Borr Drilling Ltd
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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Jun 30, 2026 · Filed Aug 12, 2026
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Adjusted EBITDA
A reconciliation of net (loss) / income attributable to shareholders to Adjusted EBITDA is as follows:
| Six months ended | ||||
|---|---|---|---|---|
| In $ millions | June 30, 2026 | June 30, 2025 | Change | % Change |
| Net (loss) / income attributable to shareholders | (270.4) | 18.2 | (288.6) | (1586)% |
| Depreciation of non-current assets | 86.0 | 72.6 | 13.4 | 18% |
| Other non-operating income | (6.0) | — | (6.0) | 100% |
| Loss from equity method investments | 1.5 | 2.0 | (0.5) | (25)% |
| Interest income | (3.4) | (1.1) | (2.3) | (209)% |
| Interest expense | 299.6 | 115.3 | 184.3 | 160% |
| Foreign exchange loss / (gain), net | 1.3 | (1.5) | 2.8 | 187% |
| Other financial expenses | 1.7 | 6.4 | (4.7) | (73)% |
| Income tax expense | 22.0 | 17.4 | 4.6 | 26% |
| Adjusted EBITDA | 132.3 | 229.3 | (97.0) | (42)% |
Adjusted EBITDA decreased by $97.0 million to $132.3 million for the six months ended June 30, 2026 compared to $229.3 million for the same period in 2025.
This non-GAAP financial measure should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies.
| Non-GAAP Measure | Closest Equivalent to GAAP Measure | Definition | Rationale for Presentation of this non-GAAP Measure |
|---|---|---|---|
| Adjusted EBITDA | Net (loss) / income attributable to shareholders | Net (loss) / income adjusted for: depreciation of non-current assets; other non-operating income; loss from equity method investments; total financial expenses, net; and income tax expense. | Increases the comparability of total business performance from period-to-period and against the performance of other companies by excluding the results of our equity method investments and removing the impact of depreciation, financing and tax items. |
We believe that Adjusted EBITDA improves the comparability of period-to-period results and is representative of our underlying performance, although Adjusted EBITDA has significant limitations, including not reflecting our cash requirements for capital or deferred costs, rig reactivation costs, newbuild rig activation costs, contractual commitments, taxes, working capital or debt service. Non-GAAP financial measures may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under U.S. GAAP.
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