VIKING LINE ABP INTERIM REPORT
21.04.2026, 9.00 AM
Stable quarterly result in a challenging market environment
JANUARY-MARCH 2026
(compared to January-March 2025)
· Sales amounted to EUR 84.6M(EUR 87.3 M).
· Other operating revenue was EUR 0.2M(EUR 0.4M).
· Operating income totalled EUR-18.8M(EUR -18.0M).
· Net financial items were EUR-0.7M(EUR -4.0M).
· Income before taxes totalled EUR-19.5M(EUR -22.0M).
· Income after taxes was EUR -19.5M(EUR -22.1M).
· Investments mainly in Viking Grace totalled EUR 7.9 M (EUR 9.0 M mainly in
Gabriella and Viking XPRS).
Outlook for the financial year 2026
The Board has previously assessed that profit before tax for 2026 would be in
line with or slightly better than in 2025. In light of the increased volatility
in energy prices and related costs, the Board considers that these outlooks are
no longer applicable. The heightened uncertainty regarding cost levels and the
market environment means that the Board is currently not providing any forecast
for the full-year result for 2026.
COMMENTS FROM PRESIDENT AND CEO MARCUS RISBERG
Viking Line reports an improved result for the first quarter despite a continued
challenging market environment, an unusually severe ice winter, and an external
environment that has a negative impact on energy prices. Passenger volumes were
in line with the previous year, while cargo volumes decreased slightly.
The quarter was characterised by continued subdued demand. Market developments
were influenced by the macroeconomic situation, cautious consumer behaviour, and
ongoing pressure on household purchasing power. Passenger volumes were
maintained at last year's levels, while the cargo segment performed somewhat
weaker.
Recent developments underscore how quickly conditions in our world can change,
with geopolitical tensions such as the war in Ukraine and increased unrest in
the Middle East. Combined with rising fuel prices, more restrained demand, and
an economic climate that continues to impact purchasing power, this creates a
challenging operating environment. Against this backdrop, operational
flexibility and financial discipline become even more important. We assume that
a more dynamic global situation will persist.
Operating income was affected by subdued demand, which put pressure on revenue
per passenger. This was counteracted by a continued clear focus on cost
efficiency. Operating expenses decreased compared to the previous year. Despite
rising energy prices, fuel costs during the first quarter were lower, mainly due
to fixed-price agreements for parts of the bunker consumption. The company
continues to have partial fixed-price agreements in place during the second
quarter.
The result for the reporting period was positively impacted by performance in
our associated companies. Gotland Alandia Cruises developed in line with market
conditions; operations improved compared to the previous year but did not fully
meet our expectations.
In January, Viking Grace underwent a planned docking at Åbo Ship Repair Yard for
three weeks, with maintenance and upgrade works totalling about seven million
euros. The work included both classification and maintenance measures as well as
investments in improved operational reliability, energy efficiency, and customer
experience.
The shipping industry faces ongoing regulatory changes. From this year, the
industri is fully covered by the EU emission trading system (ETS), and the
FuelEU Maritime regulation has now entered its second year. Efforts to reduce
environmental impact while managing cost increases are conducted with high
priority. Viking Grace and Viking Glory continue to operate with a biogas share
of 50 percent. At the same time, regulatory developments are characterised by
complexity and uncertainty, not least due to changes and postponed decisions
within international regulations, including the International Maritime
Organization (IMO).
In summary, the first quarter was challenging, with an unusually severe ice
winter, a global situation affecting energy prices, and continued restraint
among consumers. We assess that market conditions will continue to be
characterised by uncertainty and subdued demand, especially regarding the
development of fuel prices. Despite this, we report an improved result compared
to last year. At the same time, the outlook remains difficult to assess, which
requires continued readiness and adaptability.
I would like to extend a warm thank you to our customers, partners, and
employees for your commitment and work during the quarter.
