EXMAR (EXM) Q4 2024 earnings summary

Executive summary

• 2024 delivered exceptional results, driven by strong infrastructure performance and successful FLNG terminal startup in Congo.

• Major divestments included Bexco NV and the WARIBOKO barge; new French LPG entity launched.

• Significant fleet renewal and vessel sales, with new dual-fuel MGCs entering service in 2025.

• Robust liquidity improvement from asset sales and refinancing activities.

Financial highlights

• Revenue (proportionate consolidation) reached USD 578.3m, up from USD 434.9m year-over-year.

• EBITDA rose to USD 273.8m from USD 154.4m; Adjusted EBITDA at USD 175.2m vs. USD 154.4m.

• Net income surged to USD 181.0m, compared to USD 72.0m in 2023.

• Operating result (EBIT) increased to USD 206.4m from USD 94.9m year-over-year.

• Net financial debt reduced to USD 197.9m from USD 252.1m at year-end 2023.

Outlook and guidance

• 2025 outlook includes delivery of new dual-fuel MGCs and continued focus on sustainable maritime fuels.

• LNG infrastructure projects expected to maintain strong operational performance.

• No dividend proposed for 2024; focus remains on reinvestment and liquidity.