Good morning, everybody, and welcome to OceanPact's second quarter of 2026 earnings call. All participants will be in a listen-only mode during the presentation. Later, we will hold a question and answer session when further instructions will be provided. This conference is being recorded, and the replay will be available at the company's website at ri.oceanpact.com. The slide deck that will be used in the presentation is also available at the company's investor relations website, as well as the CVM website at cvm.gov.br. Before proceeding, we would like to mention that the forward-looking statements that may be made during this conference call related to the company's business prospects and forecasts are predictions based on the management's current expectations. These expectations are highly dependent on macroeconomic conditions, market risks, and other factors.
Today with us are Mr. Flavio Andrade, CEO; Mr. Haroldo Solberg, Vice President and President of the Vessel Segment; Adriano Ranieri, Director of the Services Segment; and Eduardo Toledo, CFO and IRO. They will first comment on OceanPact's 2Q26 performance and also the performance of the company in the first half of the year, and later they will be available to take your questions. I would like to turn the conference over now to Mr. Andrade. You may now begin.
Thank you, [Doris]. Good morning, everybody. As always, it is a great pleasure to join you to talk about our results. This time, the results of the second quarter of 2026. Of course, we need to talk about what happened after the end of the last quarter, including the approval by the superintendent of the Brazilian Antitrust Authority for the combination of business between OceanPact and CBO.
On July 27th, the transaction was approved without any restrictions, and now third parties have 15 business days to appeal or for the Antitrust Authority to review the case. So we are moving towards the closing of the deal soon. Also, in late July, as we communicated to the market, we acquired Dock Brasil, a shipyard here in Rio de Janeiro in São Gonçalo. It is a shipyard where we usually dock our vessels. CBO does the same, and this acquisition will allow us to have greater control and faster works done on the vessels in a safer way as well, and that will help us in our utilization rate ultimately. Without further ado, let's talk about the quarter's results. Let's go to the next slide. We had an increase in our average net daily rate to BRL 225,000 per day, a 27% increase year-on-year.
Our net revenue came to BRL 736 million, up by 45% year-on-year. Our Adjusted EBITDA came to BRL 256 million, 84% higher year-on-year, and a net profit of BRL 56 million. Now I'll turn it over to Haroldo, and he is going to give you more color on the vessels segment.
Thank you very much, Flavio. Good morning, everybody. I'm going to give you an overview of the main highlights, the operating highlights in 2Q 2026, starting with our utilization map. We finished the second quarter with 76% utilization rate, significant growth quarter-on-quarter, and we believe that this number will grow until the end of the year with the mobilization of vessels to cater to our contracts. In orange on the map, you can see three vessels being mobilized into new contracts with Meros and Parcel das Timbebas and Rochedo de São Paulo.
We also had maintenance with Parcel das Feiticeiras, Badejo, Macaé, and Santana. In blue, you can see docking movements with Fernando de Noronha, Jim O'Brien, Macaé, and Rochedo de São Pedro. In yellow, Tinharé and Ilha das Flechas didn't have any contract. We made the decision to sell those two vessels, and the negotiations are moving forward, and that's why we see on the map that both vessels appear in white starting in July. At the end of the year, we intend to finish the year with a 78% utilization rate. Now let me give you more details about this utilization rate of 76%. We can see that days without any contracts had a 6% impact, mobilizations 7 percentage points, docking four, and the operating downtime stood at 7 percentage points due to the maintenance downtime that I mentioned earlier.
Now, on the right-hand side of the slide, you can see the days utilized year-on-year. We went from 1,763- 1,600 days due to a higher number of mobilizations and days without any contracts. Now, when it comes to the average daily rate, it grew from BRL 177,000 into 2Q 2025 to BRL 225,000 into 2Q 2026, 27% more, due to new contracts with Petrobras. For example, with Mosqueiro, starting in 2025, and also Parcel dos Reis, Parcel do Bandolim and Parcel das Timbebas, and also Rochedo de São Paulo, that started operations in 2026. Now let's take a look at the results of the vessel segment. First, I'd like to highlight that we had a partnership with a foreign vessel here in Brazil, which gave us a net revenue of BRL 38 million into 2Q 2026.
