Foraco International Reports Q4 & FY 2025 Audited Results

Executive Summary

• Foraco International reported Q4 2025 revenue of US$63.1 M (+4% QoQ) and FY 2025 revenue of US$258.2 M (‑12% YoY).
• Net profit rose modestly in Q4 2025 to US$2.3 M (+10% QoQ) but fell sharply for the full year to US$14.8 M (‑43% YoY).
• Record order backlog of US$404.4 M at year‑end 2025, with US$228.5 M slated for execution in FY 2026 (+14% YoY), providing strong visibility.

Key Details

• Q4 2025 Highlights
• Revenue: US$63.1 M vs. US$60.8 M Q4 2024.
• EBITDA: US$10.4 M (16.5% of revenue), unchanged YoY.
• Net profit: US$2.3 M vs. US$2.1 M Q4 2024.

• Rig utilization: 40% vs. 35% prior year.

• FY 2025 Highlights

• Revenue: US$258.2 M vs. US$293.5 M FY 2024.
• EBITDA: US$45.7 M (17.7% of revenue) vs. US$60.5 M FY 2024.
• Gross profit: US$46.0 M (17.8% of revenue) vs. US$63.1 M FY 2024.
• Operating profit: US$26.9 M vs. US$42.5 M FY 2024.

• Net profit: US$14.8 M vs. US$26.1 M FY 2024.

• Geographic Revenue Mix (FY 2025)

• North America: US$89.3 M (‑25% YoY).
• Asia Pacific: US$86.3 M (+3% YoY, +6% FX‑adjusted).
• South America: US$57.1 M (‑14% YoY).

• EMEA: US$25.4 M (+5% YoY).

• Segment Revenue (FY 2025)

• Mining: US$213.6 M (‑16% YoY).

• Water: US$44.6 M (+17% YoY).

• Backlog

• Total order backlog at 31 Dec 2025: US$404.4 M (↑83% YoY).

• FY 2026 executable portion: US$228.5 M (↑14% YoY).

• Cash Flow & Liquidity

• Free cash flow before debt service: US$7.4 M (down from US$17.5 M FY 2024).
• Capex: US$22.7 M (up from US$18.9 M FY 2024).
• Net debt (incl. IFRS 16): US$71.1 M (↑15% YoY; US$64.6 M at constant FX).

• Cash & cash equivalents end‑FY 2025: US$27.3 M vs. US$24.4 M FY 2024.

• Other Notable Items

• Sale of 50% stake in Eastern Drilling Company LLP (Kazakhstan) on 22 May 2025 generated a net gain of US$0.289 M, recorded under “Other Operating Income.”

• No dividends were paid in FY 2025; prior year dividend of US$4.5 M to shareholders omitted.

• Management Commentary

• CEO Tim Bremner highlighted South America as the primary growth driver and noted a record backlog supporting FY 2026 visibility.
• CFO Fabien Sevestre emphasized positive free cash flow, disciplined cost control, and secured financing lines.

Notable Quotes

“With most major mobilizations now completed, the Group enters FY 2026 with a solid operational base, supporting a progressive recovery in performance.” – Tim Bremner, CEO

“We generated positive free cash flow and secured financing lines to support growth… All the above enhances revenue visibility for FY 2026 and supports improved cash conversion.” – Fabien Sevestre, CFO

The release includes a conference call scheduled for March 2 2026 at 10:30 am ET (details provided).