Viking Line Abp FINANCIAL STATEMENT RELEASE
13.02.2026, 9.00 AM
Stable Operations in a Challenging Market - A Year Marked by Change and
Preparation
FOURTH QUARTER 2025
(compared to fourth quarter 2024)
· Sales amounted to EUR112.6M(EUR 109.5 M).
· Other operating revenue was EUR 0.7M(EUR 0.6M).
· Operating income totalledEUR 3.6M(EUR 1.5M).
· Net financial items were EUR1.0M(EUR 2.1M).
· Income before taxes amounted to EUR4.5M(EUR 3.7M).
· Income after taxes totalled EUR 4.1M(EUR 3.5M).
JANUARY-DECEMBER2025
(compared to January-December2024)
· Sales amounted to EUR 480.9M(EUR 480.2 M).
· Other operating revenue was EUR 1.5M(EUR 1.4M).
· Operating income totalled EUR21.1M(EUR 26.7M).
· Net financial items were EUR-2.1M(EUR -6.9M).
· Income before taxes totalled EUR 18.9M(EUR 19.8M).
· Income after taxes totalled EUR 16.0M(EUR 15.9M).
· Investments, mainly in Gabriella and Viking XPRS, totalled EUR 19.6 M (EUR
24.6 M, mainly in Viking Cinderella and Birka Gotland).
· The Board of Directors proposes to the AGM that it authorize the Board to
pay a dividend of
at most 1 euro per share in two instalments so that 50 cents is paid in May and
the second
instalment is planned to be paid in September 2026.
Outlook for the financial year 2026
The Board assesses that profit before tax for 2026 will be on par with or
slightly better than 2025.
At the same time, significant uncertainty remains due to the prolonged economic
downturn in our area of operation, which continues to negatively affect customer
spending patterns. The geopolitical situation also contributes to uncertainty,
primarily through its potential impact on energy prices and emission allowances.
Collectively, these factors make it difficult to assess the development of the
passenger-related market, with limited forecasting certainty.
CEO'S STATEMENT
The past year was characterised by a challenging market with restrained consumer
behaviour, geopolitical uncertainty, and weak economic development in our
region. Despite this, Viking Line delivered results in line with our forecasts.
This demonstrates that we are on a more stable footing than before the pandemic
and that our long-term efforts on efficiency, cost control, and our clear focus
on experiences, customer focus, and good service are bearing fruit.
The start of the year was sluggish, partly due to necessary dockings that
affected capacity. In the second quarter, we saw some recovery in demand. A cold
and unstable early summer dampened the high season, but the subsequent heatwave
in July had a clearly positive effect. Summer developed as expected, and
passenger volumes remained strong. In the autumn, we implemented targeted
measures to protect results, focusing on cost adjustments and operational
efficiency. These efforts paid off, and the fourth quarter was better than the
same period last year. In an increasingly competitive market, we managed to
maintain stable passenger volumes for the full year. The freight segment
performed strongly, and we recorded a freight record during the year - a clear
sign of strength and the result of determined marketing and strong operational
capability.
Birka Gotland, our jointly owned vessel with Gotlandsbolaget, completed its
first full year in service. The results did not fully meet our expectations, but
we see a gradual improvement thanks to measures taken and stabilisation of
operations.
Regulatory changes continued to affect our cost structure. The phase-in of the
ETS emissions trading system increased from 40% to 70%, while FuelEU Maritime
was applied for the first time. We have managed a large part of the ETS effects
on the Turku-Stockholm line by increasing the use of biogas, but the
availability of biofuels remains limited. Furthermore, there is uncertainty
regarding upcoming global regulations and how these will be harmonised with EU
legislation. Sustainability is central from several perspectives: costs, market
requirements and expectations, and how the outside world views Viking Line as a
societal actor. Everything indicates that, in the not-too-distant future, it
will be extremely difficult to operate profitably with older vessels using
conventional propulsion and fossil fuels. Therefore, it is important to ensure a
profitability level that enables new investments. In the short term, we must
identify, address, and manage obstacles to development; in the long term, growth
with the same profitability focus is necessary to enable continued investments
and innovation.
We continue the focused development work on planning a larger electrified vessel
concept on the Helsinki-Tallinn route. The Helios project is an important step
to strengthen our competitiveness and future-proof our operations. The focus is
particularly on digitalisation, process improvements, and efficiency. This work,
combined with continued development of our customer offering, creates good
conditions for long-term sustainability.
We are pleased that our guests continue to give us very high ratings and that
our NPS level remains strong. This is a direct result of the dedication and
professionalism our employees show every day. The customer experience we create
together on board is one of our most important competitive advantages.
I would like to extend a big thank you to the entire organisation for the warm
welcome I have received during my first period as CEO. It has been both
inspiring and very gratifying to join a company with such committed and
professional employees. I would also like to thank my predecessor Jan Hanses for
his significant contributions and long-standing commitment to Viking Line.
Warm thanks also to our partners, customers, and suppliers for the confidence
and welcome I have received. I look forward to continuing to develop Viking Line
together - with clarity and long-term vision.
SUMMARY OF KEY FIGURES
Oct 1, 2025- Oct 1, 2024- Jan 1, 2025- Jan 1, 2024-
EUR M Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Sales 112.6 109.5 480.9 480.2
Other 0.7 0.6 1.5 1.4
operating
revenue
Operating 3.6 1.5 21.1 26.7
income
Income 4.5 3.7 18.9 19.8
before
taxes
Income for 4.1 3.5 16.0 15.9
the period
SERVICE AND MARKET
The Group operated passenger and freight services during the year with five
wholly owned vessels and one jointly owned vessel in the northern Baltic Sea and
the Gulf of Finland.
