Viking Holdings Ltd · NYSE:VIK
Viking — Q2 2025 Earnings Presentation
25 slides from Viking's earnings presentation, Aug 19, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation August 19, 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: Q2 Business update
Q2 Business update Net Yield (1) 8.0% Year-over-year 2025 Advance Bookings (2) 96% Capacity PCD sold (3) 2026 Advance Bookings (2) 55% Capacity PCD sold (3) ____________________ (1) Represents a non-IFRS Accounting Standards financial measure. For additional information, including a reconciliation t
Slide 5: Business highlights
Business highlights Ship deliveries New itineraries in India Secondary offering - - - • Viking Vesta - Ocean • Two new river vessels • 30.5 million ordinary shares • Viking Amun – Nile River • Launching in 2027 and 2028 • Priced at $44.20 per share 4
Slide 6: Update on Viking's fleet
Update on Viking’s fleet 85 River vessels (1) • Operate in multiple regions of the world • Control or have priority access to 110 docking locations 12 Ocean ships (2) • 100% Balcony cabins • Small and almost identical young fleet 2 Expedition ships • 100% Balcony cabins • State-of-the-art expedition
Slide 7: We sail on rivers worldwide and continue to expand
We sail on 21 rivers worldwide and continue to expand in exciting destinations The Nile (Egypt) The Mekong (Vietnam & Cambodia) The Brahmaputra (India) ▪ 7 in operation ▪ 1 in operation ▪ 1 to be delivered in 2027 ▪ 5 to be delivered by 2027 ▪ 1 to be delivered in 2025 ▪ 1 to be delivered in 2028 6
Slide 8: Update on Viking's ownership structure
Update on Viking’s ownership structure Completed secondary offering on May 29, 2025 30.5 million ordinary shares offered by selling shareholders TPG Capital and CPP Investments Priced at $44.20 per share Ownership structure (1) Hagen Family (2) 53.1% economic 86.9% voting CPP Investments All O
Slide 9: Q2 2025 Highlights
Q2 2025 Highlights
Slide 10: Q2 2025 key metrics
Q2 2025 key metrics Viking Holding Ltd Financial and Operating Results Three Months Ended Twelve Months Ended June 30 June 30 December 31 2025 2024 2025 2024 (in millions, except for PCD, per PCD and percentage information) Total revenue $ 1,880 $ 1,587 $ 5,806 $ 5,334 Adjusted Gross Margin(1) $ 1,2
Slide 11: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Six Months Ended June 30 2025 2024 Consolidated Occupancy 95.2% 94.2% Adjusted Gross Margin(1) (in millions) $ 1,850 $ 1,533 Net Yield(1) $ 584 $ 543 Six Months Ended June 30 2025 2024 Viking River Occupancy 95.6% 94.7% Adjusted Gross Margin(1) (in millions
Slide 12: Strong cash generation and manageable bond maturities
Strong cash generation and manageable bond maturities Key Balance Sheet Metrics as of June 30, 2025 Bond Maturities as of June 30, 2025 (in millions) $825 $850 $720 $675 $2.6bill $3.2bill 2.1x Cash and cash Net Debt(1) Net Leverage(1) equivalents 2025 2026 2027 2028 2029 2030 2031 i (1) Represents a
Slide 13: Business outlook
Business outlook
Slide 14: Viking has a robust booking outlook
Viking has a robust booking outlook 2025 Season 12% 21% 96% $5.6bill Capacity PCD Advance Bookings Capacity PCD sold Advance Bookings Increase Growth(1) 2026 Season 9% 13% 55% $3.9bill Capacity PCD Advance Bookings Capacity PCD sold Advance Bookings Increase Growth(1) i (1) Represents Advance Bookin
Slide 15: Ocean Advance Bookings update
Ocean Advance Bookings update 2025 vs. 2024 Ocean – Cumulative Advance Bookings by Month • $2,499 million of Advance Bookings; $3,000 29% higher than the 2024 season at As of 10-Aug-2025 As of 10-Aug-2025 Millions the same point in time in 2024. 2025 Season • 18% year-over-year increase in $2,500 op
Slide 16: River Advance Bookings update
River Advance Bookings update 2025 vs. 2024 River – Cumulative Advance Bookings by Month • $2,725 million of Advance Bookings; $3,000 16% higher than the 2024 season at As of 10-Aug-2025 As of 10-Aug-2025 Millions 2025 Season the same point in time in 2024. • 6% year-over-year increase in $2,500 202
Slide 17: Attractive committed orderbook
Attractive committed orderbook Viking River 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total River committed orderbook Longships (190 berths) 3 5 4 4 16 Longships (102-168 berths) 1 1 1 3 Other (80-82 berths) 2 2 3 1 8 Total committed orderbook 6 8 8 5 27 River options Longships (190 berths) 4 4 8
Slide 18: Q&A
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Slide 19: Appendix
Appendix
Slide 20: 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 21: 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 22: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Three Months Ended Six Months Ended Adjusted Gross Margin - Consolidated June 30, June 30, 2025 2024 2025 2024 (in thousands) (unaudited) (unaudited) Total revenue $ 1,880,367 $ 1,587,261 $ 2,777,423 $ 2,305,416 Total cruise operating expenses (1,021,102) (878,60
Slide 23: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Twelve Months Ended June 30, June 30, December 31, 2025 2024 2025 2024 (unaudited) (in thousands) Net income $ 439,237 $ 159,768 $ 817,696 $ 152,977 Interest income (19,708) (14,738) (76,064) (69,374) Interest expense 83,978 96,024 341,512 380,486 In
Slide 24: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended June 30, 2025 2024 (in thousands) (unaudited) Net income attributable to Viking Holdings Ltd $ 439,048 $ 159,619 Interest expense and Private Placement derivatives loss related to Series C Preference Shares — 65,750 Warrants loss — 123,019 Gain (loss),
Slide 25: Net Leverage reconciliation
Net Leverage reconciliation June 30, 2025 March 31, 2025 (unaudited) (in thousands, except Net Leverage) Long-term debt (1) $ 5,336,977 $ 4,963,842 Current portion of long-term debt (1) 275,337 486,941 Long-term portion of lease liabilities 191,916 194,882 Short-term portion of lease liabilities 28,