Solstad Maritime ASA · OSL:SOMA
Solstad Maritime ASA — Q3 2026 Earnings Presentation
21 slides from Solstad Maritime ASA's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Presentation
Q3 2026 Presentation 4 November 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 | Q3 2026
Highlights | Q3 2026 ▪ Solid operational and financial performance, with key figures improving ▪ The AHTS North Sea spot/project fleet continues to drive improvements in earnings, with the CSV fleet also improving quarter-over-quarter Business update ▪ Solid balance sheet, together with earning visi
Slide 4: Q3 2026 Financial and operational summary
Q3 2026 Financial and operational summary Another quarter with all key figures improving Utilization Operating Income Adjusted EBITDA Net Result Q3 YTD Q3 YTD Q3 YTD Q3 YTD 88% (79%) 85% (78%) 198 (145) 554 (442) 117 (69) 308 (229) 79 (32) 208 (124) Equity Adjusted NIBD Cash Backlog 984 – 55% 488 18
Slide 5: Dividend | Q3 2026
Dividend | Q3 2026 ▪ Distributes cash dividend for Q3 2026 of USD 0.12/share, totaling Dividend development1 – USD ~276 million distributed USD ~56 million USDm 60 56 ▪ The dividend will be paid in NOK and the amount in NOK will be 50 47 announced prior to dividend payment 40 40 35 35 ▪ Key dates re
Slide 6: Market Update
Market Update GLOBAL PRESENCE Office locations ▪ The demand within offshore-energy services Solstad Offshore supporting offices remains positive ▪ AHTS segment: Robust North Sea spot- market combined with an active global project market. Australia will have lower activity the coming quarters 2 10 ▪
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 with further improvements in Q3’26 • Solstad has achieved strong utilization in the quarter from project work, however utilization across the overall North Sea AHTS fleet has remaine
Slide 8: Significant CSV contract additions…
Significant CSV contract additions… …adding visibility for large CSVs into 2027 and beyond Normand Vision Normand Ocean Normand Sentinel Normand Navigator Normand Jarstein Normand Cutter Client: Ocean Installer Client: DeepOcean Client: Undisclosed Client: Saipem Client: Reach Subsea Client: Undiscl
Slide 9: Backlog and earning visibility
Backlog and earning visibility Firm backlog per year Firm-/option days per year Backlog development USDm EBITDA Opex Days Firm days3 Available days USDm Backlog Order intake Book to bill 550 12,000 Option days AHTS spot/project fleet 1,300 1.2x 1.9x 1.0x 0.8x 1.2x 500 492 11,000 1,200 9% 9% 1,091 1,
Slide 10: Outlook and guiding
Outlook and guiding ▪ Full year Adjusted EBITDA guidance is narrowed by increasing the lower range due to improved earnings year-to-date. The Adjusted EBITDA guidance has been increased and narrowed quarterly from the initial USD 330 – 380 million range provided in February 2026 ▪ Capex guidance is
Slide 11: Summary
Summary A quarter with solid operational and financial performance, with key figures improving year-over-year Strong AHTS performance in the quarter combined with stable order intake and high activity in the CSV segment Full-year Adjusted EBITDA guidance narrowed to USD 375 – 390 million Continued s
Slide 12: Normand Subsea
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Slide 13: Appendix
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Slide 14: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Unaudited 2026 2025 2026 2025 USDm 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 Key commentary Charter income and other operating income 198 145 546 442 • Adjustments from EBITDA to Adjusted EBITDA is mainly related to inclusion of Gain on sale of assets 0 0 8 0
Slide 15: Segment performance
Segment performance Key takeaways EBITDA and utilization by segments • Increased EBITDA in Q3’26 compared to same quarter last year for both segments, particularly for the AHTS segment achieving both higher utilization and AHTS-Vessel CSV-Vessel Other-Vessel improved day rates AHTS-Services CSV-Serv
Slide 16: Balance sheet
Balance sheet Unaudited 2026 2025 2025 USDm 30.09 30.09 31.12 Key commentary ASSETS Non-current assets • Non-current receivables is predominantly the present value of the bareboat Deferred tax assets 85 53 76 Tangible fixed assets 1,092 1,131 1,110 lease and purchase option related to Normand Maximu
Slide 17: Cash Flow Statement
Cash Flow Statement Unaudited 2026 2025 2026 2025 USDm 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 Key commentary CASH FLOW FROM OPERATIONS Result before tax 78 29 203 124 • Net cash flow from operations year-to-date 2026 compared to EBITDA is Taxes payable 0 (2) (3) (2) impacted by working capi
Slide 18: Q3 2026 cash flow bridge
Q3 2026 cash flow bridge Cash increase in the quarter driven by operational cash flow partly offset by quarterly dividend payment (19) (3) (15) 8 1 (3) 112 (47) 189 0 154 Q2’26 EBITDA Changes Other operational Vessel capex Maximus Received interests Paid leases Dividends paid Net FX effect Q3’26 in
Slide 19: LTM cash flow bridge
LTM cash flow bridge Solid increase in cash position despite a large working capital build Net of ▪ scheduled amortization (-109 million) ▪ debt repaid on vessel sold (-13 million) (91) ▪ incremental financing (+100 million) (10) 3 6 32 (53) (65) 30 (11) (22) 361 (116) 189 1 124 Q3’25 EBITDA Changes
Slide 20: Debt overview
Debt overview NIBD overview as per 30.09.2026 Leverage development USDm USDm Adjusted NIBD Leverage ratio1 x 1,000 1,000 1.9x 2.0 1.8x 1.7x 1.5x 800 800 664 1.3x 1.5 13 580 600 189 521 600 545 539 512 488 488 33 1.0 400 400 0.5 200 200 0 0 0.0 Bank debt Accrued Cash Adjusted NIBD Leases NIBD Q3’25 Q
Slide 21: 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