Mermaid Maritime Public Company (DU4) Q1 2026 TU earnings summary

Executive summary

• 1Q 2026 revenue was USD 82.1m and EBITDA USD 0.3m; net loss was USD 2.9m, improved YoY but weaker QoQ excluding the prior-quarter impairment reversal.

• Operating cash flow was USD 11.5m; the order book stood at USD 753m as of 31 March 2026, with contracts extending through FY2036.

Financial highlights

• Revenue fell 30.0% YoY to USD 82.1m from USD 117.2m and declined from USD 106.3m QoQ; total expenses fell 29.3% to USD 89.0m.

• EBITDA was USD 0.3m, down USD 0.9m YoY and USD 7.8m QoQ; operating loss was USD 6.0m versus USD 8.2m in 1Q 2025 and operating profit of USD 5.0m in 4Q 2025.

• Net loss was USD 2.9m versus USD 7.8m in 1Q 2025; loss attributable to owners was USD 2.7m and basic loss per share was USD 0.0014.

• Tax income was USD 1.7m, mainly from deferred tax assets recognized on Saudi Arabia operating losses.

• Net cash from operating activities was USD 11.5m, compared with USD 8.5m in 1Q 2025.

Outlook and guidance

• The USD 753m order book provides revenue visibility, with secured short- and long-term contracts through FY2036; bid activity remained healthy across operating regions.

• 2026 priorities include selective bidding with margin discipline, repeat and framework agreements, fleet efficiency, prudent capital deployment and expansion in decommissioning, carbon capture support, subsea renewables and infrastructure integrity.

• Subsea outlook is cautiously positive; continued IRM, decommissioning and infrastructure demand, integrated capabilities and fleet deployment are expected to support performance over the next reporting period and 12 months.

• Millennium 3 remained substantially booked into 2026; Mermaid Commander was undergoing reactivation, with planned deployment in Asia after completion.