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; prior year boosted by Bexco sale.
Subsequent Events:
Dividend of EUR 4.07 per share approved for 2024, with reinvestment option leading to higher equity.
New EUR 80m revolving credit facility secured with KBC, partially guaranteed by Gigarant.
Financing closed for four MGC newbuilds under construction at CIMC SOE, China.
Looking ahead, EXMAR expects stronger LPG freight rates in the second half of 2025 and continued momentum in LNG and offshore engineering, while pursuing long-term fleet decarbonization through dual-fuel LPG and ammonia-powered vessels.
