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MedservRegis plc – Interim Report

Jonathan Falzon

November 10, 2025

Market News
10 November, 2025
4 min read
Market News
10 November, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 10 November 2025, MedservRegis plc issued an Interim Report providing information on their financial and business performance during the nine-month period ended 30 September 2025.

Total revenue surged by 37.1% to €68.8 million compared to €50.2 million reported in corresponding period last year, driven by the Integrated Logistics Support Services (ILSS) segment which nearly doubled to €43.8 million amid exceptional activity in Malta and Cyprus. The directors highlighted that the results in Malta progressed by over 150% due to multiple offshore drilling and construction campaigns for ENI, Mellitah Oil & Gas, and Saipem. Moreover, Cyprus benefitted from extended ExxonMobil operations.

The revenue from Oil Country Tubular Goods (OCTG) declined by 7.2% to €24.6 million (3Q 2024: €26.5 million) as the segment maintained steady progress, led by Iraq and Oman, while Middle East operations continued to provide a solid contribution.

EBITDA during the nine-month period amounted to €16.4 million, which is 30.2% higher than the €12.6 million reported for the same period last year and higher than the 2024 full-year EBITDA of €16.1 million. The Directors explained that the growth in EBITDA is reflective of improved operational efficiency and sustained margin growth in core locations. The EBITDA margin for the first nine months of the year was 23.9% compared to 25.1% in the first three quarters of 2024.

The Directors highlighted that EBITDA during Q3 2025 amounted to €5.6 million and is expected to be maintained or improved going forward.

In the latest Financial Analysis Summary dated 20 October 2025, Medserv forecasted revenue of €84.1 million and EBITDA of €19.5 million for the 2025 financial year. Furthermore, the Group projected revenue of €87 million and an EBITDA of €19 million for the 2026 financial year.

Outlook

The Directors anticipate that over the next year, activity in Malta and Libya will continue to expand following the start-up of the Misurata base and ongoing drilling operations offshore Libya. In Cyprus, preparations are underway for the multi-well drilling program planned for 2026.

In the Middle East, the Group continues to strengthen its position through long-term contracts in Oman, Iraq, and the UAE. Sub-Saharan Africa and the Americas remain key growth frontiers, with the Suriname logistics base expected to commence operations in the second half of 2026 under a long-term contract. Moreover, the Directors also noted that new opportunities are emerging in Namibia

The Directors noted that whilst geopolitical risks persist in several of the Group’s operating regions, it remains confident in its diversified geographic base, strong order book, and disciplined operational execution.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 10 November 2025, MedservRegis plc issued an Interim Report providing information on their financial and business performance during the nine-month period ended 30 September 2025.

Total revenue surged by 37.1% to €68.8 million compared to €50.2 million reported in corresponding period last year, driven by the Integrated Logistics Support Services (ILSS) segment which nearly doubled to €43.8 million amid exceptional activity in Malta and Cyprus. The directors highlighted that the results in Malta progressed by over 150% due to multiple offshore drilling and construction campaigns for ENI, Mellitah Oil & Gas, and Saipem. Moreover, Cyprus benefitted from extended ExxonMobil operations.

The revenue from Oil Country Tubular Goods (OCTG) declined by 7.2% to €24.6 million (3Q 2024: €26.5 million) as the segment maintained steady progress, led by Iraq and Oman, while Middle East operations continued to provide a solid contribution.

EBITDA during the nine-month period amounted to €16.4 million, which is 30.2% higher than the €12.6 million reported for the same period last year and higher than the 2024 full-year EBITDA of €16.1 million. The Directors explained that the growth in EBITDA is reflective of improved operational efficiency and sustained margin growth in core locations. The EBITDA margin for the first nine months of the year was 23.9% compared to 25.1% in the first three quarters of 2024.

The Directors highlighted that EBITDA during Q3 2025 amounted to €5.6 million and is expected to be maintained or improved going forward.

In the latest Financial Analysis Summary dated 20 October 2025, Medserv forecasted revenue of €84.1 million and EBITDA of €19.5 million for the 2025 financial year. Furthermore, the Group projected revenue of €87 million and an EBITDA of €19 million for the 2026 financial year.

Outlook

The Directors anticipate that over the next year, activity in Malta and Libya will continue to expand following the start-up of the Misurata base and ongoing drilling operations offshore Libya. In Cyprus, preparations are underway for the multi-well drilling program planned for 2026.

In the Middle East, the Group continues to strengthen its position through long-term contracts in Oman, Iraq, and the UAE. Sub-Saharan Africa and the Americas remain key growth frontiers, with the Suriname logistics base expected to commence operations in the second half of 2026 under a long-term contract. Moreover, the Directors also noted that new opportunities are emerging in Namibia

The Directors noted that whilst geopolitical risks persist in several of the Group’s operating regions, it remains confident in its diversified geographic base, strong order book, and disciplined operational execution.