Soiltech Q3 2025 presentation: Revenue surges 50% as waste management demand grows

Introduction & Market Context

Soiltech ASA (SOIL), a Norwegian waste management technology company, presented its third-quarter 2025 results on October 30, showcasing significant growth across key financial metrics. The company has positioned itself as an innovative technology leader in waste management, focusing on environmental sustainability while capitalizing on increasing demand for waste reduction and recovery solutions.

Following the earnings announcement, Soiltech’s stock price has continued its positive momentum, rising 1.68% to NOK 72.8, reflecting investor confidence in the company’s growth trajectory and strategic positioning.

Quarterly Performance Highlights

Soiltech delivered exceptional financial results for Q3 2025, with revenues reaching NOK 102 million, representing a 50% year-over-year increase. The company’s adjusted EBITDA grew even more impressively at 78% year-over-year to NOK 24 million, with an adjusted EBITDA margin of 24%.

The company also achieved a significant turnaround in profitability, reporting a profit before tax of NOK 10 million, compared to a loss of NOK 10 million in the same quarter last year. This improvement demonstrates Soiltech’s successful execution of its growth strategy while maintaining disciplined cost control.

As shown in the following chart of quarterly and long-term financial performance, Soiltech has maintained consistent growth in both revenue and EBITDA:

The company’s revenue CAGR from 2018 to 2025 stands at an impressive 34%, while EBITDA has grown at an even faster rate of 44% during the same period. This indicates Soiltech’s ability to scale operations efficiently, with profitability growing faster than revenue.

Detailed Financial Analysis

For the first nine months of 2025, Soiltech reported revenues of NOK 299 million, up 55% year-over-year, and adjusted EBITDA of NOK 69 million, representing a 78% increase compared to the same period in 2024. The adjusted EBITDA margin for the nine-month period was 23%.

The company’s business is well-balanced across service segments, with fluid treatment accounting for 54% of revenue and solid waste management contributing 46%. Geographically, Norway remains the dominant market at 78% of revenue, while international operations generated 22%.

The detailed income statement and balance sheet provide further insights into Soiltech’s financial position:

Soiltech maintains a strong liquidity position, with a cash balance of NOK 46 million as of September 30, 2025, and a total available liquidity of NOK 213 million including unused bank facilities. The company generated NOK 62 million in cash from operations year-to-date, demonstrating solid operational cash conversion.

The following cash flow waterfall chart illustrates the movement of cash during the first nine months of 2025:

Strategic Initiatives & Contract Portfolio

Soiltech reported 100% commercial uptime across all projects during Q3 2025, highlighting the operational excellence that underpins its financial performance. The company maintains a strong contract portfolio in both domestic and international markets, providing visibility for future revenue streams.

The contract status in Norway shows several long-term agreements extending into 2026 and beyond, providing a stable foundation for continued growth:

Internationally, Soiltech is expanding its presence with contracts across multiple regions, diversifying its revenue base and reducing dependence on the Norwegian market:

The company highlighted that visibility in its main European markets, including Norway, remains high. Key growth drivers include increased focus on waste reduction, reuse and recovery, along with stricter environmental regulations that favor Soiltech’s technological solutions.

Forward-Looking Statements

Looking ahead, Soiltech expects a temporary reduction in activity during Q4 2025, primarily due to decreased drilling on specific projects. However, the company anticipates activity to pick up again in Q1 2026, supported by its strong contract portfolio.

As outlined in the company’s outlook slide, Soiltech remains confident in its ability to deliver solid growth in 2026:

The company sees significant growth opportunities both in Norway and in its international focus markets. With NOK 167 million in undrawn financing available as of the end of Q3, Soiltech is well-positioned to capitalize on these opportunities through both organic growth and potential strategic investments.

Market Reaction

The market has responded positively to Soiltech’s Q3 2025 results. The stock price has risen 1.68% to NOK 72.8 following the presentation, approaching its 52-week high of NOK 74.8. This represents a significant recovery from its 52-week low of NOK 42.3, demonstrating strong investor confidence in the company’s growth strategy and execution.

The 50% revenue growth and 78% EBITDA growth have exceeded market expectations, with the company’s revenue of NOK 102 million surpassing the forecast of NOK 90 million by 13.3%. Soiltech’s successful expansion into international markets and balanced service portfolio appear to be resonating with investors seeking exposure to the growing waste management sector.

With its strong contract portfolio, robust financial position, and clear growth strategy, Soiltech appears well-positioned to continue its growth trajectory despite the expected temporary slowdown in Q4 2025.

Full presentation:

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