Viking Line - Business Review January - September 2026

Viking Line Abp                              INTERIM REPORT                           22.10.2026, 9.00 AM

Energy Costs Weigh on Results

THIRD QUARTER 2026 

(compared to third quarter of 2025) 

• Sales amounted to EUR 154.9 M (EUR 152.5 M). 
• Other operating revenue was EUR 0.8 M (EUR 0.2 M). 
• Operating income totalled EUR 25.5 M (EUR 28.7 M). 
• Net financial items were EUR 1.5 M (EUR 2.9 M). 
• Income before taxes totalled EUR 27.0 M (EUR 31.6 M). 
• Income after taxes was EUR 25.1 M (EUR 29.3 M).

JANUARY-SEPTEMBER 2026 

(compared to January–September 2025) 

• Sales amounted to EUR 368.9 M (EUR 368.3 M). 
• Other operating revenue was EUR 1.3 M (EUR 0.8 M). 
• Operating income totalled EUR 13.5 M (EUR 17.5 M). 
• Net financial items were EUR -5.1 M (EUR -3.1 M). 
• Income before taxes totalled EUR 8.4 M (EUR 14.4 M). 
• Income after taxes was EUR 6.4 M (EUR 12.0 M).
• Investments mainly in Viking Grace totalled EUR 14.8 M (EUR 15.4 M mainly in Gabriella and Viking XPRS).

Outlook for the financial year 2026

The Board of Directors has previously estimated that higher energy prices and weaker performance in the Group’s associated companies would result in income before taxes for the 2026 financial year being lower than in 2025.

Due to the continued high energy prices and their impact on the Group’s cost base, the Board of Directors now estimates that income before taxes for the 2026 financial year will be below previous expectations and significantly lower than in 2025.
 

COMMENTS FROM PRESIDENT AND CEO MARCUS RISBERG

The third quarter was characterised by stable demand during the peak season, with passenger volumes in line with the corresponding period of the previous year and increased revenue. The underlying business developed in line with the comparison period, while persistently high energy prices continued to weigh on earnings. At the same time, Viking Line strengthened its position in key customer segments, with positive developments in international travel and vehicle passengers.

Interest in travel and holiday experiences in the Nordic region remains strong. Customer satisfaction has remained at a high level, confirming the competitiveness of our customer offering and our long-term focus on service and customer experience.

We continue to prioritise cost efficiency, energy-saving measures and the efficient use of resources. Earnings from our associated companies and joint ventures were also weaker than in the corresponding quarter of the previous year, which further affected the result for the period.

Regulatory developments continue to affect the operating environment for the shipping industry. In July, the European Commission presented a proposal for a revision of the EU Emissions Trading System (ETS), including an extension of certain exemptions, such as the island exemption, as well as new mechanisms to support the sector’s climate transition. At the same time, FuelEU Maritime has entered its second year of application. Trading in the surplus generated when vessels use energy with a lower greenhouse gas intensity than required under the regulation has, to date, taken place at lower prices than expected. Viking Line remains committed to measures that reduce climate impact and strengthen long-term competitiveness.

At the beginning of the fourth quarter, a planned cooperation with TT-Line was announced. The cooperation represents a strategic step in strengthening our position in the freight market.

We enter the final quarter of the year with a stable market position, although uncertainty regarding energy prices and consumer demand remains. Our focus continues to be on cost control, operational efficiency and the development of our customer offering in order to strengthen the business’s long-term profitability and competitiveness.

I would like to extend my sincere thanks to our customers for their continued trust and to our employees for their commitment and valuable contributions during the peak season.

Marcus Risberg
President and CEO

KEY METRICS, SUMMARY

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 January 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 January 15.

From June 17 to August 9, the vessels Gabriella and Viking Cinderella called at Tallinn as part of their regular service on the Helsinki-Mariehamn-Stockholm route. A corresponding summer service including calls at Tallinn was also operated in the previous year. In June and August, these vessels also made a number of destination cruises from Helsinki to Visby.

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 3,557,522 (3,576,893). The Group had an estimated total market share in the traffic area of 32.4% (32.2%). The number of passengers on Birka Gotland was 411,563 (417,369).

Viking Line's volumes increased between Finland and Estonia, while traffic between Finland, Åland and Sweden declined as a result of intensified competition. Viking Line’s market share in Finland–Sweden traffic was 58.7% (59.9%). In Finland–Estonia traffic, the market share was 25.0% (24.5%).

Demand for cruises on the main markets fluctuated due to geopolitical and economic factors,

while we note continued good growth in international travel.

The freight market continued to be affected by price and cost pressures during the reporting period. The Group’s total cargo volumes amounted to 100,719 cargo units (104,666), and its cargo market share was estimated at 18.1% (19.7%). Despite lower volumes, freight revenue developed positively as a result of higher average revenue per cargo unit. Demand was particularly strong on certain departures, where capacity utilisation remained at a high level.

