Half-year Financial Report

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

Interim results

for the six-month period ended 30 June 2026

GMS, a leading provider of self-propelled, self-elevating support vessels to the offshore industry, is pleased to announce its interim results for the six-month period ended 30 June 2026 (H1 2026).

Overview

1 This represents an Alternative Performance Measure (APM) as defined in the Glossary which is included in Note 5 to the interim consolidated Financial Statements.

H1 Financial and Operational Highlights:

Outlook:

Mansour Al Alami, Executive Chairman, GMS said:

"The first half of the year was significantly impacted by disruptions resulting from the war in the Gulf, but our core business remains strong with improved average day rates and higher backlogs. Supported by expansion in Latin America alongside fully operational assets deployed in Europe, performance is expected to rebound in the second half of 2026. This expectation assumes that the Gulf region will not return to active military actions."

Chairman's Review

Group performance

In the first half of 2026, the Group's adjusted revenue decreased by 3% to US$ 84.1 million (H1 2025: US$ 87.1 million), mainly due to the impact of the war in the Gulf (see below) which resulted in an estimated loss of revenue amounting to US$ 11.6 million. Further, a large vessel was under preparation for its contract in Europe during the first three months of the year and only commenced its charter operations on 1 April 2026. The same vessel was fully operational on the same period last year. As a result of these events, the average fleet utilisation declined to 75% (H1 2025: 87%).

The loss of revenue, together with the incremental operational costs of US$ 1.2 million, due to the war in the Gulf, resulted in a decrease in adjusted EBITDA of US$ 43.8 million, compared to US$ 50.8 million reported in H1 2025. Management is engaged in active discussions with clients to recover the revenue loss.

Conflict in the Gulf

During early March, we were instructed to evacuate the Group's four vessels in one of the countries affected by the conflict, as a precautionary measure. All these vessels gradually returned to work on the same contracts by the middle of June 2026.

As the geopolitical risks are still high, Management continues to monitor the situation closely.

Growth and Business Development

GMS invested and acquired a brand-new mid-class vessel to support the Group's growth ambitions. This was partially financed through a US$ 37.4 million bridge loan, which was merged into the existing bank facilities subsequent to the reporting period. As a result, the net leverage ratio at 30 June 2026 increased to 1.75x (31 December 2025: 1.39x). This ratio remains below the Group's 2.0x target.

In early May 2026, GMS announced its entry into two new markets: Latin America, via a contract for the brand-new mid-class vessel, and Africa, through a third-party vessel management agreement, which represents a new revenue stream. The financial impact of these expansions will be visible in H2 2026.

The contract awards and extensions across the Group during the period have a combined total charter period of 12.3 years (H1 2025: 8.1 years), resulting in an increased backlog of US$ 628 million as at 30 June 2026 (31 December 2025: US$ 606 million). Further, average day rates improved to US$ 37.4k (H1 2025: US$ 35.1k).

Governance

There were no changes in the composition of the Board during the period. During the Annual General Meeting held on 18 June 2026, all the Directors received overwhelming support from the shareholders for re-appointment.

Outlook

GMS reaffirms its FY2026 adjusted EBITDA guidance of US$ 105-115 million. Despite H1 2026 operational disruptions, resulting from the conflict in the Gulf, performance is expected to rebound in H2 2026, assuming no return to active military actions. This recovery will be driven by earnings contributions from the Group's expansion into Latin America, and the full-year operational impact of the additional large vessel deployed in Europe from 1 April 2026. Until we have a greater clarity on the geopolitical risks, we continue to defer the implementation of our shareholder distribution policy.

Mansour Al Alami

Executive Chairman

04 September 2026

Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world-leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the offshore energy industries from its offices in the United Arab Emirates, Saudi Arabia, Qatar and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North and South America, the Gulf of Mexico, and Europe.

