MedservRegis plc - Full-Year Results

On 28 April 2026, MedservRegis plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue surged by 49.4% to €104.6 million (2024: €70.0 million), which is also ahead of the €84.1 million forecast published at the time of the October 2025 bond issuance. The Integrated Logistics Support Services (ILSS) segment accounted for 67.2% of revenue while the Oil Country Tubular Goods (OCTG) segment represented 32.4% of income. The remaining 0.4% was generated from the photovoltaic farm. The company explained that revenue growth was primarily driven by the ILSS segment, which increased significantly from €36.9 million in 2024 to €70.3 million in 2025, largely attributable to the commencement of offshore drilling operations in Libya, resulting in a 219% increase in revenue generated from the Maltese shore base compared to the prior year.

On the expenditure side, net operating costs rose to €92.4 million compared to €63.7 million in the previous year.

Medserv reported an operating profit of €12.2 million which is almost double the €6.28 million figure in 2024. Excluding depreciation and amortisation charges as well as impairments, adjusted EBITDA increased by 36.6% to €22.0 million from €16.1 million in 2024, also ahead of the €19.5 million forecast published at the time of the October 2025 bond issuance. The adjusted EBITDA margin stood at 21.0%, compared to 23.0% in the prior year.

Net finance costs rose to €4.64 million compared to €2.41 million in the previous year mainly driven by negative movements in foreign exchange.

After accounting for a tax expense of €2.02 million and profits attributable to non-controlling interests of €0.32 million, the net profit attributable to shareholders amounted to €5.18 million (2024: €1.87 million).

The Statement of Financial Position as of 31 December 2025 shows that total assets increased to €158.3 million (2024: €145.7 million), principally composed of right-of-use assets totalling €50.3 million, property, plant and equipment totalling €31.1 million as well as trade and other receivables of €31.5 million. Meanwhile, total liabilities rose to €99.8 million. Shareholders’ funds increased to €57.3 million which translates into a net asset value per share of €0.5641 (31 December 2024: €0.5549).

Dividend

The Directors of MedservRegis are recommending the payment of a final net dividend of €0.014758 per share to all shareholders as at the close of trading on Wednesday 13 May 2026 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 27 May 2026. The final net dividend is expected to be paid on 31 July 2026.

Outlook

The Chairman noted that as the Group enters 2026 it does so with a strong operational base and clear priorities, with continued offshore activity linked to Libya, consolidation of momentum in established markets, and carefully managed expansion into selected new geographies providing a coherent and credible growth pathway. The Chairman elaborated that while the external environment remains uncertain, the Board believes the Group is well positioned to navigate the period ahead.

Meanwhile, the CEOs explained that in 2026 MedservRegis is expecting Libya offshore drilling activity to remain strong and focused on consolidating and deepening its position in existing markets, building on momentum recorded across Malta, Egypt, Iraq, and Oman. Moreover, the Group is also positioned to progress its next phase of development, with new ventures in Suriname, Namibia, Saudi Arabia, and Mozambique following the lifting of force majeure on TotalEnergies’ LNG project