Viking Line (VIK1V) Q4 2025 earnings summary

Executive summary

• Delivered stable results in a challenging market with restrained consumer behavior, geopolitical uncertainty, and weak economic development in the region, but results were in line with forecasts.

• Operational efficiency, cost control, and customer focus contributed to resilience; passenger volumes remained stable and a freight record was achieved.

• Fourth quarter performance improved year-over-year, aided by targeted cost adjustments and operational measures.

• Investments focused on vessel maintenance and emission allowances, with continued development of sustainability and digitalization initiatives.

Financial highlights

• Full-year sales were EUR 480.9M, up 0.2% from EUR 480.2M in 2024; Q4 sales were EUR 112.6M, up 2.8% year-over-year.

• Operating income for the year was EUR 21.1M (down from EUR 26.7M); Q4 operating income was EUR 3.6M (up from EUR 1.5M).

• Net financial items improved to EUR -2.1M from EUR -6.9M year-over-year.

• Income before taxes was EUR 18.9M (EUR 19.8M); income after taxes was EUR 16.0M (EUR 15.9M).

• Gross profit for the year was EUR 379.5M (EUR 377.7M); Q4 gross profit was EUR 88.6M (EUR 86.0M).

• Net cash flow from operating activities was EUR 57.8M (EUR 49.0M).

Outlook and guidance

• Profit before tax for 2026 is expected to be on par with or slightly better than 2025.

• Significant uncertainty remains due to the prolonged economic downturn, changing customer spending, and geopolitical risks affecting energy prices and emission allowances.