Board Change • Jun 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Chairman Bengt Rem was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). High level of non-cash earnings (45% accrual ratio). Reported Earnings • May 05
First quarter 2026 earnings released: EPS: kr2.20 (vs kr1.82 loss in 1Q 2025) First quarter 2026 results: EPS: kr2.20 (up from kr1.82 loss in 1Q 2025). Revenue: kr251.0m (up 71% from 1Q 2025). Net income: kr29.0m (up kr53.0m from 1Q 2025). Profit margin: 12% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Magnus Sonnorp was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: kr4.18 (vs kr3.07 in FY 2024) Full year 2025 results: EPS: kr4.18 (up from kr3.07 in FY 2024). Revenue: kr924.0m (up 36% from FY 2024). Net income: kr55.0m (up 36% from FY 2024). Profit margin: 6.0% (up from 5.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Feb 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: kr4.18 (vs kr3.07 in FY 2024) Full year 2025 results: EPS: kr4.18 (up from kr3.07 in FY 2024). Revenue: kr924.0m (up 36% from FY 2024). Net income: kr55.0m (up 36% from FY 2024). Profit margin: 6.0% (up from 5.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 02
Third quarter 2025 earnings released: kr2.80 loss per share (vs kr4.48 profit in 3Q 2024) Third quarter 2025 results: kr2.80 loss per share (down from kr4.48 profit in 3Q 2024). Revenue: kr187.0m (down 12% from 3Q 2024). Net loss: kr36.0m (down 161% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Oct 31
Viking Supply Ships AB (publ) to Report Q4, 2025 Results on Feb 13, 2026 Viking Supply Ships AB (publ) announced that they will report Q4, 2025 results on Feb 13, 2026 Announcement • Oct 27
Viking Supply Ships AB (publ), Annual General Meeting, Apr 24, 2026 Viking Supply Ships AB (publ), Annual General Meeting, Apr 24, 2026. Location: gothenburg Sweden Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: kr6.60 (vs kr4.18 in 2Q 2024) Second quarter 2025 results: EPS: kr6.60 (up from kr4.18 in 2Q 2024). Revenue: kr314.0m (up 118% from 2Q 2024). Net income: kr87.0m (up 58% from 2Q 2024). Profit margin: 28% (down from 38% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: kr1.80 loss per share (vs kr0.76 profit in 1Q 2024) First quarter 2025 results: kr1.80 loss per share (down from kr0.76 profit in 1Q 2024). Revenue: kr147.0m (down 36% from 1Q 2024). Net loss: kr24.0m (down 340% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Viking Invest AS acquired additional 2.82% stake in Viking Supply Ships AB (publ) (OM : VSSAB B) for SEK 43.7 million. Viking Invest AS agreed to acquire additional 2.82% stake in Viking Supply Ships AB (publ) (OM : VSSAB B) for SEK 43.7 million on March 12, 2025. Post acquisition, Viking Invest AS holds 82.8% stake in Viking Supply Ships AB.
Viking Invest AS completed acquisition of additional 2.82% stake in Viking Supply Ships AB (publ) (OM : VSSAB B) for SEK 43.7 million on March 12, 2025. New Risk • Mar 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to kr110, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 88% over the past three years. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: kr3.10 (vs kr6.78 loss in FY 2023) Full year 2024 results: EPS: kr3.10 (up from kr6.78 loss in FY 2023). Revenue: kr679.0m (up 12% from FY 2023). Net income: kr40.0m (up kr128.4m from FY 2023). Profit margin: 5.9% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
Viking Supply Ships AB (publ) Announces Petter Orvefors Declines Re-Election to the Board of Directors Viking Supply Ships AB (publ) announced that Petter Orvefors has declined re-election to the Board of Directors. Announcement • Feb 06
Viking Supply Ships AB (publ) to Report Fiscal Year 2024 Results on Mar 04, 2025 Viking Supply Ships AB (publ) announced that they will report fiscal year 2024 results at 6:00 PM, Central European Standard Time on Mar 04, 2025 Board Change • Nov 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Magnus Sonnorp was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 12
Viking Supply Ships AB (publ) to Report Q4, 2024 Results on Feb 20, 2025 Viking Supply Ships AB (publ) announced that they will report Q4, 2024 results on Feb 20, 2025 Announcement • Oct 25
Viking Supply Ships AB (publ), Annual General Meeting, Apr 24, 2025 Viking Supply Ships AB (publ), Annual General Meeting, Apr 24, 2025. Announcement • Jul 02
Viking Supply Ships AB (Publ) Announces Resignation of Tord Helland as Chief Financial Officer, Effective September 30, 2024 Viking Supply Ships AB (publ) announces that Chief Financial Officer Tord Helland has informed the company that he will resign from his position to take another position outside the Company. Helland, who has been a highly valued employee, will remain in the position until 30 September 2024. The company has initiated a process to identify Helland's successor. Announcement • Apr 26
Viking Supply Ships AB (publ) Approves to Elect Lars Petter Utseth as A New Board Member Viking Supply Ships AB (publ) approved at the AGM held on April 24, 2024 to elect Lars Petter Utseth as a new board member for the period until the end of the next Annual General Meeting. Announcement • Mar 21
Viking Supply Ships AB (Publ) Announces Kristoffer Sandaker Declines Re-Election as Director Viking Supply Ships AB (publ) announced that Kristoffer Sandaker has declined re-election as director at its Annual General Meeting to be held on 24 April 2024. Announcement • Jan 12