Marcus Risberg
President and CEO
SUMMARY OF KEY FIGURES
Jan 1, 2026- Jan 1, 2025- Jan 1, 2025-
EUR M Mar 31, 2026 Mar 31, 2025 Dec 31, 2025
Sales 84.6 87.3 480.9
Other operating revenue 0.2 0.4 1.5
Operating income -18.8 -18.0 21.1
Income before taxes -19.5 -22.0 18.9
Income for the period -19.5 -22.1 16.0
SERVICE AND MARKET
During the report period, the Viking Line Group provided passenger and cargo
carrier services using five wholly-owned vessels and one jointly owned vessel in
the northern Baltic Sea and the Gulf of Finland.
Viking Grace was docked during the period January 6 to 28. During the docking
period, she was replaced by Viking Glory on the Turku-Mariehamn-Stockholm route
with evening departures from Turku, while Gabriella replaced Viking Glory on the
same route with evening departures from Stockholm. Afterwards, the vessels
returned to their regular services on the Turku-Mariehamn-Stockholm and Helsinki
-Mariehamn-Stockholm routes. Birka Gotland, jointly owned by Viking Line and
Gotlandsbolaget, had a planned traffic break during the period January 11 to 15.
During the comparison period, Gabriella and Viking XPRS were docked.
The number of passengers on the Group's wholly owned vessels during the
reporting period amounted to 763,080 (767,353). The Group had an estimated total
market share in the traffic area of 31.5% (31.2%). The number of passengers on
Birka Gotland was 106,489 (108,359).
The total market in the first quarter declined slightly compared to the previous
year, mainly driven by lower traffic volumes between Finland and Estonia. On the
Finland-Åland-Sweden routes, passenger volumes increased, mainly due to strong
growth on the Helsinki-Stockholm line, but also on the Turku-Åland-Stockholm
line. Dockings and route changes during the period affect comparability between
years.
Viking Line's volumes increased between Finland and Estonia, while traffic
between Finland, Åland, and Sweden decreased slightly. Viking Line's market
share in Finland-Sweden traffic was 57.2% (61.2%). In Finland-Estonia traffic,
the market share was 23.6% (22.0%).
Demand for cruises on the main markets fluctuated due to geopolitical and
economic factors, while we note continued good growth in international travel.
The Group's total cargo volumes amounted to 34,323 cargo units (36,352). The
Group's estimated cargo market share was 19.1% (20.5%).
Freight was negatively affected by dockings and route changes, as well as
continued strong cost and price pressure in the transport market.
SALES AND EARNINGS FOR JANUARY - MARCH 2026
Consolidated sales decreased by 3.1% to EUR 84.6 M during the period January 1 -
March 31, 2026 (EUR 87.3 M January 1 - March 31, 2025). Operating income
amounted to EUR -18.8 M (EUR -18.0 M). Consolidated income before taxes amounted
to EUR -19.5 M (EUR -22.0 M).
The result for the period reflects the seasonally weaker first quarter.
Passenger-related revenue decreased by 2.0% to EUR 71.2 M (EUR 72.7 M), while
cargo sales decreased by 9.1% to EUR 12.9 M (EUR 14.2 M), and other operating
revenue was EUR 0.6 M (EUR 0.5 M). The sales contribution was EUR 65.9 M (EUR
68.8 M).
Operating expenses decreased by 3.7% to EUR 76.6 M (EUR 79.6 M), of which the
costs for emission allowances were EUR 1.8 M (EUR 1.4 M). Salary and other
employment benefit expenses increased by 3.1% or EUR 0.9 M. Other operating
expenses decreased by 7.6% or EUR 3.9 M. Other operating expenses in the
comparison year included a reserve for repayment of traffic support received
during the pandemic years of EUR 1.1 M.
