Wintermar Offshore Marine Group (WINS.JK) has announced its financial results for the year ended 31 December 2025, reporting a 31% year-on-year (YOY) increase in operating profit to US$23.3 million. The improvement was driven by margin expansion from a better fleet mix, despite softer charter rates and lower offshore activity in 2025. Core profit attributable to shareholders rose 19.2% YOY to US$18 million, reflecting strong operational performance.
The Owned Vessel Division saw revenue increase 13.8% YOY to US$70.7 million, with gross margins widening to 41.7% from 36.1% in FY2024. While utilization was lower due to geopolitical concerns and shorter-term drilling projects, the company compensated by operating a larger number of higher-value Dynamic Positioning (DP) equipped vessels. The Chartering Division experienced a decline in gross profit to US$0.5 million, partly due to a strategic shift to a management fee-based ship management model, recorded under Other Services, which saw a 9.3% YOY increase in contribution to US$2.8 million.
Total gross profit rose 24.1% YOY to US$32.7 million, supported by higher revenue from DP vessels and cost management. Indirect expenses increased 10% YOY to US$9.4 million, primarily from higher salary costs as the company expanded its technical and operations teams. Operating profit reached US$23.3 million, up from US$17.8 million in FY2024. EBITDA increased 21.8% YOY to US$38.4 million, highlighting improved cash generation.
Other income fell to US$7.4 million from US$19 million, as the prior year included a windfall gain from vessel sales. However, stripping out gains, core net profit rose to US$18 million. Earnings per share (EPS) were Rp75.80 for FY2025 compared to Rp78.35 in FY2024. The company noted a strong financial position with net cash, though interest expenses rose 83.5% YOY to US$2.1 million due to increased debt for vessel refinancing.
Looking ahead, Wintermar highlighted a positive industry outlook driven by heightened geopolitical risks and growing demand for energy. The International Energy Agency (IEA) revised electricity demand growth to 3.7% in 2026, exceeding historical averages. Investment in oil and gas exploration, particularly deepwater drilling, is expected to increase. In early 2026, attacks on Iran disrupted Middle East oil supplies, potentially triggering further exploration investment. The company aims to expand its DP fleet in 2026, with capital expenditure budgeted at more than double the US$41.7 million spent in 2025, funded by internal cash flow and bank loans. Total contracts on hand as of December 2025 stood at US$59.1 million.
For more information, visit www.wintermar.com.
