Viking Holdings Ltd · NYSE:VIK
Viking — Q1 2025 Earnings Presentation
23 slides from Viking's earnings presentation, May 20, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation May 20, 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: Q1 Business update
Q1 Business update Net Yield (1) 7.1% Year-over-year 2025 Advance Bookings (2) 92% Capacity PCD sold (3) 2026 Advance Bookings (2) 37% Capacity PCD sold (3) ____________________ (1) Represents a non-IFRS financial measure. For additional information, including a reconciliation to the closest IFRS Ac
Slide 5: Viking is different – with strong competitive advantages
Viking is different – with strong competitive advantages Booking visibility Effective direct marketing Clear & resilient customer demographic & loyalty base Strong balance sheet Contrarian approach Well-tested management team 4
Slide 6: Business highlights
Business highlights World’s First Hydrogen-Powered Cruise Ship Viking Libra will be the world’s first hydrogen-powered cruise ship, capable of operating with zero emissions. Scheduled for delivery in late 2026. Two Additional Ocean Ship Orders The Company expects to take delivery of eleven additiona
Slide 7: Q1 2025 Highlights
Q1 2025 Highlights
Slide 8: Q1 2025 key metrics
Q1 2025 key metrics Viking Holding Ltd Financial and Operating Results Three Months Ended Twelve Months Ended March 31 March 31 December 31 2025 2024 2025 2024 (in millions, except for PCD, per PCD and percentage information) Total revenue $ 897 $ 718 $ 5,513 $ 5,334 Adjusted Gross Margin(1) $ 613 $
Slide 9: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Three Months Ended March 31 2025 2024 Consolidated Occupancy 94.5% 94.0% Adjusted Gross Margin(1) (in millions) $ 613 $ 495 Net Yield(1) $ 544 $ 508 Three Months Ended March 31 2025 2024 Viking River Occupancy 93.9% 92.1% Adjusted Gross Margin(1) (in millio
Slide 10: Strong cash generation and manageable bond maturities
Strong cash generation and manageable bond maturities Key Balance Sheet Metrics as of March 31, 2025 Bond Maturities as of March 31, 2025 (in millions) $825 $850 $720 $675 $2.8bill $2.9bill 2.0x Cash and cash Net Debt(1) Net Leverage(1) equivalents $250 2025 (2) 2026 2027 2028 2029 2030 2031 i (1) R
Slide 11: Business outlook
Business outlook
Slide 12: Viking has a robust booking outlook
Viking has a robust booking outlook 2025 Season 12% 21% 92% $5.5bill Capacity PCD Advance Bookings Capacity PCD sold Advance Bookings Increase Growth(1) 2026 Season 8% 11% 37% $2.7bill 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 2025 vs. 2024 Ocean – Cumulative Advance Bookings by Month • $2,423 million of Advance Bookings; $3,000 27% higher than the 2024 season at As of 11-May-2025 As of 11-May-2025 Millions the same point in time in 2024. • 18% year-over-year increase in 2025 Season $2,500 op
Slide 14: River Advance Bookings update
River Advance Bookings update 2025 vs. 2024 River – Cumulative Advance Bookings by Month • $2,678 million of Advance Bookings; $3,000 17% higher than the 2024 season at As of 11-May-2025 As of 11-May-2025 Millions the same point in time in 2024. 2025 Season • 7% year-over-year increase in $2,500 202
Slide 15: Attractive committed orderbook
Attractive committed orderbook Viking River 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total River committed orderbook Longships (190 berths) 4 4 4 4 16 Longships (102-168 berths) 2 1 3 Other (80-82 berths) 3 2 3 8 Total committed orderbook 9 6 8 4 27 River options Longships (190 berths) 4 4 8 Tot
Slide 16: Q&A
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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 Adjusted Gross Margin - Consolidated March 31, 2025 2024 (in thousands) (unaudited) Total revenue $ 897,056 $ 718,155 Total cruise operating expenses (593,661) (503,925) Ship depreciation (57,892) (54,729) Gross margin 245,503 159,501 Ship depr
Slide 21: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Twelve Months Ended March 31, March 31, December 31, 2025 2024 2025 2024 (unaudited) (in thousands) Net (loss) income $ (105,452) $ (490,702) $ 538,227 $ 152,977 Interest income (20,189) (18,469) (71,094) (69,374) Interest expense 86,704 113,631 353,
Slide 22: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended March 31, 2025 2024 (in thousands) (unaudited) Net loss attributable to Viking Holdings Ltd $ (105,473) $ (490,998) Interest expense and Private Placement derivatives loss related to Series C Preference Shares — 330,457 Warrants loss — 23,711 Gain, net,
Slide 23: Net Leverage reconciliation
Net Leverage reconciliation March 31, 2025 December 31, 2024 (unaudited) (in thousands, except Net Leverage) Long-term debt (1) $ 4,963,842 $ 4,990,616 Current portion of long-term debt (1) 486,941 490,377 Long-term portion of lease liabilities 194,882 207,594 Short-term portion of lease liabilities