MedservRegis plc - Interim Report

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.