Tidewater Midstream and Infrastructure (TWM) Q3 2026 earnings summary

Executive summary

• Record Q3 2026 consolidated adjusted EBITDA of $96.9 million versus $16.2 million YoY; stronger margins and utilization supported the result.

• Consolidated net debt declined $139.3 million from year-end to $440.2 million, while leverage was 1.3x.

• 2026 adjusted EBITDA guidance increased to $300 million-$320 million from $230 million-$250 million.

Financial highlights

• Q3 revenue was $628.2 million versus $353.9 million YoY; operating income was $131.6 million.

• Q3 net loss attributable to shareholders narrowed to $26.2 million from $34.1 million; 9M net loss was $38.3 million versus $82.2 million.

• Q3 adjusted EBITDA was $96.9 million versus $16.2 million YoY; 9M adjusted EBITDA was $235.5 million versus $28.5 million.

• Operating cash flow was $114.1 million in Q3 and $190.6 million in 9M, versus cash use of $3.6 million and cash flow of $29.5 million in 2025.

• Q3 distributable cash flow attributable to shareholders was $63.7 million, or $2.90 per basic share; 9M was $145.7 million, or $6.68 per share.

Outlook and guidance

• 2026 consolidated adjusted EBITDA guidance rose to $300 million-$320 million from $230 million-$250 million; capex guidance fell to $15 million-$20 million from $20 million-$25 million.

• Revised 2026 Tidewater Renewables guidance: adjusted EBITDA of $165 million-$175 million, sales volumes of 165-175 million litres, and capex of $2 million-$3 million.

• Proposed CFR amendments could add $30 million-$40 million of 2027 adjusted EBITDA from 2026 production credits and $40 million-$50 million from expected 2027 production, subject to final rules.

• 2027 financial results are expected to exceed 2026, supported by operations, the proposed combination and potential CFR amendments; outcomes depend on transaction and regulatory developments.

• SAF project FID timing moved to H1 2027 as regulatory details, offtake and financing are assessed; termination of a crude-oil pipeline contract is expected to add ~$3 million annual adjusted EBITDA and distributable cash flow from Jan. 2027.