Viking Supply Ships (VSSAB) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were MSEK 187, down from MSEK 212 in Q3 2024; EBITDA was MSEK 23, down from MSEK 105; profit after tax was MSEK -36, compared to MSEK 45 last year.

• Year-to-date net sales reached MSEK 646 (up from 585), EBITDA was MSEK 203 (down from 266), and profit after tax was MSEK 27 (down from 202, which included a capital gain of MSEK 97 from vessel sales).

• The North Sea AHTS market was weak due to project delays and early contract terminations, but improved in September as vessel supply decreased.

• Acquisition of the high ice-class AHTS vessel Atlantic Kestrel (renamed Ben Viking) was completed in August, with the vessel starting a three-month contract in October.

Financial highlights

• Q3 2025 net sales: MSEK 187 (Q3 2024: 212); EBITDA: MSEK 23 (105); profit after tax: MSEK -36 (45).

• Year-to-date net sales: MSEK 646 (585); EBITDA: MSEK 203 (266); profit after tax: MSEK 27 (202).

• Return on equity for Q3 2025: -7.5% (8.5% in Q3 2024); equity ratio: 64.0% (74.4%).

• Cash holdings at quarter-end: MSEK 145; gross investments for the period: MSEK 497, including vessel acquisition and crane upgrades.

Outlook and guidance

• Oil price decline expected to continue into early 2026, potentially deferring investments and spending.

• Low activity in the UK sector anticipated in the coming months, with rig activity expected to increase from early next year.

• Australian semi-sub rig activity decreased in Q3 and is expected to remain low short-term, with recovery projected in the second half of next year.

• South American market outlook is softening due to lower oil prices.