We can see that if we exclude this partnership, the net revenue came to BRL 361 million, 15% more year-on-year, due to an increase in the daily rates, as I said on the previous slide. On the right-hand side, you can see that the EBITDA for this quarter came to BRL 151 million from BRL 82 million. The EBITDA margin went from 26%- 42%. Now, I'd like to turn it over to Adriano Ranieri to talk about the Services segment.
Hello. Thank you, Haroldo, and good morning, everybody. Now, I'm going to present to you the Services 2Q 2026 numbers. Starting with Subsea & Geociências, with BRL 301 million in net revenue, more than 2x as much as 2Q 2025. Now, the highlights behind this growth include the revenue from mobilization from the decommissioning of Trident Energy and Boia de Congro, and higher productivity in the mooring line inspection services.
In Geociências, the highlights are the project of the geophysical survey in deep waters for Petrobras Colombia, and also more activities in our environmental monitoring program for Petrobras Brazil. We worked with two vessels in the project this quarter. The oil spill response unit had net revenue of BRL 51 million, 38% more year-on-year. This growth came from the offshore department with new contracts for specialty equipment for emergency response, and also the port department. Now, the consulting, logistics, and other departments. Our revenue stood at BRL 46 million, 32% more year-on-year. This growth was driven by the logistics department and new contracts with OceanPact Tech, our startup company, if you remember, for the development of unmanned self-driving vehicles. Now, the services revenue had a consolidated revenue of BRL 396 million, 88% higher year-on-year.
Our EBITDA came to BRL 105 million, 84% more, with a margin of 26%. That margin level came from the decommissioning projects and Geociências as well because they involve vessels. Thank you. I would like to turn it over to Eduardo now.
Thank you, Adriano. Good morning, everybody. It is a pleasure to join you once more to talk about the 2Q 2026 results. Our consolidated net revenue came to BRL 736 million in the quarter, 38% more year-on-year. Our EBITDA stood at BRL 256 million in the quarter, 84% more year-on-year. Our EBITDA margin grew from 27% to 37% year-on-year. Next slide. Let me give you some color on our costs. They stood at BRL 414 million in 2Q 2026. If we use comparable bases, the growth was 21% year-on-year. As for our G&A expenses, they came to BRL 66 million in the quarter, accounting for 9% of our consolidated revenue. Our CapEx came to BRL 198 million in the quarter. BRL 116 million out of this number referred to mobilizations and also the growth of the company.
Now let us talk about our capital structure and our financial position.
Our cash at the end of the quarter was BRL 364 million. This higher consumption of cash in the quarter is due to the increase in revenue. As you increase your revenue, you automatically have higher payables. It is also related to the advanced payment of debênture 5. We captured funds below the payment of debênture 5. We also had to pay and deliver actually the corporate income tax return. That happened in July. Starting in the third quarter, we will be able to consume the credits, the tax that is retained by our clients. Let me give you some color about our net debt over EBITDA ratio. It stood at 1.91x , which is a very good number in our opinion.
It is under the threshold that was established by the company. About our backlog. The backlog was stable.
There was a natural consumption in our backlog as contracts were performed, and we had an addition, the pull-out contract. We had a few other contracts as well for vessels and services, and that took us to the total of BRL 550 million in backlog.
Okay. Now, as for sustainability and innovation, we published the fourth sustainability report. This time, however, we talked about the impact caused by our activities, but also we presented the changes in global scenarios and how they can create risks and opportunities for our business. As we call it is the double materiality. What we mean by this is looking at what we do and looking at the risks and opportunities caused by our activities. All of that is reflected on our sustainability report. Wind-assisted ship propulsion. This is a sail that helps us save fuel.
It is the first time that we used it for oil recovery. You probably have seen this in large vessels. Vale uses something similar to this, and this sail was developed with a foreign partner, and the tests were very successful, with a 10% average reduction in fuel. That is a lot, and in some situations, it can be as high as 30% or 40% in specific situations. But in one month, we can get as much as 10% reduction. Another project that I would like to highlight is an ocean forecasting project for extreme events. We are doing this in a 3D way, understanding the currents, and this is funded by the RD&I resources. According to the concession contracts, the oil companies have to invest those funds, and we are a partner for many of those companies, and this project is one of them.
