Solstad Maritime
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Solstad Maritime (SOMA) investor relations material

Solstad Maritime Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary7 May, 2026

Executive summary

  • Achieved record operational and financial performance in Q1 2026, with adjusted EBITDA reaching USD 103 million, the highest since the company's establishment in Q1 2024.

  • Strong order intake of USD 177 million resulted in a book-to-bill ratio of 1.0x, increasing earnings visibility.

  • Improved fleet utilization, with four vessels starting 4-year Petrobras contracts in February 2026.

  • Cash dividend of USD 0.086 per share declared for Q1 2026, totaling approximately USD 40 million.

Financial highlights

  • Adjusted EBITDA reached USD 103 million, up from USD 82 million year-over-year.

  • Operating income was USD 180 million, compared to USD 146 million in Q1 last year.

  • Net result increased to USD 70 million from USD 48 million year-over-year.

  • Cash position at quarter end was USD 96 million, down from USD 195 million last year, mainly due to dividend payments.

  • Adjusted net interest-bearing debt was USD 539 million, down from USD 576 million year-over-year.

Outlook and guidance

  • Adjusted EBITDA guidance for 2026 narrowed to USD 340–380 million, with the lower end raised due to strong Q1.

  • CapEx guidance for 2026 reduced to USD 55–75 million, significantly lower than 2025.

  • Positive market outlook for anchor handler and CSV segments.

  • Dividend policy aims to distribute the majority of annual free cash flow as quarterly dividends.

Strategic use for the USD 100M facility
Sustainability of the USD 40M dividend
Growth trajectory based on 1.0x book-to-bill
Impact of $100M financing on capital allocation
AHTS market drivers beyond North Sea rig counts
Bridge to the 68% EBITDA margin in the backlog
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Q2 202615 Jul, 2026
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