The GMS fleet of 15 SESVs is amongst the youngest in the industry. The vessels support GMS's clients in a broad range of offshore platform refurbishment and maintenance activities, well intervention work, and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).

The SESVs are categorised by size - K-Class (Small), S-Class (Mid), and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity, and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsplc.com

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.

Financial Review

1 This represents an Alternative Performance Measure (APM) as defined in the Glossary which is included in Note 5 to the interim consolidated Financial Statements.

Revenue and segment information

The Group reported a 3% decline in adjusted revenue to US$ 84.1 million (H1 2025: US$ 87.1 million), primarily due to impact of the conflict in the Gulf, where four of the Group's vessels were instructed to evacuate as a precautionary measure. Although all these vessels were back on hire on the same contract by the middle of June 2026, conflict in the Gulf region resulted to an estimated loss of revenue amounting to US$ 11.6 million during H1 2026.

The conflict in the Gulf resulted in a decline in average fleet utilisation to 75% (H1 2025: 87%). Average fleet utilisation was also impacted by the planned mobilisation work to prepare a large vessel ahead of its charter in Europe, which started on 1 April 2026. This vessel remained off hire for the entire first quarter of 2026, compared to Q1 2025 where it was fully operational.

GMS started to operate a leased large vessel in Q2 2025. This vessel was operational for five months in H1 2026 versus two months in the prior period, delivering an incremental adjusted revenue of US$ 4.1 million. Further, average day rates improved by 7% to US$ 37.4k (H1 2025: US$ 35.1k) during the period ended 30 June 2026.

The table below shows the revenue contributions per geographical region:

The reduction in adjusted revenue contribution from the Middle East is mainly the result of the war in the Gulf as well as the transfer of a large vessel to Europe. The transfer of a large vessel to Europe enhances the Group's presence in the renewables sector.

GMS broadened its geographical footprint in the second half of 2026 as its newly acquired mid-class vessel is on hire in Latin America.

The table below shows the contribution to revenue and segment gross profit made by each vessel class during the period:

Cost of sales and general & administrative expenses

Underlying cost of sales1 (which excludes depreciation, amortisation and impairments) increased to US$ 32.5 million (H1 2025: US$ 29.5 million) mainly due to five months of operation of a leased large vessel as compared to two months in the same period last year, redeployment of a large vessel in Europe in April 2026 and the incremental operational costs due to the conflict in the Gulf. As a percentage of adjusted revenue, underlying cost of sales increased to 39% (H1 2025: 34%).

Depreciation, amortisation and impairments charged to cost of sales increased to US$ 44.9 million (H1 2025: US$ 22.1 million). This was driven mainly by recognition of an impairment loss during the period amounting to US$ 22.7 million (H1 2025: nil). The impairment loss resulted primarily from the ongoing geopolitical situation in the Gulf region.

Underlying general and administrative expenses1 (which excludes depreciation and amortisation) increased to 9.1% (H1 2025: 8.2%) as a percentage of adjusted revenue.

1Represents costs excluding depreciation, amortisation, impairments and other exceptional costs. A reconciliation of this measure is provided in Note 5 to the condensed consolidated interim financial statements.

Finance expenses

Finance expenses decreased by 6% to US$ 7.6 million (H1 2025: US$ 8.1 million), with GMS benefiting from an improvement of its net leverage ratio, resulting from the bank margin being reduced by 50 bps starting Q2 2025, and slightly lower market interest rates compared to the prior period.

Considering the new bridge loan amounting to US$ 37.4 million, which was used to partially finance the acquisition of a brand-new mid-class vessel, gross debt increased to US$ 201.8 million (31 December 2025: US$ 184.4 million). The portion of gross debt hedged by interest rate swaps rose to US$ 82.9 million (31 December 2025: US$ 32.7 million), as a result of a new interest rate swap contract entered during the current period.

