Viking Holdings has reported financial results for the first quarter ended March 31, 2025.

Key Highlights

• Total revenue was $897.1 million for the first quarter of 2025, an increase of 24.9% compared to the same period in 2024.
• Gross margin increased 53.9% and Adjusted Gross Margin increased 23.8% compared to the same period in 2024.
• Net Yield was $544, an increase of 7.1% compared to the same period in 2024.
• Adjusted EBITDA was $72.8 million, an increase of $77.3 million compared to the same period in 2024.
• Diluted EPS was $(0.24) and Adjusted EPS was $(0.24).
• Net Leverage improved from 2.4x as of December 31, 2024 to 2.0x as of March 31, 2025.
• As of May 11, 2025, for its Core Products, Viking had sold 92% of its Capacity Passenger Cruise Days for the 2025 season and 37% of its Capacity Passenger Cruise Days for the 2026 season.

“Viking is off to a remarkable start in 2025, with our first quarter financial performance underscoring the continued momentum in our business,” said Torstein Hagen, Chairman and CEO of Viking. “During the quarter, we increased capacity by 14.9% and simultaneously delivered a 7.1% growth in Net Yield – clear indicators of the robust demand for meaningful and enriching travel experiences among our core demographic. We are also delighted to have already booked 92% of our capacity for the 2025 season. Looking ahead, we remain firmly focused on generating demand and delivering best-in-class differentiated products through our one Viking brand, which will advance our long-term strategy of thoughtful, sustainable growth.”

First Quarter 2025 Consolidated Results

During the first quarter of 2025, Capacity PCDs increased by 14.9% over the same period in 2024. This increase was mainly driven by the addition of two new river vessels and a new ocean ship delivered in 2024. Occupancy for the first quarter of 2025 was 94.5%.

Total revenue for the first quarter of 2025 was $897.1 million, an increase of $178.9 million, or 24.9% over the same period in 2024 mainly driven by increased Capacity PCDs and higher revenue per PCD in 2025 compared to 2024.

Gross margin for the first quarter of 2025 was $245.5 million, an increase of $86.0 million, or 53.9% over the same period in 2024 and Adjusted Gross Margin for the first quarter of 2025 was $613.3 million, an increase of $118.0 million, or 23.8%, over the same period in 2024. Net Yield was $544 for the first quarter, up 7.1% year-over year.

Vessel operating expenses were $309.9 million and vessel operating expenses excluding fuel were $268.2 million. Compared to the same period in 2024, vessel operating expenses increased $28.8 million, or 10.2%, and vessel operating expenses excluding fuel increased $29.2 million, or 12.2% mainly driven by the increase in the size of the Company’s fleet in 2025 compared to 2024.

Net loss for the first quarter of 2025 was $105.5 million compared to $490.7 million for the same period in 2024. The first quarter of 2024 includes a loss of $330.5 million related to the net impact of the Private Placement derivative loss and interest expense related to the Company’s Series C Preference Shares. These converted into ordinary shares immediately prior to the consummation of the Company’s IPO. Adjusted Net Loss attributable to Viking Holdings Ltd for the first quarter of 2025 was a loss of $105.5 million compared to a loss of $137.9 million for the same period in 2024.

Adjusted EBITDA was $72.8 million, an increase of $77.3 million compared to the first quarter of 2024. 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 $(0.24) for the first quarter of 2025, compared to Diluted EPS of $(1.20) and Adjusted EPS of $(0.33) for the first quarter of 2024.

Update on Operating Capacity and Bookings

For the company’s Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season and 8% higher for the 2026 season compared to the 2025 season.

As of May 11, 2025, for  Core Products, the company said it had sold 92% of Capacity PCDs for the 2025 season and 37% for the 2026 season. It said it had $5,508 million of Advance Bookings for the 2025 season, 21% higher than the 2024 season at the same point in time; and it had $2,676 million of Advance Bookings for the 2026 season, 11% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2025 season was $794, 7% higher than the 2024 season at the same point in time, and Advance Bookings per PCD for the 2026 season was $885, 4% higher than the 2025 season at the same point in time.

“We are seeing sustained strength in demand, with 92% of our 2025 capacity already booked—effectively selling out the year, given our typical load factor,” said Leah Talactac, President and CFO of Viking.

“With 2025 now largely secured, our focus has shifted to 2026 where we have a solid foundation with more than 37% of our capacity already sold, positioning us well amid evolving macroeconomic conditions. This performance highlights the strength and resilience of our customer base, the differentiation of our product offering, and the continued impact of our strategic initiatives—including an extended booking window, direct marketing efforts, and a compelling value proposition.”