EXMAR (EXM) Q2 2024 earnings summary

Executive summary

• Achieved full employment on infrastructure assets and improved shipping performance due to firmer market conditions.

• Completed divestment of Bexco NV and advanced fleet renewal with sales and newbuild confirmations.

• Engineering affiliate signed a major contract with BP for the OPTI design in the US Gulf of Mexico.

Financial highlights

• Revenue (proportionate consolidation) was $237.4M, down from $273.7M year-over-year; IFRS revenue was $194.1M, down from $200.2M.

• EBITDA (proportionate) rose to $104.3M from $63.5M; Adjusted EBITDA was $84.7M vs $82.5M.

• Operating result (EBIT, proportionate) increased to $70.6M from $28.9M; net result for the period was $69.5M, up from $21.0M.

• Basic EPS was $1.21, up from $0.37 year-over-year.

• Net financial debt was $235.9M at June 30, 2024, compared to net cash of $84.4M a year earlier.

Outlook and guidance

• MGC fleet is 100% employed for 2024 and 63% for 2025 on term contracts; pressurized fleet is 92% and 30% employed for 2024 and 2025, respectively.

• Freight rates for pressurized vessels expected to remain strong due to limited orderbook and aging fleet.

• Continued focus on new floating LNG liquefaction and regasification projects.