Wintermar Offshore Marine Group (WINS.JK) announced its financial results for the year ended 31 December 2025, with operating profit surging 31% year-on-year to US$23.3 million. The company's core net profit attributable to shareholders rose 19.2% to US$18.0 million, excluding gains from vessel sales. The performance reflects margin expansion through a better fleet mix, particularly an increased number of dynamic positioning (DP) equipped vessels.
Owned vessel revenue increased 13.8% year-on-year to US$70.7 million, with gross margins widening to 41.7% compared to 36.1% in FY2024. This improvement occurred despite softer charter rates and lower offshore activity in 2025. Utilization declined due to geopolitical concerns and the early stage of most drilling projects, which are shorter term in nature. However, higher revenue from DP-equipped vessels compensated for the lower utilization. The company operated a larger number of higher-value vessels in FY2025.
Gross profit from the Chartering Division declined to US$0.5 million from US$1.4 million, partly due to a strategic shift toward a management fee-based ship management model for better scalability. Contribution from the Other Services Division increased 9.3% year-on-year to US$2.8 million. Total gross profit rose 24.1% to US$32.7 million.
Direct expenses increased due to a larger DP fleet and more overseas contracts. Crewing costs rose 10.5% to US$11.4 million, and depreciation increased 10.4% to US$14.8 million. Operating expenses were slightly higher at US$5.2 million, while maintenance costs fell 2.9% to US$7.3 million. Fuel bunker costs declined 26% as idle vessels were berthed on shore power in Batam. By December 2025, the company had seven platform supply vessels (PSVs) in operation, compared to five at the end of 2024. An additional PSV purchased in late 2025 is expected to be operational by the second half of 2026.
Indirect expenses rose 10% to US$9.4 million, driven by higher salary costs (up 11.9% to US$6.5 million) as employee strength increased to 252 from 244. Marketing expenses rose 17.2% due to fees, commissions, and bid bond expenses. Office utility costs increased 12.6% due to investments in new subsidiaries. As a result, operating profit jumped 31% to US$23.3 million.
Other income totaled US$7.4 million, down from US$19 million in FY2024, which included a windfall gain from the sale of an older PSV. The sale of two older mid-tier vessels recorded a gain of US$3.5 million. Interest expenses rose 83.5% to US$2.1 million due to increased debt for vessel refinancing, while interest income doubled to US$1.0 million. The company remains in a strong net cash position. Contributions from associated companies rose 71.5% to US$4.1 million due to better business conditions. EBITDA increased 21.8% to US$38.4 million, reflecting significant operational improvement and cash generation.
Earnings per share (EPS) for FY2025 were Rp75.80, compared to Rp78.35 in FY2024. The company noted that higher geopolitical risks in 2025 prompted governments to prioritize energy security over long-term climate goals. The adoption of artificial intelligence accelerated data center expansion, contributing to increased power demand. The International Energy Agency revised up electricity demand growth to 3.7% in 2026, well above the average of 2.6% per annum from 2015 to 2023. As a result, total investment in oil and gas exploration in 2025 increased compared to 2024, particularly in deepwater drilling, supporting a positive outlook for offshore support vessel (OSV) demand, especially for DP-equipped vessels.
In early 2026, attacks on Iran and subsequent retaliation disrupted oil and gas supplies from the Middle East, causing oil prices to spike. If the conflict escalates, it could trigger further investment in exploration of new reserves as energy nationalism becomes the norm. The company’s investment in additional fleet has improved fleet composition and raised revenues and margins. Indonesia alone has four deepwater drilling projects identified as strategic by the government, slated to start production between 2027 and 2030. Longer-term contracts for these projects are expected to be awarded as projects ramp up toward the second half of 2026.
With stronger cash flow expected in 2026, management plans to expand the dynamic positioning fleet through direct vessel purchases or corporate acquisitions. In 2025, total capital expenditure was US$41.7 million. For FY2026, the company has budgeted more than double that amount in anticipation of increased OSV demand, funded by internal cash flow and bank loans. Total contracts on hand at the end of December 2025 amounted to US$59.1 million.
