Viking Line (VIK1V) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked by extensive ship dockings and a challenging market, leading to weaker results than Q1 2024.

• Demand remained soft, with lower passenger volumes but slightly improved on-board consumption.

• Cargo volumes increased, offsetting some passenger revenue decline.

• Increased costs from emission allowances, fairway fees, and maintenance impacted profitability.

Financial highlights

• Sales declined 6.3% to EUR 87.3M (EUR 93.2M in Q1 2024).

• Operating income was EUR -18.0M (EUR -10.4M), and net income was EUR -22.1M (EUR -14.3M).

• EPS was EUR -1.28 (EUR -0.82).

• Passenger revenue fell 8.8% to EUR 72.7M, while cargo sales rose 11.7% to EUR 14.2M.

• Operating expenses increased 6.0% to EUR 79.6M, with emission allowance costs up to EUR 1.4M.

Outlook and guidance

• Board expects 2025 pre-tax result to be in line with 2024, citing ongoing economic and geopolitical uncertainty.

• Improved demand anticipated in Q2, especially towards the end of the quarter.