Pacific Radiance (RXS) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 26% YoY to US$55.2m, driven by shipbuilding, higher-value repairs, stronger charter demand and vessel utilisation.

• Adjusted EBITDA, excluding non-recurring items, increased 2.5x YoY to US$17.5m; net profit after tax was US$15.8m versus US$25.9m in FY2024, when substantial non-recurring gains were recorded.

• Focus remained on disciplined execution, cost control, working-capital discipline and strengthening shipyard and ship management capabilities.

Financial highlights

• Revenue was US$55.187m versus US$43.842m; gross profit rose 55% to US$22.175m from US$14.309m.

• Profit before tax was US$14.013m versus US$24.162m; net profit was US$15.801m versus US$25.855m, reflecting the absence of prior-year exceptional gains.

• Other operating income fell to US$8.755m from US$24.045m, mainly as FY2024 included US$10.8m debt forgiveness and US$4.282m deferred gain on vessel sales.

• General and administrative expenses declined 4% to US$13.0m; finance costs fell 31% to US$0.3m, with no bank loans outstanding after repayment in FY2024.

• Operating cash flow was a US$1.653m outflow versus a US$15.557m inflow; year-end cash and bank balances were US$14.383m versus US$17.834m.

Outlook and guidance

• Demand for offshore support services is expected to remain supported by oil and gas and offshore wind activity, maintenance needs and life extensions of existing offshore assets, barring significant deterioration in geopolitical or macro conditions.

• Three additional crew transfer vessels are under construction, at different stages and targeted for completion in the coming year; capacity in vessel construction and ownership may be expanded progressively.

• Digital tools, operational data systems and automation are planned to improve service delivery, streamline workflows and optimise resource use across both segments.

• Offshore wind investment is expected to favour markets with clear transition commitments; Europe remains a core growth region, with Taiwan, Japan, South Korea and Australia advancing development pipelines.