Civeo (CVEO) investor relations material

Executive summary

• Revenue grew 20% year-over-year to $172.7 million in Q1 2026, driven by acquisitions, new business in Australia, and higher occupancy in Canada, with Adjusted EBITDA up 78% to $22.5 million and net loss narrowing to $3.8 million from $9.8 million.

• Australian segment benefited from recent acquisitions and currency tailwinds, while Canadian segment saw strong occupancy and margin expansion from cost reductions.

• Maintained disciplined capital allocation, prioritizing share repurchases over dividends and enhancing financial flexibility.

• Raised the lower end of 2026 revenue guidance, reflecting confidence in business momentum and a robust bid pipeline, especially in North America.

• Anticipating temporary inflationary impacts to Adjusted EBITDA due to global energy market disruptions and higher input costs.

Financial highlights

• Q1 2026 revenue: $172.7 million, up 20% from $144 million in Q1 2025; Adjusted EBITDA: $22.5 million, up 78% from $12.7 million; net loss: $3.8 million ($0.34 per diluted share), improved from $9.8 million loss ($0.72 per share) in Q1 2025.

• Operating income was $3.1 million, up from a loss of $5.5 million year-over-year.

• Operating cash flow: -$9.7 million, reflecting expected seasonal working capital outflows.

• Total assets increased to $491.6 million from $477.4 million at year-end 2025.

• Capital expenditures Q1 2026: $4.1 million (vs. $5.3 million in Q1 2025), primarily maintenance.

Outlook and guidance

• 2026 revenue guidance raised to $675–$700 million (from $650–$700 million); midpoint implies 8% annual growth.

• Adjusted EBITDA guidance maintained at $85–$90 million for 2026, reflecting inflationary pressures and higher input costs.

• Capital expenditures expected to be $25–$30 million for 2026.

• Canadian turnaround activity expected to be more back half-weighted in 2026.

• Major financial contribution from North American infrastructure projects expected in 2027 and beyond.