Solstad Offshore (SOFF) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA for 2025 exceeded October guidance, driven by improved results and strong order intake, with improved earnings visibility for 2026 and beyond.

• Offshore energy services demand remained positive, with market improvement in Q4 2025 continuing into Q1 2026.

• New long-term contracts and extensions increased the order backlog, supporting future revenue stability.

Financial highlights

• Q4 2025 revenue was USD 70 million, up from USD 65 million in Q4 2024; full-year 2025 revenue reached USD 290 million, up from USD 262 million in 2024.

• Adjusted EBITDA for Q4 2025 was USD 74 million, down from USD 78 million in Q4 2024; full-year 2025 Adjusted EBITDA was USD 303 million, up from USD 297 million in 2024.

• Net result for full-year 2025 was USD 141 million, up from USD 118 million in 2024.

• Year-end cash position was USD 74 million, up from USD 34 million; book equity at year-end 2025 was USD 425 million (48% equity ratio).

• Cash dividend for Q4 2025 was USD 0.032 per share, totaling approximately USD 15 million.

Outlook and guidance

• 2026 operational Adjusted EBITDA guidance is USD 50–70 million, excluding results from associates and JVs.

• Nearly all 2026 capacity is sold out; focus is on building backlog for 2027 and beyond.

• Market improvement observed in Q4 2025 has continued into Q1 2026, supporting a positive outlook.