Viking Reports Second Quarter 2025 Financial Results
Key Highlights
-
Total revenue was
$1,880.4 million for the second quarter of 2025, an increase of 18.5% compared to the same period in 2024. - Gross margin increased 22.3% and Adjusted Gross Margin increased 19.2% compared to the same period in 2024.
-
Net Yield was
$607 , an increase of 8.0% compared to the same period in 2024. -
Adjusted EBITDA was
$632.9 million , an increase of 28.5% compared to the same period in 2024. -
Diluted EPS and Adjusted EPS were
$0.99 . -
Net Leverage was 2.1x as of
June 30, 2025 . -
As of
August 10, 2025 , for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 55% of its Capacity Passenger Cruise Days for the 2026 season.
“We delivered another quarter of great results, further underscoring the strength of our business model and of our core guest demographic,” said
Second Quarter 2025 Consolidated Results
During the second quarter of 2025, Capacity PCDs increased by 8.8% over the same period in 2024. This increase was mainly driven by the growth in the Company’s fleet, which included three additional river vessels, one additional ocean ship and the Viking
Total revenue for the second quarter of 2025 was
Gross margin for the second quarter of 2025 was
For the second quarter of 2025, vessel operating expenses were
Net income for the second quarter of 2025 was
Adjusted EBITDA was
Diluted EPS and Adjusted EPS were
Update on Operating Capacity and Bookings
For our Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season and 9% higher for the 2026 season compared to the 2025 season.
As of
“Our positive momentum is reflected by the Advance Bookings, with 96% of our 2025 capacity of our Core Products already sold and 55% for 2026,” said
Balance Sheet and Liquidity
As of
-
The Company had
$2.6 billion in cash and cash equivalents and an undrawn revolver facility of$375.0 million . -
Scheduled principal payments are
$141.8 million for the remainder of 2025 and$257.8 million for 2026. -
Deferred revenue was
$4.4 billion .
New Build and Capacity
Since our first quarter 2025 earnings release, the Company:
- Took delivery of the Viking Vesta, an ocean ship.
-
Took delivery of the Viking Amun, a river vessel that will operate in
Egypt . -
Announced it would start operating two river vessels in
India , with the first launching in 2027 and the second in 2028.
Based on the committed orderbook, the Company expects to take delivery of six river vessels during the remainder of 2025.
Conference Call Information
The Company has scheduled a conference call for
About Viking
Viking was founded in 1997 and provides destination-focused journeys on rivers, oceans, and lakes around the world. Designed for curious travelers with interests in science, history, culture and cuisine, Chairman and CEO
Definitions
“Adjusted Earnings per Share” or "Adjusted EPS" represents Adjusted Net Income (Loss) attributable to
“Adjusted EBITDA” is EBITDA (consolidated net income (loss) adjusted for interest income, interest expense, income tax benefit (expense) and depreciation, amortization and impairment) as further adjusted for non-cash Private Placement derivative gains and losses, currency gains or losses, stock-based compensation expense and other financial income (loss) (which includes forward gains and losses, gain or loss on disposition of assets, certain non-cash fair value adjustments, restructuring charges and non-recurring items).
“Adjusted Gross Margin” is gross margin adjusted for vessel operating expenses and ship depreciation and impairment. Gross margin is calculated pursuant to IFRS Accounting Standards as total revenue less total cruise operating expenses and ship depreciation and impairment.
“Adjusted Net Income (Loss) attributable to Viking Holdings Ltd”represents net income (loss) attributable to
“Adjusted Weighted-Average Shares Outstanding” represents the diluted weighted-average ordinary shares and special shares outstanding, adjusted for outstanding warrants and the impact of RSUs and stock options under the treasury stock method to the extent not included in diluted weighted-average ordinary shares outstanding, as further adjusted in 2024 to reflect the conversion of the Series C Preference Shares and preference shares as if it had occurred at the beginning of the year.
“Advance Bookings” is the aggregate ticketed amount for guest bookings for our voyages at a specific point in time, and include bookings for cruises, land extensions and air.