Fair value of derivatives

During the period, the fair value gains on derivatives was US$ 0.3 million, as compared to US$ 4.2 million fair value loss from the same period last year. In the previous period, the derivative is attributable to the warrants which were concluded on 30 June 2025. In the current period, derivatives pertain to interest rate swaps and forward foreign exchange contracts to mitigate the risks of adverse fluctuations in interest and currency exposures of the term loan.

For further details, please refer to the derivative financial instruments' disclosure in Note 18 to the condensed consolidated interim financial statements.

Tax expenses

Tax expense was US$ 2.6 million (H1 2025: US$ 12.9 million). In the prior period, the Group recorded a charge related to one-time impact of a tax ruling received in certain jurisdictions as announced on 14 May 2025.

Earnings

The Group incurred a net loss of US$ 14.8 million (H1 2025: net profit of US$ 3.9 million), primarily due to the recognition of an impairment loss during the period ended 30 June 2026, amounting US$ 22.7 million, and lower EBITDA (as discussed above), offset by lower tax expenses and the impact of change in the fair value of derivatives.

On an adjusted basis (after excluding the impact of impairment and other adjusting items), net profit was US$ 6.9 million (H1 2025: US$ 14.1 million).

Cash flow and liquidity

The Group generated operating cash flows of US$ 44.9 million (H1 2025: US$ 41.2 million) during the period, spent US$ 57.8 million (H1 2025: US$ 12.9 million) on its investing activities, while the net cash inflow from financing activities was US$ 1.6 million (H1 2025: net outflow of US$ 53.3 million).

Capital expenditure increased to US$ 58.8 million (H1 2025: US$ 12.9 million), primarily due to the acquisition of a brand-new mid-class vessel, necessary spending for vessel improvements and upgrades, and drydocking activities. The acquisition of a new vessel was partially financed by US$ 37.4 million bridge loan, which was merged into the existing syndicated bank facilities, subsequent to the reporting period ended 30 June 2026.

The Group has available working capital facility of US$ 21.8 million (31 December 2025: US$ 22.7 million). Subsequent to the period ended 30 June 2026, the total working capital facility increased by US$ 7.5 million.

Balance sheet

Total assets at 30 June 2026 increased to US$ 708.7 million (31 December 2025: US$ 699.9 million). Net additions to property and equipment as well as on drydocking expenditure amounted to US$ 13.8 million, after the acquisition of a brand-new mid-class vessel, depreciation and amortisation of US$ 18.0 million (H1 2025: US$ 17.3 million) and impairment charges of US$ 22.7 million (H1 2025: nil). Prepayments increased to US$ 14.4 million (31 December 2025: US$ 4.5 million) due to the mobilisation costs spending related to the new contracts, and reduction in cash and cash equivalents to US$ 16.4 million (31 December 2025: US$ 27.8 million).

Total liabilities increased to US$ 300.8 million (31 December 2025: US$ 277.7 million). This was mainly due to the net increase in bank borrowings, by US$ 17.2 million, as a result of the bridge loan obtained to finance the acquisition of a brand-new mid-class vessel, an increase in trade and other payables by US$ 9.2 million for the higher contract liabilities that will be recognised as revenue in future over the term of the contract with the customers, offset by a reduction of lease liabilities by US$ 3.9 million.

Total equity decreased to US$ 407.9 million (31 December 2025: US$ 422.3 million), primarily due to the net loss incurred during the period of US$ 14.8 million (H1 2025: net profit of US$ 3.9 million).

Net Bank Debt and Borrowings

In January 2026, GMS obtained a bridge loan amounting to US$ 37.4 million to partially finance the acquisition of a brand-new mid-class vessel. Subsequent to reporting period ended 30 June 2026, this bridge loan was merged into the existing bank facilities and will be settled in 20 quarterly instalments over five years starting September 2026. Further, the total working capital facility increased by US$ 7.5 million as a result of this latter transaction.

During the period ended 30 June 2026, total repayment on bank borrowings amounted to US$ 20.0 million (H1 2025: US$ 46.8 million).

