Viking Holdings Ltd · NYSE:VIK
Viking — Q4 2024 Earnings Presentation
28 slides from Viking's earnings presentation, Mar 11, 2025
Slide 1: Q4 and FY 2024 Earnings Presentation
Q4 and FY 2024 Earnings Presentation March 11, 2025 0
Slide 2: Disclaimers and additional information
Disclaimers and additional information Forward-looking statements Certain statements in this presentation constitute “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litiga
Slide 3: Business Overview
Business Overview
Slide 4: Viking is different
Viking is different At heart Vikings are contrarians, and hence, from the beginning, the vision has been to build a different cruise line Focus on English-speaking adults aged 55+ One brand Destination focused – the destination is the destination, not the ship Small, nearly identical, ships Quiet, u
Slide 5: Full year 2024 highlights
Full year 2024 highlights 6.3% 7.4% 14.0% Capacity Growth Net Yield Growth Adjusted Gross Margin Growth(1) 23.7% 40.8% 2.4x Adjusted EBITDA ROIC(1) Net Leverage(1) Growth(1) i Growth metrics are compared on a year-over-year basis to full year 2023 results. 4 (1) Represents a non-IFRS Accounting Stan
Slide 6: Full year 2024 highlights (cont.)
Full year 2024 highlights (cont.) 53% >50% Repeat Guests Direct Bookings 52% 24% North American Outbound Luxury Ocean River Market Share(1) Market Share (2) i (1) North American outbound river market capacity information sourced from Cruise Industry News 2024 European Rivers Market Report, with pres
Slide 7: A year of important milestones
A year of important milestones 6
Slide 8: Q4 and FY 2024 Highlights
Q4 and FY 2024 Highlights
Slide 9: Q4 and FY 2024 key metrics
Q4 and FY 2024 key metrics Viking Holding Ltd Financial and Operating Results Three Months Ended Twelve Months Ended December 31 December 31 2024 2023 2024 2023 (in millions, except for PCD, per PCD and percentage information) Total revenue $ 1,350 $ 1,120 $ 5,334 $ 4,710 Adjusted Gross Margin(1) $
Slide 10: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Twelve Months Ended December 31 2024 2023 Consolidated Occupancy 93.6% 93.7% Adjusted Gross Margin(1) (in millions) $ 3,501 $ 3,070 Net Yield(1) $ 543 $ 506 Twelve Months Ended December 31 2024 2023 Viking River Occupancy 95.4% 95.5% Adjusted Gross Margin(1
Slide 11: Strong cash generation and manageable bond maturities
Strong cash generation and manageable bond maturities Key Balance Sheet Metrics as of December 31, 2024 Bond Maturities (in millions) $825 $850 $720 $675 $2.5bill $3.2bill 2.4x Cash and cash Net Debt(1) Net Leverage(1) equivalents $250 2025 2026 2027 2028 2029 2030 2031 i (1) Represents a non-IFRS A
Slide 12: Business outlook
Business outlook
Slide 13: Viking has a robust booking outlook – 2025 Season
Viking has a robust booking outlook – 2025 Season 88% $5.3bill Capacity PCD sold Advance Bookings (booked YTD) 26% 12% Advance Bookings Growth(1) Capacity PCD Increase i (1) Represents Advance Bookings growth over the same point in time of the prior season Note 1: Based on bookings for Viking’s core
Slide 14: Nearly identical ships provide business benefits and improve margins
Nearly identical ships provide business benefits and improve margins Marketing & sales Simplified sales and marketing process Guests shop itineraries and destinations vs. focusing on a specific ship More efficient training for call center agents and travel agents Higher and more consistent y
Slide 15: Viking Longships uniquely designed to maximize usable space
Viking Longships uniquely designed to maximize usable space Viking's River Fleet Viking Longships 82 3 As of December 31, 2024 Full decks 26 190 To be delivered by 2028 Viking Capacity 8 Up to 164 Option contracts Typical competitor capacity 9 years Square Bow Average age as of December 31, 2024 (1)
Slide 16: Ocean ships designed for comfort and efficiency
Ocean ships designed for comfort and efficiency Environmentally Considerate All Veranda Staterooms Sports Wintergarden Deck Explorers' Lounge More Al Fresco Dining Than on Any Ship Paps, the Explorers' Bar World Cafe Mamsen's Infinity Pool Explorer Suites Full 360◦ State-of-the-Art Underwater The Th
Slide 17: Ocean Advance Bookings update
Ocean Advance Bookings update 2025 vs. 2024 • $2,352 million of Advance Bookings; 30% higher than the 2024 season at the same point in time in 2024. • 18% year-over-year increase in operating capacity PCDs. • 87% of capacity PCDs sold. • 2025 Advance Bookings per PCD of $744 compared to $681 for 202
Slide 18: River Advance Bookings update
River Advance Bookings update 2025 vs. 2024 • $2,554 million of Advance Bookings; 24% higher than the 2024 season at the same point in time in 2024. • 7% year-over-year increase in operating capacity PCDs. • 89% of capacity PCDs sold. • 2025 Advance Bookings per PCD of $839 compared to $797 for 2024
Slide 19: Attractive committed orderbook
Attractive committed orderbook Viking River 2025 2026 2027 2028 2029 2030 2031 2032 Total River committed orderbook Longships (190 berths) 4 4 4 4 16 Longships (102-168 berths) 3 3 Other (80-82 berths) 3 2 2 7 Total committed orderbook 10 6 6 4 26 River options Longships (190 berths) 4 4 8 Total (in
Slide 20: Q&A
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Slide 21: Appendix
Appendix
Slide 22: Financial and operating definitions
Financial and operating definitions Adjusted Earnings per Share or Adjusted EPS is Adjusted Net Income attributable to Viking Holdings Ltd divided by Adjusted Weighted Average Shares Outstanding. We present Adjusted EPS because we believe it provides additional information to us and our investors ab
Slide 23: Financial and operating definitions
Financial and operating definitions 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. North America and North American are to the United States
Slide 24: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Three Months Ended Year Ended Consolidated December 31, December 31, 2024 2023 2024 2023 (in thousands) (unaudited) (unaudited) Total revenue $ 1,349,729 $ 1,119,930 $ 5,333,882 $ 4,710,493 Total cruise operating expenses (822,436) (699,520) (3,114,081) (2,851,78
Slide 25: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 (unaudited) (unaudited) (in thousands) Net income (loss) $ 104,175 $ (593,766) $ 152,977 $ (1,850,096) Interest income (19,409) (16,587) (69,374) (48,027) Interest expense 86,396 116,212 380,48
Slide 26: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended Year Ended December 31, December 31, 2024 2024 (in thousands) (unaudited) Net income attributable to Viking Holdings Ltd $ 103,680 $ 152,331 Interest expense and Private Placement derivatives loss related to Series C Preference Shares — 396,207 Warrants
Slide 27: Net Leverage reconciliation
Net Leverage reconciliation December 31, September 30, 2024 2024 (unaudited) (in thousands, except Net Leverage) (1) Long-term debt $ 4,990,616 $ 4,710,831 (1) Current portion of long-term debt 490,377 465,227 Long-term portion of lease liabilities 207,594 218,771 Short-term portion of lease liabili
Slide 28: ROIC reconciliation
ROIC reconciliation Year Ended December 31, Year Ended December 31, 2024 2023 (unaudited) (in thousands) Operating Income (1) $ 1,075,068 $ 815,950 Income tax expense (16,857) (6,639) Operating income, after tax (a) $ 1,058,211 $ 809,311 Year Ended December 31, Year Ended December 31, 2024 2023 (una