“Capacity Passenger Cruise Days” or “Capacity PCDs” is, with respect to any given period, a measurement of capacity that represents, for each ship operating during the relevant period, the number of berths multiplied by the number of Ship Operating Days, determined on an aggregated basis for all ships in operation during the relevant period.
“Core Products” are
“Diluted Earnings Per Share” or “Diluted EPS” is diluted net income (loss) per share attributable to ordinary and special shares.
“IFRS Accounting Standards” are the IFRS® Accounting Standards as issued by the
“Net Debt” is Total Debt plus lease liabilities net of cash and cash equivalents.
“Net Leverage” is Net Debt divided by trailing four quarter Adjusted EBITDA.
“Net Yield” is Adjusted Gross Margin divided by PCDs.
“Occupancy” is the ratio, expressed as a percentage, of PCDs to Capacity PCDs with respect to any given period. We do not allow more than two passengers to occupy a two-berth stateroom. Additionally, we have guests who choose to travel alone and are willing to pay higher prices for single occupancy in a two-berth stateroom. As a result, our Occupancy cannot exceed 100%, and may be less than 100%, even if all our staterooms are booked.
“Passenger Cruise Days” or “PCDs” is the number of passengers carried for each cruise, with respect to any given period and for each ship operating during the relevant period, multiplied by the number of Ship Operating Days.
“Ship Operating Days” is the number of days within any given period that a ship is in service and carrying cruise passengers, determined on an aggregated basis for all ships in operation during the relevant period.
“Total Debt” is indebtedness outstanding, gross of loan fees, excluding lease liabilities, Private Placement liabilities and Private Placement derivatives.
“Vessel operating expenses excluding fuel”is vessel operating expenses less fuel expense.
Non-IFRS Accounting Standards Financial Measures
We use certain non-IFRS Accounting Standards financial measures, such as Adjusted Gross Margin, Net Yield, Adjusted EBITDA, Adjusted Net Income (Loss) attributable to
We also present certain non-IFRS Accounting Standards financial measures because we believe that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-IFRS Accounting Standards financial measures have limitations as analytical tools, may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS Accounting Standards.
See “Definitions” for additional information about our non-IFRS Accounting Standards financial measures and “Non-IFRS Accounting Standards Reconciling Information” for a reconciliation for each non-IFRS Accounting Standards financial measure to the most directly comparable IFRS Accounting Standards financial measure.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the
Forward-looking statements speak only as of the date of this press release. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
|
|
||||||||||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
|
(in USD and thousands, except per share data, unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
2025 |
2024 |
