Paratus Reports Q2 2025 Results - Seite 2

Operating expenses (Opex) totalled $25.6 million (Q1 2025: $18.3 million) and general and administrative expenses (G&A) totalled $0.4 million (Q1 2025: $1 million). The increase in Opex reflects Titania FE rig relocation costs at the end of its campaign (primarily tugboat and fuel expenses) partially offset by lower overall operational activity. The rig has subsequently been re-imported to Mexico. Additionally, Q1 2025 Opex benefited from favorable changes in accrual estimates. Adjusted EBITDA for Q2 2025 was $17.8 million (Q1 2025: $27.4 million).

During Q2 2025, Fontis achieved an average dayrate of $116 thousand per day (Q1 2025: $125 thousand per day) and maintained a strong technical utilization of 99.2% (Q1 2025: 99.7%). Fontis contract backlog at quarter-end was approximately $98 million (Q1 2025: approximately $139 million).

The successful collection of $209 million in overdue receivables from Fontis' client in Mexico during Q1 2025 marked a significant milestone. This transaction materially improved the Company's liquidity position and demonstrated that alternative avenues exist for monetizing receivables beyond the traditional collection process.

As of the end of Q2 2025, the notional value of accounts receivable increased to $232 million, up from $185 million at the end of Q1 2025. No payments were received during the quarter, in line with broader trends observed among other service providers operating in Mexico with this client. In early August 2025, the Mexican government publicly introduced a comprehensive financial support plan with the aim to make Fontis' client financially self-sufficient by 2027. Key elements of the plan include the settlement of overdue supplier payments, debt reduction initiatives, and a long-term increase in national oil production from approximately 1.6 to 1.8 million barrels per day. As part of this initiative, approximately $25 billion in new government guaranteed funding has reportedly been secured, including proceeds partially earmarked for capital expenditures and supplier debt settlements. In August, Fontis received a modest payment from its client.