Gabriella was docked from 1 to 18 January. Viking XPRS was docked from 18
January to 6 February. From 21 January to 6 February, she was replaced by Viking
Cinderella on the Helsinki-Tallinn route. Viking Cinderella then returned to her
regular service on the Helsinki-Mariehamn-Stockholm route. Birka Gotland,
jointly owned with Gotlandsbolaget, had a planned service break from 6 to 15
January.
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 20 March 2024, the jointly owned vessel Birka
Gotland started cruise traffic from Stockholm. Prior to the start of service, a
major docking and upgrade of the vessel were carried out. During the comparison
period, Viking Cinderella and Viking Glory were also docked.
The number of passengers on the Group's wholly owned vessels during the period
was 4,608,573 (4,646,676), a marginal decrease from the previous year. The
Group's total market share in the traffic area was 32.1% (32.8%). In cruise
operations, the number of passengers on Birka Gotland was 570,513 (438,743 for
the comparison period 20 March-31 December 2024), reflecting the extended period
of service and good capacity utilisation.
Development varied between traffic areas. In the traffic Finland-Åland-Sweden,
passenger volumes increased, driven by good growth on the Helsinki-Stockholm
line. In the Finland-Estonia traffic, volumes were largely unchanged compared to
last year. Dockings and route changes during the period affect comparability
between years. Demand for cruises on the main markets was fluctuating, while we
note increased travel from international markets.
Viking Line's market share in the Finland-Sweden traffic was 59.8% (59.8%). In
the Finland-Estonia traffic, the market share fell to 24.3% (24.5%), mainly due
to Viking XPRS being docked at the start of the year.
Viking Line's freight volumes continued to develop positively for the fourth
consecutive year. In 2025, the number of transported freight units was 139,484
(134,219), a new historical record. The Group's freight market share was
estimated at 19.4% (17.8%). The result is particularly noteworthy considering
that Finland, Viking Line's main market, only slowly recovered from recession
and the national economy was near zero growth during the year. External factors,
such as the ongoing effects of the war in Ukraine and the downturn in the
construction sector, continued to negatively impact freight volumes.
During the year, Viking Line introduced the possibility for freight customers to
purchase fossil-free crossings on all three routes. The new service was very
well received and reflects the growing demand for low-emission transport
solutions. The service supports both the hauliers using Viking Line Cargo and
their customers in industry and trade in reducing their own emissions as part of
the EU's emission reduction targets.
A long-term approach continues to characterise all freight operations, supported
by the company's solid financial position. With regular and reliable schedules,
Viking Line has gained and maintained the trust of its freight customers.
Dedicated and motivated staff, both within Viking Line Cargo and in the wider
organisation, work closely with customers to further develop the services.
The market share for private cars was estimated at 27.8% (28.9%).
SALES AND EARNINGS FOR FOURTH QUARTER 2025
The Group's turnover increased by 2.8% to EUR 112.6 M during 1 October-31
December 2025 (EUR 109.5 M for the same period in 2024). Operating profit was
EUR 3.6 M (EUR 1.5 M).
Passenger-related revenue increased by 3.2% to EUR 99.2 M (EUR 96.1 M), while
freight revenue was EUR 12.8 M (EUR 12.9 M) and other revenue EUR 0.6 M (EUR 0.6
M). The gross profit was EUR 88.6 M (EUR 86.0 M).
Operating costs decreased by 0.6% to EUR 77.9 M (EUR 78.4 M). Costs for wages
and benefits decreased by 0.3% or EUR 0.1 M, while other operating expenses
decreased by 0.9% or EUR 0.4 M.
SALES AND EARNINGS FOR JANUARY - DECEMBER 2025
The Group's turnover increased by 0.2% to EUR 480.9 M during 1 January-31
December 2025 (EUR 480.2 M in 2024). Operating profit was EUR 21.1 M (EUR 26.7
M). Profit before tax was EUR 18.9 M (EUR 19.8 M).
The somewhat weaker outcome compared to 2024 is mainly explained by the first
quarter, when two vessels were out of service for planned dockings, affecting
volumes and revenue. Otherwise, operations developed in line with the previous
year, in a situation of continued uncertain demand and geopolitical uncertainty.
Passenger-related income decreased by 0.1% to EUR 427.4 M (EUR 427.7 M), while
freight income increased by 3.2% to EUR 51.6 M (EUR 49.7 M), and other income
was EUR 2.2 M (EUR 2.7 M). The gross profit was EUR 379.5 M (EUR 377.7 M).
Operating costs increased by 1.7% to EUR 328.6 M (EUR 323.0 M), of which costs
for emission allowances were EUR 4.5 M (EUR 3.1 M). Wage and benefit costs
increased by 2.8% or EUR 3.4 M, the largest part of the increase due to Viking
Line staffing Birka Gotland with service personnel. Other operating costs
increased by 1.1% or EUR 2.2 M. Increased costs for emission allowances, higher
fairway dues, and costs for repairs and maintenance during dockings account for
much of the increase. Other operating costs also include repayment of traffic
support received during the pandemic years of EUR 1.1 M.
INVESTMENTS AND FINANCING
The Group's investments for the period 1 January to 31 December 2025 amounted to
EUR 19.6 M (EUR 24.6 M). Total investments represented 4.1% of turnover (5.1%).
A significant portion of the investments relates to the dockings of Gabriella
and Viking XPRS, while a substantial share was directed to the purchase of
emission allowances, reported as intangible assets. The comparative year's
investments mainly comprised investments in connection with the docking of
Viking Cinderella and the jointly owned vessel Birka Gotland.
The Group's long-term interest-bearing liabilities amounted to EUR 93.6 M as of
31 December 2025 (EUR 122.5 M). It should be noted that the Group's loan related
to the financing of Viking Grace was fully repaid in January 2025.
The debt/equity ratio was 55.8% compared to 54.0% in 2024.
