Soiltech (STECH) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached NOK 102 million, up 50% year-over-year, with adjusted EBITDA of NOK 24 million, a 78% increase year-over-year.

• Profit before tax improved to NOK 10 million from a loss of NOK 10 million in Q3 2024, reflecting strong activity across business segments.

• Nine-month 2025 revenues reached NOK 299 million (+55% YoY), already surpassing full-year 2024 revenue.

• Solid waste management segment saw 161% year-over-year growth, now representing 46% of total revenue.

• Maintained 100% commercial uptime across all projects, with Norway accounting for 78% of revenue.

Financial highlights

• Adjusted EBITDA margin improved to 24% from 20% year-over-year; YTD margin at 23% (up from 19%).

• Profit margin for Q3 was 9–10%, up from -15% last year; nine-month profit margin at 10%.

• Earnings per share were NOK 0.92 for the quarter and NOK 2.76 year-to-date.

• Return on capital employed was 16%; net interest-bearing debt/EBITDA ratio at 2.21.

• Operating cash flow for the first nine months was NOK 62 million; cash balance at quarter-end was NOK 46 million, with total available liquidity of NOK 213 million.

Outlook and guidance

• Q4 activity expected to be lower due to reduced drilling and scheduled project reductions, with growth resuming in Q1 2026.

• Solid growth projected for 2026, supported by a strong contract portfolio and increasing international opportunities.

• Long-term market outlook remains positive, especially in Europe and international focus markets.

• Targeting NOK 1 billion in revenue by 2030, primarily through organic growth and selective investments.

• Significant growth opportunities identified in Norway and international focus markets.