Viking Supply Ships (VSSAB) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached MSEK 312, up from MSEK 212 in Q2 2024, driven by higher rates despite lower utilization.

• EBITDA for Q2 2025 was MSEK 142 (Q2 2024: MSEK 99); profit after tax was MSEK 87 (Q2 2024: MSEK 51).

• Year-to-date net sales were MSEK 459 (371), EBITDA MSEK 180 (162), and profit after tax MSEK 63 (157), with 2024 boosted by a MSEK 97 capital gain from vessel sales.

• Revenue Sharing Agreement (RSA) with Sea1 Offshore Inc. Group began in Q2 2025, covering 11 AHTS vessels.

• Acquisition agreement for the AHTS vessel Atlantic Kestrel (to be renamed Ben Viking) signed, with delivery expected in August or September 2025.

Financial highlights

• Q2 2025 net sales: MSEK 312 (Q2 2024: MSEK 212); EBITDA: MSEK 142 (99); profit after tax: MSEK 87 (51).

• Earnings per share after tax: SEK 6.6 (3.8) for Q2; SEK 4.8 (11.9) year-to-date.

• Equity ratio at quarter-end: 72.7% (71.1%); market adjusted equity ratio: 75.4% (73.3%).

• Net financial items for H1 2025: MSEK -43, impacted by exchange rate differences of MSEK -10.

• Cash holdings at quarter-end: MSEK 49, down from MSEK 166 at year start.

Outlook and guidance

• North Sea market expectations are low for the remainder of 2025 due to softened spot activity and lower rig count.

• Semi-sub rig activity in Australia expected to temporarily decrease in 2025, increasing vessel availability and pressuring rates.

• Rig activity in Australia anticipated to grow again in 2026.