Gulf Marine Services Plc · LSE:GMS
Gulf Marine Services — Investor Presentation (September 2026)
31 slides from Gulf Marine Services's investor presentation, September 2026
Slide 1: Investor Presentation: H1 2026 Results & Strategic Update
INVESTOR PRESENTATION September 2026 | H1 2026 Results & Strategic Update Resilient through the Gulf conflict • Diversifying beyond the Middle East • Disciplined growth on a strengthened balance sheet
Slide 2: Disclaimer & Forward-Looking Statements
IMPORTANT NOTICE Disclaimer & Forward-Looking Statements • This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities or interests described within it in any jurisdiction. • Any forward-looking statements con
Slide 3: Presenting Team
OVERVIEW Presenting Team MANSOUR AL ALAMI ALEX ACLIMANDOS JAMIE TAYLOR Executive Chairman of the Board Chief Financial Officer Chief Commercial Officer • 40-year career across the Middle East, in oil & gas. • Over 30 years with first-tier companies such as Procter • Has served Gulf Marine Services P
Slide 4: Executive Summary
OVERVIEW Executive Summary A resilient half, an evolving geopolitical backdrop, and a clear path to a more diversified GMS H1 2026 Results 01 Adjusted EBITDA of US$43.8m and a resilient backlog of US$659m, despite a US$12.8m hit from the Gulf conflict. Geopolitical Environment 02 The Strait of Hormu
Slide 5: H1 2026 at a Glance
H1 2026 RESULTS H1 2026 at a Glance All figures in US$; year-on-year change vs H1 2025 unless stated ADJUSTED REVENUE ADJUSTED EBITDA ADJUSTED NET PROFIT STATUTORY NET LOSS $84.1m $43.8m $6.9m $(14.8)m -3% vs H1'25 -14% vs H1'25 -51% vs H1'25 vs $3.9m profit H1'25 AVERAGE DAY RATE FLEET UTILISATION
Slide 6: Bridging H1 2025 to H1 2026 Adjusted EBITDA
H1 2026 RESULTS Bridging H1 2025 to H1 2026 Adjusted EBITDA The Gulf conflict was the defining swing factor in the half • War-related impact of US$12.8m: an estimated $50.8m US$11.6m in lost charter revenue plus US$1.2m of incremental operating costs, following the temporary $43.8m evacuation of fou
Slide 7: Market Demand: Dayrates & Utilisation
DEMAND & PERFORM ANCE Market Demand: Dayrates & Utilisation Both metrics are recovering from the 2020–21 downcycle; the H1 2026 dip was conflict-driven, not demand-driven • Day rates are still far from their 2015 peak of $59k but have risen Average Day Rate (US$'000s) every year since the 2020 troug
Slide 8: Backlog: Secured Revenue Visibility
EARNINGS VISIBILITY Backlog: Secured Revenue Visibility US$659m secured as at 17 August 2026 — c.3.5x FY2025 revenue Backlog by Year (US$m) $659m Total secured backlog (17 Aug 2026), up from $606m at 31 Dec 2025 $384m firm / $275m optional Split of the total backlog 108 • See the vessel-class breakd
Slide 9: Revenue & Backlog by Vessel Class
EARNINGS VISIBILITY Revenue & Backlog by Vessel Class E-Class leads both current revenue and future backlog, reflecting the shift towards larger, higher-value assets Adjusted Revenue by Vessel Class (US$m) Secured Backlog by Vessel Class (17 Aug 2026) 41 38 21.4 21% 26 22 23 21 53.9 24.5 54% 25% K-C
Slide 10: Conflict in the Gulf: Impact & Response
GEOPOLITICAL ENVIRONMENT Conflict in the Gulf: Impact & Response Operationally contained, financially quantified, and responded to on both revenue recovery and capital allocation What happened • In early March 2026, GMS's client in GCC requested the evacuation of four vessels as a Recovering the los
Slide 11: The Full Cost of the Conflict — and the Case for Reversal
GEOPOLITICAL ENVIRONMENT The Full Cost of the Conflict — and the Case for Reversal Transparent on the full financial hit; confident much of it is temporary $12.8m $22.7m EBITDA & EBT impact (above the line) One-time, non-cash impairment (below the line) • $11.6m of lost charter revenue while four ve
Slide 12: Balance Sheet Discipline & Going-Concern Resilience
FINANCI AL DISCIPLINE Balance Sheet Discipline & Going-Concern Resilience Growth has been funded without breaching our 2.0x leverage ceiling — even stress-tested against a severe scenario Net Leverage Ratio (x) Going-concern scenario testing (to Dec 2027) 8.06 Base case 91% fleet utilisation 2.0x ta
Slide 13: Capital Allocation Policy & Flexible Financing
FINANCI AL DISCIPLINE Capital Allocation Policy & Flexible Financing Three disciplined pillars, funded by a facility built to flex with growth 1. Deleverage 2. Shareholder Returns 3. Growth Investment Continue paying down debt; net leverage held below 20–30% of adjusted net profit to dividends/buyba
Slide 14: Three Pillars of Diversification
DIVERSIFICATION ASPIRATION Three Pillars of Diversification Reducing concentration risk while building on a proven core business — already happening, not just planned 1 2 3 Geographic reach Revenue streams Fleet growth New entries into Latin America and Africa in May A new third-party vessel managem
Slide 15: Revenue & Backlog by Geography
DIVERSIFICATION ASPIRATION Revenue & Backlog by Geography A widening footprint: five geographies now contribute to backlog, versus three a year ago Adjusted Revenue by Geography (US$m) Secured Backlog by Region (%, 17 Aug 2026) 30 Brazil 10% 25 23 23 23 21 KSA 12% 17 UAE 18% 9 Qatar 26% UAE Saudi Ar
Slide 16: Our Growth Roadmap to 2030
