Solstad Maritime (SOMA) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw lower utilization for both CSV and AHTS fleets, impacting financial performance, with adjusted EBITDA at $69 million, down from $91 million in Q3 2024.

• Strong order intake of $180 million increased backlog and visibility for 2026 and beyond, with major contract wins in Australia, Brazil, and the Mediterranean.

• Continued shareholder returns with a Q3 dividend of $0.032 per share, totaling $15 million.

• Short-term demand was weaker than expected, but long-term offshore energy outlook remains positive, supported by robust tendering and backlog.

Financial highlights

• Revenue for Q3 2025 was $145 million, down from $152 million in Q3 2024; year-to-date revenue at $442 million, up from $419 million.

• Adjusted EBITDA for Q3 2025 was $69 million, compared to $91 million last year; year-to-date adjusted EBITDA is $229 million, up from $220 million.

• Net result for Q3 2025 was $32 million, down from $48 million in Q3 2024; year-to-date net result at $124 million, down from $137 million.

• Utilization in Q3 2025 was 80% (AHTS: 76%, CSV: 81%), compared to 89% in Q3 2024.

• Cash at period end was $124 million, down from $214 million at the end of Q3 2024.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance revised down to approximately $290 million from previous $360–380 million.

• CapEx guidance narrowed to $115–$125 million for 2025, with maintenance at $95–$100 million and investments at $20–$25 million.

• $250 million of EBITDA already booked for 2026, providing a solid foundation for the coming year.

• CapEx expected to decrease significantly in 2026 due to fewer major vessel upgrades.

• Tendering activity for 2026 and beyond remains high, indicating long-term opportunities.