Solstad Maritime Asa · OSL:SOMA
Solstad Maritime Asa — Q4 2025 Earnings Presentation
16 slides from Solstad Maritime 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 Maritime 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 ▪ Fourth quarter and full year 2025 Adjusted EBITDA ended higher than guided in October 2025 through improved AHTS and CSV markets ▪ The sale of CSV Normand Clipper (built in 2001) will have a positive cash effect of USD ~18 million in Q2‘26 Business update ▪ Amendm
Slide 4: Market Update
Market Update GLOBAL PRESENCE Office locations ▪ The demand within offshore-energy Solstad Offshore supporting offices services remains positive ▪ Despite a volatile oil price, the market showed improvement in Q4’25 which has also continued into Q1’26 3 6 ▪ Brazil continue to offer attractive opport
Slide 5: Strengthening backlog and earning visibility
Strengthening backlog and earning visibility Firm backlog per year Firm-/option days per year Backlog, order intake and book-to-bill EBITDA OPEX Firm days4 AHTS spot/project fleet Backlog Order intake Book to bill Option days Available days USDm USDm 1.6x 0.8x 1.8x 1.2x 1.9x Days 450 12,000 1,200 41
Slide 6: Q4 Financial Highlights
Solstad Maritime | Q4 25 Financial Highlights NIBD overview as per 31.12.2025, USDm 700 2 600 (78) 26 500 Q4: 79% (85%) Backlog 1.091 (843) 400 Utilization FY25: 79% (86%) 621 300 571 545 200 Q4: 148 (144) Book equity 880 - 54% 100 Revenue FY25: 590 (563) (779 - 46%) 0 Fleet Loan Accrued interest Ca
Slide 7: Outlook and guiding
Outlook and guiding 2026 guiding Dividend policy Adjusted EBITDA1 USD 330 – 380 million ▪ Intention to distribute quarterly dividends corresponding to majority of annual free cash flow to equity (FCFE) Tax payable USD 5 – 15 million Capex USD 55 – 75 million Net interest USD 35 – 45 million Schedule
Slide 8: Dividend | Q4 2025
Dividend | Q4 2025 Comments Financial year 2025 dividends, USDm ▪ Distributes cash dividend for Q4 2025 of USD 0.032/share, totaling USD ~15 million. The dividend will be paid in NOK and the amount in 15 100 NOK will be announced prior to dividend payment 15 ▪ Key dates regarding Q4 2025 dividend: 3
Slide 9: Summary
Summary A quarter with financial performance better than guided in October 2025 Order intake of USD 272 million in the quarter which increases visibility for 2026 and beyond Tendering activity for 2026 and onwards remains healthy for the AHTS and CSV segments Continued shareholder friendly approach
Slide 10: Appendix
vs 4125 . Appendix
Slide 11: Income Statement & Adjusted EBITDA
Solstad Maritime | 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 72 65 279 274 income 148 144 590 556 Adj
Slide 12: Balance sheet
Solstad Maritime | 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 72 52 Paid-in equity 453 560 Tangible fixed assets 1,110 1,085 Other equity 427 222 Right-of-use assets 23 23 Non-con
Slide 13: Cash Flow Statement
Solstad Maritime | 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 50 45 29 70 193 204 Taxes payable (2) 1 (2) (6) (9) 1 Ordinary depreciation and write downs 20 18 17 23 79 21 Gain (-)/loss non-current
Slide 14: Segment performance
Solstad Maritime | Segment performance AHTS EBITDA1 2025, USDm CSV EBITDA1 2025, USDm Total EBITDA1 2025, USDm Vessel Services Utilization Vessel Services Utilization Vessel Services 40 90% 80 90% 89% 84% 82% 35 80% 70 80% 80% 78% 4 76% 31 70% 70% 30 60 7 63% 20 62% 60% 60% 1 5 25 50 4 50% 50% 20 40
Slide 15: Adjusted NIBD & leverage
Solstad Maritime | Adjusted NIBD & leverage Adjusted NIBD development 2025, USDm Leverage development Adjusted NIBD Adjusted NIBD Cash Leverage ratio | Adjusted NIBD/LTM Adjusted EBITDA 1,200 2.50 766 1,000 131 2.0x 2.00 177 623 1.9x 10 3 1.8x 1.8x 788 1.8x 78 800 691 1.50 617 589 576 592 580 600 54
Slide 16: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Solstad Maritime 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