Eidesvik Offshore (EIOF) Q4 2025 earnings summary

Executive summary

• Q4 2025 freight revenue was NOK 183.2 million, down from NOK 187 million in Q4 2024, mainly due to weak spot market and lower utilisation in the supply segment as Viking Queen entered the spot market.

• Full-year 2025 revenue increased by 3% to NOK 785.1 million, with EBITDA at NOK 293.8 million and a margin of 37%, slightly down from 38% in 2024.

• EBITDA for Q4 was NOK 58 million, with a margin of 31%, remaining stable year-over-year.

• Strong operational performance with 97% fleet utilisation for FY2025 and no LTIs in Q4; one LTI for the year.

• Major contract extensions and new contracts secured for Viking Princess, Viking Lady, and Viking Avant.

Financial highlights

• Q4 EBITDA was NOK 57.6 million, with a margin of 31%; operating result was NOK 9.4 million, and profit after taxes was NOK 10.5 million.

• Net interest-bearing debt increased to NOK 967 million, mainly due to newbuild instalments.

• Cash and equivalents at year-end were NOK 340 million, down from NOK 396 million, mainly due to newbuild payments.

• Equity ratio at year-end was 58%, down from 62% in FY2024.

• Operating cash flow for 2025 was NOK 300 million, down from NOK 372 million in 2024.

Outlook and guidance

• PSV market in the North Sea remains oversupplied, with low spot rates and utilisation expected to persist into Q1 2026.

• Demand is anticipated to improve towards summer 2026, with long-term fundamentals supported by oil and gas activity and renewables.

• Contract backlog at NOK 3.2 billion, up NOK 600 million from Q4 2024.

• Two newbuilds are expected to join the fleet in H2 2026 and spring 2027, both with charters secured.

• Continued focus on growth, fleet renewal, and emission reduction.