2025 |
2024 |
||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
||||||||
|
Cruise and land |
$ |
1,755,197 |
|
$ |
1,480,539 |
|
$ |
2,590,162 |
|
$ |
2,145,823 |
|
||||
|
Onboard and other |
|
125,170 |
|
|
106,722 |
|
|
187,261 |
|
|
159,593 |
|
||||
|
Total revenue |
|
1,880,367 |
|
|
1,587,261 |
|
|
2,777,423 |
|
|
2,305,416 |
|
||||
|
Cruise operating expenses |
|
|
|
|
|
|
|
|
||||||||
|
Commissions and transportation costs |
|
(400,996 |
) |
|
(346,080 |
) |
|
(576,680 |
) |
|
(483,488 |
) |
||||
|
Direct costs of cruise, land and onboard |
|
(242,448 |
) |
|
(203,523 |
) |
|
(350,477 |
) |
|
(288,950 |
) |
||||
|
Vessel operating |
|
(377,658 |
) |
|
(328,998 |
) |
|
(687,606 |
) |
|
(610,088 |
) |
||||
|
Total cruise operating expenses |
|
(1,021,102 |
) |
|
(878,601 |
) |
|
(1,614,763 |
) |
|
(1,382,526 |
) |
||||
|
Other operating expenses |
|
|
|
|
|
|
|
|
||||||||
|
Selling and administration |
|
(248,293 |
) |
|
(220,593 |
) |
|
(492,155 |
) |
|
(440,411 |
) |
||||
|
Depreciation and amortization |
|
(65,440 |
) |
|
(61,773 |
) |
|
(134,240 |
) |
|
(127,315 |
) |
||||
|
Total other operating expenses |
|
(313,733 |
) |
|
(282,366 |
) |
|
(626,395 |
) |
|
(567,726 |
) |
||||
|
Operating income |
|
545,532 |
|
|
426,294 |
|
|
536,265 |
|
|
355,164 |
|
||||
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
||||||||
|
Interest income |
|
19,708 |
|
|
14,738 |
|
|
39,897 |
|
|
33,207 |
|
||||
|
Interest expense |
|
(83,978 |
) |
|
(96,024 |
) |
|
(170,682 |
) |
|
(209,656 |
) |
||||
|
Currency (loss) gain |
|
(37,245 |
) |
|
1,382 |
|
|
(62,852 |
) |
|
10,180 |
|
||||
|
Private Placement derivative loss |
|
— |
|
|
(57,568 |
) |
|
— |
|
|
(364,214 |
) |
||||
|
Other financial loss |
|
(184 |
) |
|
(121,568 |
) |
|
(1,080 |
) |
|
(146,523 |
) |
||||
|
Income (loss) before income taxes |
|
443,833 |
|
|
167,254 |
|
|
341,548 |
|
|
(321,842 |
) |
||||
|
Income tax expense |
|
(4,596 |
) |
|
(7,486 |
) |
|
(7,763 |
) |
|
(9,092 |
) |
||||
|
Net income (loss) |
$ |
439,237 |
|
$ |
159,768 |
|
$ |
333,785 |
|
$ |
(330,934 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) attributable to |
$ |
439,048 |
|
$ |
159,619 |
|
$ |
333,575 |
|
$ |
(331,379 |
) |
||||
|
Net income attributable to non-controlling interests |
$ |
189 |
|
$ |
149 |
|
$ |
210 |
|
$ |
445 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average ordinary and special shares outstanding (in thousands) |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
443,227 |
|
|
364,787 |
|
|
443,070 |
|
|
293,362 |
|
||||
|
Diluted |
|
445,549 |
|
|
367,188 |
|
|
445,308 |
|
|
293,362 |
|
||||
|
Net income (loss) per share attributable to ordinary and special shares |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.99 |
|
$ |
0.38 |
|
$ |
0.75 |
|
$ |
(0.78 |
) |
||||
|
Diluted |
$ |
0.99 |
|
$ |
0.38 |
|
$ |
0.75 |
|
$ |
(0.78 |
) |
||||
|
|
||||||||||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
|
(in USD and thousands, unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
Net income (loss) |
$ |
439,237 |
|
$ |
159,768 |
|
$ |
333,785 |
|
$ |
(330,934 |
) |
||||
|
