Passenger-related revenue rose 1.8% to EUR 74.1 million, supported by growing international travel demand, while cargo revenue edged up slightly to EUR 14.6 million.

The company carried approximately 782,000 passengers, up from 767,000 a year earlier, maintaining a market share of around 31%. Cargo volumes grew to 37,200 units.

Operating result improved to a loss of EUR 16.8 million (compared with EUR 18.0 million in Q1 2025), reflecting higher maintenance costs from planned vessel dockings and elevated fuel and emission allowance prices. Five vessels operated across key routes linking Finland, Sweden, Estonia, and Åland, with temporary capacity adjustments during refurbishments.

The Board reiterated its full-year 2026 outlook, expecting profit before tax to be on par with or slightly better than 2025. Viking Line continues to invest in sustainable operations and digital services to strengthen its position in the competitive Nordic ferry sector.

COMMENTS FROM PRESIDENT AND CEO MARCUS RISBERG

Viking Line reports an improved result for the first quarter despite a continued challenging market environment, an unusually severe ice winter, and an external environment that has a negative impact on energy prices. Passenger volumes were in line with the previous year, while cargo volumes decreased slightly.

The quarter was characterised by continued subdued demand. Market developments were influenced by the macroeconomic situation, cautious consumer behaviour, and ongoing pressure on household purchasing power. Passenger volumes were maintained at last year’s levels, while the cargo segment performed somewhat weaker.

Recent developments underscore how quickly conditions in our world can change, with geopolitical tensions such as the war in Ukraine and increased unrest in the Middle East. Combined with rising fuel prices, more restrained demand, and an economic climate that continues to impact purchasing power, this creates a challenging operating environment. Against this backdrop, operational flexibility and financial discipline become even more important. We assume that a more dynamic global situation will persist.

Operating income was affected by subdued demand, which put pressure on revenue per passenger. This was counteracted by a continued clear focus on cost efficiency. Operating expenses decreased compared to the previous year. Despite rising energy prices, fuel costs during the first quarter were lower, mainly due to fixed-price agreements for parts of the bunker consumption. The company continues to have partial fixed-price agreements in place during the second quarter.

The result for the reporting period was positively impacted by performance in our associated companies. Gotland Alandia Cruises developed in line with market conditions; operations improved compared to the previous year but did not fully meet our expectations.

In January, VIKING GRACE underwent a planned docking at Åbo Ship Repair Yard for three weeks, with maintenance and upgrade works totalling about seven million euros. The work included both classification and maintenance measures as well as investments in improved operational reliability, energy efficiency, and customer experience.

The shipping industry faces ongoing regulatory changes. From this year, the industri is fully covered by the EU emission trading system (ETS), and the FuelEU Maritime regulation has now entered its second year. Efforts to reduce environmental impact while managing cost increases are conducted with high priority. VIKING GRACE and VIKING GLORY continue to operate with a biogas share of 50 percent. At the same time, regulatory developments are characterised by complexity and uncertainty, not least due to changes and postponed decisions within international regulations, including the International Maritime Organization (IMO).

In summary, the first quarter was challenging, with an unusually severe ice winter, a global situation affecting energy prices, and continued restraint among consumers. We assess that market conditions will continue to be characterised by uncertainty and subdued demand, especially regarding the development of fuel prices. Despite this, we report an improved result compared to last year. At the same time, the outlook remains difficult to assess, which requires continued readiness and adaptability.

I would like to extend a warm thank you to our customers, partners, and employees for your commitment and work during the quarter.

Marcus Risberg
President and CEO

Full report https://www.vikingline.com/investors/B13758AC49BA6A13

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