Norway · Delayed Price · Currency is NOK Odfjell Technology Earnings Call Transcripts
Fiscal Year 2026
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Q3 EBITDA rose 90% YoY to NOK 241m at a 17.2% margin, with NOK 108m free cash flow and 40% trailing cash conversion. The dividend resumed, and management sees stronger market activity in 2027.
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Record EBITDA and margin growth driven by Kaseum and Razor integration, with strong order intake and backlog. Well Services led segment gains, while Middle East disruptions impacted results but are expected to normalize. Dividend resumption planned next quarter.
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Q1 2026 saw stable revenue and EBITDA, with growth driven by Kaseum and Razor acquisitions and major contract wins. Liquidity remains strong after a NOK 600 million bond tap, and dividend payments are paused to support growth, with resumption expected later in the year.
Fiscal Year 2025
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Q4 2025 saw stable revenue, improved EBITDA, and strong cash flow, with a significant acquisition of Kaseum and Razor to enhance growth and margins. Dividend payments will pause for up to two quarters due to acquisition funding, with market outlook remaining robust.
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Q3 saw improved EBITDA and margins, a strong NOK 12–13 billion backlog, and continued attractive dividends. Short-term market volatility and delayed client spending are expected, but long-term demand remains robust, with disciplined CapEx and active M&A focus.
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Q2 saw stable revenue and improved margins, with adjusted EBITDA at NOK 204 million and a strong order backlog. Strategic CapEx was front-loaded for growth, but is set to decrease from Q4, while efficiency programs and new contracts support a positive outlook into 2026.
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Q1 saw stable performance with NOK 1.3 billion revenue and NOK 197 million adjusted EBITDA. Dividend yield remains high at 14%, and a strong backlog supports future growth. CAPEX is set to decrease after 2025, with margin improvements expected in H2.
Fiscal Year 2024
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Q4 saw revenue growth and strong liquidity, with a stable order backlog and increased dividend. Strategic partnership with Reelwell positions for future growth, while a performance program targets margin improvement in 2025. Market activity is expected to ramp up in late 2025.
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Q3 saw 5% revenue growth and a strong order backlog, but EBITDA and net profit declined due to one-off refinancing costs. Dividend yield rose to 12%, and CapEx is set to decrease in 2025. Market activity is expected to remain flat until late 2025.
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Q2 2024 delivered 8% revenue growth and improved margins across all segments, with a robust NOK 13.4 billion order backlog and strong cash position. International expansion and high tender activity support a positive outlook for 2025–2026.