JAKARTA, INDONESIA, Apr 30, 2026 - (JCN Newswire) - Wintermar (WINS:JK) records attributable net profit growth of 194%YOY to US$4.8million for 1Q2026 on 47.8% YOY revenue growth.

Owned Vessel Division

With more High Tier vessels in operation since December 2025, 1Q2026 recorded a 53.9% YOY increase in Owned Vessel Revenue amounting to US$22.8million, resulting in Owned Vessel gross profit doubling to US$12.7million for 1Q2026 on gross margins of 55.7% compared to 41.1% in 1Q2025. 

Chartering Division and Other Services

Management continued to focus on marketing Owned Vessels and grow the Other services division where margins higher, resulting in a fall in Gross profit from chartering to US$0.03million (-15%YOY) while Other Services contributed gross profit of US$0.5million (+17%YOY) with gross margins of 34.1%.

Direct Expenses and Gross Profit

In line with the larger fleet of High Tier Vessels in operation, depreciation rose by 20.0% YOY to US$4.0million while Crewing rose by 24.2% YOY to US$2.9million and Operational costs grew 38.5% to US$1.1million for 1Q2026.

As more vessels were in operation compared to 1Q2025, maintenance costs were lower by 1.8%YOY at US$1.7million. Fuel bunker was also lower at US$0.4million as there were fewer idle vessels, and no significant mobilization costs as compared to 1Q2025 where the Company mobilised vessels for international contracts.

Total Gross Profit rose by 101.6%YOY to US$13.3million largely from a strong performance in the Owned Vessel Division which enjoyed a utilization rate of 62% compared to 55% in 1Q2025.

Indirect Expenses and Operating Profit

Total Indirect Expenses rose by 14.6%YOY to US$2.8million, largely due to staff expenses which increased by 16.7%YOY to US$2.1million.  This was because the timing of Hari Raya bonuses and annual bonuses falling in the same quarter this year.  Marketing costs rose by 33.2%YOY to US$0.2million, reflecting more tendering activity, while professional fees rose by 46.3%YOY to US$0.08million due to the upgrading of payroll software. Office utilities fell by 13.0%YOY.

Operating Profit rose by 153.0%YOY to US$10.5million for the first quarter.

Other Income, Expenses and Net Attributable Profit

Interest expenses fell slightly by 1.2% to US$0.5million due to refinancing at lower interest rates while interest income fell by 14%YOY to US$0.2million due to decrease in time deposit interest rates. There were no vessel sales this quarter, but associated companies recorded a net loss of US$0.5million due to lower utilization of fleet. The Company recorded a lower loss of Forex at US$0.15million compared to US$0.36million in 1Q2025, as earnings are in US$.

Total attributable Net Profit amounted to US$4.8million (+194%YOY) for 1Q2026, yielding an Earnings per share of Rp18.4 in 1Q2026 compared to Rp6.3 in 1Q2025.

As a result of these better operational conditions, EBITDA rose by 92.2%YOY to US$14.6million in 1Q2026 compared to US$7.6million in 1Q2025.

Industry Outlook

The Iran war has continued into the second quarter of this year, with an uncertain ceasefire providing some relief at the time of writing this newsletter. Oil prices have eased but continue to be volatile and supply of Oil remains restricted with the closure of the Strait of Hormuz.  The high risks of relying on Middle Eastern oil has strengthened the resolve of governments across the world towards energy security.  Globally, there are up to US$40 billion worth of upstream projects slated for acceleration, including some in Indonesia.

Business Prospects

With a strong market outlook for OSV demand, the Company is making plans to grow the fleet through investing in new building as well as acquisitions. The Group’s eighth Platform Supply Vessel that was purchased in end 2025 is currently undergoing repair and upgrading, and should be operational in mid 2H2026.  At the present time, Wintermar’s vessels are still largely chartered on spot contracts but there are some longer term contracts in the bidding process for 2027. However, Associate Company Fast Offshore Supply Pte Ltd in Singapore has won a long-term contract to build a fleet of Crew Transfer Vessel (CTV) in Singapore and Batam for delivery in 2027, which should start contributing earnings when the vessels commence operations next year. 

Total contracts on hand as at end March 2026 amount to US$47.8million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 44 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com. 

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com 

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