ES Group warns of FY2025 net loss on weaker shipbuilding demand, vessel downtime and higher finance costs
Summary:
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ES Group expects to post a net loss for FY2025, reversing from a net profit in FY2024, after a preliminary review of unaudited consolidated results.
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Revenue fell on a decline in orders at the newbuilding and repair segment amid softer market conditions, US tariff-related uncertainty and key customers relocating their yards, which sharply reduced their contributions.
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Offshore vessel ES Jewel was out of action for about 4.5 months due to special survey, tank-coating works and delayed spare parts, while ES Aspire was offline for nearly a month for maintenance, leading to higher repair/holding costs and lost charter income.
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Other operating income declined because one-off insurance recoveries linked to ES Jewel’s breakdown were lower than in the prior year, and finance costs increased following a term loan drawdown in June 2025.
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Unaudited FY2025 results will be released on or before 1 March 2026; the board urges shareholders and investors to exercise caution when trading the shares pending full results.