SOLSTAD MARITIME ASA – KEY INFORMATION RELATING TO Q4 2025 DIVIDEND

Solstad Maritime’s board approved a Q4 2025 cash dividend of USD 0.032 per share, totalling approximately USD 15 million, based on the authorization from the General Meeting on 23 April 2025 following presentation of results for the quarter ended 31 December 2025. The dividend is declared in USD (to be paid in NOK); last trading day including rights is 20 February 2026, ex-date 23 February 2026, record date 24 February 2026 and distribution on or about 26 February 2026 (approval dated 12 February 2026).

Analysis

Market structure: The USD 0.032/share (~USD 15m) dividend is a small, explicit cash-return signal that benefits Solstad shareholders (near-term income) and management credibility versus peers that retain cash. It does not materially change vessel supply or dayrates, so shipping counterparties and cargo owners are largely unaffected; sector-level pricing power unchanged unless this presages sustained cash returns across OSV peers.

Risk assessment: Immediate risk is ex-dividend price adjustment (expected down ~dividend amount) and FX friction because dividend declared in USD but paid in NOK — NOK/USD moves of +/-2% in days around payment will swing realized yield materially. Tail risks: a one-off dividend that depletes liquidity and tightens covenants (possible covenant breach) or an operational shock (charter loss) that forces dividend reversal within 6–12 months.

Trade implications: Tactical capture (days–weeks) of the cash return is feasible but only if net dividend yield >~1.5% after transaction costs; income strategies (covered calls) around the Feb 23 ex-date can harvest premium. Relative-value: long Solstad vs short a weaker-capitalized OSV peer (e.g., DOF ASA) for 3–6 months if market re-rates capital-return signaling; downstream impact on NOK FX and short-term credit spreads should be monitored.

Contrarian angles: The market may underprice the signaling value — this could be the first of recurring returns if cashflows stabilize, implying upside beyond the small payout. Conversely, consensus may be complacent: a repeat of past shipping cases shows one-off dividends often precede a pause or cut when cyclicality reasserts itself; monitor covenant language and Q1 cash flow closely as the true tell.

Key Decisions for Investors

• Establish a tactical 1–2% long position in Solstad Maritime ASA (Solstad) by buying up to the last trading day inclusive (20 Feb 2026) to capture the USD 0.032/share dividend only if the implied gross dividend yield >1.5%; set stop-loss at 8% and target exit within 1–3 months if no further buyback/dividend signal emerges.
• If already long Solstad, sell 30–45 day covered calls with strikes +4–6% OTM to collect premium and the dividend; roll or buy back if implied vol rises >40% or if assigned and your thesis changes.
• Initiate a 1:1 notional pair trade: long Solstad vs short DOF ASA (DOF.OL) for 3–6 months sized to 1% portfolio risk; enter when DOF/Solstad relative underperformance exceeds 5% vs 3-month mean, target spread capture 8–15%, stop at 10% adverse move.
• Reduce direct exposure to small-cap OSV credit by ~25% within 30 days; avoid adding short-dated Solstad bonds unless covenants reviewed — specifically, do not buy if post-dividend liquidity headroom falls below 1.5x covenant-required EBITDA as reported in next 60 days.