The Group's cash and cash equivalents at the end of December amounted to EUR
47.6 M (EUR 55.8 M). Unutilized credit lines in the Group totalled EUR 22.1 M
(EUR 22.1 M).
Net cash flow from operating activities was EUR 57.8 M (EUR 49.0 M). Net cash
flow from investing activities was EUR -16.8 M (EUR -21.7 M) and net cash flow
from financing activities was EUR -49.2 M (EUR -56.7 M).
The Group's loan agreements contain market-standard loan covenants. The
financial covenants comprise minimum requirements for liquid assets and equity,
and a maximum level for the Group's total net financial debt in relation to
EBITDA.
The dividend restriction in one of the Group's loan agreements continues to
apply if the Group's debt in relation to EBITDA exceeds 5.0. The Group's debt in
relation to EBITDA is below 5.0; therefore, the dividend restriction is not in
effect.
RISKS AND RISK MANAGEMENT
Viking Line's operations are exposed to various types of risks, with differing
scope and impact on operations, financial results, and the company's ability to
meet certain social and environmental goals. The relevant risks have been
categorised under five headings: strategic, operational, damage risks, financial
risks, and climate risks. During the 2025 financial period, Viking Line expanded
its classification by adding a category for climate risks.
Strategic risks
Changes in the geopolitical situation and intensified security policies, as well
as their impact on energy prices, inflation, travel propensity, maritime policy,
regulations and legislation, climate risks, as well as the competitive landscape
and market development, can negatively and significantly affect the demand for
the Group's products and services, its results, cash flow, and financial
position.
The demand for the company's services and products is also influenced by
megatrends, for example, an increased awareness of climate change and
environmental protection may affect the public perception of ferry traffic.
Moreover, for the majority of our passengers, our operations constitute a
leisure rather than a utility product, making them substitutable, and hence
other alternatives may be chosen by consumers.
Seasonal fluctuations throughout the year impact Viking Line's business
operations. The result for the third quarter usually generates the largest share
of the year's earnings.
Political decisions can alter Viking Line's operating conditions with
potentially negative consequences for the business. The Åland tax exemption,
which allows duty-free sales on routes to and from Åland, is, however,
permanent. The EU Commission's guidelines for promoting shipping, which allow
for the net wage system for seafarers, remain in force for now.
Finnish shipping is subject to environmental regulations under the International
Maritime Organisation's (IMO) statutes, EU directives, HELCOM recommendations,
and national legislation. We actively monitor the preparation of environmental
regulations, developments in environmental technology, and research-based
solutions regarding increasingly stringent environmental requirements.
Significant uncertainty exists due to the economic downturn in Finland, which in
recent years has negatively affected customer consumption patterns.
Rapid technological development and increased cyber threats can adversely affect
operations. Security vulnerabilities can lead to data breaches and the loss of
sensitive information, which may damage the company's reputation and results.
As of 1 January 2024, shipping was included in the EU Emissions Trading System
(ETS). ETS is one of the tools used by the EU to achieve its own climate goals
and international obligations under the Paris Agreement. The inclusion of ship
greenhouse gas emissions in ETS is being phased in from 2024 to 2026, when all
emissions will be included. From 2024, Viking Line Abp must submit emission
allowances corresponding to 40% (2025: 70%; 2026: 100%) of the fleet's
greenhouse gas emissions to the relevant supervisory authority, which for Viking
Line is the Energy Authority in Finland. The Finnish Parliament has approved the
application of a so-called island exemption, which means that emissions
generated from traffic between the Finnish mainland and Åland are exempt from
the requirement to submit emission allowances. Significant parts of the traffic
on the Turku-Stockholm and Helsinki-Stockholm routes are thus exempt from
emissions trading. The island exemption applies up to and including 31 December
2030. The price of emission allowances is affected by many factors, including a
built-in gradual reduction of the total amount of allowances on the open market.
In addition, the price may be affected by several external factors, such as
geopolitical and energy policy decisions.
From 1 January 2025, the FuelEU Maritime Regulation will apply to European
shipping. The regulation focuses on the energy used by ships and aims to
gradually phase out fossil energy, while increasing the share of renewable or
emission-free energy carriers in the European fleet's energy mix. Ships covered
by the regulation must achieve predetermined improvements in greenhouse gas
intensity. The requirements increase every five years on a non-linear curve,
initially requiring a 2% reduction in greenhouse gas intensity for the first
five-year period compared to the reference year 2020. By 2050, ships' greenhouse
gas intensity must have decreased by 80% compared to the reference year. In
cases of inadequate compliance, shipowners face penalties proportional to the
vessel's environmental underperformance. The penalty increases for each
consecutive year of underperformance, and the size of these penalties can
significantly affect profitability. Emission-free marine fuels or technologies
utilising these fuels are not currently available. In practice, the regulation
means that a mixture of bio-based or alternative fuels and fossil fuels will be
used in European shipping. The price and availability of alternative and
renewable fuels will be key issues in future.
Operational risks
The Group's operations depend on functioning logistics and stable IT systems for
communication and daily operations. Intrusions, technical faults, or disruptions
can cause interruptions and lead to financial consequences. Cyberattacks are a
growing global threat that is constantly evolving. Disruptions in traffic or IT
communication can negatively affect the Group's results.
To reduce the risk of prolonged unplanned traffic interruptions, Viking Line
invests in continuous vessel maintenance, robust security systems, training, and
regular drills. Information management risks are limited by developing effective
security solutions, alternative working methods, and investments in system
reliability.
Hiring, retaining, and developing a competent workforce is crucial for success.
Loss of key employees and the inability to attract new employees may harm the
Group's operations.
Disruptions in the supply chain, such as delays or shortages of critical
materials, can negatively impact operations. This includes problems with
suppliers, transport, and warehousing.