INVESTMENTS AND FINANCING
The group's investments for the period January 1 to March 31, 2026, amounted to
EUR 7.9 M (EUR 9.0 M). The group's total investments represented 9.3% of sales
(10.3%). The main part of the investments can be attributed to the extensive
docking of Viking Grace. Investments in the comparison year were mainly related
to dockings of Gabriella and Viking XPRS.
The group's long-term interest-bearing liabilities amounted to EUR 92.1 M on
March 31, 2026 (EUR 120.0 M).
The equity/assets ratio was 53.8% compared to 52.5% the previous year.
The Group's cash and cash equivalents amounted to EUR 28.7 M (EUR 26.0 M).
Unutilized credit lines in the Group totalled EUR 22.1 M (EUR 22.1 M).
Net cash flow from operating activities amounted to EUR -7.9 M (EUR -10.0 M).
Net cash flow from investing activities was EUR -7.9 M (EUR -9.0 M), and net
cash flow from financing activities amounted to EUR -3.3 M (EUR -10.8 M).
The group's loan agreements contain market-based loan covenants. The financial
covenants in the loan agreements consist of minimum requirements for liquid
assets and solvency, as well as a maximum level of the group's total financial
net debt in relation to EBITDA.
The dividend restriction that exists in one of the group's loan agreements
remains in effect if the group's indebtedness in relation to EBITDA exceeds the
ratio of 5.0. The group's indebtedness in relation to EBITDA is below the ratio
of 5.0, therefore the dividend restriction is not in effect.
Future cash flows related to financial liabilities on March 31, 2026:
EUR M
Future cash flows Lease Trade Interest- Total
related to
financial liabilities liabilities payables bearing
(incl. financial
expenses)
liabilities
Apr 1, 2026 - Sep 30, 1.4 24.8 21.2 47.4
2026
Oct 1, 2026 - Mar 31, 1.4 12.0 13.4
2027
Apr 1, 2027 - Mar 31, 2.5 23.4 25.9
2028
Apr 1, 2028 - Mar 31, 1.9 19.3 21.2
2029
Apr 1, 2029 - Mar 31, 0.9 15.4 16.3
2030
Apr 1, 2030 - Mar 31, 0.8 14.8 15.6
2031
Apr 1, 2031 - 0.5 31.7 32.2
Total 9.3 24.8 137.8 171.9
IMPAIRMENT TESTING
The reported values for intangible and tangible assets are regularly tested to
detect any external or internal indications of impairment needs. If such
indications are observed for any asset item, its recoverable value is
determined. One of the most important areas involving assessments is the
valuation of the group's vessels.
Management has also assessed that there is no need for impairment for the
group's other long-term assets.
ORGANIZATION AND PERSONNEL
The average number of employees converted to full-time positions in the Group
was 2 223 (2 258), of which in the parent company 1 849 (1 852). The number of
land-based personnel was 430 (444) and shipboard personnel 1 793 (1 815).
During the period, 250 people (277) employed by one of Viking Line Abp's
subsidiaries were hired out to the joint venture Gotland Alandia Cruises AB,
which provides cruise service with the vessel Birka Gotland. The employees hired
out by Viking Line were mostly service staff.
RISK FACTORS
Viking Line's operations are exposed to various risks, with varying scope and
effect on operations, financial results, and the company's ability to fulfil
certain social and environmental goals. Relevant risks have been classified
under five categories: strategic risks, operational risks, injury risks,
financial risks, and climate risks. The risks remain, but increased uncertainty
in the world means that the outcome of certain strategic risks is harder to
predict than at the turn of the year.
The company's interest-bearing liabilities amounted to EUR 120.9 M as of March
31, 2026, of which 92.6% have a variable interest rate. The total variable
interest rate consists of the market interest rate and a company-specific
margin. Fluctuating interest rates have an impact on the company's financing
costs and can affect the costs of financing in the future.
A general post-review of the traffic support received by passenger ferry
companies operating to Finland during the pandemic years 2020-2022 is ongoing.
The outcome of the review may result in a negative effect on the company's
results in the future.
