Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2025 Q4

Dallas, Texas–(Newsfile Corp. – March 4, 2026) – Civeo Corporation (NYSE: CVEO): Stonegate Capital Partners Updates Coverage on Civeo Corporation (NYSE: CVEO). CVEO reported revenue and adj EBITDA of $161.6M and $21.7M, respectively. This compares to our/consensus estimates of $168.9M/$170.2M and $21.6M/$21.2M, respectively. The year-over-year EBITDA increase reflected continued strength in Australia and the benefit of cost-cutting initiatives in Canada. Operating cash flow in the quarter totaled $19.3M, while capital expenditures were $4.8M, primarily related to maintenance of lodges and villages. The Company ended the quarter with net debt of $168.4M, a net leverage ratio of 1.9x, and liquidity of ~$90.4M.

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Key Takeaways:

• Australia drove results, while Canadian cost actions supported margin recovery and stronger incremental profitability.
• Management guided FY26 to $650-$700M revenue and $85-$90M EBITDA, implying stable-to-improving fundamentals.
• Capital returns remain central: Phase 1 buyback is ~95% complete, and Phase 2 adds 10% more.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

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