Changes in laws and regulations can affect operational processes. Keeping
updated and adapting to new requirements is crucial for avoiding sanctions and
ensuring continuous operations.
Natural disasters and extreme weather conditions can affect operations,
especially in shipping. Having contingency plans for such events is important to
minimise disruptions.
Workplace accidents and health risks can affect staff well-being and
productivity. Maintaining high safety standards and providing regular training
is essential.
Damage risks
Maritime safety and security are governed by the ISMC (International Safety
Management Code) and ISPS (International Ship & Port Facility Security Code) and
have the highest priority within Viking Line's operations. Viking Line has
developed its own shipping-adapted management system for safety, which is
continuously revised to identify potential risk situations and thereby prevent
accidents. Our goal is to continuously improve safety.
Viking Line has a zero-tolerance policy regarding various types of crime,
harassment, and public order issues on board. We work continuously to achieve
this. A group dedicated to these issues meets regularly, and external expertise
has also been engaged.
Viking Line maintains a crisis preparedness plan to prevent and mitigate the
consequences of abnormal events and crises with serious consequences for
passengers, staff, traffic, property, the environment, operations, and the
company's reputation. The crisis preparedness plan is characterised by an
effective alert system that quickly establishes the central crisis organisation
within the Group. In crisis situations, the central crisis organisation works
closely with the relevant authorities.
Various organisations, companies, and specialists are engaged as needed for
support and assistance in crisis work. Communication, information, and crisis
support are central elements in the crisis organisation's work. To be effective
and resilient despite physical and psychological stress, the organisation is
continuously trained and drilled. The goal of the crisis organisation's work is
to save lives, avoid harm to people, the environment, and property, and to
ensure that the rescue operation is so effective that operations can return to
normal as quickly as possible without damaging the company's brand.
Environmental risks are managed through strict routines to minimise
environmental impact, such as oil spills and other pollution. The company
carefully adheres to environmental legislation and works actively to reduce its
environmental footprint.
Regular maintenance and inspections of the vessels ensure that they are in good
condition and meet safety standards. This includes both internal and external
inspections.
Staff training and drills are crucial for handling emergencies and safety risks.
This includes fire drills, evacuation exercises, and other safety training.
The company works closely with local and international authorities to ensure
that safety standards are maintained and that it is prepared to handle crisis
situations.
The Group's vessels are recognized in the balance sheet at a carrying amount of
EUR 409.7 M (EUR 423.5 M). The vessels have hull and machinery insurance plus
increased value insurance totalling EUR 691.0 M (EUR 699.5 M). In addition, all
vessels have strike/delay insurance, protection and indemnity (P&I) and
Passenger Liability Regulation (PLR) insurance.
Financial risks
The Group is also exposed to various financial risks, including fluctuations in
exchange rates and interest rates.
Revenues are generated in euros and Swedish kronor. The majority of the
operative inflow and outflow of liquid funds is in euros. The purchase price of
sales goods and bunker is affected by other currencies, primarily the US dollar.
Fluctuations in bunker prices have a direct impact on the Group's results. To
somewhat mitigate the risk of rising bunker prices, as of 31 December 2025, the
Group had entered into fixed-price agreements for parts of MDO consumption for
the first half of 2026 and fixed-price agreements for parts of LNG consumption
for the period 1 January-30 September 2026.
The company's ability to meet the requirements set out in existing financing
agreements depends on its ability to generate positive cash flow and results
from its operations, which is partly dependent on factors outside the company's
control.
The company's interest-bearing liabilities amounted to EUR 123.3 M as of 31
December 2025, of which 91.9% have a variable interest rate. The total variable
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.
A general post-review of the traffic support received by passenger shipping
companies, which operated to Finland during the pandemic years 2020-2022, is
ongoing. The outcome of the review may have a negative effect on the company's
future results.
Climate Risks
In 2025, Viking Line expanded its risk classification with a separate category
for climate risks. Climate risks are managed as an integrated part of the
Group's overall risk management process and are assessed based on both short-
and long-term effects on operations. The work has been formalised in accordance
with the EU's directive on sustainability reporting (CSRD) and aims to ensure
long-term competitiveness, meet regulatory requirements, and contribute to the
transition towards climate-neutral shipping.
Climate risks are divided into two main categories:
· Physical risks: Extreme weather, changing sea levels, and climate patterns
may affect vessel operations, port infrastructure, supply chains, and staff
safety. These risks can lead to increased costs for maintenance, insurance, and
preparedness.
· Transition risks: Political decisions, technological development, changing
customer preferences, and market conditions in the transition to a low-carbon
economy can affect cost structures and profitability. This includes requirements
for emissions reductions, increased costs for emission allowances, and the
availability of alternative fuels.
Viking Line actively monitors the development of climate-related regulations and
market conditions, including the EU ETS and FuelEU Maritime, and continuously
evaluates scenarios to reduce exposure to these risks. The company works to
identify measures that reduce climate impact and strengthen resilience to both
physical and transition-related risks.
ORGANIZATION AND PERSONNEL
The average number of full-time employees in the Group was 2,441 (2,403), 2,000
(1,938) of whom worked for the parent company. Land-based personnel totalled 456
(468) and shipboard personnel totalled 1,984 (1,935).
During the period, 305 people (257) 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.
During the comparative period, Viking Cinderella was reflagged from a Swedish to
a Finnish flag.
At the end of 2025, the Group had a total of 2,730 (2,583) employees, of whom
2,227 (2,056) were resident in Finland. The number resident in Sweden was 373
(401). Those resident in Estonia amounted to 129 (120) and in other countries to
1 person (6).
The proportion of men was 56.8% (57.9%) and the proportion of women 43.2%
(42.1%). The proportion of women in managerial positions was 28.9% (25.7%). The
average age of the staff was 44.5 years (44.0).
