Team Q2 revenue falls as customers defer maintenance activity

Team

10/08/2026 22:37

Overview
Specialty industrial services provider's Q2 revenue declined 8% yr/yr due to deferred maintenance activity
Q2 adjusted EBITDA dropped, reflecting lower turnaround activity and interim weakness in Middle East
Company expects deferred activity to return in H2, guides for modest full-year revenue and margin growth

Outlook
Team sees 2026 revenue of $920 mln to $945 mln, up about 4% at midpoint over 2025
Company expects 2026 gross margin of $240 mln to $260 mln, up about 8% at midpoint
Team expects 2026 Adjusted EBITDA of $68 mln to $73 mln, up about 16% at midpoint

Result Drivers
DEFERRED TURNAROUND ACTIVITY - Co said Q2 results were impacted by customers delaying planned maintenance in oil and gas and petrochemical markets
MIDDLE EAST WEAKNESS - Interim weakness in Middle East business due to ongoing conflict contributed to lower activity levels

Company press release: ID:nGNX42304Q

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$228.68 mln
 
Q2 Operating Expenses
 
$171.29 mln
 
Q2 Operating Income
 
$2.17 mln
 
Q2 Pretax Loss
 
$6.91 mln
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)