Viking Line Abp INTERIM REPORT 23.10.2025,
9.00 AM
A stronger third quarter
THIRD QUARTER 2025
(compared to third quarter of 2024)
· Sales amounted to EUR152.5 M(EUR 151.5 M).
· Other operating revenue wasEUR 0.2M(EUR 0.2M).
· Operating income totalled EUR28.7M(EUR 29.4M).
· Net financial items were EUR2.9M(EUR -1.0M).
· Income before taxes totalled EUR31.6M(EUR 28.4M).
· Income after taxes was EUR 29.3M(EUR 24.9M).
JANUARY-SEPTEMBER2025
(compared to January-September2024)
· Sales amounted to EUR 368.3M(EUR 370.6 M).
· Other operating revenue was EUR 0.8M(EUR 0.8M).
· Operating income totalled EUR17.5M(EUR 25.2M).
· Net financial items were EUR-3.1M(EUR -9.1M).
· Income before taxes totalled EUR14.4M(EUR 16.1M).
· Income after taxes was EUR 12.0M(EUR 12.4M).
· Investments, mainly in Gabriella and Viking XPRS, totalled EUR 15.4 M (EUR
18.3 M, mainly in Viking Cinderella and Birka Gotland).
Significant uncertainty remains as a result of the economic downturn in our
traffic area in recent years, which has negatively affected customer spending
patterns. The current geopolitical situation and its potential impact,
particularly on energy prices, also contribute to the uncertainty. This makes it
difficult to predict passenger-related market developments. The Board estimates
that pre-tax profits for 2025 will be on par with 2024, which is the same
conclusion as in the previous reporting period.
COMMENTS FROM PRESIDENT AND CEO JAN HANSES
The third quarter is the most important period of the year for our earnings. The
result for the third quarter of 2025 was stronger than the corresponding period
last year. After the weather in our traffic area at the beginning of July was
cold and unstable, which negatively affected travel willingness as well as
onboard sales, the situation improved towards the end of the reporting period,
which also had a positive impact on earnings formation. Thus, our expectation of
continued improvement in results during the third quarter was met, albeit at
modest levels. The strained economic development in our traffic area continues
to result in cautious consumer behavior.
The accumulated result at the end of September is still weighed down by the
dockings of Gabriella and Viking XPRS, but we expect continued development at a
level that should enable a full-year result in line with last year.
Our joint venture company, Gotland Alandia Cruises, is affected by the same
market conditions as our other traffic, and the result does not yet fully meet
our expectations, but the same trend as for the rest of the traffic can be
expected here as well.
Since January, the result has also been impacted by increased fairway dues in
Finland as a result of the reinstatement of the fee reduction introduced with
the implementation of the so-called Sulphur Directive. From the beginning of the
year, increased ETS charges are also levied, now corresponding to 70 percent of
a fully implemented emissions trading system. Our operations are currently
greatly affected by upcoming environmental standards, resulting in a cost burden
that can only be partially mitigated in the medium term by continued work on
energy efficiency.
Following an extensive public debate, in which the importance of ferry shipping
for the country's supply preparedness was highlighted, the Finnish government
ultimately refrained from measures that would have reduced the restitution.
Throughout the quarter, we have continued to record record-high NPS or customer
satisfaction scores, which is the result of great commitment from our staff on
board the ships.
I would like to extend a warm thank you to our customers and partners for their
trust and good cooperation. A big thank you also goes to our staff for their
dedicated efforts during the summer.
Since I started at Viking Line in 1988, I have had the privilege of working in a
company with a strong culture, committed employees, and a unique position in our
region. The years have been both developmental and rewarding. As of the third of
November, I will confidently hand over the leadership to Marcus Risberg and look
forward to continuing to contribute to the company's future in my role as a
board member.
SUMMARY OF KEY FIGURES
Jul 1, Jul 1, 2024- Jan 1, 2025- Jan 1, 2024- Jan 1, 2024-
2025-
EUR M Sep Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
30,
2025
Sales 152.5 151.5 368.3 370.6 480.2
Other 0.2 0.2 0.8 0.8 1.4
operating
revenue
Operating 28.7 29.4 17.5 25.2 26.7
income
Income 31.6 28.4 14.4 16.1 19.8
before
taxes
Income for 29.3 24.9 12.0 12.4 15.9
the period
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.
