Viking Holdings has reported financial results for the fourth quarter and year ended December 31, 2024.

Full Year 2024 Key Highlights and 2025 Advance Bookings

• Total revenue was $5,333.9 million for the year ended December 31, 2024, an increase of 13.2%, compared to the same period in 2023.
• Gross margin increased 22.5% and Adjusted Gross Margin increased 14.0% compared to the same period in 2023.
• Net Yield was $543, an increase of 7.4% compared to the same period in 2023.
• Adjusted EBITDA was $1,348.3 million, an increase of 23.7% compared to the same period in 2023.
• Diluted EPS was $0.36 and Adjusted EPS was $1.86.
• Net Leverage was 2.4x as of December 31, 2024.
• As of February 23, 2025, for its Core Products, Viking had sold 88% of its Capacity Passenger Cruise Days for the 2025 season.

“2024 was an exceptional year for Viking, with Net Yields increasing 7.4% and Adjusted Gross Margin increasing by 14.0% year-over-year, driven by our growth in capacity and the strength in demand from our loyal and expanding customer base. Our strong top-line results, coupled with our disciplined expense management, enabled us to achieve Adjusted EBITDA growth of 23.7% in 2024,” said Torstein Hagen, Chairman and CEO of Viking. “Looking ahead to 2025, we are growing our capacity for our Core Products by 12% with the delivery of 11 new ships during the year and are pleased to report that our Core Products are already 88% booked for the 2025 season. As always, we will maintain a clear focus on delivering an exceptional service and experience to our guests through our one Viking brand.”

Fourth Quarter 2024 Consolidated Results

During the fourth quarter of 2024, Capacity PCDs increased by 10.9% over the same period in 2023. Occupancy for the fourth quarter of 2024 was 92.1%.

Total revenue for the fourth quarter of 2024 was $1,349.7 million, an increase of $229.8 million, or 20.5% over the same period in 2023 mainly driven by increased Capacity PCDs and higher revenue per PCD in 2024 compared to 2023.

Gross margin for the fourth quarter of 2024 was $472.0 million, an increase of $107.0 million, or 29.3%, over the same period in 2023 and Adjusted Gross Margin for the fourth quarter of 2024 was $868.7 million, an increase of $142.1 million, or 19.6%, over the same period in 2023. Net Yield was $507 for the fourth quarter, up 7.4% year-over-year.

Vessel operating expenses were $341.4 million and vessel operating expenses excluding fuel were $297.6 million. Compared to the same period in 2023, vessel operating expenses increased $35.2 million, or 11.5%, and vessel operating expenses excluding fuel increased $30.2 million, or 11.3% mainly driven by increased Capacity PCDs in 2024 compared to 2023.

Net income for the fourth quarter of 2024 was $104.2 million compared to a net loss of $593.8 million for the same period in 2023. The net income for the fourth quarter of 2024 includes a loss of $96.3 million from the revaluation of warrants issued by the Company due to stock price appreciation. In comparison, the fourth quarter of 2023 includes a loss of $602.3 million from the impact of the Series C Preference Shares and an additional $36.8 million loss due to the revaluation of warrants issued by the Company. The Company’s Series C Preference Shares converted into ordinary shares immediately prior to the consummation of the Company’s IPO. The second quarter of 2024 was the final quarterly period for which the financial results included Private Placement derivative loss and interest expense related to the Series C Preference Shares. In the fourth quarter of 2024, the warrants were exercised and the Company issued ordinary shares. The fourth quarter of 2024 was the final quarterly period for which the financial results included the loss related to the revaluation of the warrants. Adjusted Net Income attributable to Viking Holdings Ltd for the fourth quarter of 2024 was $199.7 million.

Adjusted EBITDA was $305.9 million, an increase of $87.0 million, or 39.7% compared to the fourth quarter of 2023. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs and higher revenue per PCD.

Diluted EPS was $0.24 and Adjusted EPS was $0.45 for the fourth quarter of 2024.

Update on Operating Capacity and Bookings

For our Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season.

As of February 23, 2025, for our Core Products, we had sold 88% of our Capacity PCDs for the 2025 season. We had $5,306 million of Advance Bookings for the 2025 season, 26% higher than the 2024 season at the same point in time. Advance Bookings per PCD for the 2025 season was $807, 7% higher than the 2024 season at the same point in time.

“Bookings continue to break records, with January 31st setting a new all-time high for revenue booked in a single day and January 2025 achieving the highest revenue booked in a month in Viking’s history,” said Leah Talactac, President and CFO of Viking. “These metrics position us well for 2025 and also validate how well our products resonate with our target customers and the success of our demand generation strategies.”

Balance Sheet and Liquidity

As of December 31, 2024:

• The Company had $2.5 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
• Deferred revenue was $4.1 billion.
• The scheduled principal payments were $490.4 million for 2025.

In March 2025, Moody’s upgraded Viking Cruises Ltd’s corporate rating to Ba3 from B1.

New Build and Capacity

Since our third quarter 2024 earnings release, the Company:

• Took delivery of the Viking Vela, an ocean ship that operates in Europe.
• Exercised its options and entered into shipbuilding contracts for eight river Longships, four scheduled for delivery in 2027 and four scheduled for delivery in 2028.
• Entered into option agreements for eight additional river vessels, four of which have an exercise date of September 30, 2026, scheduled for delivery in 2029 and four of which have an exercise date of September 30, 2027, scheduled for delivery in 2030.
• Announced it would build two additional river vessels to operate in Egypt scheduled for delivery in 2027.

Based on the committed orderbook, the Company expects to take delivery of one ocean ship and ten river ships in 2025.

Conference Call Information

The Company has scheduled a conference call for Tuesday, March 11, 2025, at 8 a.m. Eastern Time to discuss fourth quarter and full year 2024 results and provide a business update. A link to the live webcast can be found on the Company’s Investor Relations website at https://ir.viking.com/. A replay of the conference call will also be available on the same website for 30 days after the call.