Net bank debt increased to US$ 185.4 million (31 December 2025: US$ 156.6 million), while the net leverage ratio increased to 1.75x (31 December 2025: 1.39x). The net leverage ratio is still below the Group's 2.0x target.

Going concern

Over the years, the Group was able to reduce the net leverage ratio to 1.75x as at 30 June 2026 (from as high as 8.06x as at 31 December 2020), below the 2.0x target. This situation strengthens its agility and resilience.

The Group's forecasts indicate that it will have sufficient liquidity to meet its obligations for at least the next 12 months. Accordingly, the condensed consolidated interim financial statements of the Group for the current period have been prepared on the Going Concern basis. For further details please refer the going concern disclosure in Note 2 to the condensed consolidated interim financial statements.

Risks and uncertainties

Several risks and uncertainties could significantly influence the Group's performance for the rest of 2026. The Directors believe that the principal risks and uncertainties have remained consistent since the release of the Annual Report for the year ended 31 December 2025. For a comprehensive analysis of these risks and the Group's mitigation strategies, please refer to pages 23 to 28 of the 2025 Annual Report, available at www.gmsplc.com.

RESPONSIBILITY STATEMENT

Financial information for the period ended 30 June 2026.

We confirm to the best of our knowledge:

By order of the Board

INDEPENDENT REVIEW REPORT TO GULF MARINE SERVICES PLC (THE "ENTITY")

Conclusion

We have been engaged by the Entity to review the Entity's condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the condensed consolidated statement of comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows, a summary of material accounting policies and other explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34") as adopted for use in the UK and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 

Emphasis of Matter - Geopolitical developments in the Middle East and Gulf region

We draw attention to Note 2 to the condensed consolidated financial statements, which sets out the Directors' evaluation of the potential impact of ongoing regional conflict developments in the Middle East on the Group's operations and financial position. As described in that note, the geopolitical situation in the Gulf has led to operational disruptions, including the suspension of certain vessel activities and increased uncertainty in utilisation levels. While the situation continues to evolve and may create uncertainty in regional economic and operating conditions, management has assessed the Group's liquidity, forecast cash flows, and the mitigating actions available should conditions worsen. Based on this assessment, the Directors have concluded that no material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention that causes us to believe that the directors have inappropriately adopted the going concern basis of accounting, or that the directors have identified material uncertainties relating to going concern that have not been appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Entity to cease to continue as a going concern, and the above conclusions are not a guarantee that the Entity will continue in operation.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.

The directors are responsible for preparing the condensed set of consolidated financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted for use in the UK.

As disclosed in note 1, the annual financial statements of the Entity for the year ended 31 December 2025 are prepared in accordance with UK-adopted international accounting standards. 

In preparing the condensed set of consolidated financial statements, the directors are responsible for assessing the Entity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Entity or to cease operations, or have no realistic alternative but to do so.

Our responsibility

Our responsibility is to express to the Entity a conclusion on the condensed set of consolidated financial statements in the half-yearly financial report based on our review.

Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of this report.

The purpose of our review work and to whom we owe our responsibilities

This report is made solely to the Entity in accordance with the terms of our engagement to assist the Entity in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Entity those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Entity for our review work, for this report, or for the conclusions we have reached.

KPMG 04 September 2026

Chartered Accountants, Statutory Audit Firm 1 Harbourmaster PlaceIFSCDublin 1D01 F6F5

GULF MARINE SERVICES PLC

Condensed Consolidated Statement of Comprehensive Income

for the period ended 30 June 2026

All results are derived from continuing operations in each period. There are no discontinued operations in either period.

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GULF MARINE SERVICES PLC

Condensed Consolidated Statement of Financial Position

as at 30 June 2026

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GULF MARINE SERVICES PLC

Condensed Consolidated Statement of Changes in Equity

for the period ended 30 June 2026

* Addition to share premium amount reflects cash proceeds US$ 4.0m and release of warrants liability of US$ 13.3m upon exercise of warrants.

