Solstad Maritime (SOMA) Q2 2026 earnings summary

Executive summary

• Delivered strong operational and financial results in Q2 and H1 2026, with all key figures improving year-over-year and increased earnings.

• Anchor handling (AHTS) segment drove earnings, with utilization rising from 63% to 88% quarter-over-quarter and higher day rates.

• Secured significant contracts and extensions, including two-year deals for vessels in Brazil and the Black Sea, and a 1-year extension for Normand Vision.

• Ongoing fleet optimization included the sale of Normand Clipper and investments in AI and remote operations.

• $100 million incremental financing drawn, strengthening the balance sheet and financial flexibility.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $88 million (up from $78 million in Q2 2025); H1 2026 Adjusted EBITDA reached $191 million (up from $159 million year-over-year).

• Operating income for Q2 2026 was $176 million (Q2 2025: $152 million); H1 2026 operating income was $356 million (H1 2025: $297 million).

• Net result for Q2 2026 was $59 million (Q2 2025: $44 million); H1 2026 net result was $129 million (H1 2025: $92 million).

• Cash and cash equivalents at quarter end were $154 million (Q2 2025: $98 million).

• Firm order backlog at end of H1 2026 was $1.1 billion, up from $929 million last year.

Outlook and guidance

• Full-year adjusted EBITDA guidance increased and narrowed to $360–$390 million, reflecting strong first half and positive outlook.

• CapEx upper range lowered to $70 million.

• Good backlog visibility for the second half, with $280 million revenue booked and 29% available vessel days.

• Offshore energy demand remains stable, with oil demand projected to rise 10% by 2050.

• Market growth needed to absorb new CSV capacity entering 2026–2028.