Foraco International SA
TSX:FAR
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Foraco International SA
TSX:FAR
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Foraco International SA
Foraco International SA engages in the provision of drilling services to water supply and mining industry. The company is headquartered in Marseille, Paca and currently employs 2,891 full-time employees. The company went IPO on 2007-07-25. The firm's principle business consists of drilling contracts for companies primarily involved in mining and water exploration. The firm operates in two business segments: Mining and Water. The Mining segment covers drilling services offered to the mining and energy industry during the exploration, development and production phases of mining projects. The Water segment covers all activities linked to the construction of water wells leading to the supply of drinking water, the collection of mineral water, as well as the control, maintenance and renovation of the existing installations. The Water segment also includes drilling services offered to the environmental and construction industry, such as geological exploration and geotechnical drilling.
Foraco International SA engages in the provision of drilling services to water supply and mining industry. The company is headquartered in Marseille, Paca and currently employs 2,891 full-time employees. The company went IPO on 2007-07-25. The firm's principle business consists of drilling contracts for companies primarily involved in mining and water exploration. The firm operates in two business segments: Mining and Water. The Mining segment covers drilling services offered to the mining and energy industry during the exploration, development and production phases of mining projects. The Water segment covers all activities linked to the construction of water wells leading to the supply of drinking water, the collection of mineral water, as well as the control, maintenance and renovation of the existing installations. The Water segment also includes drilling services offered to the environmental and construction industry, such as geological exploration and geotechnical drilling.
Order book: Foraco reported a record order book of $404 million as of Dec 31, 2025, with $228 million expected to be executed in 2026 and 90% tied to Tier 1 customers.
Revenue inflection: Q4 showed improving demand — management said Q4 was the turning point after a down year; full-year 2025 revenue was $258 million versus $293 million in 2024.
Margins & EBITDA: Q4 EBITDA was $10 million (flat YoY); full-year EBITDA margin fell to 18% from 21% in 2024, driven by market transition and higher depreciation.
Utilization & capacity: Utilization improved from 40% in Q4 to just over 50% currently; management says the fleet can support further demand and expects to use about 67% of the fleet this year.
Commodity mix: Management increased exposure to gold and now says gold represents over 35% of the 2026 order book; continued demand also cited for copper and specialty metals.
CapEx & balance sheet: 2025 CapEx was $23 million in cash (vs $18–19 million prior year); net debt was $71 million ($65 million at constant FX) versus $61 million a year earlier; priority is to deleverage toward ~0.5x.
Regional trends: South America showed a strong recovery (Q4 revenue +95% YoY); North America Q4 revenue was $20 million (down 13% YoY); Q4 geographical split: NA 32%, AP 28%, SA 31%, EMEA 9%.
