Gulf Marine Services PLC (AIM:GMS) shares softened, losing around 7% to 18.72p, as it told investors that it is now reassessing its 2026 outlook as geopolitical tensions in the Gulf begin to weigh on operations.
Revenue rose 12% to US$188.1 million in 2025, while adjusted EBITDA also increased 12% to US$112.9 million, ahead of the company’s upgraded US$101 million to US$109 million target range. Adjusted net profit climbed 30% to US$41.8 million. The stronger showing was driven by eight months of contribution from an additional leased large vessel and an 11% rise in average day rates to US$36.6k.
Reported profit told a softer story. Net profit fell 49% to US$19.5 million, reflecting US$10.1 million of net impairment charges and a higher tax bill of US$16.3 million, which included the effect of a tax ruling the board expects to be non-recurring. Average fleet utilisation slipped to 87% from 92%, with GMS citing contract preparation downtime, drydocking, maintenance and disruption in the Gulf during June 2025.
Net bank debt fell to US$156.6 million from US$201.2 million.