Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q4 2025 Earnings Presentation
17 slides from Solstad Offshore Asa's earnings presentation, Feb 12, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 12 February 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: 2025 Highlights | Business update
2025 Highlights | Business update Lower utilization in the quarter due to CSV Normand Tonjer and AHTS Normand Topazio being idle for the main portion of the quarter. Business update Normand Tonjer has after quarter end been awarded a new ~225-day contract with commencement in February 2026 and Norma
Slide 4: Market Update
Market Update STRONG FOOTHOLD IN BRAZIL Office locations ▪ The demand within offshore-energy Solstad Maritime supporting offices services remains positive ▪ Despite a volatile oil price, the market showed improvement in Q4’25 which has also continued into Q1’26 ▪ Brazil continue to offer attractive
Slide 5: Strengthening backlog and earning visibility
Strengthening backlog and earning visibility Firm backlog per vessel type Firm-/option days2 per year Backlog development CSV AHTS Solstad Maritime1 vessels Firm days3 Option days Available days Solstad Offshore vessels2 Solstad Maritime1 vessels USDm Days USDm 400 1,000 920 934 2,500 350 15% 900 29
Slide 6: Solstad Offshore | Q4 25 Financial Highlights
Solstad Offshore | Q4 25 Financial Highlights Q4: 71% (91%) Utilization Backlog1 325 (227) FY25: 90% (95%) Q4: 70 (65) 425 - 48% Revenue Book equity FY25: 290 (262) (288 - 36%) Adj. Q4: 35 (44) Adj. NIBD 51 (124) EBITDA FY25: 126 (132) Q4: 53 (66) Net result Cash 74 (34) FY25: 141 (118) Q4: ~4 (0) D
Slide 7: Adjusted NIBD & Leases
Solstad Offshore | Adjusted NIBD & Leases USD 80 million term loan with a 5-year amortization profile drawn in NIBD overview as per 31.12.2025, USDm SOFF ASA November 2024 with maturity in November 2027 350 300 USD 44 million term loans financing of four Brazilian built vessels Solstad Brazil with B
Slide 8: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures NORMAND INSTALLER S.A. (NISA) • Associated company 27,3% owner with • Normand Installer S.A. (NISA), a joint venture • Associated company 35,8%-owned with 50%-owned together with SBM Offshore Aker as majority shareholder Omega 365 as majority shar
Slide 9: Financial guidance for 2026
Financial guidance for 2026 Metric 2026 Comments ▪ Towards the lower end of the range if the Normand Maximus 10-year class renewal occurs in Operational1 Adjusted USD 50 – 70 million 2026 and the higher end of the range if the class renewal occurs in 2027 EBITDA ▪ Excludes share of result from JV an
Slide 10: Dividend | Q4 2025
Dividend | Q4 2025 ▪ Propose to distribute cash dividend for Q4 2025 of USD 0.05/share, totaling USD ~4 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q4 2025 dividend: o Summon EGM: 16 February 2026 o EGM: 9 March 20
Slide 11: Summary
Summary A quarter with financial performance better than guided in October 2025 Several market opportunities for available vessels from 2027 and onwards Order intake of USD 84 million in the quarter which increases visibility for 2026 and beyond Propose dividend payment of USD ~4 million The oil pri
Slide 12: Appendix
Appendix
Slide 13: Income Statement & Adjusted EBITDA
Solstad Offshore | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2025 2024 Unaudited 2025 2024 2025 2024 USDm 01.10-31.12 01.10-31.12 01.01-31.12 01.01-31.12 USDm 01.10-31.12 01.10-31.12 1.1-31.12 01.01-31.12 Charter income and other operating EBITDA 30 34 142 127 income 70 63 290 259 Adjus
Slide 14: Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2025 2024 Unaudited 2025 2024 USDm 31.12 31.12 USDm 31.12 31.12 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Deferred tax assets 15 0 Paid-in equity 61 65 Tangible fixed assets 130 129 Other equity 357 217 Right-of-use assets 279 299 Non-controll
Slide 15: Cash Flow Statement
Solstad Offshore | Cash Flow Statement Unaudited 2025 2025 2025 2025 2025 2024 USDm Q1 Q2 Q3 Q4 01.01-31.12 01.01-31.12 CASH FLOW FROM OPERATIONS Result before tax 23 40 27 36 126 123 Taxes payable (0) (1) 1 (2) (2) (3) Ordinary depreciation and write downs 17 9 13 8 47 32 Gain (-)/loss non-current
Slide 16: Adjusted NIBD
Solstad Offshore | Adjusted NIBD Adjusted NIBD development 2025, USDm Adjusted NIBD Cash 158 20 34 13 125 0 74 124 51 YE 2024 SOFF ASA BNDES Interest payments YE 2025 amortization amortization 16
Slide 17: 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