Soiltech Q2 2025 slides: Revenue surges 61% YoY, international expansion accelerates

Introduction & Market Context

Soiltech ASA (OSLO:STECH) presented its second-quarter 2025 results on August 28, showcasing substantial growth across all key financial metrics. The Norwegian waste management technology company, which closed at NOK 62 per share on August 27, has continued its strong performance trajectory following an already impressive first quarter.

The company has positioned itself as an innovative technology provider focused on sustainable waste management solutions for the energy sector, with operations primarily in Norway but with growing international presence. Soiltech’s business model appears to be gaining significant traction as evidenced by the financial results presented.

Quarterly Performance Highlights

Soiltech reported exceptional financial results for Q2 2025, with revenues reaching NOK 112 million, representing a 61% increase compared to the same period last year and a 30% sequential increase from Q1 2025.

The company’s adjusted EBITDA showed even stronger growth, reaching NOK 26 million in Q2, up 87% year-over-year and 44% sequentially. This resulted in an improved EBITDA margin of 24%, up from 21% in Q1. Profit before tax saw the most dramatic improvement, jumping 348% year-over-year to NOK 12 million, and 71% sequentially.

As shown in the following chart of quarterly and half-year financial performance:

The company’s long-term growth trajectory remains impressive, with a revenue CAGR of 32% and an adjusted EBITDA CAGR of 41%, demonstrating Soiltech’s ability to scale operations while improving profitability.

Detailed Financial Analysis

For the first half of 2025, Soiltech generated revenues of NOK 198 million, up 57% from the same period in 2024. Half-year adjusted EBITDA reached NOK 45 million, representing an 86% year-over-year increase, with a 23% EBITDA margin. Profit before tax for the half-year period was NOK 19 million, up 226% compared to H1 2024.

The company’s service mix has evolved, with fluid treatment accounting for 50% of Q2 revenue and solid waste management growing to 44%, up from 40% reported in Q1. This shift indicates Soiltech’s successful expansion into higher-margin waste management services.

Geographically, Norway remained the dominant market, contributing 80% of revenue, though this represents a decrease from 87% in Q1, reflecting the company’s growing international presence, which now accounts for 20% of revenue.

The detailed financial breakdown and refinancing terms are illustrated here:

Soiltech successfully completed a refinancing at attractive terms, securing a term loan of NOK 108 million, an investment loan of NOK 150 million, and an overdraft facility of NOK 30 million, all at 3-month NIBOR plus 1.80%. This refinancing strengthens the company’s financial position and provides capital for continued growth.

Strategic Initiatives

Soiltech reported 100% commercial uptime across all projects during Q2, demonstrating strong operational reliability. The company highlighted ongoing operations on Transocean Barents and Deepsea Bollsta, among other rigs.

The company’s SmartTransfer concept is gaining traction in the market. This innovative approach includes tailored waste management solutions and automation that reportedly increases drilling speed while improving operational safety.

The operational highlights and service breakdown are shown here:

Soiltech’s contract portfolio in Norway and internationally shows a solid foundation for continued growth. The company has secured contracts with major clients including Equinor, Odfjell Drilling, Wintershall Dea, and OMV Petrom, with many extending into 2026 and beyond.

Forward-Looking Statements

Management expressed confidence in Soiltech’s outlook, citing the 30% sequential revenue growth as evidence of the underlying strength of the company’s business model. Activity levels are expected to remain high throughout the second half of 2025.

The company’s outlook presentation highlights:

Soiltech indicated that demand drivers remain intact and that the outlook for 2026 and beyond is "highly positive." The Norwegian market continues to be robust, while international demand for cost-effective, sustainable waste management solutions is growing. Management plans to focus on targeted growth in selected geographic markets internationally.

This positive outlook aligns with the company’s Q1 guidance, where Soiltech targeted an EBITDA margin of 25% (Q2 achieved 24%) and projected approximately NOK 100 million in annual revenue from new projects. The current results suggest the company is on track to meet or exceed these targets, with international expansion potentially providing additional growth opportunities beyond current projections.

Full presentation:

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