OceanPact Serviços Marítimos (OPCT3) Q3 2026 earnings summary

Executive summary

• CBO business combination closed Sep. 16, 2026; pro forma 3Q26 revenue rose 5% YoY to R$1.251bn, while adjusted EBITDA was R$468m, down 1%.

• Pro forma net profit was R$60m versus R$126m in 3Q25; accounting net profit was R$32m in 3Q26 and R$117m for 9M26, with CBO included only from closing in statutory results.

• Integration is underway, with fleet, maintenance, operations, procurement and logistics synergies being developed; gains were not yet reflected in 3Q26 results.

Financial highlights

• 3Q26 net revenue was R$1.251bn, up 5% YoY; excluding partnership revenue, it was R$1.224bn, up 3%. Pro forma 9M26 revenue rose 12% to R$3.615bn.

• 3Q26 adjusted EBITDA was R$468m, down 1% YoY; margin excluding partnership revenue was 38%. Pro forma 9M26 adjusted EBITDA increased 9% to R$1.420bn, with a 40% margin excluding partnership revenue.

• Pro forma 3Q26 EBIT was R$138m, down 41%, and net profit was R$60m, down 52%; 9M26 EBIT declined 3% to R$541m and net profit declined 15% to R$197m.

• Pro forma 3Q26 net financial result was a R$101m expense versus R$85m; 3Q25 included a R$44m FX gain.

Outlook and guidance

• Combined-fleet 2026 utilization guidance was revised to 72% from the prior 78% standalone projection, mainly reflecting greater commercial idleness in the added fleet.

• Petrobras tenders are expected to intensify as contracts reach five-year limits; new FPSOs and exploration, particularly in the Equatorial Margin, support expected bid recovery from 2027.

• A day-rate charter tender for PSV 3,000 and PSV 4,500 vessels was scheduled for Nov. 17, 2026.

• Services EBITDA margins are expected to remain below 2025 levels as vessel chartering for decommissioning weighs on margins, despite expected productivity improvement over time.