Viking Line expects that the profit before tax for 2026 will be lower than last year. Behind the assessment are higher energy prices, a more cautious consumer market and weaker development in the group's associated companies.
During the second quarter of the year, sales increased by 0.7 percent to EUR 129.3 million, compared to EUR 128.4 million in the corresponding period in 2025. Operating profit was largely unchanged at EUR 6.8 million, but profit before tax fell from EUR 4.8 to EUR 0.9 million.
For the entire first half of the year, sales decreased by 0.8 percent to EUR 214.0 million. Operating profit deteriorated to minus EUR 12.0 million, from minus EUR 11.2 million the previous year, while profit before tax was minus EUR 18.6 million.
Weaker demand but larger market share
Viking Line transported just under 1.98 million passengers on its wholly owned ships during the first half of the year, slightly fewer than the slightly more than two million passengers the previous year. At the same time, its estimated total market share increased from 31.6 to 31.8 percent.
The development varied between markets. Viking Line's market share between Finland and Sweden decreased to 59.0 percent from 60.8 percent, while the share on Finland–Estonia increased to 23.8 percent from 22.9 percent. Demand for cruises has been uneven, but the company also notes a continued increase in travel from international markets.
The passenger car segment performed particularly well, with market share increasing to an estimated 28.8 percent, up from 26.5 percent the previous year.
“The second quarter shows that Viking Line's operations are stable even in a challenging market environment,” says CEO Marcus Risberg. He points to geopolitical uncertainty, higher energy prices and a more cautious consumer market as important factors behind the development.
Associated companies weigh heavily
An important explanation for the poor performance is the development of Viking Line's associated companies and joint ventures. During the first half of the year, these impacted the result by EUR 3.8 million, compared to EUR 1.8 million the previous year.
Viking Line's 50 percent stake in Gotland Alandia Cruises, which operates Birka Gotland, resulted in a loss of EUR 2.7 million during the first half of the year. The holding in Rederiaktiebolaget Eckerö contributed EUR 0.9 million.
Despite higher energy prices, Viking Line managed to reduce total operating costs in the first half of the year by 1.5 percent to EUR 163.4 million. However, the cost of emission rights increased from EUR 2.7 to EUR 3.4 million.
The company's financial position is described as stable. At the end of the first half of the year, liquid assets amounted to EUR 47.3 million and the equity ratio was 52.9 percent.
Viking Line had previously refrained from providing any profit forecast for 2026. The assessment is now that the full-year profit before tax will be below the 2025 level, when it amounted to 18.9 million euros.
According to the press release
