SED Energy Holdings Plc reported record second-quarter 2026 revenue of $71.5 million to $72 million, up about 40% year-on-year and topping Wall Street's $69.6 million forecast by 2.7%. The offshore energy services group posted adjusted EBITDA of $42.6 million to $43 million, a gain of more than 30% from the prior year, while net profit reached $25.6 million.
First-half 2026 revenue totaled $141.3 million, a 25% increase over the same period in 2025, with EBITDA of $81.1 million. The group maintained a 60% EBITDA margin, supported by strong utilization across its portfolio. SED Energy's cash position stood at $55 million, including $39.4 million in unrestricted funds, while net interest-bearing debt fell to $17.6 million, down from $30.5 million at the end of the first quarter.
The company's Energy Drilling subsidiary generated about $64 million in revenue and $41.6 million in adjusted EBITDA, with a 65% margin described as the highest in recent years. Energy Drilling's firm backlog totaled $318 million at quarter-end, with operations supported by about 80 rigs in active tenders across Southeast Asia. SeaBird Exploration reported $7.3 million in revenue and $1.6 million in EBITDA, with technical utilization improving to 94% and firm backlog rising to $24 million.
SED Energy proposed a $25 million distribution for the second quarter, subject to shareholder approval, while maintaining full-year 2026 guidance of $90 million to $110 million. The group has returned $132.5 million to shareholders since inception, representing about 30% of its market capitalization at formation. First-half 2026 distributions totaled $50 million, equating to roughly 100% of net profit.
Shares of SED Energy slipped 0.88% to $7.90 in early trading, following the release of results before the market opened. The stock remains near the lower end of its 52-week range, trading about 3.6% above its low of $7.47 and 22.9% below its high of $10.25.