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GULF MARINE SERVICES PLC

Condensed Consolidated Statement of Cash Flows

for the period ended 30 June 2026

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GULF MARINE SERVICES PLC

Notes to the Condensed Consolidated Interim Financial Statements

for the period ended 30 June 2026

1 Corporate information

Gulf Marine Services PLC ("GMS" or the "Company") is a Company which is registered and was incorporated in England and Wales on 24 January 2014. The Company is a public limited liability company with operations mainly in the Gulf Cooperation Council (GCC) and Europe. The address of the registered office of the Company is Ground Floor Heritage House 2-14 Shortlands London, W6 8DJ. The registered number of the Company is 08860816.

The principal activities of GMS and its subsidiaries (together referred to as the "Group") are chartering and operating a fleet of specially designed and built vessels. All information in the notes relate to the Group, not the Company unless otherwise stated.

The Group is engaged in providing self-propelled, self-elevating support vessels (SESVs) that present a stable platform for delivery of a wide range of services throughout the total lifecycle of offshore oil, gas and renewable energy activities, and which are capable of operations in the GCC and other regions.

The condensed consolidated interim financial statements of the Group for the six-month period ended 30 June 2026 were authorised for issue on 04 September 2026. The condensed consolidated interim financial statements do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. The condensed consolidated interim financial statements have been reviewed, not audited.

The Group issued statutory consolidated financial statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. Those consolidated financial statements were approved by the Board of Directors on 13 April 2026. The auditor's report on those consolidated financial statements was unqualified and included an Emphasis of Matter paragraph drawing attention to the Directors' assessment of the potential impact of ongoing regional conflict developments in the Middle East on the Group's operations, financial position and going concern assessment. The auditor's report did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006. A copy of the statutory consolidated financial statements for the year ended 31 December 2025 has been delivered to the Registrar of Companies.

2 Material accounting policies

The accounting policies and methods of computation adopted in the preparation of these condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025 as disclosed in the Annual Report, except as described below and for the adoption of new standards and interpretations effective as of 01 January 2026, which are described in more details below.

The condensed consolidated interim financial statements have been prepared on the historical cost basis, except for derivative financial instruments that are measured at fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

The Group as a lessor

At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices.

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub‑lease separately. It assesses the lease classification of a sub‑lease with reference to the right‑of‑use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short‑term lease to which the Group applies the exemption described above, then it classifies the sub‑lease as an operating lease.

The Group's contracts with clients contain an underlying lease component separate to the service element. Where a lease is classified as an operating lease, the related lease income is recognised on a straight-line basis over the lease term. Where a lease is classified as a finance lease, the present value of the lease payments receivable is recognised as a net investment in the lease within the consolidated condensed statement of financial position, and the related finance income is recognised over the lease term in the consolidated condensed statement of comprehensive income. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease receivables.

The Group applies IFRS 15 to allocate consideration under each component based on its standalone selling price. The standalone selling price of the lease component is estimated using a market assessment approach by taking the market rate, being the contract day rate and deducting all other identifiable components, creating a residual amount deemed to be the lease element.

Adjusting items

Adjusting items are significant items of income or expense in revenue, cost of sales, general and administrative expenses, other income, finance income and taxation, which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group's underlying financial performance because of their size, nature or incidence. Adjusting items together with an explanation as to why management consider them appropriate to adjust are disclosed separately in Note 5. The Group believes that these items are useful to users of the Group's condensed consolidated interim financial statements in helping them to understand the underlying business performance through Alternative Performance Measures that are used to derive the Group's principal non-GAAP measures of adjusted Revenue, adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation ("EBITDA"), adjusted EBITDA margin, adjusted gross profit/(loss), adjusted operating profit/(loss), adjusted net profit/(loss) and adjusted diluted earnings/(loss) per share, all of which are before the impact of adjusting items and which are reconciled from operating profit/(loss), profit/(loss) before taxation, net profit/(loss) and diluted earnings/(loss) per share. Adjusting items include but are not limited to reversal of impairment / (impairment charges), impact of finance lease accounting related to a leased vessel, exceptional legal and tax costs, and non-operational finance-related costs.