Gabriella was docked from January 1 to 18. Viking XPRS was docked from January
18 to February 6. From January 21 to February 6, she was replaced by Viking
Cinderella on the Helsinki-Tallinn route. Viking Cinderella then returned to her
regular route on Helsinki-Mariehamn-Stockholm. Birka Gotland, which Viking Line
owns together with Gotlandsbolaget, had a planned service break from January 6
to 15.
From June 19 to August 10, the vessels Gabriella and Viking Cinderella called at
Tallinn during their regular service on the Helsinki-Mariehamn-Stockholm line.
In June and August, these vessels also made several destination cruises to Visby
from Helsinki.
During the comparison period, on March 20, 2024, the jointly owned vessel Birka
Gotland began cruise operations from Stockholm. Before the start of operations,
a major docking and upgrade of the vessel were carried out. During the reference
period, Viking Cinderella and Viking Glory were also docked. After Cinderella's
docking, she was removed from the Swedish ship register and entered into the
Åland ship register.
The number of passengers on the Group's wholly owned vessels during the period
was 3,576,893 (3,637,077). The Group had a total market share in the traffic
area of approximately 32.2% (33.2%). The number of passengers on Birka Gotland
was 417,369 (296,085 for the period March 20-September 30, 2024).
Passenger volumes in the Finland-Åland-Sweden traffic increased as a result of
the deployment of Cinderella on the HMS line. Passenger volumes between Finland
and Estonia were largely unchanged compared to last year. Dockings and vessel
route changes cause comparison disturbances during the period. Cruise demand has
been fluctuating, especially on the Turku-Åland-Stockholm line, mainly explained
by the subdued economic situation in the main markets Finland and Sweden,
although we see increased travel from international markets.
Viking Line's market share in the Finland-Sweden traffic increased to 59.9%
(59.8%). In the traffic between Finland and Estonia, the market share decreased
to 24.5% (25.0%), primarily as a result of Viking XPRS being docked at the
beginning of the year.
The Group's total cargo volume was 104,666 cargo units (98,779). The Group's
share of the cargo market was approximately 19.7% (17.1%).
Viking Line continues to show positive development in its freight volumes,
despite the market in the company's traffic area being characterized by a
downward trend. However, in the third quarter, this decline has shown signs of
stabilization, and certain segments are even showing initial recovery. The
utilization rate of freight capacity on board Viking Line's vessels has remained
high throughout the reporting period.
These results confirm that the company's investments in sustainability and the
development of new services have been successful. The introduction of fossil
-free crossings, even for freight units, on all Viking Line routes has been very
positively received both in the international transport market and within parts
of industry and commerce.
Through close and trusting cooperation with its freight customers, the company
has not only managed to maintain but also strengthen its market position, which
is especially important in a period marked by increased competition and
challenging market conditions.
The market share for passenger cars was approximately 28.1% (29.4%).
SALES AND EARNINGS FOR THE THIRD QUARTER 2025
Consolidated sales increased by 0.7% to EUR 152.5 M during the period July
1-September 30, 2025 (EUR 151.5 M, July 1-September 30, 2024). Operating income
totalled EUR 28.7 M (EUR 29.4 M).
Passenger-related revenue increased by 0.6% to EUR 140.2 M (EUR 139.4 M), while
cargo revenue was EUR 11.7 M (EUR 11.6 M), and other operating revenue was EUR
0.6 M (EUR 0.5 M). The sales contribution was EUR 121.2 M (EUR 121.3 M).
Operating costs increased 0.5% to EUR 84.9 M (EUR 84.5 M). Salary and other
employment benefit expenses increased 4.0% or EUR 1.2 M, while other operating
expenses decreased by 1.5% or EUR 0.8 M.
SALES AND EARNINGS FOR JANUARY - SEPTEMBER 2025
Consolidated sales decreased 0.6% to EUR 368.3 M during the period January
1-September 30, 2025 (EUR 370.6 M, January 1-September 30, 2024). Operating
income totalled EUR 17.5 M (EUR 25.2 M). Consolidated income before tax was EUR
14.4 M (EUR 16.1 M).
The deterioration compared to the same period last year is mainly attributable
to the first quarter, when two vessels were out of service for planned dockings.
This negatively affected passenger volumes and thus revenues. The result for the
first three quarters is weaker than in 2024 and also reflects continued
uncertainty in the world, including demand trends and geopolitical concerns.