Let us talk about the acquisition that I mentioned right in the beginning of the presentation, the acquisition of Dock Brasil. This is a picture of the floating dock. It is like a vessel that goes down. Our vessel comes in, and then it floats back to the surface. The vessel, to be serviced, can receive the dry-docking maintenance services like that. It is more flexible because it can also be used as a vessel elevator. You can elevate the vessel and slide it into the land. We have three spots for three vessels in this shipyard to provide the maintenance services on land. We also have three spots, floating spots. It was an opportunity that we identified, and we believed it is very important because by doing so, we can have control over the maintenance works.
They will be faster, they will be better, and they will end up in higher utilization rates for our fleet. Here are some highlights about the transaction. I am not going to go into the details, but one thing that is important to mention is that this new unit is going to be led by the founder Carlos, a naval engineer, he was the one that came up with this idea, and he will be in charge of the operation, and we are also going to provide services to third parties. It is not going to be exclusive to us. We want to ensure optimal utilization of the shipyard. So we are going to continue providing services to other companies in the shipyard. Next slide. My closing remarks, I believe that the most important event in the quarter for the company was the combination of OceanPact's and CBO's businesses.
The debênture holder general meeting approved the change in our maximum leverage level from 2.5x to 3x. After December 2027, it should go down to 2.75x. Also, we changed the limit for dividend payout above the statutory minimum. If we are under 2.5x in our net debt to EBITDA ratio, we can distribute 100% dividends if that's what we want to do. Also, the Superintendent's Office of the Brazilian Antitrust Authority approved the combination of the businesses without any restriction on July 27th. Well, that's it. We're ready to take your questions. Thank you.
Let's begin the Q&A session. If you wish to ask a question, please click the Q&A icon at the bottom of your screen. If you wish to enable your microphone, please let us know in the Q&A field that you would like to ask a question, and your microphone will be activated later when your name is called. You may also submit questions in writing. To do that, simply enter your question in the Q&A field. First question from Monique Greco.
Hello. Good morning. Thank you for taking my question. I have two. The first one is about the sale of Ilha de Tinharé and Ilha das Flechas vessels. If you can talk about why you decided to do that, and also the amount of the sale, that would be helpful. The second question is: what are the potential demands from Petrobras contracts? For example, SEAP one and two, Albacora. If you could draw a timeline of potential bids with Petrobras, that would be very helpful as well.
Thank you, Monique. Well, about the sale of the smaller vessels. I believe that is part of our strategy. It has been so for a while. We try to have vessels that will give us good opportunities, that will be on demand, and we are selling two of the smallest vessels that we have. I don't think we can mention the prices. We are not selling them because someone offered to pay a good price. That was not the case. It could be, but it's not. We want to focus on vessels that are higher in volume and size. Every two years, or every five years, we have to dock the vessels, and we need to make a lot of investments in those dockings. We are going to prefer to do that, to make those investments, to have bigger vessels than to maintain the smaller vessels.
When we identified good opportunities, we are going to seize them. That was the reason. Now, about the Petrobras RFIs. There is apparent demand for decommissioning projects. We are paying close attention to that. In the EPCIs, there is secondary demand. We adapted Parcel dos Meros for decommissioning services. For example, collection of lines and also launching lines in shallow waters. In those larger projects, we are going to use supply boats to support the large companies. For example, Saipem, TechnipFMC, and whoever wins those bids.
The next question comes from Vicente Falanga with Bradesco BBI.
Good morning. Thank you for taking my question. I had a few. How confident are you in your cash generation ability in the second half of the year, considering your expected results? We believe that CapEx should start going down. I would like to know your opinion about that, especially when it comes to cash generation. The second question is about the rationale behind the acquisition of the shipyard. I would like to know if you are foreseeing more maintenance after the merger, or is it just because you want to have better control of the maintenance work in your vessels? Do you think that you are going to see more contracts coming in? I would like to know if the acquisition was strategic, more than anything. And also i f you can give us more information.
I am sorry, Falanga. Somebody talked over you. Can you repeat the last question?
Yes, absolutely. I would like to know more about the synergy that you have been capturing. I would like to know if there was any evolution about that.