OUTLOOK FOR THE FINANCIAL YEAR 2026
The Board has previously assessed that profit before tax for 2026 would be in
line with or slightly better than in 2025. In light of the increased volatility
in energy prices and related costs, the Board considers that these outlooks are
no longer applicable. The heightened uncertainty regarding cost levels and the
market environment means that the Board is currently not providing any forecast
for the full-year result for 2026.
EVENTS AFTER THE BALANCE SHEET DATE
The management knows of no events after the balance sheet date that could affect
this Business Review.
Mariehamn, April 20, 2026
VIKING LINE ABP
Marcus Risberg
President and CEO
Financial information:
The management's Business Review was prepared in accordance with IFRS accounting
and valuation principles. The accounting and valuation principles applied are
the same as for the year-end financial statements for 2025. The figures have not
been audited.
CONSOLIDATED INCOME STATEMENT
Jan 1, 2026- Jan 1, 2025- Jan 1, 2025-
EUR M Mar 31, 2026 Mar 31, 2025 Dec 31, 2025
SALES 84.6 87.3 480.9
Other operating revenue 0.2 0.4 1.5
Expenses
Goods and services 18.7 18.5 101.4
Salary and other employment 29.6 28.7 124.2
benefit expenses
Depreciation, amortization 8.3 7.7 31.3
and impairment losses
Other operating expenses 47.0 50.8 204.4
103.6 105.8 461.3
OPERATING INCOME -18.8 -18.0 21.1
Financial income 0.2 0.3 1.2
Financial expenses -1.6 -2.3 -8.0
Share of after-tax income 0.7 -1.9 4.7
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES -19.5 -22.0 18.9
Income taxes 0.0 -0.1 -2.9
INCOME FOR THE PERIOD -19.5 -22.1 16.0
Income attributable to:
Parent company shareholders -19.5 -22.1 16.0
Earnings per share, EUR -1.13 -1.28 0.93
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Jan 1, 2026- Jan 1, 2025- Jan 1, 2025-
EUR M Mar 31, 2026 Mar 31, 2025 Dec 31, 2025
INCOME FOR THE PERIOD -19.5 -22.1 16.0
Items that may be
reclassified to the income
statement
Translation differences -0.2 1.4 1.3
Items that will not be
reclassified to the income
statement
Changes in the fair value of
financial assets at fair
value
through other comprehensive 0.0 0.0 0.0
income
Other comprehensive income -0.2 1.4 1.4
COMPREHENSIVE INCOME FOR THE -19.7 -20.7 17.4
PERIOD
Comprehensive income
attributable to:
Parent company shareholders -19.7 -20.7 17.4
CONSOLIDATED INCOME STATEMENT BY QUARTER
2026 2025 2025 2025 2025
EUR M Q1 Q4 Q3 Q2 Q1
SALES 84.6 112.6 152.5 128.4 87.3
Other operating revenue 0.2 0.7 0.2 0.2 0.4
Expenses
Goods and services 18.7 24.0 31.3 27.5 18.5
Salary and other 29.6 30.5 31.9 33.1 28.7
employment benefit
expenses
Depreciation, 8.3 7.8 7.8 8.0 7.7
amortization and
impairment losses
Other operating expenses 47.0 47.4 53.0 53.1 50.8
103.6 109.7 124.0 121.8 105.8
OPERATING INCOME -18.8 3.6 28.7 6.9 -18.0
Financial income 0.2 0.4 0.3 0.2 0.3
Financial expenses -1.6 -1.6 -1.7 -2.4 -2.3
Share of after-tax income 0.7 2.2 4.3 0.1 -1.9
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES -19.5 4.5 31.6 4.8 -22.0
