Reach Subsea (REACH) Q2 2026 earnings summary

Executive summary

• Achieved record-high Q2 2026 results with revenue of NOK 988.1 million, up 44% year-over-year, and EBIT of NOK 192.4 million, both driven by improved asset utilization and strong operational performance.

• Significant progress in remote and uncrewed operations, with Reach Remote 1 and 2 achieving major regulatory and operational milestones, including DNV's world-first AROS notation and remote operations in the UK sector.

• Continued progress on establishing Reach Remote as a standalone company, with strong industry interest, commercial deployments, and regulatory approvals supporting rapid scale-up.

• Signed agreement for the sale of Viking Reach, expected to unlock over NOK 200 million in liquidity and support fleet renewal, with an accounting gain of up to NOK 70 million.

• Establishment of Aqoryx as the new holding structure for Reach Remote.

Financial highlights

• Revenue for Q2 2026 was NOK 988.1 million, up from NOK 684.2 million in Q2 2025.

• EBIT increased to NOK 192.4 million from NOK 91.1 million year-over-year.

• Net profit after tax rose to NOK 134 million, compared to NOK 72.6 million in Q2 2025.

• Cash and cash equivalents reached NOK 410.4 million, up from NOK 169.7 million a year ago.

• Order backlog reached NOK 1,850 million, with tender volume at NOK 9 billion.

Outlook and guidance

• Actively positioning for future growth with a modern, flexible fleet, expanding Reach Remote operations, and strategic investments in technology.

• No specific utilization guidance for Q3 or full year; vessels largely occupied with one alongside.

• Viking Vigor delivery expected in Q4 2026 after delay; Reach Remote 3 and 4 construction on schedule.

• Reach Remote 2 to be busy in Australia through year-end.

• Continued commercial scaling of Reach Remote and Reach Horizon, with carve-out into a dedicated technology company progressing.