OceanPact Serviços Marítimos (OPCT3) Q1 2025 earnings summary

Executive summary

• Net revenue rose 11% year-over-year to R$459 million, driven by higher daily rates, new contracts, and strong vessel utilization, despite operational downtime and vessel docking.

• Adjusted EBITDA was R$126 million, down 12–13% year-over-year, mainly due to vessel maintenance, docking, and changes in contract accounting.

• Net profit declined 35% year-over-year to R$14 million, reflecting lower EBITDA and higher costs.

• Shares included in B3's Corporate Sustainability Index, reflecting commitment to ESG principles.

• Acquisition of Aiuká Consultoria expanded the environmental services portfolio.

Financial highlights

• Net revenue reached R$459 million (+11% YoY); adjusted EBITDA was R$126 million (-12% YoY); EBITDA margin at 27%.

• Vessel segment net revenue was R$288 million (+13% YoY); services segment net revenue was R$174 million (+8% YoY).

• Net daily rate increased 19% YoY to R$169,000; utilization rate at 82%.

• Net debt stood at R$1.16 billion, with net debt/EBITDA ratio at 2.2x.

• CapEx for the quarter was R$80 million, focused on vessel upgrades, modernization, and Aiuká acquisition.

Outlook and guidance

• Backlog at R$3.3 billion, with significant growth expected from ongoing and upcoming bids.

• Advanced negotiations with Petrobras for at least four RSV vessels at higher daily rates.

• 2Q 2025 EBITDA expected to match best quarters of 2024; 3Q 2025 utilization rate forecast at 89%.

• Services segment in talks for a new environmental monitoring contract with Petrobras, potentially generating R$700 million backlog over three years.

• Market conditions remain favorable with high vessel demand and limited new builds globally.