Passenger-related revenue decreased 1.0% to EUR 328.2 M (EUR 331.7 M), while
cargo revenue increased 4.5% to EUR 38.5 M (EUR 36.8 M), and other operating
revenue was EUR 1.6 M (EUR 2.1 M). The sales contribution was EUR 291.0 M (EUR
291.6 M).
Operating expenses increased 2.5% to EUR 250.7 M (EUR 244.7 M), of which costs
for emission allowances were EUR 3.7 M (EUR 2.4 M). Salary and other employment
benefit expenses increased 3.8% or EUR 3.4 M, with the largest part of the
increase due to Viking Line staffing Birka Gotland with service personnel. Other
operating expenses increased by 1.7% or EUR 2.6 M. Increased costs for emission
allowances, higher fairway dues, and costs for repairs and maintenance during
dockings account for a large part of the increase. Other operating expenses also
include the repayment of traffic support received during the pandemic years of
EUR 1.1 M.
INVESTMENTS AND FINANCE
The Group's investments for the period January 1-September 30, 2025, amounted to
EUR 15.4 M (EUR 18.3 M). The Group's total investments represented 4.2% of sales
(4.9%). A significant part of the investments relates to the dockings of
Gabriella and Viking XPRS, while a substantial share has been directed to the
purchase of emission allowances, which are reported as intangible assets. Last
year's investments mainly consisted of investments in connection with the
dockings of Viking Cinderella and the jointly owned vessel Birka Gotland with
Gotlandsbolaget.
The Group's long-term interest-bearing liabilities amounted to EUR 101.6 M as of
September 30, 2025 (EUR 130.7 M). It should be noted that the Group's credit
related to the financing of Viking Grace was fully repaid in January 2025.
The debt/equity ratio was 55.0%, compared with 52.6% for the same period last
year.
The Group's cash and cash equivalents at the end of September amounted to EUR
53.9 M (EUR 61.1 M). Unutilized credit lines in the Group totalled EUR 22.1
million (EUR 22.1 M).
Net cash flow from operating activities amounted to EUR 47.8 M (EUR 39.2 M). Net
cash flow from investing activities was EUR -9.4 M (EUR -15.5 M), and net cash
flow from financing activities amounted to EUR -40.3 M (EUR -47.8 M).
The Group's loan agreements contain market-based loan covenants. The financial
covenants in the loan agreements consist of minimum requirements for cash and
cash equivalents and equity ratio, as well as a maximum level for the Group's
total financial net debt in relation to EBITDA.
The dividend restriction in one of the Group's loan agreements remains in effect
if the Group's indebtedness in relation to EBITDA exceeds a ratio of 5.0. The
Group's indebtedness in relation to EBITDA is below 5.0, so the dividend
restriction is not in force.
Future cash flows related to financial liabilities as of September 30, 2025:
EUR
M
Future cash flows Lease Trade Interest- Total
related to
financial liabilities liabilities payables bearing
(incl. financial
expenses)
liabilities
Oct 1, 2025 - Mar 31, 1.0 21.3 13.4 35.7
2026
Apr 1, 2026 - Sep 30, 1.0 21.2 22.1
2026
Oct 1, 2026 - Sep 30, 1.4 23.7 25.2
2027
Oct 1, 2027 - Sep 30, 1.3 22.9 24.2
2028
Oct 1, 2028 - Sep 30, 0.9 15.6 16.5
2029
Oct 1, 2029 - Sep 30, 0.8 15.1 15.9
2030
Oct 1, 2030 - 0.8 38.6 39.4
Total 7.1 21.3 150.5 178.9
IMPAIRMENT TESTING
Recognized values for intangible assets and property, plant and equipment are
tested regularly in order to identify any external or internal indications of an
impairment loss. If such indications are observed for any asset item, the
recoverable amount of the asset is recognized. One of the most important areas
that entail judgements is valuation of the Group's vessels.
The management has also made the assessment that there is no need for impairment
for the Group's other non-current assets.
ORGANIZATION AND PERSONNEL
The average number of full-time employees in the Group was 2,485 (2,426), 2,037
(1,953) of whom worked for the parent company. Land-based personnel totalled 463
(474), and shipboard personnel totalled 2,022 (1,952).