Basis of preparation

The annual consolidated financial statements of the Group will be prepared in accordance with UK adopted International Accounting Standards in conformity with requirements of the Companies Act 2006. The interim set of condensed consolidated financial statements included in this half-yearly financial report has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the United Kingdom.

The condensed consolidated interim financial statements do not include all the information required for full annual consolidated financial statements and should be read in conjunction with the Group's audited consolidated financial statements for the year ended 31 December 2025. In addition, results for the six-month period ended 30 June 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026. The condensed consolidated statement of comprehensive income for the six-month period ended 30 June 2026 is not affected significantly by seasonality of results.

Going concern

The Directors have assessed the Group's financial position through to December 2027 and hold a reasonable expectation of its ability to continue as a going concern for the foreseeable future.

The Group has a US$ 300.0 million loan facility (comprising a US$ 250.0 million term loan amortised over five years and a US$ 50.0 million working capital facility), denominated in United Arab Emirates Dirhams (AED) with a syndicate of three banks. The working capital facility includes a cash commitment of US$ 20.0 million, but if no cash is drawn, the full facility remains available for performance bonds and guarantees. The working capital facility expires alongside the main debt facility in December 2029. The three banks have an equal participation in the term loan and in the working capital facility. Entire cash commitment under the working capital facility remains unutilised. The interest rate is based on EIBOR plus a margin, which is determined by a ratchet depending on leverage levels.

During the period, the Group obtained an additional US$ 37.4 million interim loan facility, to partially finance the acquisition of a new mid-class vessel, provided by a bank that is part of the Company's existing lending syndicate.

Following the period end, the interim loan facility was included within the Company's existing lending arrangements, with the same syndicate of lenders and on the same commercial terms. The additional facility will be settled in 20 quarterly instalments over five years starting September 2026.

Further, to support its growing operations, the Group also secured an additional AED‐equivalent US$ 7.5 million working capital facility from one of the banks in its lending syndicate. The working capital facility includes a cash commitment of US$ 3.0 million, but if no cash is drawn, the full facility remains available for performance bonds and guarantees. Entire working capital facility remains unutilised at the period end. Refer note 17 for outstanding term loan.

The ongoing geopolitical situation in the Gulf region has continued to evolve and impact global energy markets during the reporting period. While diplomatic efforts have resulted in periods of reduced tensions, the situation remains fragile and unpredictable, with further episodes of escalation during and after the reporting period, and repeated disruption to shipping through the Strait of Hormuz resulting in continued volatility in oil and gas markets and further disruption to the Group's offshore operations.

During early March, management was instructed to evacuate four vessels in one of the countries affected by the war in the Gulf, as a precautionary measure. All these vessels were back on hire on the same contracts by middle of June.

As the geopolitical risks are still on-going, management continues to closely monitor developments, with a focus on safety of assets (including human capital), maintaining operational continuity, cost discipline and client engagement to mitigate potential disruptions. Proactive measures implemented since the previous reporting date continue to be applied to address any immediate effects, while contingency plans continue to be developed and refined to respond to more prolonged or renewed escalation scenarios, should the conflict persist or reignite. In the event of a sustained or further escalating situation, management will continue to reassess the potential implications and implement appropriate mitigating actions, including but not limited to engagement with lenders, where necessary.

While elevated oil and gas prices driven by the ongoing geopolitical situation are expected to support continued focus on production resilience and capacity maintenance, operational disruptions during the period have weighed on activity levels and utilisation. Accordingly, the overall impact remains dependent on the timing of the resolution of the ongoing conflict.

