Prosafe (PRS) Q4 2025 earnings summary

Executive summary

• Achieved 100% fleet utilization in Q4 2025, with all five rigs operating and strong safety performance.

• Maintained leading market position in Brazil, with backlog extending into 2030 and ~20% market share.

• All high-end units contracted through 2026 and into 2027, with strong demand in Brazil and Africa.

• Exploring strategic opportunities, including M&A, to capitalize on tightening offshore accommodation markets.

• Secured LOI for Safe Caledonia for 2027/28, with upfront payment structure and contract value up to USD 45 million.

Financial highlights

• Q4 2025 revenues reached USD 70.9 million, with EBITDA of USD 21.1 million, nearly tripling YoY.

• Net profit for Q4 2025 was USD 5.3 million, reversing a prior year loss.

• Full-year 2025 net profit was USD 142.5 million, including a USD 181.8 million recapitalization gain.

• CapEx for Q4 was USD 9 million, mainly for Boreas reactivation and Safe Zephyrus SPS.

• Cash position at year-end was USD 65.3 million, with NIBD at USD 230.8 million.

Outlook and guidance

• 2025 EBITDA reached USD 40 million, at the high end of guidance.

• 2026 EBITDA guidance set at USD 45–55 million, driven by improved earnings from Safe Notos and Boreas.

• Positive working capital impact anticipated in 2026 as SPS costs and ramp-up effects normalize.

• Focus on securing new contracts for Eurus and Zephyrus, and exploring strategic/M&A opportunities.

• Safe Caledonia awarded LOI for 2027/28, with contract value up to USD 45 million.