During the period, 311 people (242) employed by one of Viking Line Abp's
subsidiaries were assigned to work at the joint venture Gotland Alandia Cruises
AB, which provides cruise service with the vessel Birka Gotland. Staff
contracted out by Viking Line were mainly service personnel. On September 23,
Viking Rederi AB, on behalf of Gotland Alandia Cruises AB, informed Seko Sjöfolk
about the initiation of negotiations regarding the staffing situation on Birka
Gotland.
During the comparative period, Viking Cinderella was reflagged from Swedish to
Finnish flag.
RISK FACTORS
Viking Line's operations are exposed to various risks, with varying extent and
effect on operations, financial results, and the company's ability to meet
certain social and environmental goals. The relevant risks have been classified
into four categories: strategic, operational, damage, and financial risks. These
risks remain unchanged since the annual accounts were published. During the
current fiscal year 2025, Viking Line is working to expand the classification
with a category for climate risks. Viking Line identifies and manages climate
risks as an integrated part of the company's overall risk management efforts. In
2025, this work has been further formalized to take into account the
requirements of the EU's Corporate Sustainability Reporting Directive (CSRD).
The work aims to ensure long-term competitiveness, meet regulatory requirements,
and contribute to the transition to more sustainable shipping.
Climate risks are assessed based on two main categories:
· Physical risks, such as storms, rising sea levels, and changing weather
conditions that can affect vessels, port infrastructure, personnel, and supply
chains.
· Transition risks, such as technological, political, and market changes
arising in the transition to a low-carbon economy.
The company's interest-bearing liabilities amounted to EUR 131.4 M as of
September 30, 2025, of which 92.4% have a floating interest rate. The total
floating interest rate consists of the market rate and a company-specific
margin. Fluctuating interest rates affect the company's financing costs and may
impact future financing costs.
Regarding the review of the traffic support that passenger shipping companies
operating in Finland received during the pandemic years 2020-2022, Viking Line
has since the annual accounts been informed that repayment may be required. So
far, Viking Line has repaid EUR 1.1 M. The extent and timing of any additional
repayments have not yet been determined.
OUTLOOK FOR THE FINANCIAL YEAR 2025
Significant uncertainty remains as a result of the economic downturn in our
traffic area in recent years, which has negatively affected customer spending
patterns. The current geopolitical situation and its potential impact,
particularly on energy prices, also contribute to the uncertainty. This makes it
difficult to predict passenger-related market developments. The Board estimates
that pre-tax profits for 2025 will be on par with 2024, which is the same
conclusion as in the previous reporting period.
EVENTS AFTER THE BALANCE SHEET DATE
The management knows of no events after the balance sheet date that could affect
this Business Review.
Mariehamn, October 22, 2025
VIKING LINE ABP
Jan Hanses
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 2024. The figures have not
been audited.
CONSOLIDATED INCOME STATEMENT
Jul 1, Jul 1, Jan 1, Jan 1, Jan 1, 2024-
2025- 2024- 2025- 2024-
EUR M Sep Sep Sep Sep Dec 31, 2024
30, 30, 30, 30,
2025 2024 2025 2024
SALES 152.5 151.5 368.3 370.6 480.2
Other operating revenue 0.2 0.2 0.8 0.8 1.4
Expenses
Goods and services 31.3 30.2 77.3 79.0 102.5
Salary and other employment 31.9 30.7 93.7 90.3 120.9
benefit expenses
