Prosafe (PRS) Q2 2026 earnings summary

Executive summary

• Achieved 71% fleet utilisation in Q2 2026, with strong operational and safety performance and near 100% commercial uptime for key vessels.

• Q2 revenues reached USD 46.5 million, up from USD 30.9 million year-over-year; EBITDA for Q2 was USD 9.7 million, more than tripling from USD 3.1 million in Q2 2025.

• Net loss for Q2 narrowed to USD 6.1 million from USD 23.9 million year-over-year.

• Liquidity position at end-Q2 was USD 52.3 million, despite expected draw from SPS activities.

• Backlog at end-Q2 stood at USD 407 million, including options.

Financial highlights

• Charter income increased 24% year-over-year to USD 36 million, driven by Safe Boreas on full day-rate.

• Cash flow from operations was negative USD 14.2 million in Q2, mainly due to working capital changes.

• Capex for Q2 was USD 15.1 million, primarily for Safe Notos and Safe Zephyrus SPS and maintenance.

• SG&A on track to reach USD 19 million for the year, down from nearly USD 22 million at the start.

• Net interest-bearing debt reduced to USD 246.5 million from USD 378.7 million year-over-year.

Outlook and guidance

• Full-year 2026 EBITDA guidance raised and tightened to USD 50–55 million, at the high end of the previous range, driven by operational efficiency and higher day rates.

• Mark-to-market EBITDA potential maintained at USD 90–100 million.

• Market expected to improve further with higher day rates and longer contract durations, especially from late 2026.

• Focus on extending backlog beyond 2027 and securing long-term contracts for key vessels.

• Anticipates increased recontracting activity in Brazil and globally, with day rates trending upward.