OceanPact Serviços Marítimos (OPCT3) Q3 2025 earnings summary

Executive summary

• Achieved record net revenue of R$614 million in 3Q25, up 58% year-over-year, and net profit of R$58 million, reversing a prior loss in 3Q24; year-to-date net income reached R$82 million.

• Backlog more than doubled to R$6.7 billion, driven by major new contracts, including four-year RSV contracts and environmental monitoring with Petrobras and a decommissioning contract.

• Fleet utilization rate reached 88% in 3Q25, with annual guidance maintained at 82%.

• Company is focused on delivering new contracts on time and within budget, with significant mobilizations expected in Q4 2025 and Q1 2026.

• Main revenue driver remains Petrobras, accounting for 64% of consolidated net revenue in 9M25.

Financial highlights

• Net revenue reached R$614 million in 3Q25, up 58% year-over-year; consolidated adjusted EBITDA rose 104% to R$213 million with a margin of 35%.

• Net profit for 3Q25 was R$58 million, totaling R$82 million for the first nine months of 2025.

• Operating costs increased due to vessel chartering and ROV spot contracts; G&A expenses grew 15% to R$62 million, impacted by incentive programs and new initiatives.

• Cash position at quarter-end was R$660 million, supported by new debt issuance and operational cash generation.

• Net debt/EBITDA improved to 1.78x, with gross debt at R$1.823 billion.

Outlook and guidance

• Annual fleet utilization guidance remains at 82% for 2025 and projected at 80–82% for 2026.

• Q4 2025 and Q1 2026 expected to have lower utilization due to vessel mobilizations, but EBITDA anticipated to remain strong due to higher daily rates.

• Margins expected to increase as new contracts are implemented at improved daily rates.

• No significant dividend payout expected for 2025 due to accumulated losses offsetting profits.

• No material impact expected from new accounting standards effective in 2025; IFRS 18 impact under review for 2027.