Solstad Maritime (SOMA) Q1 2025 earnings summary

Executive summary

• Applied for listing on Euronext Oslo Børs with expected first trading day in mid-May 2025; no new share offering in connection with the listing.

• Changed presentation currency from NOK to USD as of January 1, 2025.

• Intends to distribute quarterly dividends corresponding to the majority of annual free cash flow to equity.

Financial highlights

• Q1 2025 revenue of USD 145 million, up from USD 120 million in Q1 2024.

• Adjusted EBITDA for Q1 2025 was USD 82 million, compared to USD 52 million in Q1 2024.

• Net result for Q1 2025 was USD 48 million, down from USD 60 million in Q1 2024.

• Book equity at March 31, 2025, was USD 802 million, representing a 47% equity ratio.

• Adjusted Net Interest Bearing Debt stood at USD 576 million.

Outlook and guidance

• On track to meet previous full-year 2025 adjusted EBITDA guidance of USD 360–390 million.

• Intention to distribute quarterly dividends, supported by amended loan covenants allowing for distributions above free cash flow to equity in 2025.

• High tendering activity in global offshore energy markets, with vessels available to exploit favorable market conditions.