Odfjell Technology-Slightly soft start to the year-05/12/2026

研报英文原文证据摘录

Odfjell Technology-Slightly soft start to the year-05/12/2026

Odfjell Technology

NEWSFLASH | 12 MAY 2026

Slightly soft start to the year

Odfjell Technology reports Q1’26 EBITDA ~5%/~1% below consensus/Pareto, adjusted for one-off costs mainly attributable

to M&A, with margins generally a bit softer. On a positive note, the contribution from the acquired companies suggests

stronger y/y growth than what is discounted in our estimates. In sum, we expect to make modest estimate changes on the

back of the report

Deviation table

Q1'26e Deviation vs.

P&L Q4'25 Q1'26 Cons. Pareto Consensus Pareto

Revenues NOKm 1,396 1,374 1,390 1,347 (1%) 2%

Operating costs " (1,182) (1,186) (1,175) (1,141) - -

EBITDA " 213 188 215 207 (13)% (9%)

EBITDA adjusted " 222 204 215 207 (5)% (1)%

EBIT " 129 100 128 131 (22)% (24)%

Profit before taxes " 105 63 101 90 (38)% (30%)

Net profit " 78 49 81 72 (39)% (31%)

EPS adjusted NOK 1.75 1.25 2.05 1.82 (39%) (31%)

Segmental EBITDA Q4'25 Q1'26 Cons. Pareto Consensus Pareto

Well Services NOKm 176 154 167 154 (8%) 0%

Operations " 50 42 47 48 (11)% (13%)

Projects & Engineering 11 16 14 17 14% (5%)

Capex " (94) (61) n.a. (85) n.a -

Selected highlights

• Odfjell Technology reported Q1’26 EBITDA of NOK 188m, 13/8% below consensus/PAS

• EBITDA was ~5%/~1% below consensus/PAS, adjusted for one-off costs mainly attributable to M&A in the quarter

• Compared to our estimates, platform drilling was slightly below while other segments were in line. Consensus seemingly expected a

higher well service margin

• Kazeum and Razor contributed NOK 11m to EBITDA in the quarter (23 days). This corresponds to NOK 45 on a full-quarter basis, which

is above our estimates and indicate strong growth vs disclosed 2025 figures