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Solstad Maritime
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, mainly due to lower fleet utilization.
Strong order intake of $180 million increased backlog and visibility for 2026 and beyond, with major contract wins in Australia, Brazil, and the Mediterranean reducing spot exposure.
Cash dividend of $0.032 per share declared for Q3, totaling $15 million, continuing shareholder returns.
Short-term demand was weaker than expected, but the long-term offshore energy outlook remains positive.
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 is approximately $290 million, revised down from previous $360–380 million.
CapEx guidance narrowed to $95–$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.
Scheduled debt amortization for 2025 is $131 million.
Tendering activity for 2026 and beyond remains high, indicating long-term opportunities.
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 202512 Feb, 2026
Solstad Maritime
Next Solstad Maritime earnings date
Q4 202512 Feb, 2026
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