Viking Supply Ships (VSSAB) Q1 2026 earnings summary

Executive summary

• Net sales rose to MSEK 251 in Q1 2026, up from MSEK 147 in Q1 2025, reflecting strong market conditions and higher fixture rates in the North Sea AHTS market.

• EBITDA increased to MSEK 75 from MSEK 38 year-over-year, and profit after tax improved to MSEK 29 from a loss of MSEK 24.

• Acquisition of the Ice Class 1A vessel Maersk Maker (renamed Tor Viking) expanded the fleet to eight AHTS vessels.

Financial highlights

• Net sales: MSEK 251 (Q1 2026) vs. MSEK 147 (Q1 2025).

• EBITDA: MSEK 75 (Q1 2026) vs. MSEK 38 (Q1 2025).

• Profit after tax: MSEK 29 (Q1 2026) vs. MSEK -24 (Q1 2025).

• Earnings per share: SEK 2.2 (Q1 2026) vs. SEK -1.8 (Q1 2025).

• Equity at quarter-end: MSEK 1,992, up by MSEK 91 from the previous quarter.

Outlook and guidance

• Strong North Sea AHTS market momentum expected to continue, driven by tight vessel supply and increased rig activity.

• No clear signs of a shift back to dynamic positioning operations; rig count on UK side projected to rise in Q2 2026.