Marco Polo Marine (5LY) Q3 2025 TU earnings summary

Executive summary

• 3QFY2025 revenue fell 9% YoY to S$31.7m; gross profit declined 4% to S$14.0m while gross margin improved to 44%.

• 9MFY2025 revenue decreased 13% YoY to S$84.4m and gross profit fell 3% to S$35.6m; gross margin rose to 42%.

• Lower shipyard revenue and reduced Taiwan third-party vessel rechartering income weighed on revenue; fewer low-margin recharters improved margins.

• Wind Archer, the first CSOV, and three new CTVs began contributing income, supporting growth into 4QFY2025 and FY2026.

Financial highlights

• 3QFY2025 revenue was S$31.7m versus S$34.9m a year earlier; gross profit was S$14.0m versus S$14.6m.

• 9MFY2025 revenue was S$84.4m versus S$96.5m; gross profit was S$35.6m versus S$36.8m.

• 1HFY2025 net profit attributable to owners declined 3% YoY to S$10.6m from S$11.0m.

Outlook and guidance

• Wind Archer and three CTVs in Taiwan are expected to support income in 4QFY2025; the full benefits are expected in FY2026.

• The completed fourth dry dock is expected to accommodate its first vessel this quarter, with meaningful income contribution in FY2026 as activity ramps up.

• Third-party vessel rechartering revenue is expected to remain muted due to normal project phasing; management expects a solid FY2025 close and continued strength into FY2026.

• Management remained prudently optimistic on offshore wind and sustainable marine logistics.