Record Quarter Revenue
Total Q4 revenue of NOK 347 million, up NOK 82 million (≈31%) from Q4 2024 (NOK 265 million); driven by all-time highs in Maritime and Aftersales.
Maritime Solutions Strength
Maritime Q4 revenue of NOK 171 million (all-time high), up NOK 53 million YoY; full-year Maritime revenue up 25% YoY; Maritime backlog ~NOK 1.6 billion and company holds roughly 70% market share in global cruise newbuild segment.
Aftersales Growth and Margin Expansion
Aftersales Q4 revenue NOK 64 million, up NOK 12 million YoY (23% increase from Q4 '24); full-year Aftersales up 14% YoY; gross margin expanded from 33% to 38% in Q4, reflecting scale and efficiency gains; installed base now serves ~200 cruise vessels.
Strong Order Intake and Backlog Visibility
Order intake of NOK 545 million in the quarter, total backlog NOK 1.7 billion with an additional ~NOK 400 million in options; subsequent contract signed for 4 cruise vessels valued at NOK 27 million, providing multi-year revenue visibility.
Improved Liquidity and Covenant Progress
Available liquidity improved to NOK 136 million at year end (from NOK 49 million at end Q3); Q4 and Q1 2026 covenants were waived and a new covenant structure agreed for Q2 2026 onwards; peak interest previously added to loans has been terminated.
Adjusted Operational Profitability
Adjusted EBITDA for Q4 of NOK 16 million (same as prior-year quarter) and adjusted result before tax of NOK 2.5 million when adding back noncash impairment (NOK 119 million) and warehouse write-down (NOK 10 million), indicating improving underlying operations.
Industrial Milestones Achieved
First biocarbon successfully produced in Q4 and a large pyrolysis reactor delivered (expected to start operations in 2026); two circular projects in commissioning with planned conclusions in 2026; FEED study completed and permitting progressing for end-of-life-tires project.
Strategic and Organizational Reset
Completed strategy review and implemented new structure (three business units: Maritime Solutions, Industrial Solutions, Aftersales) with clearer P&L accountability, revised capitalization policy, strengthened finance function, and plan to position Scanship as a pure-play Maritime company.