Navigating Contradictions: Insights from the Latest Earnings Call on Pricing, Demand, and Consumer Behavior

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Strong Financial Performance and Capacity Increase:
- Viking Holdings Ltd reported $900 million in revenue for Q1 2025, nearly three times higher than in 2019.
- The company achieved a 7.1% increase in net deals amid a 14.9% capacity increase, driven by strong demand and additional capacity.

Booking and Revenue Growth:
- As of May 11, 2025, 92% of Viking's 2025 capacity was sold, with $5.5 billion in advance bookings, up 21% year-over-year.
- For 2026, 37% of capacity is already sold, indicating strong booking trends and demand resilience.

Segment-specific Performance:
- The River segment saw capacity PCDs increase 22.3% year-over-year, with occupancy at 93.9%.
- The Ocean segment experienced a 10.4% increase in capacity PCDs, with occupancy at 94.4%, driven by strong demand for European itineraries.

Strategic Initiatives and Sustainability:
- Viking announced plans for two additional Ocean ships and six River vessels, maintaining a disciplined growth strategy.
- The introduction of the Viking Libra, the world's first hydrogen-powered cruise ship, demonstrates commitment to sustainability and innovation.