025.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance remains $105m–$115m, assuming the geopolitical situation does not materially affect vessel utilization.

• Backlog of $616m underscores continuing demand for the vessel fleet.