MODEC (6269) Q3 2025 earnings summary

Executive summary

• Revenue for 3Q 2025 reached $3,351MM, up 11% year-over-year, achieving 90% of FY2025 original guidance.

• Net income rose to $245MM, a 43% increase compared to 3Q 2024, also achieving 90% of annual guidance.

• Orders received surged 1327.0% year-over-year to $8,476,721 thousand, driven by major FPSO contracts in Brazil and Guyana.

• Order backlog increased 47.4% from the previous year-end, reaching $19,080,874 thousand.

• Operating performance exceeded expectations, with strong execution in EPCI, O&M, and Charter segments.

Financial highlights

• Revenue for 3Q 2025: $3,351MM (+$357MM, +11% YoY).

• Net income: $245MM (+$74MM, +43% YoY).

• Adjusted EBITDA: $304MM (+$46MM, +17% YoY).

• Operating profit grew 19.5% year-over-year to $305,288 thousand; profit before tax rose 37.1% to $343,032 thousand.

• Basic and diluted EPS for the period were $3.59, up from $2.50 year-over-year.

Outlook and guidance

• FY2025 revenue guidance raised from $3,700MM to $4,400MM.

• Net income guidance increased from $270MM to $350MM; EPS guidance up from $3.95 to $5.12.

• Annual dividend forecast revised to 140 yen per share, up from 80 yen in the prior year.

• Profits expected to exceed original guidance due to strong EPCI, O&M, and interest income.