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- **Record Financial Performance**: Q3 2025 net yield of $617 and EBITDA of $704 million highlight Viking's profitability and operational excellence.
- **Unmatched Booking Strength**: 96% of 2025 capacity sold and 70% of 2026 booked, with advanced bookings up 21% YoY, reflect consumer confidence in Viking's brand.
- **Fleet Leadership**: 103 ships, 113 premium docking locations, and #1 rankings in travel awards underscore Viking's market dominance.
- **Financial Flexibility**: $3 billion cash, Ba2 credit rating, and $1 billion credit facility enable strategic investments in growth and innovation.

**【CEO Summary Section】**
- Viking reported record financial results for Q3 2025, with net yield reaching $617, the highest in company history, and adjusted EBITDA of $704 million, up 26.9% YoY.
- Booking trends remain strong: 96% of 2025 capacity is sold, and 70% of 2026 capacity is booked, with advanced bookings up 21% YoY.
- Fleet expansion continues with 103 ships, including 89 river vessels, 12 ocean ships, and 2 expedition ships. Viking controls 113 premium docking locations globally.
- The company received top honors in travel awards, including #1 for ocean and river cruises from Conde Nast Traveler for the fifth consecutive year.

**【CFO Financial Commentary】**
- Consolidated net yield increased 7.1% YoY, driven by strong demand across river and ocean segments.
- Adjusted gross margin rose 21.4% YoY to $3.2 billion, with net yield up 7.4% YoY.
- River segment: 96% occupancy, adjusted gross margin up 14.3% YoY to $1.4 billion.
- Ocean segment: 95.4% occupancy, adjusted gross margin up 28.5% YoY to $1.5 billion.
- Financial flexibility improved with $3 billion in cash, net debt of $2.8 billion, and a net leverage ratio of 1.6x.
- Moody's upgraded Viking's credit rating to Ba2, and the company upsized its revolving credit facility to $1 billion.

**【Q&A Key Highlights】**
- **Demand & Pricing**: Guests are booking ahead due to loyalty and preference for Viking's destination-focused, child-free experience. 2026 booking rates are 5.5% higher than 2025 at the same point.
- **Fleet Expansion**: Orders for 8 additional river vessels (2031-2032 deliveries) reflect confidence in demand growth. Ocean capacity will increase 9% in 2026.
- **Competitive Advantage**: Unique docking locations, ship design (e.g., 190 guests vs. competitors' 160-170), and focus on cultural enrichment differentiate Viking.
- **Inorganic Growth**: Open to acquisitions that are scalable, margin-accretive, and complementary to the Viking brand. Exploring opportunities in China's outbound travel market.
- **Expense Management**: SG&A remains flat as a percentage of gross margin, with investments in talent and technology to support growth.


Viking Holdings Ltd (VIK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VIK

VIK fundamentals

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