April 25, 2025
Financial Highlights (Q1 2025 vs Q1 2024)
- Sales: €87.3M (↓ 6.3% from €93.2M)
- Operating income: €-18.0M (vs €-10.4M)
- Income before taxes: €-22.0M (vs €-14.2M)
- Net income: €-22.1M (vs €-14.3M)
- Investments: €9.0M (mainly in GABRIELLA and VIKING XPRS)
- Cash flow from operations: €-10.0M (vs €+1.3M)
Market & Operations
- Passenger volumes: 767,353 (↓ from 871,828)
- Cargo units: 36,352 (↑ from 32,993)
- Passenger market share: 31.2% (↓ from 34.6%)
- Cargo market share: 20.5% (↑ from 17.4%)
- Passenger cars market share: 26.0% (↓ from 29.9%)
Fleet Activity
- GABRIELLA docked (technical work)
- VIKING XPRS docked (refurbishment and shop rebuild)
- BIRKA GOTLAND had a planned traffic break
- VIKING CINDERELLA temporarily operated on Helsinki–Tallinn route during XPRS docking
CEO Insights – Jan Hanses
- Results aligned with expectations but weaker than Q1 2024
- Two dockings negatively affected performance
- Passenger demand still soft, but onboard consumption slightly stronger
- Increased costs due to:
- Finnish fairway fees (reversal of previous discount)
- Emissions Trading System (ETS) now at 70% implementation
- General cost pressure from maintenance, emissions, and fairway fees
- Positive outlook expected toward the end of Q2
Financial & Investment Notes
- Debt fully repaid for VIKING GRACE
- Cash reserves down to €26.0M (vs €65.7M in Q1 2024)
- Unutilised credit lines: €22.1M
- Debt/equity ratio: 52.5% (vs 50.1%)
Key Risk Factors
- Continued economic uncertainty in core traffic area
- Geopolitical tensions affecting energy and transport markets
- Unclear long-term trade prospects
- Ongoing pandemic-era support repayments: €1.1M provision booked
Outlook
- 2025 result before taxes expected to be in line with 2024
- Uncertainty remains high due to external factors (economy, fuel prices, demand)
