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DFO Investor Presentation 2026
52698_rns_2026-05-14_0d65f4a3-f3b3-4ced-9608-d412cf242534.pdf
Investor Presentation
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DFO
Leading APAC Offshore Energy Infrastructure Platform
2026 First Quarter Earnings
May 14, 2026
© Dong Fang Offshore Co., Ltd.
Safe Harbor Statement
The information provided in this presentation, including but not limited to forward-looking statements and projections, is based on the Company's internal data as well as current external macroeconomic conditions. Such information involves risks and uncertainties, and investors should exercise prudent judgment in evaluating it. None of the information herein constitutes any form of recommendation, offer, commitment, solicitation, or guarantee, nor should it be interpreted as investment advice. The Company assumes no responsibility for any risks, gains, or losses arising from investment decisions made based on the information contained in this presentation.
Actual future operating results may differ materially from those expressed or implied in the aforementioned information due to, among other factors, changes in market demand, price fluctuations, global economic and political conditions, competitive dynamics, regulatory and policy developments, financial and economic conditions, and other factors beyond the Company's control. The Company undertakes no obligation to update or revise such forward-looking statements to reflect future events or circumstances.
The information contained in this presentation reflects the Company's current views as of the date hereof regarding future developments and does not explicitly or implicitly represent or warrant its accuracy, timeliness, completeness, or reliability. The Company assumes no obligation to update or revise these views in the event of future changes or adjustments.
Key Messages
- 1Q26 revenue increased 54% YoY, supported by stronger-than-expected offshore wind project demand and percentage-of-completion revenue recognition from the telecommunications subsea cable project.
- 1Q26 operating profit increased 20% YoY, reflecting business mix change and strategic growth investments, such as fleet upgrades, higher third-party vessel deployment, and continued investment in talent and operational capabilities.
- 2Q–3Q26 outlook remains solid, with full fleet utilization during peak construction season. Gross margin is expected to recover, supported by the upgraded cable-laying vessel entering higher-value projects and accelerated revenue recognition from the telecom subsea cable project.
- Looking further ahead, with five new large-scale engineering vessels scheduled for delivery between late 2026 and 2028, driving fleet expansion, a higher mix of premium projects, and stronger earnings momentum through 2027–2029.
DFO © Dong Fang Offshore Co., Ltd.
P&L
| NT$ millions | 1Q26 | |
|---|---|---|
| Amount | YoY | |
| Revenue | 1,773 | 53.8% |
| Cost of Revenue | (1,422) | 65.5% |
| Gross Profit | 351 | 19.4% |
| Operating Expenses | (71) | 18.3% |
| Operating Profit | 280 | 19.7% |
| *Non-operating Income and Expenses | (13) | -114.4% |
| Net Income (after tax) | 211 | -17.3% |
| EPS (NT$) | 1.20 | (Common Stock: 1,753,614,440) |
- Non-operating losses mainly reflected foreign exchange fluctuations.
DFO
© Dong Fang Offshore Co., Ltd.
Balance Sheet
| (NT$ thousand) | 2026/03/31 | 2025/03/31 |
|---|---|---|
| Cash and cash equivalents | 695,161 | 2,309,697 |
| Accounts receivable | 1,935,467 | 571,860 |
| Prepayments | 614,118 | 270,279 |
| Financial assets at amortised cost | 72,097 | 57,758 |
| Total current assets | 3,349,752 | 3,224,874 |
| Right-of-use assets | 335,742 | 213,970 |
| Property, plant and equipment | 4,341,004 | 3,870,155 |
| Other non-current assets | 8,396,054 | 1,231,223 |
| Total non-current assets | 13,259,739 | 5,349,094 |
| Total assets | 16,609,491 | 8,573,968 |
| 2026/03/31 | 2025/03/31 | |
| --- | --- | --- |
| Accounts payable | 1,808,598 | 391,120 |
| Contract liabilities | 287,666 | 84,500 |
| Total current liabilities | 3,964,577 | 1,365,601 |
| Total non-current liabilities | 2,584,898 | 1,765,173 |
| Total liabilities | 6,549,475 | 3,130,774 |
| Common stock | 1,753,614 | 1,565,614 |
| Capital surplus | 4,138,887 | 1,136,769 |
| Retained earning | 4,152,174 | 2,740,811 |
| Other equity | (64) | |
| Total equity | 10,060,016 | 5,443,194 |
DFO
© Dong Fang Offshore Co., Ltd.
