OceanPact Serviços Marítimos (OPCT3) Q2 2025 earnings summary

Executive summary

• Net revenue for 2Q25 reached R$507 million, up 34% year-over-year, driven by higher daily rates, increased vessel utilization, and new contracts in both vessels and services segments.

• Adjusted EBITDA for the quarter was R$139 million, a 22% increase year-over-year, with a margin of 27%.

• Fleet utilization rate improved to 84% in 2Q25, exceeding guidance and reflecting operational normalization.

• Significant new contracts and vessel deployments, including RSV, AHTS, and environmental monitoring, support backlog and future revenue.

• Net profit reached R$10 million in 2Q25, reversing a loss in 2Q24, mainly due to favorable exchange rate variations.

Financial highlights

• Net revenue excluding Reach partnership rose 34% year-over-year to R$507 million in 2Q25.

• Adjusted EBITDA (excluding one-offs) increased 22% to R$139 million; margin at 27%.

• Vessel segment net revenue was R$312 million, up 36% year-over-year; EBITDA up 59% like-for-like.

• Services segment net revenue was R$197 million, up 33%, with EBITDA of R$57 million and a 29% margin.

• CapEx for 2Q25 was R$92 million, focused on vessel maintenance and ROV/geoscience equipment.

Outlook and guidance

• Full-year vessel utilization guidance set at 82%, with Q3 expected to be the best in company history.

• Backlog at R$3.0 billion at June 2025, with significant expansion expected from new RSV and ROV contracts in 3Q25.

• Positive outlook for 2026, with new contracts and higher daily rates expected to sustain strong performance.