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Visual21 Nov 2025
Data center suppliers
Viking Supply Ships (VSSAB) investor relations material
Viking Supply Ships Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
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.
Justify no AHTS impairment despite market weakness
How do significant investments align with market outlook?
Impact of Revenue Share Agreement on Q3 results?
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Next Viking Supply Ships earnings date
Q4 202520 Feb, 2026
Next Viking Supply Ships earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Viking Supply Ships AB (VSSAB) is a leading company within the offshore and icebreaking services sector, specializing in operations primarily in the Arctic and subarctic regions. The company's core business includes offshore support through its fleet of ice-classed Anchor Handling Tug Supply (AHTS) vessels and Platform Supply Vessels (PSVs), emphasizing safe, effective, and sustainable operations in harsh ocean environments. Viking Supply Ships has a long-standing expertise in navigating and managing ice conditions, with a history dating back to its establishment in 1974. The company is headquartered in Stenungsund, Sweden, and its shares are listed on the Nasdaq Stockholm.
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