The management's forecast reflects key assumptions including those around vessel utilisation and day rates, on a vessel-by-vessel basis in light of the ongoing geopolitical situation in the Gulf region. Specifically, these assumptions are:

- Two of the small class vessels remaining off hire until the end of 2026.

- The utilisation for the 18-month assessment period to 31 Dec 2027 is forecasted at 91%.

- Pipeline of tenders and opportunities for new contracts that would commence during the forecast period, subject to the timing of resolution of the ongoing geopolitical situation.

A downside case was prepared using the following assumptions:

- The geopolitical situation is assumed to escalate, resulting in operational disruption from 01 October 2026 to until 31 December 2026 and affecting all vessels operating across the Gulf region.

- The forecast utilisation for the 18-month assessment period to 31 Dec 2027 falls to 80%, compared to a fleet average of 91% assumed in the base case cash flow forecasts for this period.

The downside case is considered to be severe, but it would still leave the Group with sufficient liquidity and in compliance with the covenants under the Group's banking facilities throughout the assessment period.

In addition to the above downside sensitivity, a reverse stress test is also performed by incorporating additional stress to the downside case above demonstrating a scenario to identify how much revenue and EBITDA reduction would result in a breach of covenants. The additional stress assumes a further extension of the operational disruption affecting the Group's vessels in the Gulf region from 1 January 2027 to 28 February 2027, resulting in an aggregate five-month off-hire period for all vessels operating in the Gulf region. This reduces utilisation for the 18-month assessment period to 72%, compared with 91% in the base case. Under this scenario, liquidity headroom is expected to reduce significantly in March 2027, followed by a liquidity shortfall in April 2027.

The Group acknowledges the uncertainties stemming from the duration and the severity of the geopolitical situation and its impact on the Group's operations, as described above. Under certain circumstances they could result in the Group being in the above reverse stress tested scenario. After careful consideration of all the factors available to the Group at this time, including information from its clients and their plans, and having regard to developments during the period and up to the date of approval of these condensed consolidated interim financial statements, the Directors have concluded that the likelihood of the reverse stress scenario remains sufficiently low to not result in a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

Should circumstances arise that differ from the Group's projections, the Directors believe that a number of mitigating actions can be successfully executed in the necessary timeframe to meet debt repayment obligations as they become due and in order to maintain liquidity. Potential mitigating actions include vessels off hire for prolonged periods being cold stacked to minimise the operating costs on these vessels, reduction in overhead costs, seeking relaxation/waiver from covenant compliance and rescheduling of repayments with lenders. The Directors continue to monitor, and where necessary refine, these mitigating actions in light of developments in the geopolitical situation described above and their evolving impact on the Group's operations and cash flows.

After considering reasonable risks and potential downsides in light of the ongoing geopolitical situation in the Gulf region, including the developments during the period and up to the date of approval of these condensed consolidated interim financial statements, the Group's forecasts suggest that its bank facilities, combined with secured backlog and a pipeline of near-term opportunities for additional work, will provide sufficient liquidity to meet its needs in the foreseeable future, subject to the timing of resolution of the geopolitical situation. Accordingly, the condensed consolidated interim financial statements of the Group for the six-month period ended 30 June 2026 have been prepared on a going concern basis.

New and amended standards adopted by the Group

The following new and revised IFRSs have been adopted in these condensed consolidated interim financial statements.

The application of these new and revised IFRSs has not had any material impact on the amounts reported for the current and prior periods and did not require any retrospective adjustments but may affect the accounting for future transactions or arrangements. The full revised accounting policies applicable from 1 January 2026 will be provided in the Group's annual consolidated financial statements for the year ending 31 December 2026.

