We will address any questions submitted during the webcast at the end of the presentation. We kindly ask you to take note of the text on this disclaimer slide. We had freight revenues of NOK 204 million in the quarter. This is slightly up compared to NOK 198 million for the same period last year. Our EBITDA was NOK 71 million, which is down from NOK 76 million in Q2 2025. The EBITDA margin was 35%. The decrease in EBITDA margin is due to an intermediary class renewal on Viking Energy and increased cost. Lars will provide further details on the financials. Consolidated backlog is around NOK 2.9 billion, down from NOK 3.4 billion last year due to several vessels coming to the end of their contract and the sale of Viking Reach. Equity ratio has increased to 59%, up from 58% since the year-end 2025.
Our cash balance is NOK 339 million, flat from year-end 2025. It was a pleasure to be able to announce the renewal of a long-term frame agreement for platform supply vessels with Aker BP for an additional four years, together with the corresponding call-up for Viking Prince for three years. We are proud to continue our long-standing collaboration with Aker BP, and this award reflects the strong capabilities and performance delivered by the entire Eidesvik organization. In addition, Equinor declared its remaining options for Viking Avant till year-end 2026. As a subsequent event to the quarter, we announced the sale of IMR vessel Viking Reach. The transaction is expected to complete in October 2026. We have owned the vessel together with Reach Subsea since 2023.
Taking advantage of a strong market for second-hand tonnage, Eidesvik secures a substantial return on its investment. The sale aligns with our strategic focus on fleet renewal and high grading of vessels and confirms our ability to monetize investments in the right circumstance. Lars will provide some further financial details here. Total utilization was 95%. Subsea and renewable delivered to the max of 100%, same as Q2 2025. The PSVs was down to 92% compared to 96% in Q2 2025.
The lower PSV utilization is due to Viking Energy having an intermediary class renewal and Viking Queen operating in the spot market. As mentioned last quarter, we had one LTI in Q2. We continue to focus on how we can improve and avoid further incidents. The collaboration project with Equinor, involving retrofit of Viking Energy to be able to operate on ammonia, is progressing well. For our new builds in Turkey, we estimate Q4 2026 and Q2 2027 delivery. Our contract backlog is around NOK 2.9 billion.
This includes our share of the JV with Subsea 7. The backlog is lower than we have seen historically due to several vessels having come or coming off long-term contract engagements and the sale of Viking Reach. We are pursuing opportunities for the available vessels as our goal is long-term utilization. This slide reflects Viking Queen operating in the spot market and Viking Avant and Viking Princess coming available on the PSV side end 2026 and early 2027, and Viking Wind Power on the IMR renewable side. Even though the PSV spot market is taking some time to adjust, we are seeing movement in favor of vessel owners. Hence, based on the expected market development, we consider the availability of vessels in this period as favorable. The global energy landscape continued to be influenced by the geopolitical instability in the Middle East, reinforcing the importance of energy security.
Combined with the need for reserve replacement, this favors offshore activity and therefore offshore vessel demand. The quarter has seen an increase in offshore drilling rig fixtures, supporting increased drilling activity into 2027 and 2028. The North Sea PSV spot market strengthened considerably in Q2. However, the supply and demand balance remains finely poised, and the rates are sensitive to movement in just a couple of vessels. Moving into the autumn, there is an expectation that increased drilling activity and several vessels having forward commitments will favor owners. The outlook for the subsea market remains attractive. It is supported by strong underlying fundamentals, which are coupled with a record high subsea backlog for the main subsea suppliers. Market expectations of increased vessel availability resulting from the current new build program persist. However, the quarter saw several significant term contract awards, indicating continued healthy demand for subsea tonnage.
Activity for the main European players in the renewable market remains robust. Now to Lars for the financials.
