Helix Reports Fourth Quarter and Full Year 2025 Results

About this update from Helix Energy Solutions Group, Inc.

HOUSTON, February 23, 2026--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 compared to net income of $22.1 million, or $0.15 per diluted share, for the third quarter 2025 and net income of $20.1 million, or $0.13 per diluted share, for the fourth quarter 2024. Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax). Helix reported Adjusted EBITDA1 of $73.9 million for the fourth quarter 2025 compared to $103.7 million for the third quarter 2025 and $71.6 million for the fourth quarter 2024. For the full year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared to net income of $55.6 million, or $0.36 per diluted share, for the full year 2024. Adjusted EBITDA for the full year 2025 was $272.0 million compared to $303.1 million for the full year 2024. The table below summarizes our results of operations: Owen Kratz, President and Chief Executive Officer of Helix, stated, "Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical head winds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027." Fourth ...

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