Prosafe (PRS) Q3 2025 earnings summary

Executive summary

• Achieved 100% fleet utilization in September 2025, with all five vessels operating and generating revenue, a milestone not reached in years.

• Completed a major transformation with new management and board, focusing on efficiency, strategic repositioning, and shareholder returns.

• Recapitalization completed, establishing a sustainable capital structure and significant de-leveraging.

• Backlog increased to USD 486 million including options, extending into 2030, led by contracts in Brazil.

• Strong operational performance with 99%-100% uptime and robust safety metrics.

Financial highlights

• Q3 2025 revenue reached USD 53.6 million, with EBITDA of USD 12.8 million before USD 1.5 million in non-recurring reorganization costs.

• Net profit for Q3 2025 was USD 176.2 million, driven by a USD 181.8 million recapitalization gain.

• Liquidity position at quarter-end was USD 83.3 million, up from USD 46.8 million at year-end 2024.

• Net interest-bearing debt reduced to USD 200 million–213.6 million following recapitalization.

• Capex increased to USD 11.3 million in Q3 2025, mainly for Safe Boreas and Safe Zephyrus.

Outlook and guidance

• Full-year 2025 EBITDA guidance reiterated at USD 35–40 million.

• All high-end units contracted through 2026 and into 2027, with backlog into 2030.

• Expecting continued high utilization and backlog expansion, with strong prospects for 2026 and beyond.

• Anticipates significant EBITDA uplift potential to USD 90–100 million in coming years as contracts reprice and cost savings materialize.

• Exploring strategic opportunities and M&A, with a focus on Brazil.