Thank you, Helga. Please note all numbers are in Norwegian Kroner. Revenue in the second quarter of 2026 was NOK 204 million compared to NOK 198 million in the second quarter in 2025. Revenue increased about 3% quarter-on-quarter, mainly due to improved day rates for the supply vessels in the quarter, but this is more than offset by increased expenses. EBITDA was NOK 71 million compared to NOK 76 million in the same quarter in 2025. Personnel expenses in the quarter increased compared to the same quarter in 2025, mainly driven by general salary increase, in addition to higher travel expenses and increased costs for expensive substitute personnel, mainly due to changes in operation area for some of the vessels. Other operating expenses increased by 12% quarter-on-quarter. The increase is mainly due to costs related to unplanned repairs needed for some of the vessels during the quarter.
Compared to first quarter of 2026, freight revenue increased around NOK 19 million, mainly due to improved day rates. EBITDA increased NOK 40 million due to the increase in personnel cost in second quarter. Joint ventures had a profit of NOK 0.8 million compared to a loss of NOK 0.7 million in Q2 2025, mainly due to improved day rate. Operating result was NOK 26 million in the quarter compared to NOK 29 million in the same quarter in 2025.
Net financial items were NOK -4.7 million compared to positive NOK 0.9 million quarter-on-quarter. This is mainly due to a negative currency impact related to the loans in US dollar and euro. Pre-tax result in Q2 was NOK 21 million compared to NOK 30 million in second quarter 2025. For first half 2026, freight revenue decreased by 2% compared to the same period last year. This is mainly due to a weak spot market in Q1 this year.
EBITDA decreased by 13%, providing an EBITDA margin of 33% compared to 37% for the same period last year. The decrease is mainly due to the increase in cost, as already mentioned. If we take a look at our segments, we see in our supply segment revenue quarter-on-quarter had an increase to NOK 112 million, compared to NOK 106 million in Q2 2025. This is mainly due to improved day rates. EBITDA was on same level, but the EBITDA margin decreased from 38% to 36%.
The utilization was 92% this quarter and 96% in Q2 2025. We own six vessels in this segment and in addition have management of two. For subsea and renewables, revenue had a minor increase from NOK 104 million to NOK 106 million quarter-on-quarter. These numbers include our consolidated numbers plus 50% of revenue from the vessel Seven Viking. EBITDA decreased from NOK 52 million to NOK 50 million.
EBITDA margin is 47%, which is a decrease from 50% in second quarter 2025. The utilization was 100%, the same as in Q2 2025. We only partly own four vessels in this segment and have two under management. Our fixed assets on the same level as year end 2025. Both new builds are treated as asset under constructions. The equity percentage is 59%, a minor increase compared to year end. This reflects our solid balance sheet. Net interest bearing debt by the end of the quarter was NOK 920 million, compared to NOK 967 million at year end last year. The decrease is mainly due to payment of installments and a positive currency effect on the loans in EUR and USD. Net interest bearing debt over adjusted EBITDA the last 12 months is 3.1.
We are seeing an increase in cash flow from operating activities for the first half of 2026 compared to the same period in 2025, from NOK 114 million to NOK 139 million. This is mainly driven by net received funds towards ammonia project of NOK 46 million during the period, offset by periodic movement in working capital. On the investment side, spending is mainly due to investment in the new builds. Cash flow from finance is mainly due to payment of installments, interest, and dividends offset by new debt related to the new builds. Cash balance at the end of the period is about NOK 339 million and NOK 99 million of this is restricted. Now back to Helga for some closing remarks.
Thank you, Lars. Just to highlight the quarter, the port was impacted by improved utilization in the PSV spot market. We had 100% uptime in subsea. We saw improved day rates for the PSV fleet, and we have available tonnage, in an improving market. Our focus is still on growth, but it needs to come with a sufficient return. Then over to Q&A.
Yes. With the operating expenses increasing around 9% year-on-year, how much of the increase would you consider temporary, and how much should we expect as a normalized cost level going in the second half?
Well, I can answer that, Helga. 9% is of course, high, and we expect that this will normalize during the second half. But of course, like general salary increase will of course affect the personnel expenses, and this is also the main part of our expenses.