Soiltech (STECH) reported record quarterly revenue of NOK 132 million in Q2 2026, a 17% increase from the same period last year and 32% higher than the prior quarter’s NOK 100 million. Adjusted EBITDA reached NOK 36 million, up from NOK 29 million in Q2 2025, while the adjusted EBITDA margin expanded to 27% from 24%.
Profit before tax totaled NOK 18 million, yielding a 13% margin. For the first half of 2026, revenue rose 17% year-on-year to NOK 232 million, with adjusted EBITDA increasing 35% to NOK 60 million and an EBITDA margin of 26%, compared with 23% in H1 2025. Earnings per share climbed 35% to NOK 2.49.
The company’s segment performance showed fluid treatment revenue at NOK 119 million and solid waste management at NOK 113 million in H1 2026, up from NOK 107 million and NOK 91 million respectively in the prior-year period. Long-term growth remained robust, with revenue rising from NOK 137 million in 2021 to NOK 435 million over the past 12 months, reflecting a 32% compound annual growth rate.
Soiltech outlined NOK 200 million in equipment investments during H1 2026, including NOK 100 million ordered in Q1, with deliveries scheduled for H2 2026 and early 2027. About half of this order book is tied to contracts starting in 2027. To fund expansion without raising equity, the company secured an additional NOK 150 million term loan facility, bringing total bank facilities in line with existing terms. The payback period for equipment investments is estimated at approximately three years.
The company’s financial position remains strong, with an equity ratio of 45%, net interest-bearing debt to EBITDA at 2.12x (below the 3.75x covenant threshold), and a return on capital employed of 15%. Soiltech’s market capitalization stands at $83 million, with shares trading at $88.60, down 0.23% on the day but up 43% over the past year and 15% year-to-date.
Management highlighted a record quarter and emphasized disciplined growth to maintain operational quality. Jan Erik, CEO, stated that Soiltech is well-positioned for profitable growth with a strong order backlog and solid financial position. Tove, CFO, noted the delivery of the strongest quarter in company history, with solid margins and positive cash flow.
Soiltech operates approximately 30 ongoing contracts globally, including extensions with Equinor, OMV, and Vår Energi. The company secured new contracts with Paul B. Loyd, Jr. and Shelf Drilling Winner in the U.S. and U.K., while a UAE contract is expected to commence in Q3 2026. Saudi Arabia remains a long-term opportunity as regional activity recovers.
Guidance for Q3 2026 indicates revenue is likely to decline from Q2 levels due to seasonal fluctuations in drilling activity and waste volumes, though still remaining above Q1 figures.
