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Solstad Maritime (SOMA) investor relations material
Solstad Maritime Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 saw lower utilization for both CSV and AHTS fleets, impacting financial performance, with adjusted EBITDA at $69 million, down from $91 million in Q3 2024, mainly due to lower fleet utilization.
Strong order intake of $180 million increased backlog and visibility for 2026 and beyond, with major contract wins in Australia, Brazil, and the Mediterranean reducing spot exposure.
Cash dividend of $0.032 per share declared for Q3, totaling $15 million, continuing shareholder returns.
Short-term demand was weaker than expected, but the long-term offshore energy outlook remains positive.
Financial highlights
Revenue for Q3 2025 was $145 million, down from $152 million in Q3 2024; year-to-date revenue at $442 million, up from $419 million.
Adjusted EBITDA for Q3 2025 was $69 million, compared to $91 million last year; year-to-date adjusted EBITDA is $229 million, up from $220 million.
Net result for Q3 2025 was $32 million, down from $48 million in Q3 2024; year-to-date net result at $124 million, down from $137 million.
Utilization in Q3 2025 was 80% (AHTS: 76%, CSV: 81%), compared to 89% in Q3 2024.
Cash at period end was $124 million, down from $214 million at the end of Q3 2024.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance is approximately $290 million, revised down from previous $360–380 million.
CapEx guidance narrowed to $95–$125 million for 2025, with maintenance at $95–$100 million and investments at $20–$25 million.
$250 million of EBITDA already booked for 2026, providing a solid foundation for the coming year.
Scheduled debt amortization for 2025 is $131 million.
Tendering activity for 2026 and beyond remains high, indicating long-term opportunities.
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