Other comprehensive income (loss) |
|
|
|
|
|
|
||||||||||
|
Other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods: |
|
|
|
|
|
|
||||||||||
|
Exchange differences on translation of foreign operations |
|
2,307 |
|
|
1,186 |
|
|
2,931 |
|
|
3,850 |
|
||||
|
Net change in cash flow hedges |
|
72,618 |
|
|
(5,750 |
) |
|
111,046 |
|
|
(19,017 |
) |
||||
|
Net other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods |
|
74,925 |
|
|
(4,564 |
) |
|
113,977 |
|
|
(15,167 |
) |
||||
|
Other comprehensive income (loss), net of tax |
|
74,925 |
|
|
(4,564 |
) |
|
113,977 |
|
|
(15,167 |
) |
||||
|
Total comprehensive income (loss) |
$ |
514,162 |
|
$ |
155,204 |
|
$ |
447,762 |
|
$ |
(346,101 |
) |
||||
|
|
|
|
|
|
|
|
||||||||||
|
Total comprehensive income (loss) attributable to |
$ |
513,969 |
|
$ |
155,058 |
|
$ |
447,547 |
|
$ |
(346,535 |
) |
||||
|
Total comprehensive income attributable to non-controlling interests |
$ |
193 |
|
$ |
146 |
|
$ |
215 |
|
$ |
434 |
|
||||
|
|
||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||
|
(in USD and thousands, unaudited) |
||||||||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
||||
|
|
|
|
|
(audited) |
||||
|
Assets |
|
|
|
|||||
|
Non-current assets |
|
|
|
|||||
|
Property, plant and equipment and intangible assets |
$ |
7,168,733 |
$ |
6,457,104 |
|
|||
|
Right-of-use assets |
|
248,839 |
|
|
263,424 |
|
||
|
Deferred tax assets |
|
57,629 |
|
|
55,428 |
|
||
|
Other non-current assets |
|
180,895 |
|
|
128,190 |
|
||
|
Total non-current assets |
|
7,656,096 |
|
|
6,904,146 |
|
||
|
Current assets |
|
|
|
|||||
|
Cash and cash equivalents |
|
2,605,013 |
|
|
2,489,672 |
|
||
|
Accounts and other receivables |
|
171,264 |
|
|
239,018 |
|
||
|
Inventories |
|
92,074 |
|
|
91,473 |
|
||
|
Prepaid expenses and other current assets |
|
593,120 |
|
|
396,376 |
|
||
|
Total current assets |
|
3,461,471 |
|
|
3,216,539 |
|
||
|
Total assets |
$ |
11,117,567 |
|
$ |
10,120,685 |
|
||
|
Shareholders’ equity and liabilities |
|
|
|
|||||
|
Shareholders’ equity |
$ |
278,320 |
|
$ |
(218,977 |
) |
||
|
Non-current liabilities |
|
|
|
|||||
|
Long-term portion of bank loans and financial liabilities |
|
2,142,955 |
|
|
1,823,657 |
|
||
|
Secured Notes |
|
1,018,462 |
|
|
1,017,501 |
|
||
|
Long-term portion of Unsecured Notes |
|
2,027,023 |
|
|
2,025,001 |
|
||
|
Long-term portion of lease liabilities |
|
191,916 |
|
|
207,594 |
|
||
|
Other non-current liabilities |
|
51,823 |
|
|
45,344 |
|
||
|
Total non-current liabilities |
|
5,432,179 |
|
|
5,119,097 |
|
||
|
Current liabilities |
|
|
|
|||||
|
Accounts payables |
|
287,101 |
|
|
236,382 |
|
||
|
Short-term portion of bank loans and financial liabilities |
|
249,846 |
|
|
220,116 |
|
||
|
Short-term portion of Unsecured Notes |
|
— |
|
|
249,650 |
|
||
|
Short-term portion of lease liabilities |
|
28,606 |
|
|
28,944 |
|
||
|
Deferred revenue |
|
4,391,420 |
|
|
4,061,344 |
|
||
|
Accrued expenses and other current liabilities |
|
450,095 |
|
|
424,129 |
|
||
|
Total current liabilities |
|
5,407,068 |
|
|
5,220,565 |
|
||
|
Total shareholders’ equity and liabilities |
