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Viking Supply Ships (VSSAB) investor relations material
Viking Supply Ships Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for Q4 2025 reached MSEK 276, a significant increase from MSEK 94 in Q4 2024, with EBITDA at MSEK 92 compared to -34 last year and profit after tax at MSEK 28 versus -91.
Year-to-date net sales were MSEK 922, up from MSEK 679, with EBITDA at MSEK 295 and profit after tax at MSEK 55, though 2024 was boosted by a one-time capital gain of MSEK 97.
The North Sea AHTS market saw a 200% increase in average fixture rates year-over-year, with the highest rate above USD 350,000 for one of the company’s vessels.
The newly acquired Ben Viking began operations in Congo, while other vessels operated in Australia and the North Sea.
Financial highlights
Q4 2025 net sales: MSEK 276 (Q4 2024: 94); EBITDA: MSEK 92 (-34); profit after tax: MSEK 28 (-91).
Full-year 2025 net sales: MSEK 922 (679); EBITDA: MSEK 295 (231); profit after tax: MSEK 55 (111).
Equity at year-end: MSEK 1,901, down from MSEK 2,170, mainly due to negative translation reserve changes.
Cash holdings at year-end: MSEK 74, down from MSEK 166 at the start of the year.
Gross investments for the year: MSEK 566, including vessel acquisition and crane project.
Outlook and guidance
Positive outlook for the North Sea AHTS market in 2026, driven by reduced vessel supply and increased rig activity.
Subsea market expected to be favorable as more vessels are equipped with cranes.
Next Viking Supply Ships earnings date
Next Viking Supply Ships earnings date
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