Dividend
DFO © Dong Fang Offshore Co., Ltd.
DFO
Industry & Business Update
© Dong Fang Offshore Co., Ltd.
GWEC: 2025 Market Status
New installations
GW
Source: GWEC Global Wind Report 2026
New installations offshore (%)
GWEC
GWECC
Glossary of the Global Growth
Total installations offshore (%)
DFO
© Dong Fang Offshore Co., Ltd.
GWEC: Offshore Wind Capacity Set to Continue Expanding in 2026–2030
New installations outlook 2026–2030 (GW)
GWEC's Market Outlook represents the industry perspective on expected installations of new capacity over the next five years. The outlook is based on input from regional wind associations, government targets, tender results, announced auction plans, available project pipeline, industry experts and GWEC members. An update will be released in Q3 2026. A detailed data sheet is available in the member-only area of the GWEC Intelligence website.
New onshore and offshore installations outlook by region (MW, %)
DFO
© Dong Fang Offshore Co., Ltd.
AI Data Centers Redefine Offshore Energy Growth Dynamics
Demand Side
- Expansion in AI-driven computing is driving structural growth in global electricity demand
- RE100 / CFE are increasingly embedded as global supply chain requirements
- Leading corporates are accelerating decarbonization commitments, supporting sustained long-term renewable energy procurement
Supply Side
- Grid modernization and infrastructure investment cycles are creating structural supply constraints
- Offshore wind provides scalable, long-duration, and stable power generation capacity
- Ongoing policy support continues to underpin capacity expansion (2030: 10.9 GW | 2050: 55 GW)
- BloombergNEF projects that by 2035, approximately 65% of global data center electricity demand will be supplied by natural gas and wind power
- Over the next decade, electricity demand is expected to grow exponentially, with infrastructure build-out speed becoming a key constraint for AI development
DFO
© Dong Fang Offshore Co., Ltd.
Three Core Strategic Pillars Driving International Expansion
Offshore Wind
- Provides a stable cash flow base
- Fully engaged in Taiwan offshore wind construction since 2019
- Secured 12–20-year O&M contracts with Vestas, CIP, and SRE, with visibility to 2047
Natural Gas Energy
- Europe entry via a cable-laying vessel by end-2026, supported by a 6-year partnership with DeepOcean covering Norway, the UK, and Germany
- Building an international operating platform
Subsea Telecom Cables
- Building new growth drivers via national subsea cable tenders and large-scale EPCI projects
- Establishing turnkey track record and technical competitiveness
- Expanding international market penetration
DFO
© Dong Fang Offshore Co., Ltd.
High-Spec Vessel Fleet: Asset Scarcity
| # of Vessels | 3 vessels | 2 vessels | 2 vessels |
| Status | 3 Newbuild | 1 + 1 Newbuild | 1 + 1 Newbuild |
| Primary Purpose | Windfarm maintenance | Offshore Support | Offshore support |
| Typical Contract Length | Project-based, Long-term | Project-based Short- Medium term | Project-based, Short-Medium term |
| Sectors Served | O&G | ||
| OFW | O&G | ||
| OFW | OFW | ||
| O&G | |||
| Telecom | |||
| Key Markets |
Seven State-of-the-Art Large Engineering Vessels deployed across offshore wind, natural gas energy, and subsea telecom cable markets
DFO
© Dong Fang Offshore Co., Ltd.
D
Dual-Engine Growth in Energy and Communications Driving Long-Term Shareholder Value
Five additional vessels (2026–2028), enhancing fleet mix and margins
Three Core Business Mix
2026F
2030F
Offshore Wind
Natural Gas Energy
Subsea Telecom Cable
DFO
Q & A
The First Choice for
Marine Solutions in Asia Pacific
Dong Fang Offshore Co., Ltd.
T +886-4-2254-6965
www.dfo.com.tw
E [email protected]