Solstad Maritime Asa · OSL:SOMA
Solstad Maritime Asa — Q2 2026 Earnings Presentation
19 slides from Solstad Maritime Asa's earnings presentation, Jul 15, 2026
Slide 1: Q2 2026 Presentation
Q2 2026 Presentation 15 July 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: Highlights | Q2 2026
Highlights | Q2 2026 ▪ Solid operational and financial performance, with all key figures improving year-over-year ▪ AHTS fleet is the main increased earnings driver, lifting utilization quarter-over-quarter from 63% to 88% combined with increased day rates Business update ▪ Strong balance sheet and
Slide 4: Q2 2026 Financial and operational summary
Q2 2026 Financial and operational summary All key figures improving Utilization Operating Income Adjusted EBITDA Net Result Q2 YTD Q2 YTD Q2 YTD Q2 YTD 82% (75%) 83% (77%) 176 (152) 356 (297) 88 (78) 191 (159) 59 (44) 129 (92) Equity Adjusted NIBD Cash Backlog 952 – 55% 512 154 1,049 (808 – 49%) (59
Slide 5: Dividend | Q2 2026
Dividend | Q2 2026 ▪ Distributes cash dividend for Q2 2026 of USD 0.1/share, totaling USD ~47 million ▪ The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q2 2026 dividend: o Last day incl. right to dividend: 16 July 2026 o Ex-dat
Slide 6: Market Update
Market Update GLOBAL PRESENCE Office locations Solstad Offshore supporting offices ▪ The demand within offshore-energy services remains positive ▪ AHTS segment: Busy North Sea spot-market combined with an active global project market 3 ▪ CSV-segment: Project-oriented market, in 9 general high utiliz
Slide 7: AHTS North Sea Spot/Project Market
AHTS North Sea Spot/Project Market • The market for high-end AHTS vessels in the North Sea has been solid since Q4’25 • Although utilization on average has been moderate, dayrates have reached all-time high levels due to reduced supply of vessels o vessels permanently changing regions for long-term
Slide 8: Backlog and earning visibility
Backlog and earning visibility Firm backlog per year Firm-/option days per year Backlog development USDm EBITDA Opex Days Firm days4 Available days USDm Backlog Order intake Book to bill 450 12,000 Option days AHTS spot/project fleet 1,300 423 1.8x 1.2x 1.9x 1.0x 0.8x 11,000 1,200 400 9% 9% 1,091 1,
Slide 9: Outlook and guiding
Outlook and guiding ▪ Full year Adjusted EBITDA guidance is increased and narrowed by lifting both the upper and lower range due to a healthy first half of the year and outlook for the remainder of the year ▪ Capex guidance is reduced and narrowed by lowering the upper range ▪ Dividend policy: Inten
Slide 10: Summary
Summary A quarter with solid operational and financial performance, with all key figures improving year-over-year Stable order intake and high activity across both AHTS and CSV segments Full-year Adjusted EBITDA guidance increased and narrowed to USD 360–390 million Continued shareholder friendly ap
Slide 11: Q&A
Q&A
Slide 12: Appendix
Appendix
Slide 13: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Unaudited 2026 2025 2026 2025 USDm 01.04-30.06 01.04-30.06 01.01-30.06 01.01-30.06 Key commentary Charter income and other operating income 168 152 348 297 • Adjustments from EBITDA to Adjusted EBITDA is mainly related to inclusion of Gain on sale of assets 8 0 8 0
Slide 14: Segment performance
Segment performance Key takeaways EBITDA and utilization by segments • Increased EBITDA in Q2’26 compared to same quarter last year, particularly for the AHTS segment achieving higher utilization and improved day rates AHTS-Vessel CSV-Vessel Other-Vessel AHTS-Services CSV-Services Other-Services • T
Slide 15: Balance sheet
Balance sheet Unaudited 2026 2025 2025 USDm 30.06 30.06 31.12 Key commentary ASSETS Non-current assets • Non-current receivables is predominantly the present value of the bareboat Deferred tax assets 83 53 76 Tangible fixed assets 1,097 1,112 1,110 lease and purchase option related to Normand Maximu
Slide 16: Cash Flow Statement
Cash Flow Statement Unaudited 2026 2025 2026 2025 USDm 01.04-30.06 01.04-30.06 01.01-30.06 01.01-30.06 Key commentary CASH FLOW FROM OPERATIONS Result before tax 58 45 124 94 • Net cash flow from operations in H1’26 compared to EBITDA is impacted by Taxes payable (3) 1 (4) (0) working capital build
Slide 17: Q2 2026 cash flow bridge
Q2 2026 cash flow bridge Solid cash increase in the quarter driven by operations, incremental financing and sale of vessel Net of incremental financing (+100 million), scheduled amortization (-44 million) and debt repaid on vessel sold (-13 million) 1 43 (40) (26) (22) 32 154 (2) (3) (3) 0 (15) 8 85
Slide 18: Debt overview
Debt overview NIBD overview as per 30.06.2026 Leverage development USDm USDm Adjusted NIBD Leverage ratio1 x 1,000 1,000 1.9x 2.0 1.8x 1.8x 1.7x 1.5x 800 800 664 1.5 2 592 580 600 154 512 546 600 545 539 512 34 1.0 400 400 0.5 200 200 0 0 0.0 Bank debt Accrued Cash Adjusted NIBD Leases NIBD 2Q’25 3Q
Slide 19: 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