VIK Q4 2024 Earnings

Call Details

• Call Title: Viking Holdings Q4 2024 Earnings Call
• Date: March 11, 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 in the fourth quarter increased 20.5% year over year to almost $1.4B.
• Adjusted gross margin for the fourth quarter rose 19.5% year over year to almost $870M.
• Net yield for the fourth quarter was $507, up 7.4% versus the fourth quarter of 2023.
• Adjusted EBITDA for the fourth quarter totaled $306M, improving $87M or 39.7% year over year.
• Net income for the fourth quarter was $104M compared to a loss of $594M in the comparable period of 2023, and the quarter included a $96M loss from warrant revaluation.
• Full-year adjusted EBITDA was $1.3B, up 23.7% year over year.
• Full-year adjusted EPS for 2024 was $1.86.

Guidance

• As of February 23, 2025, the company was 88% booked for the year with $5.3B of advanced bookings, which is 26% higher than the 2024 season at the same point in time.
• For 2025, ocean advanced bookings were $2.4B and the company reported that about 87% of operating ocean capacity had been sold.
• For 2025, river advanced bookings were almost $2.6B and the company reported that about 89% of operating river capacity had been sold.
• The company reported 2025 advanced booking rates of $744 per day for ocean and $839 per day for river, both higher versus the prior year.
• Company commentary explicitly deferred providing formal 2026 guidance and stated that they will provide more detail on 2026 in a future call.
• The company stated that it may leave some inventory unpriced to optimize overall revenue, acknowledging a potentially steep 2025 booking curve.