OceanPact Serviços Marítimos (OPCT3) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$736 million in 2Q26, up 45% year-over-year, with adjusted EBITDA of R$256 million (84% higher) and net profit of R$56 million, a 475% increase from 2Q25.

• Growth was driven by higher daily rates, new high-spec vessel contracts, and strong performance in all service business units, especially Subsea & Geoscience and decommissioning projects.

• Major strategic moves included the approval of the business combination with CBO and the acquisition of Dock Brasil, expanding repair and docking capabilities, both pending final closing conditions.

• Utilization rate improved to 76% in 2Q26, supported by the start of RSV and AHTS vessel contracts.

• The company published its fourth sustainability report and received recognition for innovation in fuel-saving technologies and sustainability.

Financial highlights

• Average net daily rate increased to R$225,000, a 27% year-on-year rise, driven by new Petrobras contracts.

• Adjusted EBITDA margin (ex-partnerships) improved to 37%, up 9 percentage points year-over-year.

• Costs totaled R$414 million (up 21% year-on-year), with G&A expenses at R$66 million (9% of revenue); G&A rose 135% year-over-year, reaching 11% of net revenue.

• CapEx for the quarter was R$198 million, mainly for vessel modernization, mobilizations, and growth.

• Net debt/EBITDA ratio stood at 1.91x, improved from 2.06x in 1Q26.

Outlook and guidance

• Backlog sustained at R$6.5 billion, supported by R$550 million in new contracts, including a major Petrobras decommissioning deal.

• Utilization rate expected to rise from 76% in 2Q26 to 78% by year-end, supported by vessel mobilizations and new contracts.

• Management highlights continued focus on high-spec vessel contracts, expansion in service offerings, and integration with CBO and Dock Brasil.

• Third quarter EBITDA anticipated to be lower than 2Q26 due to one-off events, with a rebound expected in 4Q26.

• CapEx is projected to decrease in the second half, with focus on targeted vessel upgrades and Dock Brasil acquisition.