Marco Polo Marine - UOB Kay Hian 2025-12-02: FY25 Strong Finish; Positive Outlook For FY26

• Marco Polo Marine (SGX:5LY) reported FY25 net profit of S$59m (+170% y-o-y), boosted by a S$22m reversal of impairment losses on vessels and S$6m recovered from a JV. Excluding these one-offs, core earnings came in at S$25m (-4% y-o-y), in line with our forecast.
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Net cash balance sheet; higher dividend signals confidence.

• Marco Polo Marine ended FY25 in a net cash position of S$9.3m, supported by S$52m in cash and NAV of S$0.070/share.
• Management declared a 50% higher final dividend of 0.15 cents (FY24: 0.10 cents), reflecting strong liquidity in contrast to most peers that remain in net debt.

Strong orderbook and S$198m ORV contract drive visibility.

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Chartering growth on fleet expansion and firm utilisation.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-11-17 Marco Polo Marine - Game-changing Shipbuilding Contract Marks A New Growth Chapter; Raise Target Price By 57%.

Price targets by 2 other brokers at Marco Polo Marine Target Prices.

Listing of research reports at Marco Polo Marine Analyst Reports.

Relevant links:
Marco Polo Marine Share Price History,
Marco Polo Marine Announcements,
Marco Polo Marine Dividend Payout Dates & Corporate Actions,
Marco Polo Marine News