$ |
11,117,567 |
|
$ |
10,120,685 |
|
||
|
|
||||||||
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(in USD and thousands, unaudited) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Six Months Ended |
||||||
|
|
|
|
||||||
|
|
|
2025 |
|
2024 |
||||
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net income (loss) |
$ |
333,785 |
|
$ |
(330,934 |
) |
||
|
Adjustments to reconcile net income (loss) to net cash flows |
|
|
|
|
||||
|
Depreciation and amortization |
|
134,240 |
|
|
127,315 |
|
||
|
Amortization of debt transaction costs |
|
14,022 |
|
|
16,815 |
|
||
|
Private Placement derivative loss |
|
— |
|
|
364,214 |
|
||
|
Foreign currency loss (gain) on loans |
|
73,696 |
|
|
(20,125 |
) |
||
|
Non-cash financial loss |
|
— |
|
|
145,317 |
|
||
|
Stock based compensation expense |
|
36,365 |
|
|
7,058 |
|
||
|
Interest income |
|
(39,897 |
) |
|
(33,207 |
) |
||
|
Interest expense |
|
156,660 |
|
|
192,841 |
|
||
|
Other |
|
(1 |
) |
|
(442 |
) |
||
|
Changes in working capital: |
|
|
|
|
||||
|
Increase in deferred revenue |
|
330,076 |
|
|
336,774 |
|
||
|
Changes in other liabilities and assets |
|
18,164 |
|
|
90,888 |
|
||
|
(Increase) decrease in inventories |
|
(601 |
) |
|
1,956 |
|
||
|
Changes in deferred tax assets and liabilities |
|
3,116 |
|
|
6,040 |
|
||
|
Changes in other non-current assets and other non-current liabilities |
|
3,184 |
|
|
(16,760 |
) |
||
|
Income taxes paid |
|
(4,243 |
) |
|
(4,931 |
) |
||
|
Net cash flow from operating activities |
|
1,058,566 |
|
|
882,819 |
|
||
|
Cash flows from investing activities |
|
|
|
|
||||
|
Investments in property, plant and equipment and intangible assets |
|
(814,382 |
) |
|
(251,828 |
) |
||
|
Capital contribution to associated company |
|
(6,500 |
) |
|
(4,000 |
) |
||
|
Prepayment for vessel charter |
|
— |
|
|
(1,050 |
) |
||
|
Other |
|
1 |
|
|
442 |
|
||
|
Interest received |
|
31,114 |
|
|
35,603 |
|
||
|
Net cash flow used in investing activities |
|
(789,767 |
) |
|
(220,833 |
) |
||
|
Cash flows from financing activities |
|
|
|
|
||||
|
Repayment of borrowings |
|
(372,886 |
) |
|
(206,874 |
) |
||
|
Proceeds from borrowings |
|
430,507 |
|
|
— |
|
||
|
Transaction costs incurred for borrowings |
|
(41,912 |
) |
|
(4,698 |
) |
||
|
Proceeds from initial public offering, net of underwriting discounts and commissions, and offering expenses |
|
— |
|
|
243,927 |
|
||
|
Taxes paid related to net share settlement of equity awards |
|
— |
|
|
(124,109 |
) |
||
|
Dividend distribution |
|
— |
|
|
(18,229 |
) |
||
|
Dividend distribution by subsidiary to non-controlling interests |
|
(867 |
) |
|
(720 |
) |
||
|
Proceeds from exercise of stock options |
|
9,600 |
|
|
— |
|
||
|
Principal payments for lease liabilities |
|
(17,451 |
) |
|
(12,574 |
) |
||
|
Interest payments for lease liabilities |
|
(9,546 |
) |
|
(10,601 |
) |
||
|
Interest paid |
|
(159,126 |
) |
|
(197,186 |
) |
||
|
Net cash flow used in financing activities |
|
(161,681 |
) |
|
(331,064 |
) |
||
|
Change in cash and cash equivalents |
|
107,118 |
|
|
330,922 |
|
||
|
Effect of exchange rate changes on cash and cash equivalents |
