Soiltech (STECH) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of NOK 112 million, up 61% year-over-year and 30% sequentially, with adjusted EBITDA of NOK 26 million, up 87% year-over-year, reflecting strong operational execution and market demand.

• Profit before tax reached NOK 12 million, up from NOK 3 million in Q2 2024 and up 348% year-over-year, with a margin of 11%.

• Half-year 2025 revenue totaled NOK 198 million, up 57% year-over-year, with strong growth in both fluid treatment (+30%) and solid waste handling (+195%).

• High activity levels, especially in Norway (80% of revenue), with international share expected to rise.

• Strategic investments in technology, personnel, and successful refinancing supported growth and expanded bank facilities.

Financial highlights

• Q2 revenue: NOK 112 million (record high), up from NOK 86 million in Q1 and NOK 70 million in Q2 2024; adjusted EBITDA: NOK 26 million, up 44% sequentially and 87% year-over-year.

• Profit before tax for Q2 reached NOK 12 million, a 348% year-over-year increase; half-year profit before tax was NOK 19 million (+226% YoY).

• Gross profit margin for Q2 was 38%; SG&A costs remained flat despite higher activity.

• Earnings per share for Q2 was NOK 1.18, up from NOK 0.32 in Q2 2024; YTD at 1.84.

• Operating cash flow for H1 was NOK 39 million; liquidity at NOK 34–35 million; net interest-bearing debt: NOK 212 million.

Outlook and guidance

• Activity levels expected to remain high in H2 2025, though possibly lower than Q2 due to contract transitions and reduced onshore waste handling.

• Demand drivers remain strong, with a highly positive outlook for 2026 and beyond, and targeted international expansion.

• Management targets annual growth of around 20%, with 2025 growth expected at approximately 35%.

• International revenue share is expected to increase for the full year.