OUTLOOK Our Growth Roadmap to 2030 Disciplined expansion, funded within our leverage ceiling 2025–26 H2 2026 FY2026 To 2030 Add one vessel a year Ramp new markets Deliver on guidance Double 2024 EBITDA Our aim to double 2024 adjusted Full-year contribution from Latin Adjusted EBITDA guidance of $105
Slide 17: FY2026 Outlook: Why Guidance Is Reaffirmed
2026 OUTLOOK FY2026 Outlook: Why Guidance Is Reaffirmed Despite a disrupted H1, the Board continues to target Adjusted EBITDA of $105–115m for FY2026 $105m – $115m FY2026 Adjusted EBITDA guidance, reaffirmed Assumes no return to active military action in the Gulf H2 2026 growth drivers Why we believ
Slide 18: The Case for Confidence
WHY IT'S ACHIEVABLE The Case for Confidence Six reasons we believe our growth and diversification aspirations are realistic Proven turnaround Deep earnings visibility Net leverage cut from 8.06x (FY2020) to 1.75x today — a six-year track record $659m of secured backlog, c.3.5x FY2025 revenue, funds
Slide 19: Independent Validation: Westwood Fleet Valuation
WHY IT'S ACHIEVABLE Independent Validation: Westwood Fleet Valuation An independent energy consultancy's valuation fully brackets our own estimate GMS's own value: $712m $670m $788m Westwood's independent valuation range • Westwood Global Energy Group, an independent energy consultancy, valued our f
Slide 20: Why Invest in GMS Shares
INVESTMENT CASE Why Invest in GMS Shares • Proven turnaround — net leverage cut from 8.06x to 1.75x over six years, with financial stability now firmly established. • Strong, resilient cash generation, even through a half-year materially disrupted by regional conflict. • Earnings visibility — secure
Slide 21: Appendix: Historical Financials, Fleet & Governance
REFERENCE M ATERIAL Appendix: Historical Financials, Fleet & Governance 21
Slide 22: How GMS Generates Revenue
APPENDIX How GMS Generates Revenue Three charter models, each with a distinct duration and risk profile — the foundation our diversification builds on 1 NOC Opex 2 EPC Capex 3 Renewables Well and platform maintenance and enhanced oil New development construction & commissioning Offshore windfarm ins
Slide 23: Historical Financials: Deleveraging & Backlog
APPENDIX Historical Financials: Deleveraging & Backlog Net bank debt, FY2019–H1 2026, and the resulting backlog rebuild Net Bank Debt (US$m) 31 Dec 2025 17 Aug 2026 390 406 $606m $659m 371 316 Secured backlog c.3.5x FY2025 revenue 267 Backlog by vessel class (17 Aug 2026) 201 185 157 21.4 21% E-Clas
Slide 24: Fleet Overview: Technical Specifications
APPENDIX Fleet Overview: Technical Specifications 15 self-propelled, self-elevating support vessels (SESVs); average fleet age 13 years Vessel Class Propulsion POB Leg (m) Deck Area Crane Kamikaze K Self-Prop. 150 67.9 650 m² 36t Kawawa K Self-Prop. 150 67.9 650 m² 45t Kikuyu K Self-Prop. 150 67.9 6
Slide 25: Global SESV Footprint
APPENDIX Global SESV Footprint GMS's core geographies — the Middle East and Western Europe — are the largest SESV markets in the world Region SESVs Shallow Water (mmboe/d) Fixed Platforms OWF Turbines Middle East 94 16,956 1,056 n/a Western Europe 25 3,705 712 6,972 China 77 1,665 386 7,906 North Am
Slide 26: Offshore Energy & O&G Production Outlook
APPENDIX Offshore Energy & O&G Production Outlook Independent (Westwood) forecasts point to rising offshore investment and production through the next decade Global Offshore Energy Global Oil Production Global Gas Production Investment Outlook (US$bn) by Region (mmboe/d) by Region (mmboe/d) 26 WGE f
Slide 27: Board of Directors
APPENDIX Board of Directors All Directors received overwhelming shareholder support for re-appointment at the 18 June 2026 AGM Mansour Al Alami Lord St John of Bletso Jyrki Koskelo Executive Chairman Senior Independent Non-Executive Director Independent Non-Executive Director 40-year career across t
Slide 28: Safety Performance
APPENDIX Safety Performance No recordable injuries in 2025; a sustained downward trend in injury rates versus industry (IMCA) Total Recordable Injury Rate (TRIR) Track record • GMS has never been fined by a regulator, and has never suffered a work- 2 related fatality. 2 1 1 • No serious incidents or
Slide 29: Environmental Performance (ESG)
APPENDIX Environmental Performance (ESG) Measuring, managing and reducing our emissions footprint across the fleet SCOPE 1 SCOPE 2 SCOPE 3 46,732 27 26,486 tCO2e tCO2e tCO2e Down 12% vs prior year Consistent with prior year Up 15% vs prior year Key measures taken Disclosure & ratings • Switching ref
Slide 30: Debt Facility Summary
APPENDIX Debt Facility Summary Refinanced December 2024; upsized in 2026 to fund growth on unchanged commercial terms Core facility (completed 30 December 2024) • A club of 3 lenders (2 being pre-existing lenders); five-year AED-denominated term loan of Why these terms matter $250m plus a $50m worki
Slide 31: Backlog: Secure Future Revenue as of August
APPENDIX Backlog: Secure Future Revenue as of 17 August Quarterly phasing of the $659m secured backlog (17 Aug 2026), split between firm contracts and options 2027 2028 2029 2030 2031 2032 2033 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Firm Option Backlog by Vessel Clas
Gulf Marine Services — Investor Presentation (September 2026) on 6ix