Depreciation, amortization 7.8 7.5 23.5 22.6 29.3
and impairment losses
Other operating expenses 53.0 53.8 157.0 154.4 202.2
124.0 122.2 351.6 346.2 454.8
OPERATING INCOME 28.7 29.4 17.5 25.2 26.7
Financial income 0.3 0.3 0.8 1.7 2.9
Financial expenses -1.7 -3.0 -6.3 -9.2 -11.2
Share of after-tax income 4.3 1.7 2.4 -1.6 1.4
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES 31.6 28.4 14.4 16.1 19.8
Income taxes -2.3 -3.5 -2.5 -3.6 -3.8
INCOME FOR THE PERIOD 29.3 24.9 12.0 12.4 15.9
Income attributable to:
Parent company shareholders 29.3 24.9 12.0 12.4 15.9
Earnings per share, EUR 1.69 1.44 0.69 0.72 0.92
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Jul 1, Jul 1, Jan 1, Jan 1, Jan 1, 2024-
2025- 2024- 2025- 2024-
EUR M Sep Sep Sep Sep Dec 31, 2024
30, 30, 30, 30,
2025 2024 2025 2024
INCOME FOR THE PERIOD 29.3 24.9 12.0 12.4 15.9
Items that may be
reclassified to the income
statement
Translation differences 0.2 0.1 0.9 -0.4 -0.4
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 0.1 0.9 -0.4 -0.4
COMPREHENSIVE INCOME FOR THE 29.4 25.1 12.8 12.0 15.6
PERIOD
Comprehensive income
attributable to:
Parent company shareholders 29.4 25.1 12.8 12.0 15.6
QUARTERLY CONSOLIDATED INCOME STATEMENT
2025 2025 2025 2024 2024
EUR M Q3 Q2 Q1 Q4 Q3
SALES 152.5 128.4 87.3 109.5 151.5
Other operating revenue 0.2 0.2 0.4 0.6 0.2
Expenses
Goods and services 31.3 27.5 18.5 23.5 30.2
Salary and other 31.9 33.1 28.7 30.6 30.7
employment benefit
expenses
Depreciation, 7.8 8.0 7.7 6.8 7.5
amortization and
impairment losses
Other operating expenses 53.0 53.1 50.8 47.8 53.8
124.0 121.8 105.8 108.6 122.2
OPERATING INCOME 28.7 6.9 -18.0 1.5 29.4
Financial income 0.3 0.2 0.3 1.2 0.3
Financial expenses -1.7 -2.4 -2.3 -2.0 -3.0
Share of after-tax income 4.3 0.1 -1.9 2.9 1.7
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES 31.6 4.8 -22.0 3.7 28.4
Income taxes -2.3 -0.1 -0.1 -0.2 -3.5
INCOME FOR THE PERIOD 29.3 4.8 -22.1 3.5 24.9
Income attributable to:
Parent company 29.3 4.8 -22.1 3.5 24.9
shareholders
Earnings per share, EUR 1.69 0.28 -1.28 0.20 1.44
QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2025 2025 2025 2024 2024
EUR M Q3 Q2 Q1 Q4 Q3
INCOME FOR THE PERIOD 29.3 4.8 -22.1 3.5 24.9
Items that may be
reclassified to the income
statement
Translation differences 0.2 -0.7 1.4 0.0 0.1
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 -0.7 1.4 0.0 0.1
COMPREHENSIVE INCOME FOR THE 29.4 4.1 -20.7 3.6 25.1
PERIOD
Comprehensive income
attributable to:
Parent company shareholders 29.4 4.1 -20.7 3.6 25.1
CONSOLIDATED BALANCE SHEET
EUR M Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
ASSETS
Non-current assets
Intangible assets 9.4 7.4 8.1
Land 0.5 0.5 0.5
Buildings and structures 1.5 1.6 1.6
Renovation costs for rented 1.3 1.3 1.5
properties
Vessels 413.3 428.5 423.5
Machinery and equipment 2.9 2.5 2.6
Right-of-use assets 5.9 3.5 5.2
Financial assets at fair
value through
other comprehensive income 0.0 0.0 0.0
Investments accounted for 55.6 50.8 54.6
using the equity method
Total non-current assets 490.5 496.1 497.7
Current assets
Inventories 13.8 13.9 13.4
Income tax assets 0.2 0.1 0.1
Trade and other receivables 35.8 50.7 40.4
Cash and cash equivalents 53.9 61.1 55.8
Total current assets 103.6 126.0 109.7
TOTAL ASSETS 594.1 622.1 607.4
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8 1.8
Reserves 49.7 49.7 49.6
Translation differences -3.1 -3.4 -3.6
Retained earnings 268.7 269.9 273.6
Equity attributable to 317.1 318.0 321.5
parent company shareholders
Total equity 317.1 318.0 321.5
Non-current liabilities
Deferred tax liabilities 51.4 45.3 49.0
Interest-bearing liabilities 101.6 130.7 122.5
Lease liabilities 4.7 1.7 3.3
Investments accounted for 1.8 2.6 0.5
using the equity method
Other payables 1.1 2.3 1.5