Okay. I am going to address the second and third questions, and Haroldo is going to answer the question about cash generation. About synergies, well, we have not disclosed anything about synergies. But, of course, we used all this time through which we were waiting for the antitrust authority approval to study what is possible. So we took a deep dive into the companies, into the CBO's best practices. As we said from the very beginning, we have complementary competencies between the two companies, and I believe that there is a lot to learn from each side.
About the acquisition of the shipyard, well, CBO already has a shipyard, and we believe that it has always been an advantage for them. However, their shipyard is a floating one. It cannot bring the vessels to land. The opportunity to acquire Dock Brasil came up, and over 50% of the company's stake was owned by private equity funds. They had already finished their ownership term, and they started looking for companies to buy their stake. There was another company that had a similar dock, and the company was sold and the dock disappeared. We did not want that to happen with Dock Brasil. We wanted to have full control of the maintenance works. By doing that, costs can decrease. We can provide vessels with faster maintenance work, and the utilization rate will grow as a consequence.
The CBO team really liked our suggestion of buying Dock Brasil, and of course, we had their approval to do it, because according to our agreement, we cannot change the regular course of business, but they approved it, and everybody was very happy about it. As for CapEx and cash generation, what I can do is just give you an overview. Our CapEx for upgrades, we don't foresee any major investments. That expenditure can actually go down in comparison with the first half of the year, but there are new opportunities coming out. We are investing in ROVs for pull-out projects, and we are also going to upgrade Parcel das Feiticeiras to collect lines in deeper waters, which is the contract that I mentioned, worth BRL 450 million with Petrobras. But Eduardo can give you more color on that.
Thank you, Falanga. Well, during the presentation, I told you that in the first half of the year, we had that issue of working capital. What happened is that we started ramping up operations. If you look at 4Q 2025 and 2Q 2026 numbers, you're going to see significant increases. But of course, after some point, you are now going to have additional needs for CapEx. Also taxes. Petrobras pays income tax and social contribution tax on top of our payment, and we need to wait for the income tax return to be filed, and that happens in late July, so that we can start using tax credits. So in the second half of the year, we are going to start consuming those credits for PIS and COFINS taxes.
From a CapEx standpoint, that's exactly what Flavio said. We invested a lot in the first half of the year. In the second half, we will invest also. Of course, we are going to pay for the acquisition of Dock Brasil, and also there is a pull-out project that is leading us to invest in our vessels Parcel das Feiticeiras, so that it is fully ready to cater to that contract, the pull-out contract. But there are opportunities coming up for Parcel das Feiticeiras and Parcel dos Meros, for line services, and also decommissioning services.
That is a very interesting market. We're very excited about it, about the opportunities that are coming up and that are really materializing for us now.
Thank you.
We now have a question from Rodrigo Almeida of BTG. Rodrigo Almeida will ask the next question. Rodrigo Almeida from BTG.
Hello, good morning, Flavio, the entire OceanPact team. I have two follow-up questions. The first one is about Parcel dos Meros and Trident Energy and what you're doing now with Parcel das Feiticeiras. It seems to me that it is an interesting solution, especially for unlocking contracts with Petrobras for shallow waters. Do you think there is an opportunity for you to adapt other vessels as well, especially for 2027? Do you think there will be more opportunities like those?
Also, that solution has interesting costs in comparison with using a PSV for shallow waters. Is that Petrobras mindset about this? Have you been talking to them? Are you trying to start a new niche adapting vessels into mini PSVs, if you will? I would like to know if there is a potential for developing that market further. About the decommissioning services, do you think you will be able to adapt the AHTSs, maybe the CBO ones? Do you think there is a market for those services with this type of vessel with maybe an AHTS with an ROV? I would like to know more about the synergies. I am sure you are already working with the integration. I would like to know what you are doing exactly in terms of studies that can expedite the integration of the two companies and also the synergies.
Okay. Let me go bit by bit. Yes, we are very happy about the initial results coming from the adaptation to Parcel dos Meros, putting RDSs on it with the wheels, and doing everything that we need to do to collect the lines from the bottom of the sea, and then we pull the lines and we wrap them around the reels and bring them to land. That is how decommissioning works.