At the date of the condensed consolidated interim financial statements, the following other standards, amendments and Interpretations have not been effective and have not been early adopted by the Group:

Management anticipates that these new standards, interpretations and amendments will be adopted in the Group's condensed consolidated interim financial statements as and when they are applicable and the impact of adoption of these new standards, interpretations and amendments is currently being assessed on the condensed consolidated interim financial statements of the Group before the period of initial application.

3 Key sources of Estimation Uncertainty and Critical Accounting Judgements

In preparing these condensed consolidated interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty include the impairment and reversal of previous impairment of property and equipment, tax provision and impairment of financial assets as described in the last annual consolidated financial statements. The level of uncertainty in the key estimates and judgment for recoverable amount for vessels has increased due to the current regional geopolitical instability refer note 10.

4 Segment reporting

The segment information provided to the chief operating decision makers for the operating and reportable segments for the period include the following:

Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales in either of the periods. Segment assets and liabilities, including depreciation, amortisation and additions to non-current assets, are not reported to the chief operating decision maker on a segmental basis and, therefore, are not disclosed.

5 Presentation of non-GAAP results

The following table provides a reconciliation between the statutory and non-statutory financial results:

1Adjustments for removing the impact of finance lease accounting relating to a leased vessel.

2Adjustment for impairment recognised on Group's owned vessels at period end.

3This exceptional tax expense relates to expected tax outcomes.

4These exceptional items relate to the reversal of legal and exceptional tax penalty provisions recognised in the prior periods.

6 Taxation

Tax is calculated at the rates prevailing in the respective jurisdictions in which the Group operates. The overall effective rate is the aggregate of taxes paid in jurisdictions where income is subject to tax (being principally Qatar, the United Kingdom, Saudi Arabia and United Arab Emirates), divided by the Group's profit.

The Group's effective tax rate was (20.8%) for the period ended June 2026 (Six months ended June 2025: 76.5%).

The current tax charge of US$ 2.6 million (six-month period ended June 2025: US$ 12.9 million) included withholding tax amounting to US$ 1.2 million (six-month period ended June 2025: US$ 0.7 million) and US$ 1.0 million (six-month period ended June 2025: US$ 11.5 million) related to change in estimates for prior years.

On 9 December 2022, the UAE Ministry of Finance released Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law or the Law) to enact a Federal Corporate Tax regime in the UAE. This Law has become effective for accounting periods beginning on or after 1 June 2023.

The Group's UAE operations is subject to a 9% corporation tax rate with effect from 01 January 2024. A rate of 0% apply to taxable income not exceeding AED 375,000.

GMS has considered deferred tax implications in the preparation of these condensed consolidated interim financial statements in respect of property and equipment and potential timing differences that could give rise to a deferred tax liability. There are currently no UAE tax laws that would impact treatment of depreciation and amortization of property and equipment, that would result in such a timing difference. Hence, management has concluded that no adjustments to these condensed consolidated interim financial statements are necessary.

7 (Loss) / earnings per share

Basic (loss) / earnings per share is calculated by dividing the (loss) / earnings attributable to equity holders of the Company for the period (as disclosed in the condensed consolidated statement of comprehensive income) by the weighted average number of ordinary shares in issue during the period.

Adjusted earnings per share is calculated on the same basis as basic earnings but uses the adjusted profit attributable to equity holders of the Company for the period (refer Note 5). The adjusted earnings per share is presented as the Directors consider it provides an additional indication of the underlying performance of the Group.

Diluted (loss) / earnings per share is calculated by dividing the (loss) / earnings attributable to owners of the Company for the period by the weighted average number of ordinary shares in issue during the period adjusted for the weighted average effect of warrants, long term incentive plan and deferred share bonus plan outstanding during the period. As at 30 June 2026, the effect of these adjustments are anti-dilutive, therefore, both basic and dilutive loss per share is same.

Adjusted diluted earnings per share is calculated on the same basis but uses adjusted profit (refer Note 5) attributable to the equity shareholders of the Company.

The following table shows a reconciliation between basic and diluted average number of shares: