EXMAR Reports Half-Year 2025 Results

EXMAR NV has reported net profits of USD$44.4 million for the first half of 2025, compared to USD$69.5 million a year earlier. Results were supported by resilient shipping operations, strong performance in engineering, and a one-off USD$15 million gain from the reversal of a warranty provision on the Marine XII project in Congo.

Key Financials (proportionate consolidation, H1 2025 vs. H1 2024):

• Revenue: USD$168.9m (down from 237.4m)

• EBITDA: USD$100.4m (104.3m)

• Adjusted EBITDA: USD$100.4m (84.7m)

• Operating Result (EBIT): USD$68.6m (70.6m)

• Net Financial Debt reduced to USD$189.9m (235.9m in 2024)

Operational Highlights:

• Fleet renewal: Two dual-fuel midsize gas carriers (CHAMPAGNY and COURCHEVEL) delivered in Q1; sale of one MGC (WAREGEM) and two pressurized vessels (DEBBIE, HELANE) completed. Further vessel disposals scheduled for late 2025/26.

• Utilization: MGC fleet 95% covered for the remainder of 2025; market recovery expected in H2 as new US Gulf storage and ammonia production capacity comes online.

• Infrastructure: Revenue declined due to the completion of the Marine XII EPC project, but EBITDA rose on the back of long-term LNG contracts and a strong contribution from EXMAR Offshore Company. Eemshaven LNG achieved 100% uptime.

• Engineering: High project utilization, with ongoing OPTI® hull and semi-submersible projects.

• Supporting Services: Stable O&M income;