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

Soiltech ASA delivered robust Q2 2025 financial results, with revenue increasing 61% year-over-year to NOK 112 million and adjusted EBITDA rising 87% to NOK 26 million, achieving a 24% margin. The Norwegian waste management technology firm also reported a 348% jump in profit before tax and successfully refinanced its debt, enhancing its financial flexibility. These strong operational and financial performances, alongside a growing international presence and a strategic shift towards higher-margin services, position Soiltech for continued growth and underpin management's highly positive outlook for 2026 and beyond.

Analysis

Soiltech ASA (STECH) demonstrated significant operational and financial momentum in its Q2 2025 results, with revenue growing 61% year-over-year to NOK 112 million and adjusted EBITDA increasing 87% to NOK 26 million. This performance highlights the company's ability to scale profitably, as evidenced by the adjusted EBITDA margin expanding to 24% and a 348% YoY surge in profit before tax. The growth is underpinned by strategic success in two key areas: a service mix shift towards higher-margin solid waste management, which grew to 44% of revenue, and geographic diversification, with international operations now contributing 20% of total revenue. The company's financial foundation has been substantially strengthened by a successful refinancing of NOK 288 million at favorable terms (NIBOR + 1.80%), providing ample capital for future expansion. Combined with 100% commercial uptime and a robust contract backlog with major clients like Equinor, management's 'highly positive' outlook for 2026 appears well-supported by current performance trends.

Key Decisions for Investors

• Given the strong top-line growth, margin expansion, and de-risked balance sheet, investors could consider the current valuation as a potential entry point for a growth-oriented holding.
• Monitor the sequential growth of international revenue and the solid waste management segment in subsequent quarters, as these are the primary drivers of diversification and improved profitability.
• The company's ability to maintain its 100% operational uptime and convert its strong contract backlog into sustained high activity through H2 2025 will be a key validation of the positive outlook.
• Consider the successful refinancing a significant reduction in financial risk, providing the necessary capital to execute on its stated growth strategy in targeted international markets.