Mermaid Maritime Public Company (DU4) Q1 2025 TU earnings summary

Executive summary

• Q1 service revenue was USD 117.2m, up 33.2% YoY; net loss was USD 7.8m versus net profit of USD 0.5m in Q1 2024.

• The USD 683m order book provides work visibility through FY2027; higher cable project costs and vessel downtime weighed on profitability.

Financial highlights

• Total revenue was USD 117.7m, including USD 117.2m service revenue, which rose 33.2% YoY; revenue was broadly unchanged QoQ at USD 117.1m.

• EBITDA excluding share of profit and impairment reversal was USD 1.2m, down USD 10.3m YoY and USD 8.4m QoQ.

• Gross profit was USD 0.8m versus USD 8.6m in Q1 2024; gross profit excluding depreciation was USD 7.4m versus USD 15.0m in Q1 2024 and Q4 2024.

• Total expenses rose 44.7% to USD 125.9m; service costs increased 46.6% to USD 116.5m.

• Operating loss was USD 8.2m; net loss was USD 7.8m and EPS was -0.5 US cents.

Outlook and guidance

• The USD 683m order book spans Southeast Asia, the Middle East, the North Sea and Africa, with contracts extending through FY2027.

• High vessel utilization is anticipated through 2027; vessel mobility remains important to organic growth.

• Cable-lay forward book for 2025 was USD 44m and rising for 2026; a USD 60m+ Abu Dhabi project is secured for 2026.

• No dividend was declared for Q1 2025; cash is being reserved for working capital and operations.