Segment Information (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Segment Reporting [Line Items] |
|
|
| Schedule of Reconciliation of Reportable Segment Revenues |
The following table presents the reconciliation of reportable segment revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
2026 |
|
|
2025 |
|
| (in thousands) |
|
ESS |
|
|
PCS |
|
|
Total |
|
|
ESS |
|
|
PCS |
|
|
Total |
|
Three Months Ended June 30, |
|
|
|
|
Revenues from external customers |
|
$ |
97,660 |
|
|
$ |
73,162 |
|
|
$ |
170,822 |
|
|
$ |
125,547 |
|
|
$ |
77,910 |
|
|
$ |
203,457 |
|
Intersegment revenue |
|
|
2,766 |
|
|
|
2,265 |
|
|
|
5,031 |
|
|
|
2,690 |
|
|
|
3,541 |
|
|
|
6,231 |
|
|
|
|
|
|
Total segment revenue |
|
$ |
100,426 |
|
|
$ |
75,427 |
|
|
$ |
175,853 |
|
|
$ |
128,237 |
|
|
$ |
81,451 |
|
|
$ |
209,688 |
|
Elimination of intersegment revenue |
|
|
|
|
|
|
|
|
|
|
(5,031 |
) |
|
|
|
|
|
|
|
|
|
|
(6,231 |
) |
|
|
|
|
|
Total consolidated revenue |
|
|
|
|
|
|
|
|
|
$ |
170,822 |
|
|
|
|
|
|
|
|
|
|
$ |
203,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers |
|
$ |
198,350 |
|
|
$ |
143,793 |
|
|
$ |
342,143 |
|
|
$ |
233,088 |
|
|
$ |
168,799 |
|
|
$ |
401,887 |
|
Intersegment revenue |
|
|
8,015 |
|
|
|
5,884 |
|
|
|
13,899 |
|
|
|
4,808 |
|
|
|
6,773 |
|
|
|
11,581 |
|
|
|
|
|
|
Total segment revenue |
|
$ |
206,365 |
|
|
$ |
149,677 |
|
|
$ |
356,042 |
|
|
$ |
237,896 |
|
|
$ |
175,572 |
|
|
$ |
413,468 |
|
Elimination of intersegment revenue |
|
|
|
|
|
|
|
|
|
|
(13,899 |
) |
|
|
|
|
|
|
|
|
|
|
(11,581 |
) |
|
|
|
|
|
Total consolidated revenue |
|
|
|
|
|
|
|
|
|
$ |
342,143 |
|
|
|
|
|
|
|
|
|
|
$ |
401,887 |
|
|
|
|
|
| Schedule of Reconciliation of Segment Performance |
The following table presents the reconciliation of segment performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
Three months ended June 30, 2026 |
|
|
Three months ended June 30, 2025 |
|
| (in thousands) |
|
ESS |
|
|
PCS |
|
|
Total |
|
|
ESS |
|
|
PCS |
|
|
Total |
|
Revenues from external customers(a) |
|
$ |
97,660 |
|
|
$ |
73,162 |
|
|
|
|
|
|
$ |
125,547 |
|
|
$ |
77,910 |
|
|
|
|
|
Cost of sales |
|
|
(64,585 |
) |
|
|
(44,939 |
) |
|
|
|
|
|
|
(94,696 |
) |
|
|
(56,849 |
) |
|
|
|
|
Selling, general and administrative expenses |
|
|
(29,868 |
) |
|
|
(27,536 |
) |
|
|
|
|
|
|
(18,166 |
) |
|
|
(8,656 |
) |
|
|
|
|
Research and development expenses |
|
|
(442 |
) |
|
|
(329 |
) |
|
|
|
|
|
|
(721 |
) |
|
|
72 |
|
|
|
|
|
Restructuring and other expenses(b) |
|
|
(261 |
) |
|
|
(4,743 |
) |
|
|
|
|
|
|
(1,072 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total segment operating income (loss) |
|
$ |
2,504 |
|
|
$ |
(4,385 |
) |
|
$ |
(1,881 |
) |
|
$ |
10,892 |
|
|
$ |
12,477 |
|
|
$ |
23,369 |
|
|
|
|
|
|
Unallocated corporate costs(c) |
|
|
|
|
|
|
|
|
|
|
(2,950 |
) |
|
|
|
|
|
|
|
|
|
|
(2,619 |
) |
Foreign currency gain (loss) |
|
|
|
|
|
|
|
|
|
|
(591 |
) |
|
|
|
|
|
|
|
|
|
|
2,948 |
|
Other non-operating income (loss) |
|
|
|
|
|
|
|
|
|
|
(158 |
) |
|
|
|
|
|
|
|
|
|
|
334 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
(3,945 |
) |
|
|
|
|
|
|
|
|
|
|
(9,106 |
) |
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
|
|
|
|
|
|
$ |
(9,525 |
) |
|
|
|
|
|
|
|
|
|
$ |
14,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
Six months ended June 30, 2026 |
|
|
Six months ended June 30, 2025 |
|
(in thousands) |
|
ESS |
|
|
PCS |
|
|
Total |
|
|
ESS |
