MedservRegis Plc

Earnings Release • Nov 21, 2024

COMPANY ANNOUNCEMENT MEDSERVREGIS P.L.C. (THE "COMPANY")

Interim report

Date of Announcement	21 November 2024
Reference	313/2024
Capital Markets Rule	CMR5.16

	MedservRegis plc YTD Qtr 3 2024	MedservRegis plc YTD Qtr 3 2023
	€ Million	€ Million
Revenue	50.2	50.3
- Integrated Logistics Support Services(ILSS)	23.3	29.1
- Oil Country Tubular Goods(OCTG)	26.5	20.8
- Photovoltaic Farm	0.4	0.4
Earnings before interest, tax, depreciation and amortisation (EBITDA)	12.6	11.7
EBITDA margin in %	25.1%	23.3%

Trading Update

The Company is pleased to report a robust performance for the nine-month period ended September 2024. Increased business activity in Malta and the Middle East has driven revenue growth, effectively compensating for declines in Morocco, where the offshore drilling campaign was completed in 2023, and in Cyprus, which experienced reduced activity during 2024. Despite these shifts, the Group achieved total revenue of €50.2 million, nearly on par with €50.3 million in the same period last year. The Group's EBITDA has increased from €11.7 million in Q3 2023 to €12.6 million in Q3 2024. Furthermore, operational margins have improved, underscoring the Company's strengthened profitability in its core operations.

Outlook

The business outlook for Q4 2024 and early 2025 indicates steady growth driven by key projects, most notably in Malta for the support of operations offshore Libya and in Cyprus. Significant contracts position the Company well for continued revenue generation. New service expansions in regions like South America reflect strategic growth, while challenges, including geopolitical instability and exchange controls, remain present.

Laragh Cassar Company Secretary