CONSOLIDATED INCOME STATEMENT BY QUARTER
2025 2025 2025 2025 2024
EUR M Q4 Q3 Q2 Q1 Q4
SALES 112.6 152.5 128.4 87.3 109.5
Other operating revenue 0.7 0.2 0.2 0.4 0.6
Expenses
Goods and services 24.0 31.3 27.5 18.5 23.5
Salary and other 30.5 31.9 33.1 28.7 30.6
employment benefit
expenses
Depreciation, 7.8 7.8 8.0 7.7 6.8
amortization and
impairment losses
Other operating expenses 47.4 53.0 53.1 50.8 47.8
109.7 124.0 121.8 105.8 108.6
OPERATING INCOME 3.6 28.7 6.9 -18.0 1.5
Financial income 0.4 0.3 0.2 0.3 1.2
Financial expenses -1.6 -1.7 -2.4 -2.3 -2.0
Share of after-tax income 2.2 4.3 0.1 -1.9 2.9
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES 4.5 31.6 4.8 -22.0 3.7
Income taxes -0.5 -2.3 -0.1 -0.1 -0.2
INCOME FOR THE PERIOD 4.1 29.3 4.8 -22.1 3.5
Income attributable to:
Parent company 4.1 29.3 4.8 -22.1 3.5
shareholders
Earnings per share, EUR 0.24 1.69 0.28 -1.28 0.20
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME BY QUARTER
2025 2025 2025 2025 2024
EUR M Q4 Q3 Q2 Q1 Q4
INCOME FOR THE PERIOD 4.1 29.3 4.8 -22.1 3.5
Items that may be
reclassified to the income
statement
Translation differences 0.5 0.2 -0.7 1.4 0.0
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 0.5 0.2 -0.7 1.4 0.0
COMPREHENSIVE INCOME FOR THE 4.5 29.4 4.1 -20.7 3.6
PERIOD
Comprehensive income
attributable to:
Parent company shareholders 4.5 29.4 4.1 -20.7 3.6
FINANCIAL RATIOS AND STATISTICS
Jan 1, 2025- Jan 1, 2024-
Dec 31, 2025 Dec 31, 2024
Equity per share, EUR 18.61 18.61
Equity/assets ratio 55.8 % 54.0 %
Investments, EUR M 19.6 24.6
- as % of sales 4.1 % 5.1 %
Passengers 4,608,573 4,646,676
Cargo units 139,484 134,219
Average number of employees, full-time equivalent 2,441 2,403
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.
SUSTAINABILITY REPORT
The sustainability report for 2025 is part of the Board's report on operations
and is included in the 2025 financial statements. Information on Viking Line's
sustainability work is also available at Vikingline.com.
CORPORATE GOVERNANCE STATEMENT
Viking Line applies the Finnish Corporate Governance Code, which was approved by
the Securities Market Association and is available on the Securities Market
Association's website, Cgfinland.fi. Viking Line complies with the Code in full,
and any deviations are explained (using the comply or explain approach). The
Corporate Governance Statement for 2025 is published separately. Information
about Viking Line's corporate governance is available at Vikingline.com.
EVENTS AFTER THE BALANCE SHEET DATE
The Board of Directors knows of no events after the balance sheet date that
could affect the Year-End Report.
THE BOARD'S PROPOSAL ON DISTRIBUTION OF EARNINGS
According to the balance sheet of Viking Line Abp on December 31, 2025,
unrestricted equity totalled 78,883,055.66 euros.
The Board of Directors proposes to the AGM that it authorize the Board to pay a
dividend of at most 1 euro per share, equivalent to 17,280,000.00 euros, made in
two instalments so that 50 cents is paid in May and the second instalment is
planned to be paid in September 2026.
There have been no material changes in the company's economic position since the
end of the report period. In the Board of Directors' view, the dividend is
justified given the requirements that the nature, scope, financing and risks of
operations place on the size of Viking Line's equity.
ANNUAL GENERAL MEETING
The Annual General Meeting of Viking Line Abp will be held at 12 noon on
Tuesday, April 21, 2026, at the Alandica Culture and Congress auditorium,
Strandgatan 33, Mariehamn, Åland, Finland.
An electronic version of the official financial statements for 2025 and Viking
Line's Corporate Governance and Compensation Statement will be published during
the week of March 23 on the company's website, Vikingline.com.
FINANCIAL INFORMATION FOR 2026
During the financial year 2026, Viking Line Abp's financial reports will be
published for the periods January 1-March 31, January 1-June 30, and January
1-September 30. The Business
Review for January-March will be published on April 21, the Half-Year Financial
Report for January-June on August 14 and the Business Review for
January-September on October 23. The Year-End Report for the financial year 2026
will be published on February 19, 2027.