|
8,223 |
|
|
(2,493 |
) |
||
|
Net increase in cash and cash equivalents |
$ |
115,341 |
|
$ |
328,429 |
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at |
$ |
2,489,672 |
|
$ |
1,513,713 |
|
||
|
Cash and cash equivalents at |
|
2,605,013 |
|
|
1,842,142 |
|
||
|
Net increase in cash and cash equivalents |
$ |
115,341 |
|
$ |
328,429 |
|
||
The following table sets forth selected statistical and operating data on a consolidated basis:
|
Statistical and Operating Data |
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
|
Consolidated |
|
|
|
|
|
|
|
|
||||||||
|
Vessels operated (a) |
|
90 |
|
|
85 |
|
|
90 |
|
|
85 |
|
||||
|
Passengers |
|
224,643 |
|
|
201,317 |
|
|
328,125 |
|
|
291,766 |
|
||||
|
PCDs |
|
2,038,772 |
|
|
1,846,709 |
|
|
3,165,630 |
|
|
2,821,686 |
|
||||
|
Capacity PCDs |
|
2,131,907 |
|
|
1,958,860 |
|
|
3,324,274 |
|
|
2,996,484 |
|
||||
|
Occupancy |
|
95.6 |
% |
|
94.3 |
% |
|
95.2 |
% |
|
94.2 |
% |
||||
|
Adjusted Gross Margin (in thousands) |
$ |
1,236,923 |
|
$ |
1,037,658 |
|
$ |
1,850,266 |
|
$ |
1,532,978 |
|
||||
|
Net Yield |
$ |
607 |
|
$ |
562 |
|
$ |
584 |
|
$ |
543 |
|
||||
|
Vessel operating expenses (in thousands) |
$ |
377,658 |
|
$ |
328,998 |
|
$ |
687,606 |
|
$ |
610,088 |
|
||||
|
Vessel operating expenses excluding fuel (in thousands) |
$ |
334,518 |
|
$ |
284,099 |
|
$ |
602,753 |
|
$ |
523,136 |
|
||||
|
Vessel operating expenses per Capacity PCD |
$ |
177 |
|
$ |
168 |
|
$ |
207 |
|
$ |
204 |
|
||||
|
Vessel operating expenses excluding fuel per Capacity PCD |
$ |
157 |
|
$ |
145 |
|
$ |
181 |
|
$ |
175 |
|
||||
|
(a) |
Vessels operated includes chartered vessels and the Viking |
|
The following table sets forth selected statistical and operating data for
|
Statistical and Operating Data |
Six Months Ended |
|||||||
|
|
|
|||||||
|
|
2025 |
|
2024 |
|||||
|
|
(unaudited) |
|||||||
|
|
|
|
|
|
||||
|
Vessels operated (a) |
|
72 |
|
|
69 |
|
||
|
Passengers |
|
163,246 |
|
|
150,574 |
|
||
|
PCDs |
|
1,266,976 |
|
|
1,167,491 |
|
||
|
Capacity PCDs |
|
1,325,272 |
|
|
1,232,728 |
|
||
|
Occupancy |
|
95.6 |
% |
|
94.7 |
% |
||
|
Adjusted Gross Margin (in thousands) |
$ |
768,432 |
|
$ |
663,672 |
|
||
|
Net Yield |
$ |
607 |
|
$ |
568 |
|
||
|
|
|
|
|
|
||||
|
Vessels operated (b) |
|
10 |
|
|
9 |
|
||
|
Passengers |
|
133,622 |
|
|
119,152 |
|
||
|
PCDs |
|
1,610,785 |
|
|
1,445,002 |
|
||
|
Capacity PCDs |
|
1,692,818 |
|
|
1,522,410 |
|
||
|
Occupancy |
|
95.2 |
% |
|
94.9 |
% |
||
|
Adjusted Gross Margin (in thousands) |
$ |
887,545 |
|
$ |
710,569 |
|
||
|
Net Yield |
$ |
551 |
|
$ |
492 |
|
||
|
(a) |
Vessels operated includes chartered vessels. |
|
|
(b) |
Vessels operated does not include the Viking Vesta, which began operating in |
|
Non-IFRS Accounting Standards Reconciling Information
The following table reconciles gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the three and six months ended
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
Consolidated |
|
|
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
|
(in thousands) |
|
|
|
|
|
|
||||||||||
|
Total revenue |
