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Solstad Maritime (SOMA) investor relations material
Solstad Maritime Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter and full year 2025 results exceeded previous guidance, driven by strong anchor handling spot market in the North Sea, improved CSV utilization, and positive offshore energy services demand.
Order intake reached USD 272 million in Q4 2025, boosting visibility for 2026 and beyond.
Several key vessels secured medium- and long-term contracts, ensuring utilization and margins into 2027.
Cash dividend of USD 0.032/share for Q4 2025, totaling USD 15 million; total 2025 dividends distributed were USD 100 million.
Sale of CSV Normand Clipper to positively impact cash by USD 18 million in Q2 2026.
Financial highlights
Full-year 2025 revenue was USD 590 million, up from USD 563 million in 2024; Q4 2025 revenue was USD 148 million, up from USD 144 million in Q4 2024.
Adjusted EBITDA for 2025 was USD 303 million, above guidance and up from USD 297 million in 2024; Q4 2025 adjusted EBITDA was USD 74 million, down from USD 78 million in Q4 2024.
Net result for 2025 was USD 213 million, down from USD 240 million in 2024.
Book equity at year-end was USD 880 million (54% equity ratio); cash at year-end was USD 78 million, down due to dividend payments.
Adjusted net interest-bearing debt at year-end was USD 545 million, with a leverage ratio of 1.8x.
Outlook and guidance
2026 adjusted EBITDA guidance is USD 330–380 million.
CapEx expected at USD 55–75 million; net interest at USD 35–45 million; tax payable at USD 5–15 million.
Scheduled debt repayments for 2026 are USD 90 million.
Intention to increase dividends, distributing the majority of annual free cash flow.
- Q1 2025 saw higher revenue and EBITDA, a raised dividend, and a planned Oslo Børs listing.SOMA
Q1 202525 Feb 2026 - Lower Q3 utilization and EBITDA offset by strong order intake, backlog, and positive 2026 outlook.SOMA
Q3 202525 Feb 2026 - Revenue and EBITDA rose, backlog grew, and a USD 35m dividend was declared despite lower utilization.SOMA
Q2 20251 Nov 2025
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