Soiltech (STECH) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 revenue of NOK 85.6 million, up 53% year-over-year, driven by strong growth in solid waste handling and new contracts.

• Adjusted EBITDA reached NOK 18.1 million, up 84% year-over-year, with a margin of 21%.

• Profit before tax was NOK 6.7 million, up 118% year-over-year, with a margin of 8%.

• Solid waste handling accounted for 40% of total sales, up from 24% in Q1 2024, reflecting strategic focus and client adoption of the Smart Transfer System.

• 100% commercial uptime achieved across all projects, maximizing contract revenue.

Financial highlights

• Revenue: NOK 85.6 million in Q1 2025, up from NOK 56.0 million in Q1 2024.

• Adjusted EBITDA: NOK 18.1 million (21% margin), up from NOK 9.9 million (18% margin) YoY.

• Profit before tax: NOK 6.7 million (8% margin), up from NOK 3.1 million (5% margin) YoY.

• Gross profit: NOK 32.8 million (38% margin).

• Cash position at end of Q1: NOK 21.4 million; available cash reserve NOK 61 million.

Outlook and guidance

• Positioned for further growth in 2025 and beyond, with a strong contract pipeline and strategic partnerships.

• Margin improvement expected in H2 2025 as major projects reach steady state.

• International revenue expected to increase, especially with OMV Petrom contract ramping up.

• Newly started projects, once in steady state, are expected to generate approximately NOK 100 million per year.

• Dividend payments under evaluation, with priority on retaining financial capacity for growth.