Viking Holdings Ltd · NYSE:VIK
Viking — Q4 2025 Earnings Presentation
31 slides from Viking's earnings presentation, Mar 3, 2026
Slide 1: Q4 and FY 2025 Earnings Presentation
Q4 and FY 2025 Earnings Presentation March 3, 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: 2025 was another year of significant milestones
2025 was another year of significant milestones Celebrated the achievement of a 100-ship milestone Announced the world’s first hydrogen-powered cruise ship Broadened existing and new cultural partnerships Expanded into new and exciting destinations 3
Slide 5: Viking's Ocean fleet has many competitive advantages
Viking’s Ocean fleet has many competitive advantages 12(1) Small ships – less than 1,000 guests ‐ Access to smaller ports ‐ Relaxed & intimate atmosphere 100% Balcony cabins Efficient design ‐ One main galley ‐ No bathtubs(2) ‐ Spa placed on lower deck ‐ 2.0 Guests to crew ratio versus competitors’
Slide 6: Viking's River fleet has strong competitive advantages
Viking’s River fleet has strong competitive advantages We have been in business for 29 years 89(1) ships ‐ Multiple regions of the world ‐ Itineraries in: Europe, Egypt, U.S., Vietnam, Cambodia and India Control or have priority access to 113 docking locations Efficient design: Longships ‐ Three ful
Slide 7: 2025: Delivered exceptional financial performance
2025: Delivered exceptional financial performance Twelve Months Ended December 31 2025 2024 YoY growth (in millions, except for Capacity PCDs and per PCD information) Capacity Passenger Cruise Days 7,709,620 6,886,205 ✓ 12.0% Net Yield(1) $ 583 $ 543 ✓ 7.4% Total revenue $ 6,501 $ 5,334 ✓ 21.9% Adju
Slide 8: Sustained by a consistent track record of strong results
Sustained by a consistent track record of strong results Capacity Net Yield(1) Total revenue (in millions) YoY Growth (in $ billions) YoY Growth YoY Growth +7.4% +21.9% +12.0% CAGR $583 $6.5 7.7 CAGR +5.1% CAGR +10.8% +16.5% $392 3.4 $1.9 2017 2025 2017 2025 2017 2025 Adjusted Net Income (1) (1) (1)
Slide 9: Proven record of growing both Capacity and Net Yields
Proven record of growing both Capacity and Net Yields Capacity PCDs (in thousands) Growth: 12% Growth: 6% Growth: 8% Growth: 20% 7,710 Growth: 22% 6,477 6,886 Growth: 21% 5,009 5,390 3,392 4,117 2017 2018 2019 2022 2023 2024 2025 Occupancy(1) 93.0% 95.5% 95.3% 78.4% 93.7% 93.6% 95.4% Net Yield(2) Gr
Slide 10: 2025: Supported by metrics that validate our growth trajectory
2025: Supported by metrics that validate our growth trajectory Guest loyalty Market leadership Balance Sheet strength 54% 52% 45.8% Repeat Guests North American Outbound ROIC(3) River Market Share(1) >50% 27% 1.1x Direct Bookings Luxury Ocean Net Leverage(3) Market Share(2) i (1) North American outb
Slide 11: Elevated by industry leading excellence
Elevated by industry leading excellence #1 for Rivers, #1 for Oceans – Five years in a row 1 0
Slide 12: And an unwavering commitment
And an unwavering commitment Obsess over our guests Treat employees as part of our family Continue to be contrarian Continue to do what is right for the environment 11
Slide 13: Q4 and FY 2025 Highlights
Q4 and FY 2025 Highlights
Slide 14: Q4 and FY 2025 key metrics
Q4 and FY 2025 key metrics Viking Holdings Ltd Financial and Operating Results Three Months Ended Twelve Months Ended December 31 December 31 2025 2024 2025 2024 (in millions, except for PCD, per PCD, per share data and percentage information) Total revenue $ 1,724 $ 1,350 $ 6,501 $ 5,334 (1) Adjust
Slide 15: Viking River and Viking Ocean: key metrics
Viking River and Viking Ocean: key metrics Twelve Months Ended December 31 2025 2024 Consolidated Occupancy 95.4% 93.6% Adjusted Gross Margin(1) (in millions) $ 4,290 $ 3,501 Net Yield(1) $ 583 $ 543 Twelve Months Ended December 31 2025 2024 Viking River Occupancy 96.0% 95.4% Adjusted Gross Margin(1
Slide 16: Liquidity position
