Viking Holdings Ltd · NYSE:VIK
Viking — Q3 2024 Earnings Presentation
27 slides from Viking's earnings presentation, Nov 19, 2024
Slide 1: Q3 2024 Earnings Presentation
Q3 2024 Earnings Presentation November 19, 2024 0
Slide 2: Disclaimers and additional information
Disclaimers and additional information Non-IFRS Financial Measures We use certain non-IFRS financial measures, such as Adjusted Gross Margin, Net Yield, Adjusted EPS and Adjusted EBITDA, to analyze our performance. We present Adjusted EBITDA as a performance measure because we believe it facilitates
Slide 3: Business overview
Business overview 2
Slide 4: Q3 Business update
Q3 Business update Net Yield (1) +11.0% year-over-year 2024 Advance Bookings (2) 95% capacity PCD sold (3) 2025 Advance Bookings (2) 70% capacity PCD sold (3) ____________________ 3 (1) Represents a non-IFRS financial measure. For additional information, including a reconciliation to the closest IFR
Slide 5: We operate all around the world under one brand: Viking
We operate all around the world under one brand: VIKING 7 CONTINENTS 85+ COUNTRIES 500+ PORTS ONE VIKING 5 OCEANS 21 RIVERS 5 GREAT LAKES 4
Slide 6: Our products are consistently rated highly
Our products are consistently rated highly Condé Nast Traveler 2024 Awards (1): #1 for Rivers, #1 for Oceans and #1 for Expeditions for Second Consecutive Year River Ocean(2) Expedition ✓ Viking has more than 450 awards to its name. ✓ Viking was rated #1 for Rivers, #1 for Oceans and #1 for Expediti
Slide 7: Our single brand drives sales and marketing effectiveness and successful cross-selling
Our single brand drives sales and marketing effectiveness and successful cross-selling Repeat Guest Percentage(1) 53% 51% 45% 41% 39% 32% 27% 2015 2016 2017 2018 2019 2023 2024 (2) Viking Ocean Viking Expedition Viking Mississippi Inaugural year passengers New-to-brand New-to-brand New-to-brand Viki
Slide 8: Our single brand drives strong brand awareness
Our single brand drives strong brand awareness North American outbound river market 92% Total Awareness 72% 25% Unaided 23% 22% 21% Awareness 13% 9% 8% 8% 9% 6% 4% 9% 4% 0% 0% 1% Avalon Tauck Emerald Ama Uniworld Gate 1 Vantage Grand Circle Luxury ocean market Total 80% Awareness 38% 33% 30% 29% Una
Slide 9: Update on Egypt: our award-winning river fleet is growing
Update on Egypt : our award-winning river fleet is growing Viking’s Egypt fleet FIRST 6 4 Viking new build in Egypt delivered 2022 currently operating under construction 8
Slide 10: Update on Asia: our single-language approach creates seamless experiences
Update on Asia : our single-language approach creates seamless experiences Ocean cruises in Asia for English-speaking guests Ocean cruises for Asian guests River cruises in Europe for Chinese guests 9
Slide 11: Update on Viking's ownership structure
Update on Viking’s ownership structure Ownership structure (1) Completed secondary offering on September 13, 2024. Hagen Family(2) CPP Investments Offered 34.5 million ordinary shares on behalf of TPG Capital and CPP Investments. 53.3% economic 11.3% economic Priced at $31 per share. 87.0% vot
Slide 12: Q3 2024 Highlights
Q3 2024 Highlights 11
Slide 13: Q3 2024 key metrics
Q3 2024 key metrics Viking Holding Ltd Financial and Operating Results Three Months Ended Twelve Months Ended September 30, September 30, December 31, 2024 2023 2024 2023 (in millions, except for PCD, per PCD and percentage information) Total revenue $ 1,679 $ 1,507 $ 5,104 $ 4,710 Adjusted Gross Ma
Slide 14: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Nine Months Ended September 30, 2024 2023 Consolidated Occupancy 94.1% 94.4% Adjusted Gross Margin(1) (in millions) $ 2,632 $ 2,344 Net Yield(1) $ 556 $ 517 Nine Months Ended September 30, 2024 2023 Viking River Occupancy 95.3% 95.6% Adjusted Gross Margin(1
Slide 15: Strong cash generation and manageable near-term bond maturities
Strong cash generation and manageable near-term bond maturities Key Balance Sheet Metrics as of September 30, 2024 Bond Maturities (in millions) $825 $850 $720 $675 $2.4bill $3.0bill 2.4x Cash and cash Net Debt(1) Net Leverage(1) equivalents $250 2024 2025 2026 2027 2028 2029 2030 2031 14 __________
Slide 16: Business outlook
Business outlook 15
Slide 17: Viking has a robust booking outlook
Viking has a robust booking outlook 2024 Season 5% 95% $4.6bill 14% Capacity PCD increase Capacity PCD sold Advance Bookings Advance Bookings (booked YTD) growth(1) 2025 Season 12% 70% $4.3bill 26% Capacity PCD increase Capacity PCD sold Advance Bookings Advance Bookings (booked YTD) growth(1) _____
Slide 18: Ocean Advance Bookings update
Ocean Advance Bookings update 2024 vs. 2023 • $1,932 million of Advance Bookings; 15% higher than the 2023 season at the same point in time in 2023. • 6% year-over-year increase in operating capacity PCDs. • 94% of capacity PCDs sold. • 2024 Advance Bookings per PCD of $661 compared to $614 for 2023
Slide 19: River Advance Bookings update
River Advance Bookings update 2024 vs. 2023 • $2,333 million of Advance Bookings; 14% higher than the 2023 season at the same point in time in 2023. • 4% year-over-year increase in operating capacity PCDs. • 96% of capacity PCDs sold. • 2024 Advance Bookings per PCD of $759 compared to $689 for 2023
Slide 20: Attractive committed orderbook
Attractive committed orderbook Viking River 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total River committed orderbook Longships (190 berths) 4 4 8 Longships (102-168 berths) 3 3 Other (80-82 berths) 3 2 5 Total committed orderbook 10 6 16 River options Longships (190 berths) 4 4 8 Total (includin
Slide 21: Q&A
>» ® VIKIN Q&A
Slide 22: Appendix
Appendix 21
Slide 23: Financial and operating definitions
Financial and operating definitions 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. Adjusted EBITDA is EBITDA (consolidated net income (loss) adjusted for interest income, int
Slide 24: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Three Months Ended Nine Months Ended Consolidated September 30, September 30, 2024 2023 2024 2023 (in thousands) (unaudited) (unaudited) Total revenue $ 1,678,737 $ 1,506,798 $ 3,984,153 $ 3,590,563 Total cruise operating expenses (909,119) (843,434) (2,291,645)
Slide 25: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Twelve Months Ended September 30, September 30, December 31, 2024 2023 2024 2023 (unaudited) (in thousands) Net income (loss) $ 374,800 $ (1,238,192) $ (559,423) $ (1,858,601) Interest income (16,758) (12,607) (66,552) (48,027) Interest expense 90,00
Slide 26: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended September 30, 2024 (in thousands) (unaudited) Net income attributable to Viking Holdings Ltd $ 375,094 Interest expense and Private Placement derivatives loss related to Series C Preference Shares — Warrants loss 18,594 (Gain) loss, net, for debt exting
Slide 27: Net Leverage reconciliation
Net Leverage reconciliation September 30, 2024 June 30, 2024 (unaudited) (in thousands, except Net Leverage) Long-term debt (1) $ 4,710,831 $ 4,743,410 (1) Current portion of long-term debt 465,227 456,153 Long-term portion of lease liabilities 218,771 215,385 Short-term portion of lease liabilities