Viking Supply Ships (VSSAB) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 was MSEK 461, up 48% year-over-year; EBITDA reached MSEK 278, up 96%.

• Profit after tax for Q2 was MSEK 182, more than double the prior year; EPS was SEK 13.8.

• Year-to-date net revenue was MSEK 712, EBITDA MSEK 353, and profit after tax MSEK 211.

• The North Sea AHTS market saw average fixture rates rise 130% year-over-year to USD 175,000.

• Leadership transition: Ulrik Mannhart appointed CEO, Bengt A. Rem as Group CEO effective August 2026.

Financial highlights

• Q2 net revenue: MSEK 461 (312 in Q2 2025); EBITDA: MSEK 278 (142); profit after tax: MSEK 182 (87).

• Year-to-date net revenue: MSEK 712 (459); EBITDA: MSEK 353 (180); profit after tax: MSEK 211 (63).

• Equity at quarter-end: MSEK 2,220, up by MSEK 319 during the quarter.

• Cash flow from operations in H1: MSEK 161; investments: MSEK 742; financing inflow: MSEK 556.

• Cash and cash equivalents at quarter-end: MSEK 47; unutilized credit facilities: MSEK 530.

Outlook and guidance

• North Sea AHTS spot market expected to be challenging in H2 2026 due to increased vessel supply and lower project pipeline.

• Rig activity in Norway remains healthy; UK rig activity improved with more active drilling rigs.

• Long-term outlook remains optimistic, supported by deepwater developments and offshore activity.