Viking Holdings Ltd · NYSE:VIK
Viking — Q3 2025 Earnings Presentation
25 slides from Viking's earnings presentation, Nov 19, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 19, 2025
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 2
Slide 4: Q3 Business update
Q3 Business update Net Yield (1) 7.1% Year-over-year 2025 Advance Bookings (2) 96% Capacity PCD sold (3) 2026 Advance Bookings (2) 70% Capacity PCD sold (3) (1) Represents a non-IFRS Accounting Standards financial measure. For additional information, including a reconciliation to the closest IFRS Ac
Slide 5: Viking today: an unmatched fleet size of 103 ships
Viking today: an unmatched fleet size of 103 ships 89 River vessels (1) 12 Ocean ships(2) 2 Expedition ships Modernizing Reinventing Perfecting River voyages Ocean voyages Expedition experiences …looking forward and committed to continue our leadership in experiential travel Note: Viking fleet as of
Slide 6: Worldwide presence
Worldwide presence 7 CONTINENTS 85+ COUNTRIES 500+ PORTS 5 OCEANS 21 RIVERS 5 GREAT LAKES 5
Slide 7: We control or have priority access to 113 of the world's most coveted docking locations
We control or have priority access to 113 of the world’s most coveted docking locations Budapest, Hungary Paris, France Karnak Temple, Egypt …and we sail on 21 rivers worldwide and continue to expand into exciting destinations… Note: Luxor (Egypt) excluded from the visualization 6
Slide 8: Voted #1 in rivers and oceans – for the fifth year in a row
Voted #1 in rivers and oceans – for the fifth year in a row Condé Nast Traveler 2025 Readers’ Choice Awards(1) River Ocean Category: River Lines Ship size category: 500–2,500 guests Viking was rated #1 for Oceans and #1 for Rivers by Condé Nast Traveler Viking is also rated a “World’s Best” by Trave
Slide 9: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights 8
Slide 10: Q3 2025 key metrics
Q3 2025 key metrics Viking Holding Ltd Financial and Operating Results Three Months Ended Twelve Months Ended September 30 September 30 December 31 2025 2024 2025 2024 (in millions, except for PCD, per PCD and percentage information) Total revenue $ 2,000 $ 1,679 $ 6,127 $ 5,334 Adjusted Gross Margi
Slide 11: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Nine Months Ended September 30 2025 2024 Consolidated Occupancy 95.5% 94.1% Adjusted Gross Margin(1) (in millions) $ 3,184 $ 2,632 Net Yield(1) $ 598 $ 556 Nine Months Ended September 30 2025 2024 Viking River Occupancy 96.0% 95.3% Adjusted Gross Margin(1)
Slide 12: Strong cash generation and manageable bond maturities
Strong cash generation and manageable bond maturities Key Balance Sheet Metrics as of September 30, 2025 Bond Maturities (2)(in millions) $1,700 (2) $3.0bill $2.8bill 1.6x $825 (2) $850 $720 $675 Cash and cash Net Debt(1) Net Leverage(1) equivalents 2025 2026 2027 2028 2029 2030 2031 2032 2033 (1) R
Slide 13: Business outlook
Business outlook 12
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% 14% 70% $4.9bill 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 • $2,496 million of Advance Bookings; $3,000 As of 2-Nov-2025 As of 2-Nov-2025 Millions 29% higher than the 2024 season at the same point in time in 2024. 2025 Season • 18% year-over-year increase in $2,500 2026
Slide 16: River Advance Bookings update
River Advance Bookings update 2025 vs. 2024 River – Cumulative Advance Bookings by Month • $2,703 million of Advance Bookings; $3,000 As of 2-Nov-2025 As of 2-Nov-2025 Millions 16% higher than the 2024 season at 2025 Season the same point in time in 2024. • 6% year-over-year increase in $2,500 2024
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) 2 5 4 4 15 Longships (102-168 berths) 1 1 2 Other (80-82 berths) 2 3 1 6 Total committed orderbook 2 8 8 5 23 River options Longships (190 berths) 4 4 4 4 1
Slide 18: Q&A
>» ® VIKIN Q&A 17 ee
Slide 19: Appendix
Appendix 18
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 Nine Months Ended Adjusted Gross Margin - Consolidated September 30, September 30, 2025 2024 2025 2024 (in thousands) (unaudited) (unaudited) Total revenue $ 1,999,638 $ 1,678,737 $ 4,777,061 $ 3,984,153 Total cruise operating expenses (1,058,1
Slide 23: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Nine Months Ended Twelve Months Ended September 30, September 30, December 31, 2025 2024 2025 2024 (unaudited) (in thousands) Net income $ 847,794 $ 48,802 $ 951,969 $ 152,977 Interest income (57,504) (49,965) (76,913) (69,374) Interest expense 277,638 294,090 364,034
Slide 24: Adjusted EPS reconciliation
Adjusted EPS reconciliation Three Months Ended September 30, 2025 2024 (in thousands) (unaudited) Net income attributable to Viking Holdings Ltd $ 514,089 $ 380,030 Interest expense and Private Placement derivatives loss related to Series C Preference Shares — — Warrants loss — 18,594 Loss (gain), n
Slide 25: Net Leverage reconciliation
Net Leverage reconciliation September 30, 2025 June 30, 2025 (unaudited) (in thousands, except Net Leverage) (1) Long-term debt $ 4,469,441 $ 5,336,977 Current portion of long-term debt (1) 1,081,144 275,337 Long-term portion of lease liabilities 218,854 191,916 Short-term portion of lease liabiliti