Solstad Maritime (SOMA) Q1 2026 earnings summary

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.