The fourth quarter was a very strong quarter for Soiltech as revenue passed the NOK 80 million mark for the first time, with an adjusted EBITDA of over NOK 25 million. The strong performance was driven by a significant growth in the demand for our solid waste handling services. High personnel utilization further strengthened results, resulting in an adjusted EBITDA margin of 32%.
Fourth Quarter Highlights
- Revenue of NOK 80.7 million, +39% year on year (YoY)
- Adjusted EBITDA of NOK 25.8 million, +90% YoY
- Adjusted EBITDA Margin of 32%, up from 23% YoY
- Profit before tax (adjusted) of NOK 15.8 million, +151% YoY
For the full year 2024, Soiltech delivered another strong year, achieving a top-line growth of 20%, consistent with our historical track record of solid growth. Revenue reached NOK 274 million. Adjusted EBITDA came in strongly with NOK 63.3 million, representing a growth of 24% YoY, with an adjusted EBITDA margin of 23%.
Full-year 2024 Highlights
- Revenue NOK 274.0 million, +20% YoY
- Adjusted EBITDA NOK 63.3 million, +24% YoY
- Adjusted EBITDA Margin 23%, +1% YoY
- Profit before tax (adjusted) NOK 27.8 million, +9.5% YoY
“With three new large contracts already awarded in 2025 – OMV Petrom (Transocean Barents), Equinor (Grane) and Northern Ocean (Deepsea Bollsta) – we are in an excellent position to grow our business further and continue to deliver value to our customers. As these projects start up during 2025, they are expected to add more than NOK 100 million to our top line on an annual basis. The award of these contracts demonstrates Soiltech’s ability to grow our business, driven by our operating excellence and focus on technology improvement”, says Soiltech CEO Jan Erik Tveteraas.
About Soiltech: Soiltech is an innovative technology company specializing in the treatment, recycling and sustainable handling of contaminated water and solid waste on site. Our technologies enable cost savings and lower CO2 emissions through waste reduction, waste recovery and reuse. Soiltech operates world-wide and is headquartered in Norway.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Chief Executive Officer Jan Erik Tveteraas and Chief Financial Officer Tove Vestlie will be hosting a webcast and Q&A session at 10am today to discuss the results.
Please use the following link to sign up for the webcast: https://us06web.zoom.us/webinar/register/WN_x2ho865SRjOdTYtDAf1aow
Expected duration: 30 minutes incl. Q&A.
For more information, contact:
Tove Vestlie, CFO Telephone: (+47) 90 69 06 48
Jan Erik Tveteraas, CEO Telephone: (+47) 95 21 49 25
SOILTECH Q4 and Full-year 2024 Report
Presentation STECH Q4 and Full-year 2024
