Odfjell Technology (OTL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 1,401m; EBITDA rose 19% YoY to NOK 241m, with a 17.2% margin.

• Operating cash flow was NOK 200m and free cash flow NOK 108m; cash increased NOK 96m to NOK 621m.

• Backlog was NOK 11.5bn, including NOK 6.4bn firm; leverage was 1.2x. The NOK 1.52 quarterly dividend resumed.

Financial highlights

• Revenue was NOK 1,401m versus NOK 1,434m in Q3 2025; operating profit was NOK 144m versus NOK 134m, and net profit NOK 107m versus NOK 102m.

• EBITDA was NOK 241m versus NOK 202m; margin was 17.2% versus 14.2%. No one-off items were recorded in the quarter.

• YTD revenue was NOK 4,169m and EBITDA NOK 672m; YTD net profit was NOK 240m versus NOK 262m.

• Q3 depreciation, amortisation and impairment rose to NOK 97m from NOK 68m; net financial expenses were NOK 42m versus NOK 29m.

• Q3 net profit included a NOK 52m positive tax impact; YTD tax expense benefited by NOK 71m from recognition of a deferred tax asset.

Outlook and guidance

• 2026 activity is expected to remain stable; management sees stronger market conditions and a material deepwater ramp-up in 2027, without numerical guidance.

• Well Services sees growth opportunities across rentals, casing running, TRS and intervention, including in the U.S. and South America from late 2026 into 2027.

• Operations activity is expected to remain broadly stable, with focus on margins; management targets high-single-digit margins up to 10%.

• Projects & Engineering near-term activity is expected to soften with lower SPS scope and client cost focus; capacity will be matched to activity.

• Management sees 40% trailing cash conversion as a target level; sustaining 30%–40% would be positive, with seasonal working-capital swings expected.