Viking Supply Ships (VSSAB) Q4 2025 earnings summary

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.