SINGAPORE, Mar 17, 2026 - (JCN Newswire) - Wintermar’s Operating Profit for FY2025 jumped by 31% YOY to US$23.3, reflecting margin expansion through a better fleet mix. Core Profit increased by 19.2% YOY to US$18.

Owned Vessel Division

Owned vessel revenue rose by 13.8% YOY to US$70.7 million as gross margins for Owned Vessels widened to 41.7% for FY2025 compared to 36.1% in FY2024 despite softer charter rates and lower offshore activity in 2025. Utillization in 2025 was lower than 2024 arising from geopolitical concerns and the early stage of most drilling projects which are shorter term in nature. However, this was compensated by higher revenue from having more Dynamic Positioning (DP) equipped vessels. The Company operated a larger number of units of higher value vessels in FY2025.                

Chartering Division and Other Services

Gross Profit from the Chartering Division continued to decline with a drop in contribution to US$0.5 million in FY2025 compared to US$1.4 million in FY2024. Some of the declines resulted from a strategic decision to move the Company towards a management fee based ship management business model for better scalability, where the Company now receives fees for various services which are recorded in the Other Services Division. Contribution from Other Services Division has increased by 9.3% YOY by US$0.2 million to US$2.8 million in FY2025.

Direct Expenses and Gross Profit                  

With a larger number of DP vessels in operation and more overseas contracts, total crewing costs rose by 10.5%YOY to US$11.4 million for FY2025. Depreciation rose accordingly by 10.4% YOY to US$14.8 million for FY2025 from the full year impact of the additions to the fleet in 2024. One PSV completed reactivation and became operational in 4Q2025. Operation expenses were slightly higher (+2.2%YOY) at US$5.2 million while maintenance costs fell by 2.9% YOY to US$7.3 million. Fuel bunker was significantly lower (-26%YOY) as idle vessels were berthed in Batam on shore power.

By December 2025, there were 7 units of PSVs in operation, as compared to 5 units of operational PSVs at end 2024.  The Company purchased an additional PSV in late 2025 and she is being delivered to Indonesia and expected to be operational by 2H2026.

Total Gross Profit rose by 24.1%YOY to US$32.7 million.

Indirect Expenses and Operating Profit

Total Indirect Expenses rose by 10%YOY to US$9.4 million for FY2025. The largest increase in indirect expenses came from salary cost, in line with a building out of key technical and operations positions to prepare for scaling up the fleet. Salary expenses rose by 11.9% YOY to US$6.5 million for FY2025, as employee strength increased to 252 from 244. Marketing expenses rose by 17.2% YOY due to fees and commissions as well as bid bond expenses to participate in tenders. Investments in new subsidiaries added 12.6%YOY to office utility costs which amounted to US$0.6 million.

As a result, Operating Profit for FY2025 jumped by 31%YOY to US$23.3 million in FY2025 compared to US$17.8 million in FY2024.

Other Income, Expenses and Core Net Profit

Cash flow from operations have increased due to better revenues and receivables collections, and the Company has also taken on more debt to refinance vessels. As a result, interest expenses rose by 83.5% YOY to US$2.1 million, while interest income doubled to US$1.0 million. The Company is still in a strong financial position with net cash. Associated companies contributed US$4.1 million (+71.5%YOY) from better business conditions.

The sale of 2 older mid-tier vessels recorded a gain of US$3.5 million in total. This is much lower than the gain on sale of vessels in the previous year of US$16.1 million as there was a windfall profit in FY2024 from the sale of an older PSV. Total other income was US$7.4 million for FY2025 compared to US$19 million in FY2024.

EBITDA for FY2025 increased by 21.8% YOY to US$38.4 milllion, reflecting a significant improvement in operations and cash generation ability of the Company.

Stripping out gains on vessel sale, the underlying Core Net Profit attributable to shareholders was US$18.0 million, a jump of 19.2%YOY as compared to US$15.1 million in FY2024.

The performance of the Company has contributed to EPS of Rp75.80 for FY2025 against Rp78.35 in FY2024.

Industry Outlook

The heightened geopolitical risks in 2025 saw governments around the world prioritizing energy security over long term climate goals. The speed of adoption of Aritficial Inteligence (AI) in every field also accelerated the expansion of data centers, contributing significantly to the increasing demand for power. By late 2025, the International Energy Agency (IEA) revised up electricity demand growth to 3.7% in 2026, well in excess of average growth of 2.6%p.a. between 2015 to 2023.

As a result of these changes, there has been an upward revision in total investment into oil and gas exploration in 2025 compared to 2024, in particular in deepwater drilling. This confirms our positive outlook for strong demand in OSV for the coming few years, particularly in DP equipped OSVs.

In early 2026, the attacks on Iran and ensuing retaliation has disrupted oil and gas supplies coming from the Middle East, causing oil prices to spike. Should the Iran war escalate for a longer period, it is likely to trigger even more investment into exploration of new oil and gas reserves as energy nationalism becomes the new normal.

Business Prospects

The Company’s investment in additional fleet has improved the fleet composition and raised revenues and margins in the past year. Indonesia alone has 4 deepwater drilling projects which have been identified as strategic projects by the government and slated to start production between 2027 to 2030.  There will be longer term contracts awarded for these projects in the coming year as projects start to ramp up towards the second half of 2026.

With stronger cash flow expected in 2026, management is looking to expand the dynamic positioning fleet, and cash will be deployed to fleet expansion, whether through direct purchases of vessels or corporate acquisitions. In 2025, total capex was US$41.7 million, while in FY2026, the Company is budgeting more than double that amount in anticipation of increased OSV demand. This will be funded by internal cash flow and bank loans.     

Total contracts on hand as at end December 2025 amount to US$59.1 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.

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