Viking Line (VIK1V) Q4 2024 earnings summary

Executive summary

• Sales declined 2.3% to EUR 480.2M for 2024, with operating income at EUR 26.7M, down from EUR 55.0M in 2023, which included an EUR 8.6M gain from the Rosella sale.

• Net income after taxes was EUR 15.9M, compared to EUR 36.3M last year; results remain above pre-pandemic levels.

• Passenger volumes were stable, but cargo volumes reached record highs; market share increased on key routes.

• Fourth quarter sales were EUR 109.5M, with operating income of EUR 1.5M and net income of EUR 3.5M.

Financial highlights

• Passenger-related revenue fell 3.3% to EUR 427.7M, while cargo revenue rose 8.9% to EUR 49.7M.

• Operating expenses increased 6.1% to EUR 323.0M, with salary costs up 11.4% due to staffing changes.

• Cash and cash equivalents at year-end were EUR 55.8M, down from EUR 85.3M; net cash flow from operations was EUR 49.0M.

• Investments totaled EUR 24.6M, mainly for vessel refurbishments and the Birka Gotland launch.

• Debt/equity ratio rose to 54.0% from 51.4% in 2023.

Outlook and guidance

• Income before taxes for 2025 is expected to be on par with 2024, but significant uncertainty remains due to economic and geopolitical factors affecting demand and energy prices.