Good morning, ladies and gentlemen, and welcome to the Foraco International S.A First Quarter 2025 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, April 30, 2025. I would now like to turn the conference over to Mr. Tim Bremner, CEO of Foraco. Please go ahead.
Good morning, everyone, and welcome to Foraco International's Q1 2025 Earnings Call. I am Tim Bremner, CEO of Foraco, and joining me today is Fabien Sevestre, our CFO. Earlier today, we released our first quarter 2025 financial results via CNW Newswire prior to the opening of the TSX. If you have not yet received a copy, you will find it at our website at www.foraco.com. Following our comments, we will open the call for questions, which will be monitored by the operator. As expected, Foraco reported Q1 2025 revenue of $55 million compared to $77 million in Q1 2024. However, this result is not indicative of the outlook for the year ahead. Q1 is historically Foraco's weakest quarter due to the seasonality of the mining business.
While many projects in Australia and North America restarted after the break as expected, this was not the case in South America, where most had already wrapped up before year-end. This was followed by the staggered start of new projects throughout the quarter, which, when considering the reduction in revenue during mobilization and project ramp-up, resulted in the shift in financial performance for the quarter. We continue to ramp up operations in South America, which will no doubt continue to an improvement in the coming months. Our water business remains strong and continues to present opportunities for stable growth. We will soon deploy two additional industry-leading NGBF rigs, which have performed exceptionally well from day one. Fabien will now provide a detailed overview of the financial performance region by region for the quarter. Fabien?
Thank you, Tim, and good morning, everyone. First of all, and as a reminder, Foraco reports in full IFRS and in US dollars. Revenue for Q1 2025 amounted to $55 million compared to $77 million for the same quarter last year due to delays in restarting of projects with senior clients for $11 million, the exit from Russia and some African countries for $5 million, and negative foreign exchange, which only impacted the top line for $4 million. By reporting segment, mining represented 80%, and water represented 20%. Revenue in Asia-Pacific increased 39% at $20 million, reflecting the successful deployment of new proprietary rigs. In North America, revenue amounted to $18 million in Q1 2025, a 33% decrease mainly attributed to project delays with tier-one clients. Revenue in South America decreased from $26 million to $10 million.
The start of new contracts during this quarter, including mobilization and ramp-up, impacted revenue and margins. In EMEA, revenue was $6 million in Q1 2025 compared to $10 million in Q1 2024. Excluding Russia, revenue in Africa and Europe grew by 28%, supported by the start of contracts that are significant for the region. In Q1 2025, the geographical split was Asia-Pacific 37%, North America 32%, South America 18%, EMEA 12%. During the period, gross margin, including depreciation, was $8 million, or 14% of revenue, versus $17 million, or 22% of revenue for the same period last year. Gross margin in the mining segment was primarily driven by the phasing and the ramp-up of new contracts and the relative weight of fixed operational costs. The gross profit in the water segment was almost three times better than last year, driven by the deployment of new proprietary rigs on long-term contract.