OceanPact Serviços Marítimos (OPCT3) Q4 2025 earnings summary

Executive summary

• Announced business combination with CBO/Grupo CBO, creating a combined fleet of 73 vessels and aiming for operational and commercial synergies, pending regulatory and shareholder approvals.

• 2025 saw strong revenue and profit growth, with net revenue reaching R$2.13 billion and net profit of R$105.5 million, reversing the prior year's loss.

• Utilization rates met guidance at 82% for 2025, with 71–72% in Q4, and 2026 projected at 78% due to mobilizations and acceptance tests.

• First dividend payout since IPO proposed, totaling R$19 million or 100% of 2025 net income, subject to shareholder approval.

• The deal and financial results were well-received by clients and shareholders, with integration planning underway and antitrust approval pending.

Financial highlights

• 2025 consolidated net revenue was R$2.13 billion, up 24% year-over-year; Q4 net revenue was R$552 million, up 20%.

• 2025 EBITDA reached R$656 million (+30% YoY); Q4 EBITDA was R$178 million (+22% YoY); EBITDA margin for 2025 was 31%.

• Net profit for 2025 was R$105.5 million; Q4 net profit was R$24 million.

• CapEx for 2025 was R$187 million, reflecting vessel mobilizations; full-year CapEx reached R$481 million (+20% YoY).

• Backlog at year-end was R$6.9 billion, expected to reach R$14 billion post-merger.

Outlook and guidance

• 2026 vessel utilization rate projected at 78%, down from 82% in 2025 due to mobilizations and acceptance tests.

• Q1 2026 EBITDA expected to be lower than Q4 2025 but higher than Q1 2025; Q2–Q4 2026 expected to be much stronger.

• SG&A expected to grow in line with inflation, with a drop relative to revenue; depreciation to increase 20–30% due to investment cycle.

• Integration plan with CBO underway, focusing on operational synergies and expanding participation in complex projects.

• Preparations for IFRS 18 adoption, effective in 2027, are ongoing.