Solstad Maritime (SOMA) Q2 2025 earnings summary

Executive summary

• Listed on Euronext Oslo Børs on 16 May 2025, achieving a market capitalization of approximately USD 1.1 billion at quarter end, following a successful market debut without raising new capital.

• Quarter marked by extraordinary high planned maintenance, impacting utilization rates, but strong contract momentum, especially in Brazil, with several new four-year contracts signed.

• Strong order intake and increased backlog provide improved earnings visibility for 2025 and beyond.

• Continued focus on shareholder returns, with ongoing and proposed dividends totaling USD 35 million for Q2 2025.

• Expansion of Solstad Services, including new ROVs from Omega Subsea to be installed in 2026/2027.

Financial highlights

• Q2 2025 revenue of USD 152 million, up from USD 140 million in Q2 2024; YTD/1H 2025 revenue at USD 279–297 million versus USD 266 million prior year.

• Adjusted EBITDA for Q2 2025 at USD 78 million, nearly flat year-over-year; 1H 2025 Adjusted EBITDA at USD 159 million, up from USD 129 million.

• Net result for Q2 2025 was USD 44 million, up from USD 28 million in Q2 2024; 1H 2025 net result at USD 92 million versus USD 89 million.

• Cash and cash equivalents at period end were USD 98 million.

• Firm order backlog at end of 1H 2025 was USD 929 million, up from USD 848 million in 1H 2024; backlog including options at USD 1.641 billion.

• Dividend of USD 0.075 per share for Q2 2025, totaling USD 35 million.

Outlook and guidance

• Market fundamentals remain positive, with long-term demand for offshore energy services and solid backlogs for subsea contractors.

• 2025 Adjusted EBITDA guidance narrowed to USD 360–380 million, with upper range reduced due to lower utilization in 1H25 and mobilization costs for Brazil contracts.

• Second half of 2025 expected to be stronger as maintenance concludes and vessels return to service, with high vessel utilization anticipated.

• Additional vessel capacity entering the market in 2026/2027; further activity growth needed to absorb new supply.