Solstad Maritime (SOMA) Q4 2025 earnings summary

Executive summary

• Fourth quarter and full year 2025 results exceeded previous guidance, driven by strong anchor handling spot market in the North Sea, improved CSV utilization, and positive offshore energy services demand.

• Order intake reached USD 272 million in Q4 2025, boosting visibility for 2026 and beyond.

• Several key vessels secured medium- and long-term contracts, ensuring utilization and margins into 2027.

• Cash dividend of USD 0.032/share for Q4 2025, totaling USD 15 million; total 2025 dividends distributed were USD 100 million.

• Sale of CSV Normand Clipper to positively impact cash by USD 18 million in Q2 2026.

Financial highlights

• Full-year 2025 revenue was USD 590 million, up from USD 563 million in 2024; Q4 2025 revenue was USD 148 million, up from USD 144 million in Q4 2024.

• Adjusted EBITDA for 2025 was USD 303 million, above guidance and up from USD 297 million in 2024; Q4 2025 adjusted EBITDA was USD 74 million, down from USD 78 million in Q4 2024.

• Net result for 2025 was USD 213 million, down from USD 240 million in 2024.

• Book equity at year-end was USD 880 million (54% equity ratio); cash at year-end was USD 78 million, down due to dividend payments.

• Adjusted net interest-bearing debt at year-end was USD 545 million, with a leverage ratio of 1.8x.

Outlook and guidance

• 2026 adjusted EBITDA guidance is USD 330–380 million.

• CapEx expected at USD 55–75 million; net interest at USD 35–45 million; tax payable at USD 5–15 million.

• Scheduled debt repayments for 2026 are USD 90 million.

• Intention to increase dividends, distributing the majority of annual free cash flow.