Income taxes 0.0 -0.5 -2.3 -0.1 -0.1
INCOME FOR THE PERIOD -19.5 4.1 29.3 4.8 -22.1
Income attributable to:
Parent company -19.5 4.1 29.3 4.8 -22.1
shareholders
Earnings per share, EUR -1.13 0.24 1.69 0.28 -1.28
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME BY QUARTER
2026 2025 2025 2025 2025
EUR M Q1 Q4 Q3 Q2 Q1
INCOME FOR THE PERIOD -19.5 4.1 29.3 4.8 -22.1
Items that may be
reclassified to the income
statement
Translation differences -0.2 0.5 0.2 -0.7 1.4
Items that will not be
reclassified to the income
statement
Changes in the fair value of
financial assets at fair
value
through other comprehensive 0.0 0.0 0.0 0.0 0.0
income
Other comprehensive income -0.2 0.5 0.2 -0.7 1.4
COMPREHENSIVE INCOME FOR THE -19.7 4.5 29.4 4.1 -20.7
PERIOD
Comprehensive income
attributable to:
Parent company shareholders -19.7 4.5 29.4 4.1 -20.7
CONSOLIDATED BALANCE SHEET
EUR M Mar 31, 2026 Mar 31, 2025 Dec 31, 2025
ASSETS
Non-current assets
Intangible assets 12.4 9.9 10.6
Land 0.5 0.5 0.5
Buildings and structures 1.5 1.6 1.5
Renovation costs for rented 1.2 1.5 1.2
properties
Vessels 407.9 424.9 409.7
Machinery and equipment 2.9 2.7 2.9
Right-of-use assets 7.9 4.8 8.5
Financial assets at fair
value through
other comprehensive income 0.0 0.0 0.0
Investments accounted for 60.9 55.6 57.8
using the equity method
Total non-current assets 495.3 501.5 492.8
Current assets
Inventories 12.9 14.8 12.4
Income tax assets 0.2 0.1 0.1
Trade and other receivables 42.3 49.2 33.9
Cash and cash equivalents 28.7 26.0 47.6
Total current assets 84.0 90.1 94.1
TOTAL ASSETS 579.3 591.7 586.9
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8 1.8
Reserves 49.7 49.7 49.7
Translation differences -3.0 -2.9 -2.9
Retained earnings 253.4 252.2 273.1
Equity attributable to 301.9 300.8 321.6
parent company shareholders
Total equity 301.9 300.8 321.6
Non-current liabilities
Deferred tax liabilities 52.0 49.1 52.0
Interest-bearing liabilities 92.1 120.0 93.6
Lease liabilities 6.0 3.1 6.5
Investments accounted for 2.7 3.5 1.8
using the equity method
Other payables 0.9 1.4 1.0
Total non-current 153.6 177.2 154.8
liabilities
Current liabilities
Interest-bearing liabilities 28.8 21.8 29.8
Lease liabilities 2.4 2.4 2.4
Income tax liabilities 0.0 0.0 0.0
Trade and other payables 92.6 89.4 78.3
Total current liabilities 123.8 113.6 110.5
Total liabilities 277.4 290.8 265.3
TOTAL EQUITY AND LIABILITIES 579.3 591.7 586.9
CONSOLIDATED CASH FLOW
STATEMENT
Jan 1, 2026- Jan 1, 2025- Jan 1, 2025-
EUR M Mar 31, 2026 Mar 31, 2025 Dec 31, 2025
OPERATING ACTIVITIES
Income for the period -19.5 -22.1 16.0
Adjustments
Depreciation, amortization 8.3 7.7 31.3
and impairment losses
Capital gains/losses from - - 0.0
non-current assets
Income from investments in -0.7 1.9 -4.7
associate companies
Other items not included 0.0 0.2 0.1
in cash flow
Interest expenses and 1.5 1.9 7.1
other financial expenses
Interest income and other -0.2 -0.2 -1.0
financial income
Dividend income - - 0.0
Income taxes 0.0 0.1 2.9
Change in working capital
