Mermaid Maritime Public Company (DU4) H1 2025 earnings summary

Executive summary

• 2Q 2025 revenue was $112.4m, down 28.9% YoY; net loss was $7.7m versus $2.9m net profit, while EBITDA excluding share of profit was $0.1m versus $12.4m.

• H1 service revenue was $229.6m, down 6.7% YoY; net loss was $15.5m versus $3.3m net profit in H1 2024.

• Order book was $688m at 30 June 2025, with contracts extending through FY2036.

Financial highlights

• H1 total revenue was $230.6m, down 6.8% YoY; total expenses rose 2.0% to $247.7m.

• H1 operating loss was $17.1m versus operating profit of $4.6m; EBITDA excluding share of profit was $1.4m versus $23.8m.

• H1 gross profit was $1.6m versus $19.2m; 2Q gross profit was $0.8m versus $10.5m.

• H1 loss attributable to owners was $15.5m; basic EPS was $(0.0110) versus $0.0022.

Outlook and guidance

• The $688m order book spans Southeast Asia, the Middle East, North Sea and Western Sub-Sahara, with revenue visibility through FY2036.

• Middle East cable-lay vessels are booked into 2026; Millennium 3 remains in high demand.

• Growth priorities include KSA, APAC, Qatar and Africa, alongside decommissioning and carbon-capture opportunities and bids with defendable margins.