Mariehamn February 12, 2026
VIKING LINE ABP
The Board of Directors
CONSOLIDATED INCOME STATEMENT
Oct 1, Oct 1, Jan 1, Jan 1, 2024-
2025- 2024- 2025-
EUR M Note Dec Dec Dec Dec 31, 2024
31, 31, 31,
2025 2024 2025
SALES 4 112.6 109.5 480.9 480.2
Other operating revenue 5 0.7 0.6 1.5 1.4
Expenses
Goods and services 24.0 23.5 101.4 102.5
Salary and other employment 6 30.5 30.6 124.2 120.9
benefit expenses
Depreciation, amortization 7 7.8 6.8 31.3 29.3
and impairment losses
Other operating expenses 8 47.4 47.8 204.4 202.2
109.7 108.6 461.3 454.8
OPERATING INCOME 3.6 1.5 21.1 26.7
Financial income 0.4 1.2 1.2 2.9
Financial expenses 9 -1.6 -2.0 -8.0 -11.2
Share of after-tax income 2.2 2.9 4.7 1.4
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES 4.5 3.7 18.9 19.8
Income taxes -0.5 -0.2 -2.9 -3.8
INCOME FOR THE PERIOD 4.1 3.5 16.0 15.9
Income attributable to:
Parent company shareholders 4.1 3.5 16.0 15.9
Earnings per share, EUR 0.24 0.20 0.93 0.92
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Oct 1, Oct 1, Jan 1, Jan 1, 2024-
2025- 2024- 2025-
EUR M Dec Dec Dec Dec 31, 2024
31, 31, 31,
2025 2024 2025
INCOME FOR THE PERIOD 4.1 3.5 16.0 15.9
Items that may be
reclassified to the income
statement
Translation differences 0.5 0.0 1.3 -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
income
Other comprehensive income 0.5 0.0 1.4 -0.4
COMPREHENSIVE INCOME FOR THE 4.5 3.6 17.4 15.6
PERIOD
Comprehensive income
attributable to:
Parent company shareholders 4.5 3.6 17.4 15.6
CONSOLIDATED BALANCE SHEET
EUR M Note Dec Dec
31, 31,
2025 2024
ASSETS
Non-current assets
Intangible assets 10.6 8.1
Land 0.5 0.5
Buildings and structures 1.5 1.6
Renovation costs for rented 1.2 1.5
properties
Vessels 409.7 423.5
Machinery and equipment 2.9 2.6
Right-of-use assets 8.5 5.2
Financial assets at fair
value through
other comprehensive income 0.0 0.0
Investments accounted for 12 57.8 54.6
using the equity method
Total non-current assets 492.8 497.7
Current assets
Inventories 12.4 13.4
Income tax assets 0.1 0.1
Trade and other receivables 13 33.9 40.4
Cash and cash equivalents 47.6 55.8
Total current assets 94.1 109.7
TOTAL ASSETS 586.9 607.4
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8
Reserves 49.7 49.6
Translation differences -2.9 -3.6
Retained earnings 273.1 273.6
Equity attributable to parent 321.6 321.5
company shareholders
Total equity 321.6 321.5
Non-current liabilities
Deferred tax liabilities 10 52.0 49.0
Interest-bearing liabilities 93.6 122.5
Lease liabilities 6.5 3.3
Investments accounted for 12 1.8 0.5
using the equity method
Other payables 1.0 1.5
Total non-current liabilities 154.8 176.8
Current liabilities
Interest-bearing liabilities 29.8 29.2
Lease liabilities 2.4 2.7
Income tax liabilities 0.0 0.0
Trade and other payables 78.3 77.1
Total current liabilities 110.5 109.0
Total liabilities 265.3 285.9
TOTAL EQUITY AND LIABILITIES 586.9 607.4
CONSOLIDATED CASH FLOW
STATEMENT
Jan 1, Jan 1,
2025- 2024-
EUR M Dec Dec
31, 31,
2025 2024
OPERATING ACTIVITIES
Income for the period 16.0 15.9
Adjustments
Depreciation, amortization 31.3 29.3
and impairment losses
Capital gains/losses from 0.0 0.0
non-current assets
Income from investments in -4.7 -1.4
associate companies
Other items not included in 0.1 -0.1
cash flow
Interest expenses and other 7.1 11.1
financial expenses
Interest income and other -1.0 -2.4
financial income
Dividend income 0.0 0.0
Income taxes 2.9 3.8
Change in working capital
Change in trade and other 6.5 -0.3
receivables
Change in inventories 1.0 -0.6
Change in trade and other 4.1 1.7
payables
Interest paid -6.2 -9.8
Financial expenses paid -0.3 -0.7
Interest received 1.0 2.4
Financial income received 0.0 0.1
Taxes paid -0.1 0.0
NET CASH FLOW FROM OPERATING 57.8 49.0
ACTIVITIES
INVESTING ACTIVITIES
Investments in vessels -11.9 -14.4
Investments in other -7.7 -5.1
intangible assets, property,
plant and equipment
Investments accounted for 0.0 -5.0
using the equity method
Divestments of other non 0.1 0.0
-current assets
Change in non-current - 0.6
receivables
Dividends received from 2.8 2.2
associate companies
Dividends received from 0.0 0.0
others
NET CASH FLOW FROM INVESTING -16.8 -21.7
ACTIVITIES
FINANCING ACTIVITIES
Principal payments -29.2 -36.7
Depreciation of lease -2.6 -2.8
liabilities
Dividends paid -17.3 -17.3
NET CASH FLOW FROM FINANCING -49.2 -56.7
ACTIVITIES
CHANGE IN CASH AND CASH -8.2 -29.5
EQUIVALENTS
Cash and cash equivalents at 55.8 85.3
the beginning of the period
CASH AND CASH EQUIVALENTS AT 47.6 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 16.0 16.0
Translation differences 0.0 0.7 0.7 1.3
Divestments of financial
assets recognized at
fair value through other - -
comprehensive income
Remeasurement of financial
assets recognized at
fair value through other 0.0 - 0.0
comprehensive income
Comprehensive income for the - 0.0 0.7 16.7 17.4
period
Dividend to shareholders -17.3 -17.3
Transactions with owners of - - - -17.3 -17.3
the parent company
EQUITY, DEC 31, 2025 1.8 49.7 -2.9 273.1 321.6
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 15.9 15.9
Translation differences 0.0 -0.4 0.0 -0.4
Divestments of financial
assets recognized at fair
value
through other comprehensive 0.0 0.0
income
Remeasurement of financial
assets recognized at
fair value through other 0.0 - 0.0
comprehensive income
Comprehensive income for the - 0.0 -0.4 15.9 15.6
period
Dividend to shareholders -17.3 -17.3
Transactions with owners of - - - -17.3 -17.3
the parent company
EQUITY, DEC 31, 2024 1.8 49.6 -3.6 273.6 321.5
NOTES TO THE YEAR-END REPORT FOR THE PERIOD JANUARY-DECEMBER 2025
1. Accounting principles
This year-end report has been prepared in accordance with IFRS accounting
principles and is compiled as a summary of the financial statements for the
period in accordance with IAS 34.