Change in trade and other -8.4 -8.8 6.5
receivables
Change in inventories -0.5 -1.4 1.0
Change in trade and other 11.8 11.2 4.1
payables
Interest paid -0.3 -0.5 -6.2
Financial expenses paid -0.1 -0.1 -0.3
Interest received 0.1 0.2 1.0
Financial income received 0.0 0.0 0.0
Taxes paid -0.1 -0.1 -0.1
NET CASH FLOW FROM OPERATING -7.9 -10.0 57.8
ACTIVITIES
INVESTING ACTIVITIES
Investments in vessels -5.6 -6.8 -11.9
Investments in other -2.3 -2.2 -7.7
intangible assets, property,
plant and equipment
Investments accounted for - 0.0 0.0
using the equity method
Divestments of other non - - 0.1
-current assets
Dividends received from - - 2.8
associate companies
Dividends received from - - 0.0
others
NET CASH FLOW FROM INVESTING -7.9 -9.0 -16.8
ACTIVITIES
FINANCING ACTIVITIES
Principal payments -2.7 -10.1 -29.2
Depreciation of lease -0.6 -0.7 -2.6
liabilities
Dividends paid - - -17.3
NET CASH FLOW FROM FINANCING -3.3 -10.8 -49.2
ACTIVITIES
CHANGE IN CASH AND CASH -19.0 -29.8 -8.2
EQUIVALENTS
Cash and cash equivalents at 47.6 55.8 55.8
the beginning of the period
CASH AND CASH EQUIVALENTS AT 28.7 26.0 47.6
THE END OF THE PERIOD
STATEMENT OF CHANGES IN
CONSOLIDATED EQUITY
Equity
attributable
to parent
company
shareholders
Share Translation Retained Total
EUR M capital Reserves differences earnings equity
EQUITY, JAN 1, 2026 1.8 49.7 -2.9 273.1 321.6
Income for the period -19.5 -19.5
Translation differences 0.0 -0.1 -0.2 -0.2
Remeasurement of
financial assets
recognized at
fair value through 0.0 - 0.0
other comprehensive
income
Comprehensive income - 0.0 -0.1 -19.7 -19.7
for the period
EQUITY, MAR 31, 2026 1.8 49.7 -3.0 253.4 301.9
Equity
attributable
to parent
company
shareholders
Share Translation Retained Total
EUR M capital Reserves differences earnings equity
EQUITY, JAN 1, 2025 1.8 49.6 -3.6 273.6 321.5
Income for the period -22.1 -22.1
Translation differences 0.0 0.7 0.6 1.4
Remeasurement of
financial assets
recognized at
fair value through 0.0 - 0.0
other comprehensive
income
Comprehensive income - 0.0 0.7 -21.4 -20.7
for the period
EQUITY, MAR 31, 2025 1.8 49.7 -2.9 252.2 300.8
KEY METRICS
Jan 1, 2026- Jan 1, 2025- Jan 1, 2025-
Mar 31, 2026 Mar 31, 2025 Dec 31, 2025
Equity per share, EUR 17.47 17.41 18.61
Equity/assets ratio 53.8 % 52.5 % 55.8 %
Investments, EUR M 7.9 9.0 19.6
- as % of sales 9.3 % 10.3 % 4.1 %
Passengers 763,080 767,353 4,608,573
Cargo units 34,323 36,352 139,484
Average number of 2,223 2,258 2,441
employees, full-time
equivalent
Equity per share = Equity attributable to parent company shareholders / Number
of shares.
Equity/assets ratio, % = (Equity including minority interest) / (Total assets -
advances received).
When rounding off items to the nearest EUR 1,000,000, rounding-off differences
of EUR +/- 0.1 M may occur.
This Business Review has been partially translated by artificial intelligence.
The English version has been reviewed and verified against the Swedish original.
Marcus Risberg
President and CEO
marcus.risberg@vikingline.com
+358-(0)18-270 00