Total non-current 160.6 182.6 176.8
liabilities
Current liabilities
Interest-bearing liabilities 29.8 29.2 29.2
Lease liabilities 1.6 2.6 2.7
Income tax liabilities 0.0 3.5 0.0
Trade and other payables 85.0 86.2 77.1
Total current liabilities 116.5 121.6 109.0
Total liabilities 277.1 304.1 285.9
TOTAL EQUITY AND LIABILITIES 594.1 622.1 607.4
CONSOLIDATED CASH FLOW
STATEMENT
Jan 1, 2025- Jan 1, 2024- Jan 1, 2024-
EUR M Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
OPERATING ACTIVITIES
Income for the period 12.0 12.4 15.9
Adjustments
Depreciation, amortization 23.5 22.6 29.3
and impairment losses
Capital gains/losses from 0.0 0.0 0.0
non-current assets
Income from investments in -2.4 1.6 -1.4
associate companies
Other items not included 0.1 -0.7 -0.1
in cash flow
Interest expenses and 5.4 8.9 11.1
other financial expenses
Interest income and other -0.7 -1.4 -2.4
financial income
Dividend income 0.0 0.0 0.0
Income taxes 2.5 3.6 3.8
Change in working capital
Change in trade and other 4.7 -10.6 -0.3
receivables
Change in inventories -0.4 -1.2 -0.6
Change in trade and other 6.8 9.3 1.7
payables
Interest paid -3.8 -6.0 -9.8
Financial expenses paid -0.2 -0.7 -0.7
Interest received 0.6 1.1 2.4
Financial income received 0.1 0.4 0.1
Taxes paid -0.2 -0.1 0.0
NET CASH FLOW FROM OPERATING 47.8 39.2 49.0
ACTIVITIES
INVESTING ACTIVITIES
Investments in vessels -9.3 -12.7 -14.4
Investments in other -6.1 -3.5 -5.1
intangible assets, property,
plant and equipment
Investments accounted for 0.0 -2.0 -5.0
using the equity method
Divestments of other non 0.1 0.0 0.0
-current assets
Surrendered emission 3.2 - -
allowances
Change in non-current - 0.6 0.6
receivables
Dividends received from 2.8 2.2 2.2
associate companies
Dividends received from 0.0 0.0 0.0
others
NET CASH FLOW FROM INVESTING -9.4 -15.5 -21.7
ACTIVITIES
FINANCING ACTIVITIES
Principal payments -21.0 -28.5 -36.7
Depreciation of lease -2.0 -2.1 -2.8
liabilities
Dividends paid -17.3 -17.3 -17.3
NET CASH FLOW FROM FINANCING -40.3 -47.8 -56.7
ACTIVITIES
CHANGE IN CASH AND CASH -1.9 -24.2 -29.5
EQUIVALENTS
Cash and cash equivalents at 55.8 85.3 85.3
the beginning of the period
CASH AND CASH EQUIVALENTS AT 53.9 61.1 55.8
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, 2025 1.8 49.6 -3.6 273.6 321.5
Income for the period 12.0 12.0
Translation differences 0.0 0.5 0.4 0.9
Remeasurement of
financial assets
recognized at
fair value through 0.0 - 0.0
other comprehensive
income
Comprehensive income - 0.0 0.5 12.4 12.8
for the period
Dividend to -17.3 -17.3
shareholders
Transactions with - - - -17.3 -17.3
owners of the parent
company
EQUITY, SEP 30, 2025 1.8 49.7 -3.1 268.7 317.1
Equity
attributable
to parent
company
shareholders
Share Translation Retained Total
EUR M capital Reserves differences earnings equity
EQUITY, JAN 1, 2024 1.8 49.7 -3.2 275.0 323.2
Income for the period 12.4 12.4
Translation differences 0.0 -0.2 -0.3 -0.4
Remeasurement of
financial assets
recognized at
fair value through 0.0 - 0.0
other comprehensive
income
Comprehensive income - 0.0 -0.2 12.2 12.0
for the period
Dividend to -17.3 -17.3
shareholders
Transactions with - - - -17.3 -17.3
owners of the parent
company
EQUITY, SEP 30, 2024 1.8 49.7 -3.4 269.9 318.0
FINANCIAL RATIOS AND STATISTICS
Jan 1, 2025- Jan 1, 2024- Jan 1, 2024-
Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Equity per share, EUR 18.35 18.40 18.61
Equity/assets ratio 55.0 % 52.6 % 54.0 %
Investments, EUR M 15.4 18.3 24.6
- as % of sales 4.2 % 4.9 % 5.1 %
Passengers 3,576,893 3,637,077 4,646,676
Cargo units 104,666 98,779 134,219
Average number of 2,485 2,426 2,403
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.
Jan Hanses
President and CEO
jan.hanses@vikingline.com
+358-(0)18-270 00