Viking Supply Ships AB (publ) to Report Fiscal Year 2023 Results on Feb 04, 2024 Viking Supply Ships AB (publ) announced that they will report fiscal year 2023 results at 9:00 AM, Central European Standard Time on Feb 04, 2024 Reported Earnings • Nov 11
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr189.0m (up 139% from 3Q 2021). Net income: kr30.0m (up kr48.0m from 3Q 2021). Profit margin: 16% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Nov 11
Viking Supply Ships AB (publ) to Report Q4, 2022 Results on Feb 22, 2023 Viking Supply Ships AB (publ) announced that they will report Q4, 2022 results on Feb 22, 2023 Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: kr4.74 (vs kr3.32 loss in 2Q 2021) Second quarter 2022 results: EPS: kr4.74 (up from kr3.32 loss in 2Q 2021). Revenue: kr203.0m (up 174% from 2Q 2021). Net income: kr61.0m (up kr92.0m from 2Q 2021). Profit margin: 30% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr102.0m (up 40% from 1Q 2021). Net loss: kr28.0m (loss narrowed 33% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 150 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Magnus Sonnorp was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 06
Full year 2021 earnings released: kr11.91 loss per share (vs kr20.49 loss in FY 2020) Full year 2021 results: kr11.91 loss per share (up from kr20.49 loss in FY 2020). Revenue: kr311.5m (up 8.9% from FY 2020). Net loss: kr117.9m (loss narrowed 38% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 140 percentage points per year, which is a significant difference in performance. Announcement • Mar 03
Viking Supply Ships AB (Publ) Announces Executive Changes Viking Supply Ships AB announced the appointment of Mr. Tord Helland as the new Chief Financial Officer in the Group. Mr. Helland will assume his new role in Viking Supply Ships AB from June 1 2022. Mr. Helland joins Viking Supply Ships AB from Norwegian ferry and express boat operator Norled AS, where he has served as Chief Financial Officer since 2010. As previously announced, current Chief Financial Officer Morten G. Aggvin is leaving his position March 1 2022 to assume a new position outside the Group. In the interim period from March 1 to June 1 2022, Mr. Jørgen Lorentz will act as Interim Chief Financial Officer in the Group. Mr. Lorentz has finance management experience from The Boston Consulting Group, Borea, and Idevekst Energi. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: kr312.0m (up 9.1% from FY 2020). Net loss: kr118.0m (loss narrowed 38% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Feb 18
Viking Supply Ships AB (publ) to Report Q1, 2022 Results on May 19, 2022 Viking Supply Ships AB (publ) announced that they will report Q1, 2022 results on May 19, 2022 Reported Earnings • Nov 13
Third quarter 2021 earnings released The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: kr79.0m (down 21% from 3Q 2020). Net loss: kr18.0m (loss widened 29% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2021 earnings released: kr3.32 loss per share (vs kr5.79 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: kr74.0m (up 23% from 2Q 2020). Net loss: kr31.0m (loss narrowed 43% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • May 23
First quarter 2021 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: kr73.0m (up 4.3% from 1Q 2020). Net loss: kr42.0m (loss narrowed 46% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • Apr 30
Viking Supply Ships AB (Publ) Announces No Dividend for the Fiscal Year 2020 Viking Supply Ships AB (publ) announced that at the AGM held on 29 April 2021, the company announced no dividend for the fiscal year 2020. Reported Earnings • Feb 18
Full year 2020 earnings released: kr20.48 loss per share (vs kr6.82 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: kr286.0m (down 43% from FY 2019). Net loss: kr191.0m (down 401% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 30
New 90-day low: kr52.60 The company is down 11% from its price of kr59.40 on 30 October 2020. The Swedish market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 28% over the same period. Is New 90 Day High Low • Jan 14
New 90-day low: kr55.20 The company is down 13% from its price of kr63.20 on 16 October 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 33% over the same period. Announcement • Jan 08
Viking Supply Ships AB (publ), Annual General Meeting, Apr 29, 2021 Viking Supply Ships AB (publ), Annual General Meeting, Apr 29, 2021, at 15:00 Central European Standard Time. Location: Gothenburg Gothenburg Sweden Is New 90 Day High Low • Dec 16
New 90-day low: kr55.60 The company is down 15% from its price of kr65.60 on 17 September 2020. The Swedish market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 32% over the same period. Is New 90 Day High Low • Nov 12
New 90-day low: kr57.60 The company is down 12% from its price of kr65.80 on 14 August 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 15% over the same period. Announcement • Nov 12
Viking Supply Ships AB (publ) to Report Q4, 2020 Results on Feb 11, 2021 Viking Supply Ships AB (publ) announced that they will report Q4, 2020 results on Feb 11, 2021 Is New 90 Day High Low • Oct 27
New 90-day low: kr60.00 The company is down 9.0% from its price of kr65.80 on 29 July 2020. The Swedish market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 17% over the same period.