Wintermar Offshore Marine Group (WINS.JK) reported a 31% year-on-year increase in operating profit to US$23.3 million for the fiscal year ended 31 December 2025, driven by margin expansion from a better fleet mix. Core profit attributable to shareholders rose 19.2% to US$18 million, reflecting improved operational performance despite softer charter rates and lower offshore activity during the year.
The owned vessel division saw revenue increase by 13.8% to US$70.7 million, with gross margins widening to 41.7% from 36.1% in FY2024. This was achieved despite lower utilization due to geopolitical concerns and an early-stage drilling cycle. The company benefited from operating a larger number of higher-value Dynamic Positioning (DP) equipped vessels, which compensated for weaker charter rates.
In the chartering division, gross profit declined to US$0.5 million from US$1.4 million, partly due to a strategic shift towards a management fee-based ship management model. The other services division grew 9.3% to US$2.8 million, reflecting increased fee-based revenue. Total gross profit rose 24.1% to US$32.7 million.
Indirect expenses increased 10% to US$9.4 million, primarily due to higher salary costs as the company expanded its technical and operations teams to support fleet growth. Marketing expenses rose 17.2% due to bid bond costs and commissions. Despite these increases, operating profit jumped 31% to US$23.3 million.
Interest expenses rose 83.5% to US$2.1 million as the company took on more debt to refinance vessels, but the company remains in a strong net cash position. Contributions from associated companies increased 71.5% to US$4.1 million. Gain on vessel sales totaled US$3.5 million, significantly lower than the US$16.1 million windfall in FY2024, but core net profit still grew 19.2% to US$18 million.
EBITDA increased 21.8% to US$38.4 million, highlighting improved cash generation. Earnings per share reached Rp75.80, compared to Rp78.35 in FY2024.
Looking ahead, the company cites heightened geopolitical risks and rising energy demand from AI and data centers as drivers for increased oil and gas exploration investment, particularly in deepwater drilling. The International Energy Agency revised its 2026 electricity demand growth forecast to 3.7%, above the historical average. Wintermar expects strong demand for OSVs, especially DP-equipped vessels, in the coming years. The company has budgeted over US$80 million in capex for FY2026, more than double the US$41.7 million spent in FY2025, to expand its DP fleet through purchases or acquisitions. Total contracts on hand as of December 2025 were US$59.1 million.
For more information, visit www.wintermar.com.
