Viking Holdings Ltd · NYSE:VIK
Viking — Q2 2026 Earnings Presentation
23 slides from Viking's earnings presentation, Aug 19, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 19, 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: Business Overview
Business Overview
Slide 4: Q2 Business update
Q2 Business update Net Yield (1) 6.2% Year-over-year 2026 Advance Bookings (2) 96% Capacity PCD sold (3) 2027 Advance Bookings (2) 53% Capacity PCD sold (3) ____________________ (1) Represents a non-IFRS financial measure. For additional information, including a reconciliation to the closest IFRS Ac
Slide 5: Thoughtful fleet expansion
Thoughtful fleet expansion 94 River vessels(1) 13 Ocean ships 2 Expedition ships 10 to be delivered during 2026 2 to be delivered during 2026 5 delivered to date 1 delivered to date A young fleet with distinctive earnings power • One of the youngest in the industry • Efficiently designed • Within ea
Slide 6: Further enhancing the guest experience
Further enhancing the guest experience Examples of new land extensions and shore excursions Land extensions Optional shore excursions St. Moritz, Lombardy & Turin & Barolo Small Group Experience: The Alpine Train 3 Nights Zeppelin Flight Over Cologne Palace of Versailles 4 Nights Land extensions fur
Slide 7: Q2 2026 Highlights
Q2 2026 Highlights
Slide 8: Q2 2026 key metrics
Q2 2026 key metrics Viking Holdings Ltd Financial and Operating Results Three Months Ended Twelve Months Ended June 30 June 30 December 31 2026 2025 2026 2025 (in millions, except for PCD, per PCD, per share data and percentage information) Total revenue $ 2,191 $ 1,880 $ 6,968 $ 6,501 Adjusted Gros
Slide 9: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Six Months Ended June 30 2026 2025 Consolidated Occupancy 94.5% 95.2% Adjusted Gross Margin(1) (in millions) $ 2,156 $ 1,850 Net Yield(1) $ 627 $ 584 Six Months Ended June 30 2026 2025 Viking River Occupancy 94.8% 95.6% Adjusted Gross Margin(1) (in millions
Slide 10: Liquidity position
Liquidity position Key liquidity metrics as of June 30, 2026 Bond maturities (in millions) $1,700 $4.0bill $1.0bill Cash and cash Undrawn revolver equivalents facility $850 $675 $720 $2.4bill 1.2x Net Debt(1) Net Leverage(1) 2026 2027 2028 2029 2030 2031 2032 2033 i (1) Represents a non-IFRS Account
Slide 11: Business outlook
Business outlook
Slide 12: Viking has a robust booking outlook
Viking has a robust booking outlook 2026 Season 7% 13% 96% $6.4bill Capacity PCD Advance Bookings Capacity PCD sold Advance Bookings Increase Growth(1) 2027 Season 15% 21% 53% $4.7bill 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 • $2,922 million of Advance Bookings; $3,500 As of 9-Aug-2026 As of 9-Aug-2026 Millions 17% higher than the 2025 season at the same point in time in 2025. $3,000 • 9% year-over-year increase in 2026 Season opera
Slide 14: River Advance Bookings update
River Advance Bookings update 2026 vs. 2025 River – Cumulative Advance Bookings by Month • $3,022 million of Advance Bookings; $3,500 As of 9-Aug-2026 As of 9-Aug-2026 Millions 11% higher than the 2025 season at the same point in time in 2025. $3,000 2026 Season • 6% year-over-year increase in 2025
Slide 15: Attractive orderbook
Attractive orderbook River ships 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Committed Longships (190 berths) 4 4 4 12 Longships (102-168 berths) 1 1 Other (80-82 berths) 1 3 3 7 Total committed 5 8 7 20 Options Longships (190 berths) 4 4 4 4 16 Total (including options) 5 8 7 4 4 4 4 36 Ocea
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. Occupancy is the ratio, expressed as a percentage, of PCD
Slide 20: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Three Months Ended Six Months Ended Adjusted Gross Margin - Consolidated June 30, June 30, 2026 2025 2026 2025 (in thousands) (unaudited) Total revenue $ 2,190,501 $ 1,880,367 $ 3,244,242 $ 2,777,423 Total cruise operating expenses (1,193,883) (1,021,102) (1,887,
Slide 21: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Twelve Months Ended June 30, June 30, December 31, 2026 2025 2026 2025 (unaudited) (in thousands) Net income $ 587,702 $ 439,237 $ 1,347,775 $ 1,148,095 Interest income (26,931) (19,708) (95,299) (84,876) Interest expense 82,165 83,978 350,934 362,57
Slide 22: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended June 30, 2026 2025 (in thousands) (unaudited) Net income attributable to Viking Holdings Ltd $ 587,442 $ 439,048 Adjusted Net Income attributable to Viking Holdings Ltd $ 587,442 $ 439,048 Three Months Ended June 30, 2026 2025 (in thousands) (unaudited)
Slide 23: Net Leverage reconciliation
Net Leverage reconciliation June 30, 2026 March 31, 2026 (unaudited) (in thousands, except Net Leverage) (1) Long-term debt $ 5,904,445 $ 5,556,095 Current portion of long-term debt (1) 233,269 199,022 Long-term portion of lease liabilities 219,041 205,607 Short-term portion of lease liabilities 29,