Liquidity position Key liquidity metrics as of December 31, 2025 Bond maturities (in millions) $1,700 $3.8bill $1.0bill Cash and cash Undrawn revolver equivalents facility $850 $675 $720 $2.1bill 1.1x Net Debt(1) Net Leverage(1) 2026 2027 2028 2029 2030 2031 2032 2033 i 15 (1) Represents a non-IFRS
Slide 17: Business outlook
Business outlook
Slide 18: Viking has a robust booking outlook – 2026 Season
Viking has a robust booking outlook – 2026 Season 86% $6.0bill Capacity PCD sold Advance Bookings (booked YTD) 13% 7% Advance Bookings Growth(1) Capacity PCD Increase i (1) Represents Advance Bookings growth over the same point in time of the prior season. Note 1: Based on bookings for Viking’s core
Slide 19: Ocean Advance Bookings update
Ocean Advance Bookings update 2026 vs. 2025 • $2,727 million of Advance Bookings; 16% higher than the 2025 season at the same point in time in 2025. • 9% year-over-year increase in operating capacity PCDs. • 87% of capacity PCDs sold. • 2026 Advance Bookings per PCD of $787 compared to $746 for 2025
Slide 20: River Advance Bookings update
River Advance Bookings update 2026 vs. 2025 • $2,806 million of Advance Bookings; 10% higher than the 2025 season at the same point in time in 2025. • 6% year-over-year increase in operating capacity PCDs. • 85% of capacity PCDs sold. • 2026 Advance Bookings per PCD of $906 compared to $841 for 2025
Slide 21: Attractive orderbook
Attractive orderbook River ships - 81 operating ships as of December 31, 2025 (1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Committed Longships (190 berths) 7 4 4 15 Longships (102-168 berths) 1 1 2 Other (80-82 berths) 2 3 1 6 Total committed 10 8 5 23 Options Longships (190 berths) 4 4 4
Slide 22: Viking is different
Viking is different One brand Clear customer focus High quality product - Destination focused Small nearly identical ships Effective direct marketing Well-tested management team 21
Slide 23: Viking Q&A
—Z VIKING Q&A
Slide 24: Appendix
Appendix
Slide 25: 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 26: Financial and operating definitions
Financial and operating definitions Invested Capital is the average of the most recent four quarters of indebtedness, gross of loan fees, less cash and cash equivalents, plus total shareholders’ equity. Luxury ocean market share is our share of capacity passengers of all ships operated by luxury oce
Slide 27: Adjusted Gross Margin reconciliation
Adjusted Gross Margin reconciliation Three Months Ended Year Ended Consolidated December 31, December 31, 2025 2024 2025 2024 (in thousands) (unaudited) (unaudited) Total revenue $ 1,724,358 $ 1,349,729 $ 6,501,419 $ 5,333,882 Total cruise operating expenses (1,010,929) (822,436) (3,683,860) (3,114,
Slide 28: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (in thousands) (unaudited) (unaudited) Net income $ 300,301 $ 104,175 $ 1,148,095 $ 152,977 Interest income (27,372) (19,409) (84,876) (69,374) Interest expense 84,937 86,396 362,575 380,486 In
Slide 29: Adjusted Net Income and Adjusted EPS reconciliation
Adjusted Net Income attributable to Viking Holdings Ltd and Adjusted EPS reconciliation Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (in thousands) (unaudited) (unaudited) Net income attributable to Viking Holdings Ltd $ 299,906 $ 103,680 $ 1,147,570 $ 152,331 Interest
Slide 30: Net Leverage reconciliation
Net Leverage reconciliation As of December 31, 2025 2024 (unaudited) (in thousands, except Net Leverage) Long-term debt (1) $ 5,268,778 $ 4,990,616 (1) Current portion of long-term debt 396,769 490,377 Long-term portion of lease liabilities 212,437 207,594 Short-term portion of lease liabilities 26,
Slide 31: ROIC reconciliation
ROIC reconciliation Year Ended December 31, 2025 2024 (in thousands) (unaudited) Operating Income $ 1,501,534 $ 1,075,068 Income tax expense (19,653) (16,857) Operating income, after tax (a) $ 1,481,881 $ 1,058,211 Year Ended December 31, 2025 2024 (in thousands, except ROIC) (unaudited) Average ind