Mermaid Maritime Public Company (DU4) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue was USD 153.4m, up 36.5% QoQ and 2.1% YoY; net profit was USD 16.6m versus USD 1.1m in 3Q 2024 and a USD 7.7m loss in 2Q 2025.

• Q3 net profit growth reflected stronger T&I and decommissioning, lower service costs, and higher JV and associate earnings.

• EBITDA reached USD 24.1m, up USD 13.4m YoY, reflecting greater efficiency on a key decommissioning project.

• September-end order book totaled USD 642m, with contracts extending through FY2036.

• 9M net profit fell to USD 1.2m from USD 4.4m as service revenue and gross profit declined.

Financial highlights

• Q3 service revenue was USD 153.4m, up 2.2% YoY; total revenue was USD 153.8m, up 2.0%.

• Q3 service costs fell 6.8% to USD 129.2m; gross profit was USD 24.2m versus USD 11.6m, and profit before tax was USD 17.2m versus USD 1.2m.

• Q3 gross profit excluding depreciation was USD 29.9m versus USD 18.9m in 3Q 2024 and USD 7.1m in 2Q 2025; operating profit was USD 15.2m versus USD 0.7m and a USD 9.0m loss, respectively.

• 9M service revenue declined 3.3% to USD 383.0m; total revenue was USD 384.4m, down 3.4%, and gross profit was USD 25.8m versus USD 30.7m.

• Q3 basic EPS was USD 0.0088 versus USD 0.0008 YoY; 9M basic EPS was USD 0.0006 versus USD 0.0030.

Outlook and guidance

• Solid project visibility across regions; field-life extension and regulatory-driven decommissioning programs are expected to support stable activity through 2026.

• Focus areas include decommissioning, carbon capture and subsea renewables alongside IRM and construction; priorities include selective bidding, repeat business and disciplined capital deployment.

• Millennium 3 is booked into 2026; Mermaid Commander is undergoing reactivation for planned Asian deployment.