The market share for private cars was estimated at 29.5% (28.1%).

SALES AND EARNINGS FOR THE THIRD QUARTER 2026

Consolidated sales increased by 1.6% to EUR 154.9 M during the period July 1–September 30, 2026 (EUR 152.5 M for July 1–September 30, 2025). Operating income totalled EUR 25.5 M (EUR 28.7 M).

Passenger-related revenue increased by 0.7% to EUR 141.3 M (EUR 140.2 M), while cargo revenue increased by 12.2% to EUR 13.2 M (EUR 11.7 M) and other operating revenue EUR 0.5 M (EUR 0.6 M). The sales contribution was EUR 123.9 M (EUR 121.2 M).

Operating expenses increased by 7.1% to EUR 91.0 M (EUR 84.9 M), of which fuel and emission allowance costs amounted to EUR 21.8 M (EUR 14.8 M). Expenses for salaries and employment benefits decreased by 0.3% or EUR 0.1 M while other operating expenses increased by 11.6% or EUR 6.2 M.

The share of results from associated companies and joint ventures amounted to EUR 2.7 M (EUR 4.3 M) during the third quarter.

SALES AND EARNINGS FOR JANUARY – SEPTEMBER 2026

Consolidated sales increased by 0.2% to EUR 368.9 M during the period January 1–September 30, 2026 (EUR 368.3 M for January 1–September 30, 2025). Operating income totalled EUR 13.5 M (EUR 17.5 M). Consolidated income before tax was EUR 8.4 M (EUR 14.4 M).

Passenger-related revenue decreased by 0.2% to EUR 327.5 M (EUR 328.2 M), while cargo revenue increased by 3.3 % to EUR 39.8 M (EUR 38.5 M) and other operating revenue was EUR 1.7 M (EUR 1.6 M). The sales contribution was EUR 291.5 M (EUR 291.0 M).

Operating expenses increased by 1.5% to EUR 254.4 M (EUR 250.7 M), of which fuel and emission allowance costs amounted to EUR 51.9 M (EUR 45.0 M). Expenses for salaries and employment benefits decreased by 0.4% or EUR 0.3 M. Other operating expenses increased by 2.5% or EUR 4.0 M. Other operating expenses in the comparison year included repayment of traffic support received during the pandemic years amounting to EUR 1.1 M.

The share of results from associated companies and joint ventures amounted to EUR -1.1 M (EUR 2.4 M) during the period January 1–September 30, 2026.

INVESTMENTS AND FINANCE

The Group’s investments for the period January 1 to September 30, 2026, amounted to EUR 14.8 M (EUR 15.4 M). The Group’s total investments represented 4.0% of sales (4.2%). 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 75.9 M on September 30, 2026 (EUR 101.6 M). On 7 October 2026, a new credit facility of EUR 33.0 M was drawn down. The facility has a five-year term with straight-line amortisation and will, to a significant extent, refinance existing credit facilities.

The equity/assets ratio was 55.6% compared to 55.0% the previous year.

The Group’s cash and cash equivalents amounted to EUR 41.9 M (EUR 53.9 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 38.3 M (EUR 51.0 M). Net cash flow from investing activities was EUR -12.1 M (EUR -12.6 M) and net cash flow from financing activities amounted to EUR -32.0 M (EUR -40.3 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 as of September 30, 2026:

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.

ORGANISATION AND PERSONNEL

The average number of employees converted to full-time positions in the Group was 2,412 (2,485), of which in the parent company 2,002 (2,037). The number of land-based personnel was 447 (463) and shipboard personnel 1,965 (2,022).

During the period, 280 people (311) 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 102.4 M as of September 30, 2026, of which 100.0% 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.

The previous review of the traffic support received by passenger shipping companies operating services to Finland during the pandemic years 2020–2022 has been concluded. The matter has been finally resolved without any material impact on the Company’s result.

OUTLOOK FOR THE FINANCIAL YEAR 2026

The Board of Directors has previously estimated that higher energy prices and weaker performance in the Group’s associated companies would result in income before taxes for the 2026 financial year being lower than in 2025.

Due to the continued high energy prices and their impact on the Group’s cost base, the Board of Directors now estimates that income before taxes for the 2026 financial year will be below previous expectations and significantly lower than in 2025.
 

EVENTS AFTER THE BALANCE SHEET DATE

After the balance sheet date, Viking Line entered into a cooperation agreement with TT-Line regarding traffic on the Helsinki–Muuga route, with operations scheduled to commence during the first quarter of 2027.

The management is not aware of any other events after the reporting date that would affect the Business Review.

Mariehamn, October 21, 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.
 

QUARTERLY CONSOLIDATED INCOME STATEMENT

QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FINANCIAL RATIOS AND STATISTICS

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