$ |
1,880,367 |
|
$ |
1,587,261 |
|
$ |
2,777,423 |
|
$ |
2,305,416 |
|
||||
|
Total cruise operating expenses |
|
(1,021,102 |
) |
|
(878,601 |
) |
|
(1,614,763 |
) |
|
(1,382,526 |
) |
||||
|
Ship depreciation |
|
(56,151 |
) |
|
(52,259 |
) |
|
(114,043 |
) |
|
(106,988 |
) |
||||
|
Gross margin |
|
803,114 |
|
|
656,401 |
|
|
1,048,617 |
|
|
815,902 |
|
||||
|
Ship depreciation |
|
56,151 |
|
|
52,259 |
|
|
114,043 |
|
|
106,988 |
|
||||
|
Vessel operating |
|
377,658 |
|
|
328,998 |
|
|
687,606 |
|
|
610,088 |
|
||||
|
Adjusted Gross Margin |
$ |
1,236,923 |
|
$ |
1,037,658 |
|
$ |
1,850,266 |
|
$ |
1,532,978 |
|
||||
|
|
Six Months Ended |
|||||||
|
|
|
|||||||
|
|
2025 |
|
2024 |
|||||
|
|
(unaudited) |
|||||||
|
(in thousands) |
|
|
||||||
|
Total revenue |
$ |
1,235,802 |
|
$ |
1,057,178 |
|
||
|
Total cruise operating expenses |
|
(745,508 |
) |
|
(650,782 |
) |
||
|
Ship depreciation |
|
(36,027 |
) |
|
(38,937 |
) |
||
|
Gross margin |
|
454,267 |
|
|
367,459 |
|
||
|
Ship depreciation |
|
36,027 |
|
|
38,937 |
|
||
|
Vessel operating |
|
278,138 |
|
|
257,276 |
|
||
|
Adjusted Gross Margin |
$ |
768,432 |
|
$ |
663,672 |
|
||
|
|
Six Months Ended |
|||||||
|
|
|
|||||||
|
|
2025 |
|
2024 |
|||||
|
|
(unaudited) |
|||||||
|
(in thousands) |
|
|
||||||
|
Total revenue |
$ |
1,271,869 |
|
$ |
1,020,905 |
|
||
|
Total cruise operating expenses |
|
(698,170 |
) |
|
(580,285 |
) |
||
|
Ship depreciation |
|
(60,905 |
) |
|
(50,757 |
) |
||
|
Gross margin |
|
512,794 |
|
|
389,863 |
|
||
|
Ship depreciation |
|
60,905 |
|
|
50,757 |
|
||
|
Vessel operating |
|
313,846 |
|
|
269,949 |
|
||
|
Adjusted Gross Margin |
$ |
887,545 |
|
$ |
710,569 |
|
||
The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS Accounting Standards measure, for the three and six months ended
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
|
(in thousands) |
|
|
|
|
|
|
|
|
||||||||
|
Vessel operating expenses |
$ |
377,658 |
|
$ |
328,998 |
|
$ |
687,606 |
|
$ |
610,088 |
|
||||
|
Fuel expense |
|
(43,140 |
) |
|
(44,899 |
) |
|
(84,853 |
) |
|
(86,952 |
) |
||||
|
Vessel operating expenses excluding fuel |
$ |
334,518 |
|
$ |
284,099 |
|
$ |
602,753 |
|
$ |
523,136 |
|
||||
The following table reconciles net income (loss), the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the three and six months ended
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
|
(in thousands) |
|
|
|
|
||||||||||||
|
Net income (loss) |
$ |
439,237 |
|
$ |
159,768 |
|
$ |
333,785 |
|
$ |
(330,934 |
) |
||||
|
Interest income |
|
(19,708 |
) |
|
(14,738 |
) |
|
(39,897 |
) |
|
(33,207 |
) |
||||
|
Interest expense |
|
83,978 |
|
|
96,024 |
|
|
170,682 |
|
|
209,656 |
|
||||
|
Income tax expense |
|
4,596 |
|
|
7,486 |
|
|
7,763 |
|
|
9,092 |
|
||||
|
Depreciation and amortization |
|
65,440 |
|
|
61,773 |
|
|
134,240 |
|
|
127,315 |
|
||||
|
EBITDA |
|
573,543 |
|
|
310,313 |
|
|
606,573 |
|
|
(18,078 |
) |
||||
|
Private Placement derivative loss |
|
— |
|
|
57,568 |
|
|
— |
|
|
364,214 |
|
||||
|
Warrants loss |
|
— |
|
|
123,019 |
|
|
— |
|
|
146,730 |
|
||||
|
Other financial income |
|
— |
