Viking reported financial results for the second quarter ended June 30, 2026, and provided an update on bookings.

Key Highlights

• Total revenue was $2,190.5 million for the second quarter of 2026, an increase of 16.5% compared to the same period in 2025.
• Gross margin increased 15.7% and Adjusted Gross Margin increased 16.3% compared to the same period in 2025.
• Net Yield was $645, an increase of 6.2% compared to the same period in 2025.
• Adjusted EBITDA was $748.4 million, an increase of 18.2% compared to the same period in 2025.
• Diluted EPS and Adjusted EPS were $1.31.
• Net Leverage was 1.2x as of June 30, 2026.
• As of August 9, 2026, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2026 season and 53% of its Capacity Passenger Cruise Days for the 2027 season.

“Our second quarter results reflect the continued execution of our long-term strategy and the strength of the Viking brand. During the quarter, our revenue increased 16.5%, driving an 18.2% year-over-year increase in Adjusted EBITDA, reflecting strong demand for our destination-focused offerings,” said Leah Talactac, President and CEO of Viking.

“We also continued to thoughtfully expand our fleet while preserving the qualities that differentiate Viking and support the distinctive earnings power of our business. At the same time, we have introduced new land extensions and shore excursions that further enhance the guest experience and generate additional opportunities for revenue growth. Together, these investments reinforce our commitment to disciplined expansion and long-term value creation.”

Second Quarter 2026 Consolidated Results

During the second quarter of 2026, Capacity PCDs increased by 10.9% over the same period in 2025. This year-over-year increase was mainly driven by the growth of the Company’s fleet. Occupancy for the second quarter of 2026 was 94.4%.

Total revenue for the second quarter of 2026 was $2,190.5 million, an increase of $310.1 million, or 16.5%, over the same period in 2025 mainly driven by increased Capacity PCDs and higher revenue per PCD in 2026 compared to 2025.

Gross margin for the second quarter of 2026 was $928.8 million, an increase of $125.7 million, or 15.7%, over the same period in 2025 and Adjusted Gross Margin for the second quarter of 2026 was $1,438.9 million, an increase of $202.0 million, or 16.3%, over the same period in 2025. Net Yield was $645 for the second quarter of 2026, up 6.2% year-over-year.

For the second quarter of 2026, vessel operating expenses were $442.3 million and vessel operating expenses excluding fuel were $380.9 million. Compared to the same period in 2025, vessel operating expenses increased $64.6 million, or 17.1%, and vessel operating expenses excluding fuel increased $46.4 million, or 13.9%, mainly driven by the increase in the size of the Company’s fleet in 2026 compared to 2025.

Net income for the second quarter of 2026 was $587.7 million compared to $439.2 million for the same period in 2025. Adjusted Net Income attributable to Viking Holdings Ltd was $587.4 million compared to $439.0 million for the same period in 2025.

Adjusted EBITDA was $748.4 million, an increase of $115.5 million, or 18.2%, over the same period in 2025. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs and higher revenue per PCD.

Diluted EPS and Adjusted EPS were $1.31 for the second quarter of 2026, compared to Diluted EPS and Adjusted EPS of $0.99 for the same period in 2025.

Update on Operating Capacity and Bookings

The company said that for its Core Products, operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season.

As of August 9, 2026, for ore Products, Viking said it had sold 96% of Capacity PCDs for the 2026 season and 53% for the 2027 season. We had $6,386 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time; and we had $4,711 million of Advance Bookings for the 2027 season, 21% higher than the 2026 season at the same point in time. Advance Bookings per PCD for the 2026 season was $833, 6% higher than the 2025 season at the same point in time, and Advance Bookings per PCD for the 2027 season was $958, 10% higher than the 2026 season at the same point in time.

“With 96% of our 2026 capacity for our Core Products already sold, we are in a strong position for the balance of the year,” said Linh Banh, CFO of Viking. “We are also very pleased with our booked position for 2027. We are already 53% booked with capacity increasing 15% year-over year. These results reflect the continued strength of the demand for the Viking product and reinforce our confidence in the long-term growth trajectory of the business.”

Balance Sheet and Liquidity

As of June 30, 2026:

• The Company had $4.0 billion in cash and cash equivalents and an undrawn revolver facility of $1.0 billion.
• Scheduled principal payments are $116.7 million for the remainder of 2026 and $233.7 million for 2027.
• Deferred revenue was $5.0 billion.

Newbuild and Capacity

Since the first quarter 2026 earnings release, the Company:

• Took delivery of the Viking Mira, an ocean ship.
• Took delivery of four river vessels:
  • The Viking Annar, the Viking Fjolvar and the Viking Dagur, which will operate in Europe.
  • The Viking Ptah, which will operate in Egypt.
• Exercised its options for two ocean ships scheduled for delivery in 2032.

Based on the committed orderbook, the Company expects to take delivery of one ocean ship and five river vessels during the remainder of 2026.