Prosafe SE: Fourth-quarter results 2025

Core Viewpoint - Prosafe SE reported significant financial improvements in Q4 2025, with a strong outlook for 2026 driven by increased demand and a high order backlog [1][2][4]. Financial Performance - Q4 2025 EBITDA was USD 21.1 million, up from USD 8.4 million in Q4 2024 [1]. - Full-year 2025 EBITDA reached USD 40.0 million, an increase from USD 27.2 million in 2024, aligning with the high end of the guided range [2]. - Revenues for Q4 2025 were USD 70.9 million, compared to USD 37.0 million in the same quarter last year [5]. - Cash flow from operations was negative at USD (3.0) million, compared to USD 0.1 million in Q4 2024 [5]. - Liquidity position improved to USD 65.3 million from USD 46.8 million year-over-year [5]. - Net interest-bearing debt (NIBD) decreased to USD 230.8 million from USD 369.1 million [5]. Operations and Market Outlook - All five vessels were fully utilized in Q4 2025, with the Safe Boreas commencing operations in Australia [1][5]. - The company has a backlog of USD 428 million, including options, indicating strong commercial progress [5]. - The CEO highlighted a robust global market, particularly driven by increased demand in Brazil and Africa [5]. - Prosafe is focused on contract renewals for Safe Eurus and Safe Zephyrus, with additional marketing efforts for Safe Caledonia [5]. Strategic Initiatives - The company is exploring strategic opportunities and potential mergers and acquisitions [5]. - All high-end vessels are contracted through 2026 and into 2027, reflecting a strong foundation for long-term value creation [4].