Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q1 2026 Earnings Presentation
18 slides from Solstad Offshore Asa's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Presentation
Q1 2026 Presentation 7 May 2026
Slide 2: Disclaimer
Disclaimer Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which i
Slide 3: Highlights | Q1 2026
Highlights | Q1 2026 The quarter delivered solid financial performance, supported by strong JV and AC2 contributions despite lower utilization for two vessels Business update between contracts Total Adjusted EBITDA of USD 34 million in the quarter compared to USD 30 million same quarter last year Ad
Slide 4: Q1 2026 Financial and operational summary
Q1 2026 Financial and operational summary Prior year figures in parentheses Utilization Operating Income Adjusted EBITDA Net result 79% 86 34 29 (93%) (69) (30) (24) Equity Adjusted NIBD Cash Backlog1 448 – 41% 49 77 306 (311 – 39%) (107) (52) (190) Operational performance Key takeaways USDm Utiliza
Slide 5: Debt overview
Debt overview USD 80 million term loan with a 5-year amortization profile drawn in NIBD overview as per 31.03.2026 SOFF ASA November 2024 with maturity in November 2027 USDm 500 266 467 USD 43 million term loans financing of four Brazilian built vessels 4 Solstad Brazil with BNDES with maturity from
Slide 6: Dividend | Q1 2026
Dividend | Q1 2026 ▪ Intention1 to distribute cash dividend for Q1 2026 of USD 0.1/share, totaling USD ~8 million ▪ The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q1 2026 dividend: o OGM: 13 May 2026 o Board approval: 15 May 2
Slide 7: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures NORMAND INSTALLER S.A. (NISA) • Associated company 27,3% owner with Aker as • Normand Installer S.A. (NISA), a joint venture 50%- • Associated company 35,8%-owned with Omega 365 majority shareholder owned together with SBM Offshore as majority sha
Slide 8: Market Update
Market Update STRONG FOOTHOLD IN BRAZIL Office locations Solstad Maritime supporting offices ▪ The demand within offshore-energy services remains positive ▪ AHTS-segment: Busy North Sea spot-market combined with an active global project market ▪ CSV-segment: Some longer-term opportunities, but major
Slide 9: Solid earning visibility for 2026
Solid earning visibility for 2026 All three AHTS vessels have firm contracts through 2028 and beyond Firm backlog per vessel type Firm-/option2 days per year Backlog development USDm AHTS CSV Solstad Maritime1 vessels Days Firm days3 Option days Available days USDm Solstad Offshore2 vessels 350 2,60
Slide 10: Financial guidance for 2026
Financial guidance for 2026 Metric 2026 Comments ▪ Whereof USD 12 million in Q1’26 Operational1 Adjusted ▪ Towards the lower end of the range if the Normand Maximus 10-year class renewal occurs in USD 50 – 70 million EBITDA 2026 and the higher end of the range if the class renewal occurs in 2027 ▪ E
Slide 11: Summary
Tekst er ikke oppdatert Summary A quarter with solid financial performance driven by strong contributions from JVs and ACs Two vessels between contracts in the quarter gave an overall low utilization High activity in both the AHTS and CSV segment Increased dividend distribution intended for the quar
Slide 12: Appendix
Appendix
Slide 13: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Unaudited 2026 2025 2025 USDm 01.01-31.03 01.01-31.03 01.01-31.12 Key commentary Charter income and other operating income 86 69 290 Gain on sale of assets 0 0 0 • Operational Adjusted EBITDA margin is trending downwards following both Total operating income 86 69
Slide 14: Balance sheet
Balance sheet Unaudited 2026 2025 2025 USDm 31.03 31.03 31.12 Key commentary ASSETS Non-current assets • Significant increase in right-of-use assets and lease liabilities due to Deferred tax assets 15 0 15 Tangible fixed assets recognition of four leased Solstad Maritime vessels which also impacts %
Slide 15: Cash Flow Statement
Cash Flow Statement Unaudited 2026 2025 2025 USDm 01.01-31.03 01.01-31.03 01.01-31.12 Key commentary CASH FLOW FROM OPERATIONS Result before tax 30 23 126 ▪ Lower net cash flow from operations in Q1’26 compared to same quarter last Taxes payable (3) (0) (2) year due to increased taxes payable and wo
Slide 16: Q1 2026 cash flow bridge
Q1 2026 cash flow bridge EBITDA less paid leases in the quarter equals Operational Adjusted EBITDA of USD 12 million (4) 1 (3) 1 (0) (3) 4 (25) 37 (1) 77 74 (5) 1 Q4’25 EBITDA Changes Other Taxes paid Vessel capex Received Received Paid interests Paid leases Repayment Dividends Net FX effect Q1’26 i
Slide 17: Segment performance
Segment performance Key takeaways EBITDA Q1’2026 by subsegments USDm • EBITDA is marginally increased Q1’26 compared to same quarter last year, however the increase stems from ‘Other’ which is mostly attributed to leased 45 Vessel Services vessels from SOMA with associated increased leasing cost 40
Slide 18: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors a