Viking Supply Ships
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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.
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Q4 2025 earnings summary12 Feb, 2026

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.

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Q1 202630 Apr, 2026
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Frequently asked questions

Viking Supply Ships AB (VSSAB) is a leading company within the offshore and icebreaking services sector, specializing in operations primarily in the Arctic and subarctic regions. The company's core business includes offshore support through its fleet of ice-classed Anchor Handling Tug Supply (AHTS) vessels and Platform Supply Vessels (PSVs), emphasizing safe, effective, and sustainable operations in harsh ocean environments. Viking Supply Ships has a long-standing expertise in navigating and managing ice conditions, with a history dating back to its establishment in 1974. The company is headquartered in Stenungsund, Sweden, and its shares are listed on the Nasdaq Stockholm.

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