|
|
PCS |
|
|
Total |
|
Revenues from external customers (a) |
|
$ |
198,350 |
|
|
$ |
143,793 |
|
|
|
|
|
|
$ |
233,088 |
|
|
$ |
168,799 |
|
|
|
|
|
Cost of sales |
|
|
(132,845 |
) |
|
|
(93,312 |
) |
|
|
|
|
|
|
(170,410 |
) |
|
|
(123,018 |
) |
|
|
|
|
Selling, general and administrative expenses |
|
|
(45,376 |
) |
|
|
(43,890 |
) |
|
|
|
|
|
|
(38,064 |
) |
|
|
(23,245 |
) |
|
|
|
|
Research and development expenses |
|
|
(685 |
) |
|
|
(500 |
) |
|
|
|
|
|
|
(1,235 |
) |
|
|
(445 |
) |
|
|
|
|
Restructuring and other expenses (b) |
|
|
(261 |
) |
|
|
(4,743 |
) |
|
|
|
|
|
|
(3,951 |
) |
|
|
(392 |
) |
|
|
|
|
|
|
|
|
|
Total segment operating income (loss) |
|
$ |
19,183 |
|
|
$ |
1,348 |
|
|
$ |
20,531 |
|
|
$ |
19,428 |
|
|
$ |
21,699 |
|
|
$ |
41,127 |
|
|
|
|
|
|
Unallocated corporate costs (c) |
|
|
|
|
|
|
|
|
|
|
(6,199 |
) |
|
|
|
|
|
|
|
|
|
|
(4,370 |
) |
Foreign currency gain (loss) |
|
|
|
|
|
|
|
|
|
|
(2,819 |
) |
|
|
|
|
|
|
|
|
|
|
6,941 |
|
Other non-operating income (loss) |
|
|
|
|
|
|
|
|
|
|
(413 |
) |
|
|
|
|
|
|
|
|
|
|
647 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
(10,898 |
) |
|
|
|
|
|
|
|
|
|
|
(18,285 |
) |
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
|
|
|
|
|
|
$ |
202 |
|
|
|
|
|
|
|
|
|
|
$ |
26,060 |
|
|
|
| (a) |
|
As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. |
| (b) |
|
Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of assets. |
| (c) |
|
Unallocated corporate costs include certain centralized corporate stewardship costs that are not allocable to the segments and are included in Selling, general and administrative expenses in our condensed consolidated statements of income. |
|
|
| HMH Holding BV And Subsidiaries [Member] |
|
|
| Segment Reporting [Line Items] |
|
|
| Schedule of Reconciliation of Reportable Segment Revenues |
|
The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
ESS |
|
|
PCS |
|
|
Total |
|
Revenue from external customers |
|
$ |
438,553 |
|
|
$ |
383,201 |
|
|
$ |
821,754 |
|
Intersegment revenue |
|
|
15,252 |
|
|
|
11,667 |
|
|
|
26,919 |
|
|
|
|
|
|
Total segment revenue |
|
$ |
453,805 |
|
|
$ |
394,868 |
|
|
$ |
848,673 |
|
Elimination of intersegment revenue |
|
|
|
|
|
|
|
|
|
|
(26,919 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated revenue |
|
|
|
|
|
|
|
|
|
$ |
821,754 |
|
|
| The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
ESS |
|
|
PCS |
|
|
Total |
|
Revenue from external customers (a) |
|
$ |
443,189 |
|
|
$ |
400,174 |
|
|
$ |
843,363 |
|
Intersegment revenue |
|
|
5,489 |
|
|
|
10,115 |
|
|
|
15,604 |
|
|
|
|
|
|
Total segment revenue |
|
$ |
448,678 |
|
|
$ |
410,289 |
|
|
$ |
858,967 |
|
Elimination of intersegment revenue |
|
|
|
|
|
|
|
|
|
|
(15,604 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated revenue |
|
|
|
|
|
|
|
|
|
$ |
843,363 |
|
|
|
|
| Schedule of Reconciliation of Segment Performance |
|
The following table presents the reconciliation of segment performance for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
ESS |
|
|
PCS |
|
|
Total |
|
Revenue from external customers(a) |
|
$ |
438,553 |
|
|
$ |
383,201 |
|
|
|
|
|
Cost of sales |
|
|
(303,314 |
) |
|
|
(237,721 |
) |
|
|
|
|
Selling, general and administrative expenses(b) |
|
|
(71,121 |
) |
|
|
(46,142 |
) |
|
|
|
|
Research and development expenses |
|
|
(2,165 |
) |
|
|
(648 |
) |
|
|
|
|
Restructuring and other expenses(c) |
|
|
(4,239 |
) |
|
|