The year-end report is prepared according to the same accounting principles,
estimates, and valuations as in the most recent annual accounts, unless
otherwise stated below.
Public grants received are, depending on their nature, reported either under
other operating income, employee compensation, or as a reduction of investments.
For liquid assets with a short maturity, the reported value is considered to
correspond to the fair value. The carrying amount for trade and other
receivables as well as trade and other payables is deemed to correspond to fair
value due to their short-term nature. The carrying amount for interest-bearing
liabilities corresponds to fair value.
Joint ventures and associates are defined as companies where the parent company
exercises significant influence. Holdings in these companies are reported in the
balance sheet according to the equity method.
See note 12.
The Year-End Report was not subject to an audit.
When rounding off items to the nearest EUR 1 M, rounding-off differences of
EUR+/- 0.1 M may occur.
2. Estimates and judgements
When preparing the consolidated accounts in accordance with IFRS accounting
standards, company management must make judgements and estimates about the
future that affect the reported amounts of assets and liabilities, income and
expenses, and other information. The judgements and estimates contained in the
financial statements are based on management's best view at the time of
publication of the financial statements.
Significant uncertainty during 2025 has existed as a result of the economic
downturn in our traffic area in recent years, which has negatively affected
customers' consumption patterns. The prevailing geopolitical situation and its
potential impact, primarily on energy prices, also contribute to the
uncertainty.
It is difficult to assess how the uncertainty will affect and what impact it
will have on Viking Line's future results, financial position, and cash flow.
The actual outcome may differ from the estimates and judgements made.
The most important area involving judgements is the valuation of the Group's
vessels. Market valuations are regularly carried out by external appraisers. The
vessels' residual values and estimated useful lives are reviewed annually and
adjusted if they deviate significantly from previous values.
In the valuation of the Group's lease agreements, assessments are made as to
whether the Group will exercise any option to extend the lease period or to
terminate the agreement. Judgements are also made regarding which discount rates
should be used in the present value calculations of the Group's lease liability.
The size of the Group's lease liabilities and right-of-use assets, as well as
amortisations of lease liabilities and depreciations of right-of-use assets, are
affected by these judgements.
Based on management's judgements, there is no need for significant impairments
in the income statement as of 31 December 2025.
3. Risks and liquidity
The Group's cash and cash equivalents at the end of December totalled EUR 47.6 M
(EUR 55.8 M). Unutilized credit lines in the Group totalled EUR 22.1 M as of 31
December 2025 (EUR 22.1 M). Net cash flow from operating activities amounted to
EUR 57.8 M (EUR 49.0 M). Net cash flow from investing activities was EUR -16.8 M
(EUR -21.7 M) and net cash flow from financing activities amounted to EUR -49.2
M (EUR -56.7 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 equity ratio, as well as a maximum level of the Group's total
financial net debt in relation to EBITDA. These loan covenants have been within
the set requirements during the period.
The company's ability to meet the requirements in existing financing agreements
depends on its ability to generate cash flow from its operations, which is
partly dependent on factors outside the company's control. There is a risk that,
if the economic downturn in Finland and the geopolitical situation worsen and
energy prices rise significantly, the company may not be able to generate
sufficient cash flow or obtain additional financing to meet its obligations
under the financing agreements.
To somewhat mitigate the risk of increased bunker prices, the Group as of 31
December 2025 has entered into fixed price agreements for parts of the MDO
consumption for the first half of 2026, and fixed price agreements for parts of
the LNG consumption for the period 1 January-30 September 2026.
A general post-review is ongoing for the traffic support that passenger shipping
companies operating to Finland received during the pandemic years 2020-2022. The
outcome of the review may result in a negative effect on the company's result in
the future.
From 1 January 2024, shipping has been included in the EU Emissions Trading
System (ETS). ETS is one of the policy instruments the EU uses to achieve its
climate goals and international commitments under the Paris Agreement. Viking
Line has been obliged, for emissions from 1 January 2024, to surrender emission
allowances for the fleet's greenhouse gas emissions to the relevant supervisory
authority. The first surrender took place in September 2025. Viking Line
continuously purchases emission allowances to reduce price risk. Holdings of
emission allowances tie up capital and negatively affect liquidity.
The FuelEU Maritime regulation entered into force on 1 January 2025. The
regulation's purpose is to increase the share of renewable and low-emission
fuels in the European fleet's energy mix, according to a requirement level that
rises every five years. The Finnish government has decided to apply a similar
island exemption for FuelEU as for ETS until 31 December 2029. The impact on
liquidity as a result of FuelEU Maritime is expected to be minimal during the
first five-year period.
Future cash flows related to financial liabilities on December 31, 2025:
EUR M
Future cash flows Lease Trade Interest- Total
related to
financial liabilities liabilities payables bearing
(incl. financial
expenses)
liabilities
Jan 1, 2026 - Jun 30, 1.4 23.4 13.3 38.1
2026
Jul 1, 2026 - Dec 31, 1.4 21.0 22.5
2026
Jan 1, 2027 - Dec 31, 2.5 23.5 26.0
2027
Jan 1, 2028 - Dec 31, 2.2 21.0 23.2
2028
Jan 1, 2029 - Dec 31, 0.9 15.4 16.3
2029
Jan 1, 2030 - Dec 31, 0.9 14.8 15.7
2030
Jan 1, 2031 - 0.6 31.5 32.1
Total 9.9 23.4 140.6 173.9
4. Segment information
Consolidated revenue increased by 0.2% and passenger-related revenue decreased
by 0.1%.
