Solstad Maritime Asa · OSL:SOMA
Solstad Maritime Asa — Q1 2026 Earnings Presentation
18 slides from Solstad Maritime 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 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 | Q1 2026
Highlights | Q1 2026 ▪ The quarter delivered solid operational and financial performance Business update ▪ The order intake in the quarter provided increased earning visibility the next couple of years ▪ Agreement1 reached with existing lenders to increase leverage through an incremental USD 100 mil
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 84% 180 103 70 (78%) (146) (82) (48) Equity Adjusted NIBD Cash Backlog 933 – 55% 539 96 1,088 (802 – 47%) (576) (195) (814) Operational performance Key takeaways USDm U
Slide 5: Incremental financing
Incremental financing • After quarter end, the Company has reached an agreement with existing lenders for an incremental USD 100 million to existing credit facility, enhancing financial flexibility • The incremental financing will have final maturity in December 2028, i.e. a tenor of ~2,5 years • Re
Slide 6: Dividend | Q1 2026
Dividend | Q1 2026 ▪ Distributes cash dividend for Q1 2026 of USD 0.086/share, totaling USD ~40 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 Last day incl. right to dividend: 15 May 2026 o Ex-da
Slide 7: 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 ▪ CSV-segment: Some longer-term 3 opportunities, but majority of d
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 0.8x 1.8x 1.2x 1.9x 1.0x 11,000 1,200 400 9% 9% 371 376 1,09
Slide 9: Outlook and guiding
Outlook and guiding ▪ Adjusted EBITDA guidance is narrowed by lifting lower range as a result of the healthy start of the year in Q1’26 ▪ Capex guidance for 2026 is substantially reduced from 2025-level which was an extraordinary capex year in terms of timing, vessel scopes and upgrades o Annual cap
Slide 10: Summary
Summary A quarter with solid operational and financial performance Robust order intake and high activity in both the AHTS and CSV segments Incremental financing provides financial flexibility Continued shareholder friendly approach with a dividend of USD ~40 million declared for the quarter 10
Slide 11: Appendix
Appendix
Slide 12: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Unaudited 2026 2025 2025 Key commentary USDm 01.01-31.03 01.01-31.03 01.01-31.12 Charter income and other operating income 180 145 590 • Adjusted EBITDA margin in the quarter of 57%. Margin-level is affected by the Gain on sale of assets 0 0 0 vessels’ contract str
Slide 13: Balance sheet
Balance sheet Unaudited USDm 2026 31.03 2025 31.03 2025 31.12 Key commentary ASSETS Non-current assets • Normand Clipper reflected as asset held for sale per Q1’26. The vessel is Deferred tax assets 81 52 76 expected to be delivered to new owners in Q2’26 Tangible fixed assets 1,099 1,092 1,110 Righ
Slide 14: Cash Flow Statement
Cash Flow Statement Unaudited USDm 2026 01.01-31.03 2025 01.01-31.03 2025 01.01-31.12 Key commentary CASH FLOW FROM OPERATIONS • Low net cash flow from operations in Q1’26 compared to EBITDA in the Result before tax 66 50 189 quarter due to working capital build Taxes payable (0) (2) (9) Depreciatio
Slide 15: Q1 2026 cash flow bridge
Q1 2026 cash flow bridge Large working capital swing, however no significant debt movements in the quarter Main drivers are: ▪ Increased activity level and operating income compared to previous quarter ▪ Mobilization costs related to contract startups in Brazil ▪ Timing of prepayments and other work
Slide 16: Debt overview
Debt overview NIBD overview as per 31.03.2026 Leverage development USDm USDm x Adjusted NIBD Leverage ratio2 1,000 1,000 2.5 800 1.8x 1.9x 1.8x 2.0 800 1.8x 1.7x 621 592 580 14 565 600 576 545 539 1.5 600 96 539 26 400 400 1.0 200 200 0.5 0 0 0.0 Fleet loan Accrued Cash Adjusted NIBD Leases NIBD 1Q’
Slide 17: Segment performance
Segment performance Key takeaways EBITDA Q1’2026 by subsegments USDm • Increased EBITDA in Q1’26 compared to same quarter last year, particularly for the AHTS segment due to higher utilization and improved day rates 130 Vessel Services • The AHTS segment increased utilization from 62% to 72% and the
Slide 18: 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