Viking (VIK) Registration Filing summary

Company overview and business model

• Operates as a leading luxury cruise provider with 93 ships across river, ocean, expedition, and Mississippi segments, offering destination-focused, culturally immersive travel on all seven continents.

• Focuses on affluent, English-speaking travelers aged 55+, with a single brand strategy and high repeat guest rates (53% in 2024 to date).

• Maintains a young, efficient fleet with standardized ship designs, enabling operational flexibility and cost efficiency.

• Expanding into new markets, including China and other non-North American regions, and developing land-based travel products.

Financial performance and metrics

• 2023 revenue: $4.71 billion; net loss: $1.86 billion; Adjusted EBITDA: $1.09 billion; ROIC: 27.5%.

• For the six months ended June 30, 2024: $2.31 billion revenue, $338.1 million net loss, $488.1 million Adjusted EBITDA.

• Adjusted EBITDA margin increased to 35.5% in 2023; Adjusted FCF Conversion at 92.3% for 2023.

• As of June 30, 2024: $1.8 billion cash and cash equivalents, $5.2 billion total debt.

• Occupancy rates rebounded post-pandemic, reaching 93.7% in 2023.

Use of proceeds and capital allocation

• No proceeds to the company; all offering proceeds go to selling shareholders.

• Capital allocation focused on fleet expansion, with 17 new river vessels and 8 new ocean ships on order through 2029.

• Ongoing investment in marketing, technology, and environmental initiatives.