Eidesvik Offshore (EIOF) Q4 2025 earnings summary

Executive summary

• Q4 2025 freight revenue was NOK 183.2 million, down from Q4 2024 due to weak spot market performance for PSV Viking Queen and lower supply segment utilisation.

• EBITDA for Q4 2025 was NOK 58 million with a margin of 31%, remaining stable year-over-year.

• Full-year 2025 revenue increased 3% to NOK 785.1 million, with EBITDA at NOK 293.8 million and a margin of 37%.

• Fleet utilisation reached 97% for FY2025, with no LTIs in Q4 and one 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.

• Profit after taxes for Q4 was NOK 10.5 million; full-year profit rose to NOK 113.4 million.

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

• Cash balance at year-end was NOK 340 million, down from NOK 396 million.

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

• 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.

• Shipowners may consider redeploying vessels geographically if local market conditions do not improve.