Soiltech (STECH) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 profitability, with revenue of NOK 102 million (+26% YoY), adjusted EBITDA of NOK 27 million, and profit before tax of NOK 13 million.

• Full-year 2025 revenue reached NOK 401 million (+46% YoY), adjusted EBITDA NOK 96 million (+51% YoY), and profit before tax NOK 41 million (+276% YoY).

• Highest Q4 margins: adjusted EBITDA margin at 27%, net profit margin at 13%.

• Board is planning an uplisting to Euronext Oslo Børs to enhance investor visibility and liquidity.

• High activity in December and strong contract wins contributed to exceeding internal expectations.

Financial highlights

• Q4 2025 revenue: NOK 102 million (+26% YoY); full-year: NOK 401 million (+46% YoY).

• Q4 adjusted EBITDA margin: 27% (up from 26% YoY); full-year margin: 24% (up from 23%).

• Profit before tax for 2025: NOK 41 million (up from NOK 11 million in 2024); Q4 profit before tax margin: 13%.

• Earnings per share: NOK 1.21 for Q4, NOK 3.97 for the year.

• Operating cash flow for 2025: NOK 112 million; year-end liquidity: NOK 200 million (NOK 58 million cash, NOK 142 million undrawn facilities).

Outlook and guidance

• Solid order backlog and strong financial position support continued profitable growth.

• Q1 2026 activity expected to match Q4 2025, with higher activity anticipated from Q2 onwards.

• Market visibility remains strong in Europe and the Middle East, with stricter environmental regulations driving demand.

• Ongoing regulatory changes in Norway and internationally are expanding the addressable market.