(392 |
) |
|
|
|
|
Depreciation and amortization(b) |
|
|
(10,218 |
) |
|
|
(27,012 |
) |
|
|
|
|
|
|
|
|
|
Total segment operating income |
|
$ |
47,496 |
|
|
$ |
71,286 |
|
|
$ |
118,782 |
|
|
|
|
|
|
Unallocated corporate costs(d) |
|
|
|
|
|
|
|
|
|
|
(10,893 |
) |
Foreign currency income |
|
|
|
|
|
|
|
|
|
|
6,790 |
|
Other non-operating income |
|
|
|
|
|
|
|
|
|
|
1,263 |
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
(43,352 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
$ |
72,590 |
|
|
| The following table presents the reconciliation of segment performance for the year ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
ESS |
|
|
PCS |
|
|
Total |
|
Revenue from external customers (a) |
|
$ |
443,189 |
|
|
$ |
400,174 |
|
|
$ |
843,363 |
|
Cost of sales |
|
|
(313,838 |
) |
|
|
(223,169 |
) |
|
|
|
|
Selling, general and administrative expenses (b) |
|
|
(72,015 |
) |
|
|
(63,355 |
) |
|
|
|
|
Research and development expenses |
|
|
(2,268 |
) |
|
|
(4,799 |
) |
|
|
|
|
Restructuring and other expenses (c) |
|
|
301 |
|
|
|
— |
|
|
|
|
|
Depreciation and amortization (b) |
|
|
(9,236 |
) |
|
|
(27,428 |
) |
|
|
|
|
|
|
|
|
|
Total segment operating income |
|
$ |
46,133 |
|
|
$ |
81,423 |
|
|
$ |
127,556 |
|
|
|
|
|
|
Unallocated corporate costs (d) |
|
|
|
|
|
|
|
|
|
|
(8,942 |
) |
Foreign currency loss |
|
|
|
|
|
|
|
|
|
|
(5,293 |
) |
Other non-operating income |
|
|
|
|
|
|
|
|
|
|
423 |
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
(37,255 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
$ |
76,489 |
|
|
|
| (a) |
|
As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. |
| (b) |
|
Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses. |
| (c) |
|
Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of assets. |
| (d) |
|
Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $8.1 million and $7.0 million for the years ended December 31, 2025 and 2024, respectively, and other corporate expenses of $2.7 million and $1.9 million for the years ended December 31, 2025 and 2024, respectively. |
|
| Schedule of revenue and long-lived assets on the basis of geography |
|
The following table presents consolidated revenue disaggregated by geography on an entity basis for the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
2025 |
|
|
2024 |
|
United States |
|
$ |
301,448 |
|
|
$ |
304,262 |
|
Norway |
|
|
203,012 |
|
|
|
206,155 |
|
Germany |
|
|
100,285 |
|
|
|
99,453 |
|
United Kingdom |
|
|
49,863 |
|
|
|
73,381 |
|
Singapore |
|
|
28,278 |
|
|
|
45,425 |
|
Saudi Arabia |
|
|
27,795 |
|
|
|
19,314 |
|
United Arab Emirates |
|
|
27,584 |
|
|
|
19,904 |
|
Brazil |
|
|
25,561 |
|
|
|
31,827 |
|
Azerbaijan |
|
|
20,789 |
|
|
|
20,754 |
|
Australia |
|
|
14,526 |
|
|
|
10,767 |
|
Canada |
|
|
13,843 |
|
|
|
— |
|
Other countries |
|
|
8,770 |
|
|
|
12,121 |
|
|
|
|
|
|
Total revenue |
|
$ |
821,754 |
|
|
$ |
843,363 |
|
|
| The following table presents long-lived assets on the basis of geographic location as of December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
2025 |
|
|
2024 |
|
Headquarters (Netherlands) |
|
$ |
57,794 |
|
|
$ |
59,199 |
|
United States |
|
|
85,904 |
|
|
|
89,767 |
|
Norway |
|
|
38,570 |
|
|
|
25,132 |
|
Brazil |
|
|
28,723 |
|
|
|
25,211 |
|
Germany |
|
|
17,289 |
|
|
|
17,041 |
|
Other countries |
|
|
21,277 |
|
|
|
17,007 |
|
|
|
|
|
|
Total long-lived assets |
|
$ |
249,557 |
|
|
$ |
233,357 |
|
|
|
|