Mermaid Maritime Public Company (DU4) H1 2026 earnings summary

Executive summary

• H1 service revenue fell 37.3% YoY to $143.9m; net loss narrowed to $7.2m, supported by higher associate/JV profits and $2.7m tax income.

• Order book was $750m at 30 June 2026, with contracts extending through FY2036.

• Cash and cash equivalents were $66.4m; H1 operating cash flow was $19.6m and working capital was positive at $89.1m.

Financial highlights

• 2Q revenue was $61.8m, down $50.6m YoY and $20.3m QoQ, mainly due to lower T&I and decommissioning activity; EBITDA was -$0.2m.

• 2Q net loss was $4.3m versus $7.7m in 2Q 2025 and $2.9m in 1Q 2026; lower depreciation and a deferred tax asset aided the YoY comparison.

• H1 total revenue was $146.0m, down 36.7% YoY; total expenses fell 36.0% to $158.5m, while administrative expenses rose 8.7% to $14.1m and finance costs declined 14.2% to $3.7m.

• H1 net loss was $7.2m versus $15.5m; associate/JV profit increased 55.1% to $2.6m, and tax income was $2.7m, mainly from UAE and Saudi Arabia deferred tax assets.

• H1 EBITDA, excluding share of profit, was $0.2m versus $1.4m; H1 EPS was -$0.4 cents versus -$1.1 cents, and 2Q EPS was -$0.2 cents versus -$0.6 cents YoY.

Outlook and guidance

• Priorities include safe backlog execution, selective bidding with margin discipline, repeat agreements, operational efficiency, fleet utilization and prudent capital deployment.

• Growth focus includes decommissioning, subsea infrastructure and asset integrity, with opportunities selected to limit capital and execution risk.

• Geographic diversification across the Middle East, UK, Africa and Southeast Asia, and reactivation of DS Mermaid Commander, are expected to support development subject to execution and market conditions.