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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 and improved CSV utilization, with order intake reaching USD 272 million in Q4 and increased demand continuing into 2026.
Several key vessels secured medium- and long-term contracts, ensuring utilization and margins into 2027, and a solid fleet activity in Q4 with two vessels between contracts expected to contribute in 2026.
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
Adjusted EBITDA for 2025 was USD 303 million, above the USD 290 million guidance and up from USD 297 million in 2024; Q4 adjusted EBITDA was USD 74 million, slightly below USD 78 million in Q4 2024.
Full-year revenue reached USD 590 million, up from USD 563 million last year; Q4 2025 revenue was USD 148 million, up from USD 144 million in Q4 2024.
Net result for 2025 was USD 213 million, down from USD 240 million in 2024; Q4 2025 net result was USD 89 million.
Book equity at year-end was USD 880 million, with an equity ratio of 54%.
Cash position at year-end was USD 78 million, down due to dividend payments.
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 at USD 90 million.
Intention to increase dividends, distributing the majority of annual free cash flow.
Two vessels currently between contracts are positioned to positively impact 2026 results.
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