Soiltech (STECH) Q1 2026 earnings summary

Executive summary

• Revenue reached NOK 100 million in Q1 2026, up 17% year-over-year, with strong operational performance and high activity across the contract portfolio.

• Adjusted EBITDA rose 36% year-over-year to NOK 25 million (25% margin), and profit before tax increased 42% to NOK 10 million (10% margin), with EPS NOK 0.85.

• Placed equipment orders exceeding NOK 100 million, the largest in company history, to support future growth and market expansion.

• Significant contract extension with Equinor until mid-2028, plus new contracts in fluid treatment and solid waste management.

• Uplisted to Euronext Oslo Børs in April 2026, enhancing investor visibility, liquidity, and shareholder base.

Financial highlights

• Revenue of NOK 100 million in Q1 2026, up 17% year-over-year; adjusted EBITDA of NOK 25 million (+36% YoY) with margin improvement from 21% to 25%.

• Profit before tax NOK 10 million (10% margin), up from NOK 7 million (8% margin) YoY; EPS NOK 0.85 (vs. NOK 0.66 YoY).

• Net cash flow from operating activities was NOK 12 million, up from NOK 8 million in Q1 2025; free cash flow NOK 8 million.

• Return on capital employed (ROCE) reached 15%; net interest-bearing debt/EBITDA (12-month rolling) was 1.94x.

• Available liquidity at quarter-end: NOK 212 million; equity ratio: 45%.

Outlook and guidance

• Strong order backlog and financial position support continued profitable growth, with solid growth in activity expected from Q2 2026 onward.

• Four new contracts starting in Q2, with two from Q1 reaching full effect in Q2.

• Investments in new equipment and expanded business development team to capture growth opportunities.

• Preparing for growth in the Middle East as regional conditions stabilize; limited impact from unrest.