Archer-Q1’26: Soft cash flow postpones dividend increase – minor estimate revisions expected-05/19/2026

研报英文原文证据摘录

Archer-Q1’26: Soft cash flow postpones dividend increase – minor estimate revisions expected-05/19/2026

Archer

NEWSFLASH | 19 MAY 2026

Q1’26: Soft cash flow postpones dividend increase – minor estimate

revisions expected

Archer reports Q1 EBITDA in line with expectations, while cash flow was soft, driven by a working capital build. FY’26

guidance was reiterated, while cash flow and deferred start-ups on some UK projects now suggest the dividend is unlikely

to increase until next year vs 2H’26 previously expected. Overall, we expect to make minor estimate changes as the company

also bene1ts from FX tailwinds while the overall market backdrop is improving. BUY, TP NOK 40

Actual Q1'26e Deviation vs.

Archer Q4'25 Q1'26 Cons. Pareto Consensus Pareto

Revenues USDm 301 278 263 244 6% 14%

Operating costs " (257) (241) (224) (204) - -

EBITDA " 45 37 38 40 (3)% (8)%

EBITDA adjusted " 45 41 38 40 8% 3%

Profit before taxes " (14) 4 6 6 (35)% (34%)

Net profit " (18) 4 5 4 (28)% (1)%

Dividend per share " 0.06 0.06 n.a 0.06 0%

Segmental EBITDA Q4'25 Q1'26 Cons. Pareto Consensus Pareto

Platform Drilling & P&A units USDm 19 14 n.a. 13 n.a. 10%

Wireline & Well Services " 15.1 16 n.a. 19 n.a. (15)%

Land Drilling " 2.9 9 n.a. 8 n.a. 5%

Renewable Services " 3.0 1 n.a. 2 n.a. (60)%

Net interest bearing debt " 486 525 473 493 11% 6%

Q1 in-line with expectations

• Archer reports Q1’26 EBITDA adj of 41m (adjusted for USD ~3.9m down manning in Brazil), vs cons/PAS at USD 38m/40m

• Segment performance was largely in line with expectations, while the offshore wind segment faced delays and operational challenges

• Net debt (incl lease) was USD 525m, 6% above our estimate, driven by a build-up of working capital

• The dividend was reiterated at NOK 0.62/share, equal to a ~9% run-rate yield