Jan 1, 2025- Jan 1, 2024-
EUR M Dec 31, 2025 Dec 31, 2024
Sales
Vessels 476.8 474.6
Unallocated 4.3 5.7
Total, operating segments 481.0 480.3
Eliminations -0.1 -0.1
Total sales of the Group 480.9 480.2
Operating income
Vessels 92.9 93.4
Unallocated -71.8 -66.7
Total operating income of the Group 21.1 26.7
SALES
Passenger-related revenue 427.4 427.7
Cargo revenue 51.3 49.7
Miscellaneous sales revenue 2.2 2.7
Total 480.9 480.2
5. Other operating revenue
Jan 1, 2025- Jan 1, 2024-
EUR M Dec 31, 2025 Dec 31, 2024
State aid 0.4 0.3
Rents received on properties 0.1 0.1
Capital gains 0.0 0.0
Insurance claim payments, accidents 0.2 0.0
Revenue, joint venture 0.6 0.8
Miscellaneous other operating revenue 0.1 0.3
Total 1.5 1.4
6. Compensation to employees
During the period, 305 (257) people 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 catering staff.
During the comparative period, Viking Cinderella was reflagged from a Swedish to
a Finnish flag.
Jan 1, 2025- Jan 1, 2024-
EUR M Dec 31, 2025 Dec 31, 2024
Salaries 132.5 129.1
Expenses of defined-contribution pensions 16.1 15.7
Other payroll overhead 11.7 11.2
160.3 156.0
Government restitution -36.1 -35.1
Total 124.2 120.9
7. Depreciation and amortization
Jan 1, 2025- Jan 1, 2024-
EUR Dec 31, 2025 Dec 31, 2024
M
Depreciation and
amortization
Intangible assets 0.7 0.7
Building and structures 0.1 0.1
Renovation costs for rented 0.4 0.3
properties
Vessels 27.1 25.4
Machinery and equipment 0.8 0.6
Right-of-use assets 2.2 2.1
Total 31.3 29.3
Total depreciation, 31.3 29.3
amortization and impairment
losses
8. Other operating expenses
Jan 1, 2025- Jan 1, 2024-
EUR M Dec 31, 2025 Dec 31, 2024
Sales and marketing expenses 20.3 20.2
Washing and cleaning expenses 22.6 22.2
Repairs and maintenance 16.2 15.6
Public port expenses and vessel charges 41.4 38.1
Fuel expenses 53.8 59.5
Emission allowance costs 4.5 3.1
Miscellaneous expenses 45.5 43.4
Total 204.4 202.2
9. Financial expenses
Jan 1, 2025 - Jan 1, 2024 -
EUR Dec 31, 2025 Dec 31, 2024
M
Interest expenses on
financial liabilities
recognized at
amortized cost 6.3 10.1
Interest expenses on lease 0.3 0.3
liabilities
Exchange losses 0.9 0.1
Guarantee commissions and 0.5 0.7
other financial expenses
Total financial expenses 8.0 11.2
10. Income taxes
On December 31, 2025, the Group recognized net deferred tax liabilities of EUR
52.0 M, EUR 58.3 M of which is deferred tax liabilities and EUR 6.3 M of which
is deferred tax assets.
EUR M
Differences between Losses Other Total
recognized value of recognized in temporary
fixed assets and taxation differences
their value for tax
purposes
Jan 1, 2025 48.6 - 0.3 49.0
Translation 0.2 - 0.0 0.2
differences
Recognized 8.3 -5.5 0.1 2.9
in
income
statement
Recognized - - 0.0 0.0
directly in
equity
Dec 31, 57.1 -5.5 0.4 52.0
2025
11. Impairment testing
Recognized values for intangible and tangible assets 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.
12. Investments accounted for using the equity method
Viking Line Abp's investment in Alandia Försäkring Abp and Alandia Holding Ab
generated a result of EUR 2.5 M during the financial year. The dividend received
during the period from Alandia Försäkring Abp of EUR 1.7 M results, in
accordance with IAS 28.10, only in a positive cash flow for the Group.
Viking Line Abp's investment in Rederiaktiebolaget Eckerö generated a result of
EUR 3.4 M during the financial year. Viking Line receives data from
Rederiaktiebolaget Eckerö with a one-quarter delay. The dividend received during
the period from Rederiaktiebolaget Eckerö of EUR 1.0 M results, in accordance
with IAS 28.10, only in a positive cash flow for the Group.
Viking Line's share, amounting to 50%, of Gotland Alandia Cruises AB's result
for the full year 2025 generated a result of EUR -1.3 M.
13. Trade and other receivables
Trade receivables are recognized at amortized cost in accordance with IFRS 9.
The carrying amount of trade and other receivables is considered equal to fair
value based on the short-term nature of the items.
14. Pledged assets and contingent liabilities
EUR M Dec 31, 2025 Dec 31, 2024
Contingent liabilities 1 155.7 173.9
Assets pledged for own debt 2 232.6 436.5
Other liabilities not shown in the balance sheet 3 2.3 2.6
1 Concerning loans, limits and credit lines for which vessel and shares were
provided as collateral and other contingent liabilities not included in the
balance sheet covered by site leasehold and chattel mortgages.
2 Concerning vessel mortgages, pledged shares and site leasehold mortgages.
3 In addition to a capital injection, Alandia Holding Ab has taken a loan to
finance the purchase of shares in Alandia Försäkring Abp. To the extent Alandia
Holding Ab is in need of cash equivalents to make the payments, Viking Line Abp
has undertaken to make a cash capital contribution to Alandia Holding Ab through
a shareholder agreement.
15. Events after the balance sheet date
The Board of Directors knows of no events after the balance sheet date that
could affect the Year-End Report.
This Year-End Report 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