|
|
(497 |
) |
|
— |
|
|
(1,604 |
) |
||||
|
Currency loss (gain) |
|
37,245 |
|
|
(1,382 |
) |
|
62,852 |
|
|
(10,180 |
) |
||||
|
Stock based compensation expense |
|
22,157 |
|
|
3,540 |
|
|
36,365 |
|
|
7,058 |
|
||||
|
Adjusted EBITDA |
$ |
632,945 |
|
$ |
492,561 |
|
$ |
705,790 |
|
$ |
488,140 |
|
||||
The following tables show the calculation of Adjusted EPS for the three and six months ended
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
|
(in thousands, except Adjusted EPS) |
|
|
|
|
||||||||||||
|
Adjusted Net Income attributable to |
$ |
439,048 |
|
$ |
349,116 |
|
$ |
333,575 |
|
$ |
211,179 |
|
||||
|
Adjusted Weighted-Average Shares Outstanding |
|
445,549 |
|
|
435,702 |
|
|
445,308 |
|
|
426,979 |
|
||||
|
Adjusted EPS |
$ |
0.99 |
|
$ |
0.80 |
|
$ |
0.75 |
|
$ |
0.49 |
|
||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
|
(in thousands) |
|
|
|
|
|
|||||||||||
|
Net income (loss) attributable to |
$ |
439,048 |
|
$ |
159,619 |
|
$ |
333,575 |
|
$ |
(331,379 |
) |
||||
|
Interest expense and Private Placement derivatives loss related to Series C Preference Shares |
|
— |
|
|
65,750 |
|
|
— |
|
|
396,207 |
|
||||
|
Warrants loss |
|
— |
|
|
123,019 |
|
|
— |
|
|
146,730 |
|
||||
|
Gain (loss), net, for debt extinguishment and modification costs and embedded derivatives associated with debt and financial liabilities |
|
— |
|
|
728 |
|
|
— |
|
|
(379 |
) |
||||
|
Adjusted Net Income attributable to |
$ |
439,048 |
|
$ |
349,116 |
|
$ |
333,575 |
|
$ |
211,179 |
|
||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||
|
|
|
|
|
|||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||
|
(in thousands) |
|
|
|
|
||||||||
|
Weighted-average ordinary shares and special shares outstanding – Diluted |
445,549 |
|
367,188 |
|
445,308 |
|
293,362 |
|
||||
|
Outstanding warrants |
— |
|
8,733 |
|
— |
|
8,733 |
|
||||
|
RSUs and stock options |
— |
|
— |
|
— |
|
1,201 |
|
||||
|
Assumed conversion of Series C Preference Shares and preference shares at the beginning of 2024 |
— |
|
59,781 |
|
— |
|
123,683 |
|
||||
|
Adjusted Weighted-Average Shares Outstanding |
445,549 |
|
435,702 |
|
445,308 |
|
426,979 |
|
||||
The following table calculates Net Leverage for the twelve months ended
|
|
|
|
|
|||||
|
|
(unaudited) |
|||||||
|
(in thousands, except Net Leverage) |
|
|
||||||
|
Long-term debt (a) |
$ |
5,336,977 |
|
$ |
4,963,842 |
|
||
|
Current portion of long-term debt (a) |
|
275,337 |
|
|
486,941 |
|
||
|
Long-term portion of lease liabilities |
|
191,916 |
|
|
194,882 |
|
||
|
Short-term portion of lease liabilities |
|
28,606 |
|
|
28,588 |
|
||
|
Total |
|
5,832,836 |
|
|
5,674,253 |
|
||
|
Less: Cash and cash equivalents |
|
(2,605,013 |
) |
|
(2,765,555 |
) |
||
|
Net Debt |
$ |
3,227,823 |
|
$ |
2,908,698 |
|
||
|
|
|
|
||||||
|
Adjusted EBITDA |
$ |
1,565,952 |
|
$ |
1,425,568 |
|
||
|
Net Leverage |
|
2.1 x |
|
2.0 x |
||||
|
(a) |
All amounts are gross of fees. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250819721505/en/
Investor Relations
Email: investorrelations@viking.com
Public Relations
Email: vikingpr@edelman.com
Source:
