Viking Holdings Ltd · NYSE:VIK
Viking — Q1 2026 Earnings Presentation
23 slides from Viking's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 14, 2026 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: Executive leadership transition
Executive leadership transition Torstein Hagen has been appointed as Executive Chairman and will continue to serve as Chairman of Viking’s Board Leah Talactac has been appointed as Chief Executive Officer Linh Banh has been appointed as Chief Financial Officer “This leadership transition reflects th
Slide 4: Business Overview
Business Overview
Slide 5: Q1 Business update
Q1 Business update Net Yield (1) 9.5% Year-over-year 2026 Advance Bookings (2) 92% Capacity PCD sold (3) 2027 Advance Bookings (2) 38% Capacity PCD sold (3) ____________________ (1) Represents a non-IFRS financial measure. For additional information, including a reconciliation to the closest IFRS Ac
Slide 6: Business highlights
Business highlights Fleet milestones • Ship delivery • Viking Eldir: joined a growing fleet of river Longships • New ships Float-outs • Viking Ptah and Viking Sekhmet: will sail on the Nile River in Egypt • Viking Libra: the world’s first hydrogen-powered ocean cruise ship capable of operating with
Slide 7: Q1 2026 Highlights
Q1 2026 Highlights
Slide 8: Q1 2026 key metrics
Q1 2026 key metrics Viking Holdings Ltd Financial and Operating Results Three Months Ended Twelve Months Ended March 31 March 31 December 31 2026 2025 2026 2025 (in millions, except for PCD, per PCD, per share data and percentage information) Total revenue $ 1,054 $ 897 $ 6,658 $ 6,501 Adjusted Gros
Slide 9: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Three Months Ended March 31 2026 2025 Consolidated Occupancy 94.7% 94.5% Adjusted Gross Margin(1) (in millions) $ 717 $ 613 Net Yield(1) $ 596 $ 544 Three Months Ended March 31 2026 2025 Viking River Occupancy 93.7% 93.9% Adjusted Gross Margin(1) (in millio
Slide 10: Liquidity position
Liquidity position Key liquidity metrics as of March 31, 2026 Bond maturities (in millions) $1,700 $4.0bill $1.0bill Cash and cash Undrawn revolver equivalents facility $850 $675 $720 $1.9bill 1.0x Net Debt(1) Net Leverage(1) 2026 2027 2028 2029 2030 2031 2032 2033 In March 2026, S&P upgraded Viking
Slide 11: Business outlook
Business outlook
Slide 12: Viking has a robust booking outlook
Viking has a robust booking outlook 2026 Season 7% 13% 92% $6.2bill Capacity PCD Advance Bookings Capacity PCD sold Advance Bookings Increase Growth(1) 2027 Season 15% 31% 38% $3.4bill Capacity PCD Advance Bookings Capacity PCD sold Advance Bookings Increase Growth(1) i (1) Represents Advance Bookin
Slide 13: Ocean Advance Bookings update
Ocean Advance Bookings update 2026 vs. 2025 Ocean – Cumulative Advance Bookings by Month $3,000 As of 3-May-2026 As of 3-May-2026 • $2,839 million of Advance Bookings; Millions 17% higher than the 2025 season at 2026 Season the same point in time in 2025. 2025 Season • 9% year-over-year increase in
Slide 14: River Advance Bookings update
River Advance Bookings update 2026 vs. 2025 River – Cumulative Advance Bookings by Month $3,000 As of 3-May-2026 As of 3-May-2026 • $2,944 million of Advance Bookings; 2026 Season Millions 10% higher than the 2025 season at 2025 Season the same point in time in 2025. • 6% year-over-year increase in
Slide 15: Attractive orderbook
Attractive orderbook River ships 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Committed Longships (190 berths) 6 4 4 14 Longships (102-168 berths) 1 1 2 Other (80-82 berths) 2 3 3 8 Total committed 9 8 7 24 Options Longships (190 berths) 4 4 4 4 16 Total (including options) 9 8 7 4 4 4 4 40 Oc
Slide 16: Q&A
Zs VIKIN Q&A
Slide 17: Appendix
Appendix
Slide 18: 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 19: 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 20: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Three Months Ended Adjusted Gross Margin - Consolidated March 31, 2026 2025 (in thousands) (unaudited) Total revenue $ 1,053,741 $ 897,056 Total cruise operating expenses (694,057) (593,661) Ship depreciation (62,058) (57,892) Gross margin 297,626 245,503 Ship de
Slide 21: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Twelve Months Ended March 31, March 31, December 31, 2026 2025 2026 2025 (unaudited) (in thousands) Net (loss) income $ (54,237) $ (105,452) $ 1,199,310 $ 1,148,095 Interest income (23,389) (20,189) (88,076) (84,876) Interest expense 76,876 86,704 35
Slide 22: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended March 31, 2026 2025 (in thousands) (unaudited) Net loss attributable to Viking Holdings Ltd $ (54,380) $ (105,473) Impairment loss 5,212 — Adjusted Net Loss attributable to Viking Holdings Ltd $ (49,168) $ (105,473) Three Months Ended March 31, 2026 202
Slide 23: Net Leverage reconciliation
Net Leverage reconciliation March 31, 2026 December 31, 2025 (unaudited) (in thousands, except Net Leverage) (1) Long-term debt $ 5,556,095 $ 5,268,778 Current portion of long-term debt (1) 199,022 396,769 Long-term portion of lease liabilities 205,607 212,437 Short-term portion of lease liabilities