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Solstad Maritime (SOMA) investor relations material
Solstad Maritime Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
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.
Revenue for Q3 2025 was $145 million, compared to $152 million in Q3 2024.
Net result for the quarter was $32 million, down from $48 million last year.
Order intake reached $180 million in the quarter, increasing backlog and visibility for 2026 and beyond.
Dividend of $0.032 per share declared for Q3 2025, totaling $15 million.
Financial highlights
Fleet utilization was 80% in Q3 2025 (AHTS: 76%, CSV: 81%), compared to 89% in Q3 2024.
Year-to-date adjusted EBITDA was $229 million, up from $220 million last year.
Book equity at quarter-end was $804 million, up from $696 million last year, with an equity ratio of 48%.
Adjusted net interest-bearing debt was $580 million, down from $617 million last year.
Cash at quarter-end was $124 million, compared to $214 million last year.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance is approximately $290 million, revised down from previous $360–380 million.
Around $250 million of EBITDA already booked for 2026, providing a solid foundation for the next year.
CapEx guidance for 2025 narrowed to $95–$125 million, with a significant reduction expected in 2026.
Ongoing tender activity for 2026 and beyond remains high, supporting future backlog.
Scheduled debt amortization for 2025 is $131 million.
Expected duration of current market weakness?
How will the 2027 backlog gap be addressed?
How will 2026 debt amortization be funded?
Explain 2025 CapEx spike vs. 2026 outlook.
CSV market balance for 150-250t crane vessels?
How much more EBITDA needed for 2026 target?
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Next Solstad Maritime earnings date
Q4 20254 Feb, 2026
Next Solstad Maritime earnings date
Q4 20254 Feb, 2026
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