Soiltech-Solid activity growth expected from Q2-05/12/2026

Research evidence excerpt

Soiltech-Solid activity growth expected from Q2-05/12/2026

Soiltech

NEWSFLASH | 12 MAY 2026

Solid activity growth expected from Q2

Soiltech reported Q1 EBITDA of NOK 24m, vs our NOK 27m estimate. The company guides solid activity growth from Q2

onwards, supported by strong underlying market momentum. Soiltech has already placed equipment orders exceeding

NOK 100m YTD, above our full-year estimate. This is positive given the attractive returns on such investments, and signals

confidence in continued market strength. BUY, TP NOK 100

Deviation table

Actual Q1'26e Deviation

Soiltech Q3'25 Q4'25 Q1'26 Pareto Pareto

Revenues NOKm 102 102 100 112 (11%)

Operating costs " (78) (76) (76) (85) -

EBITDA " 24 26 24 27 (10%)

EBIT " 15 17 15 16 (7)%

Profit before taxes " 11 13 10 11 (15%)

Net profit " 9 10 7 11 (32%)

EPS adjusted NOK 0.91 1.16 0.85 1.12 (24%)

Net interest bearing debt NOKm 72 83 66 81 (18%)

Capex (14) (56) (4) (13) -

• Soiltech reported EBITDA of NOK 24m vs our NOK 27m estimate

• On segments, fluid treatment revenue was ~10% above our estimate, while solid waste handling came in ~14% below.

• Net debt (ex. leasing) was NOK 66m, ~18% below our estimate, while capex was NOK 4m in the quarter vs our NOK 13m, primarily

reflecting timing effects

• The company expects solid activity growth from Q2’26 onwards, supported by investments in new equipment and strong underlying

market momentum

• The contracts in Saudi Arabia are off to a good start

Above NOK 100m orders YTD

• The company has ordered new equipment for above NOK 100m YTD. This compares to our NOK ~86m estimate for 2026 investments

• This is positive as the equipment typically offers a short payback period and supports the outlook for continued high activity levels and

improved visibility going forward