That solution for shallow waters with a vessel of this size of about 100 meters with a capacity of 80 people and appropriate stability for that type of service with two reels of 250 tons of lines collected from the sea and also a crane with a 150 capacity. We already have the vessel to be upgraded to be able to do that type of service. Parcel das Feiticeiras will also be able to do that. It is going to look very similar to Parcel dos Meros. We are going to have very similar vessels, two vessels that can do that. We also have the normal RSVs that can do the preparation work. As Adriano said in his presentation, we had a very good result in the Services segment this quarter because we mobilized vessels for Trident Energy.
Now, in the third quarter, that is not going to be so evident because we are going to use other vessels to prepare the work with the vessels and the lines. Our agreement is by the number of lines, is based on the number of lines collected from the sea. We are going to have productivity gains. Instead of using Parcel dos Meros or Parcel das Feiticeiras, we can use Parcel do Badejo, Austral Abrolhos, and other smaller vessels that can anticipate part of the work. That kit with different vessels and our expertise in the vessel and logistic departments, I believe that we are extremely competitive. We can bring a number of advantages to Petrobras. We understood what Trident Energy's demand was, what Petrobras' demand was. We suggested a few options, and they are also, of course, very knowledgeable about this.
We talked to them extensively about the solutions, the options at hand, including with external consultants. We got to that decision jointly as a group. To address your question, I think Petrobras will like it, and we will be able to compete with that kit in other opportunities as well. I do not think that we are going to start having vessels like that. Having two is good enough, I believe, for us to cater to the market, especially if we can optimize the works with that pre-work part that does not require such a specialized vessel. It is what we call a spaghetti.
There is a spaghetti of lines at the bottom of the sea. We need to understand how that works and where the lines work, and where we can start pulling the lines, which lines are clean, where there is oil. It requires a lot of engineering work.
Now, let me address another part of your question. Although I don't think we can turn an AHTS into a pure decommissioning vessel, we can put ROVs on AHTSs. Petrobras has been doing that. CBO already has a vessel that looks exactly like that with a third-party ROV, of course, but we are interested in exploring those possibilities. The AHTSs will be more efficient if they have their own ROVs. Yes, we are interested in that. Now, about integration, I answered Falanga's question previously about that. We hired Gradus Consultoria for the PMI work. It was very good. It is now almost finished. That phase is almost concluded. With their help, we are also going to develop a zero-based budget for 2027 and also late 2026.
We want to capture all opportunities in an organized, well-planned way so that on the day of the closing, everybody knows what to do, what their position will be, who their bosses are. We get along great with CBO people. The integration with the future directors, Marcos Tinti, for example, and Marcelo, they are great. Our relationship with them is fantastic. They are very collaborative, and we are on the very same page about where we want to go with the company. We are talking about everything that can be talked about at this stage. Everybody's excited. We can't wait for the final approval.
That's great. Thank you.
Once again, if you wish to ask a question, please click the Q&A button at the bottom of your screen and type your question to submit your question in writing, or please ask us to activate your microphone.
As there are no more questions, I'd like to turn it over to Eduardo for his closing remarks.
Well, thank you. Thank you, everybody. I'd just like to go back to Falanga's question. I didn't talk about the results. I talked about the working capital and CapEx, but not about the results. When it comes to the third quarter, we expect to see a lower EBITDA than in the second quarter. There are some one-offs about the second quarter, as Adriano mentioned. The commissioning of Parcel dos Meros for Trident Energy, which had significant revenue attached to it, and also there were other one-off events. And obviously, when the Trident Energy contract really starts, we needed to get all things prepared, for example, collecting the lines. And we believe that the third quarter will post numbers in line with the third quarter of last year, therefore lower than the second quarter 2026. And the services segment is usually the one that's more volatile.
I believe that decommissioning services will evolve, and we believe that for the fourth quarter, the numbers will be higher, maybe standing between the second and the third quarter numbers. I just wanted to give you a flavor of what we are thinking about the results for the coming quarters. That is it. I would like to turn it back to Flavio for his closing remarks.
Thank you, Eduardo. Thank you, everybody. We are all looking forward to the final approval and the integration. It is going to be great for us, for the clients, for our employees, suppliers. I think it is going to be wonderful. We are very excited. Thank you very much, and see you next time.
This concludes OceanPact's conference call for today. Thank you very much for your participation. Have a good day. Bye-bye.