VIK Q1 2025 Earnings

Call Details

• Call Title: Viking Holdings Q1 2025 Earnings Call
• Date: May 20, 2025 at 12:00 PM UTC
• Management Team:
  • Carola Mengolini (Vice President of Investor Relations)
  • Torstein Hagen (Chairman and Chief Executive Officer)
  • Leah Talactac (President and Chief Financial Officer)
  • Linh Banh (Executive Vice President of Finance)

Call Summary

Financial Performance

• Total revenue for Q1 2025 increased 24.9% year over year to almost $900M.
• Adjusted gross margin increased 23.8% year over year to $613M on a consolidated basis.
• Adjusted EBITDA for Q1 2025 totaled $73M, improving by more than $77M versus Q1 2024, and is presented as a non-GAAP measure.
• Net loss attributable to Viking Holdings Limited was $105M for the quarter and adjusted EPS was a loss of $0.24.
• Capacity PCDs increased approximately 14.9% year over year for the quarter, which helped lower vessel fixed cost per capacity PCDs.
• Vessel expenses excluding fuel per capacity PCDs decreased 2.3% versus the prior-year quarter.

Guidance

• The company reported that 92% of 2025 capacity PCDs were sold as of May 11, providing high near-term revenue visibility.
• Advanced bookings for 2025 were reported at $5.5B, which the company stated is 21% higher than the prior-year comparable while capacity increased 12%.
• Advanced bookings for 2026 were $2.7B and the core product was 37% booked as of May 11, which the company stated is 11% higher than the 2025 season at the same point in time.
• Company commentary stated an expectation that pricing could 'evolve toward mid-single-digit increases' for 2026 if macro conditions remain steady, which represents forward guidance on yields.
• Deferred revenue was $4.8B as of March 31, 2025, which supports the advanced bookings-backed outlook.
• No explicit GAAP EPS or EBITDA numerical guidance for FY2025/FY2026 was provided on the call.