Penguin International (BTM) H2 2025 earnings summary

Executive summary

• Integrated designer-builder-owner-operator model combines serialised aluminium shipbuilding with recurring vessel chartering; production and chartering revenues both reached records in FY2025.

• Delivered 308 aluminium commercial vessels from Jan 2000 to Jan 2026, the highest total among cited builders; 210 deliveries in Jan 2015–Jan 2026 exceeded Strategic Marine and Damen combined.

• Owned and operated 34 crewboats at 31 Dec 2025, with a 2.4-year average age; fleet deployment increased in the Middle East and Africa.

Financial highlights

• FY2025 revenue rose 13.2% YoY to $266.969m; shipbuilding, repair and maintenance revenue was $196.370m, up 4.6%, and chartering revenue was $70.599m, up 46.6%.

• Gross profit increased to $89.465m from $84.508m, while gross margin fell to 33.5% from 35.8%; EBITDA rose to $67m from $64m.

• Net profit attributable to shareholders was $35.474m versus $35.531m; reported EPS was 16.11 cents versus 16.14 cents.

• Profit before tax was $44.018m versus $43.503m; FY2025 included a $4.740m net FX loss versus a $2.021m gain in FY2024, a $6.7m adverse YoY swing.

• Operating cash flow was $28.467m versus $16.750m; cash and cash equivalents were $38.3m at year-end, up 12.6%.

Outlook and guidance

• Remaining non-cancellable performance obligations were $347.432m at year-end, with revenue expected to be recognised over the next 25 years.

• Eight hybrid-ready CTVs for Northern Offshore Services are in the delivery pipeline for 2026–2027; selective crewboat fleet expansion is planned in response to healthy charter demand.

• Longer-term demand drivers include Middle East gas projects, accelerated fleet renewal, maritime security needs and renewed European offshore-wind activity.

• The final dividend proposed for FY2025 is 5 cents per share, subject to shareholder approval.