OceanPact Serviços Marítimos (OPCT3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$497 million in 1Q26, up 8% year-over-year, with adjusted EBITDA of R$163 million (+30%) and net profit of R$30 million (+118%), driven by higher daily rates and new contracts.

• Services segment revenue surged 53%, led by Subsea & Geoscience, while vessel segment revenue remained stable with a 22% increase in average net daily rate despite lower utilization (65% vs. 82%).

• Seven high-spec vessel mobilizations for new Petrobras and private contracts, with terms up to four years and significantly higher day rates, contributed to results.

• Strategic business combination with CBO Holding approved by shareholders and debenture holders, pending antitrust (CADE) approval, expected to close between 2Q26 and 3Q26.

• First dividend distribution since IPO: R$19 million, representing all 2025 net income after offsetting accumulated losses.

Financial highlights

• Adjusted EBITDA margin rose to 33% (up 6 p.p. YoY), with vessel segment margin at 35% and services at 24–30%.

• CapEx totaled R$205 million, mainly for vessel modernization, mobilization, and contract readiness.

• Gross debt at R$2.015 billion (-4% QoQ); net debt at R$1.34–1.48 billion; net debt/EBITDA at 2.06x.

• Cash and equivalents ended at R$537 million, down R$183 million from 4Q25, mainly due to CapEx and working capital.

• ROIC improved to 10% from 8% YoY.

Outlook and guidance

• Utilization rate expected to improve to 78% for the year, with Q2 guidance at 79%; management reaffirmed vessel occupancy projections for 2026.

• Backlog remains strong at R$6.6 billion, with R$363 million in new contracts signed in 1Q26.

• No major vessel tenders or auctions expected for the remainder of the year.

• Continued focus on innovation, sustainability, and operational efficiency, including AI and environmental monitoring initiatives.