Viking Holdings (VIK) investor relations material

Executive summary

• Q2 2025 revenue rose 18.5% year-over-year to $1.88 billion, with net income up to $439 million and adjusted EBITDA increasing 28.5%, driven by higher capacity, occupancy, and strong demand.

• 96% of 2025 and 55% of 2026 core product capacity is already sold, with advance bookings up 21% and 13% for 2025 and 2026, respectively.

• Fleet expansion included delivery of Viking Vesta (ocean) and Viking Amun (river, Egypt), with new river itineraries in India and additional ships planned for 2027 and 2028.

• Major secondary offering of 30.5 million shares at $44.20 per share increased institutional float and diversified ownership.

• IPO completed, with Series C Preference Shares converted to ordinary shares.

Financial highlights

• Q2 2025 total revenue was $1.88 billion, up 18.5% year-over-year, with adjusted gross margin up 19.2% to $1.24 billion and gross margin up 22.3% to $803 million.

• Adjusted EBITDA was $633 million, up 28.5% year-over-year, with margin improving to 51.2%.

• Net income reached $439 million, a significant increase from $160 million in Q2 2024; adjusted net income rose 25.8% year-over-year.

• Adjusted EPS for Q2 was $0.99, compared to $0.80 in Q2 2024.

• Cash and cash equivalents totaled $2.6 billion as of June 30, 2025, with net debt at $3.2 billion and net leverage at 2.1x.

Outlook and guidance

• 2025 season is 96% booked with $5.6 billion in advanced bookings, 21% higher than 2024; 2026 is 55% booked with $3.9 billion in advanced bookings, 13% higher than 2025.

• Operating capacity for core products is 12% higher for 2025 and expected to be 9% higher for 2026.

• Advance bookings per PCD for 2025 and 2026 are up 7% and 4%, respectively, from prior years.

• Mid-single digit price growth targeted for 2026, with average daily revenue per guest between $800 and $900.

• Six new river vessels expected in 2025, with further expansion in India planned for 2027 and 2028.