Viking (NYSE: VIK) nearly sells out 2026 cruises with $4B cash and low leverage
Rhea-AI Filing Summary
Viking Holdings Ltd (VIK) reported strong second-quarter 2026 results, with total revenue of $2,190.5 million, up 16.5% from 2025, driven by a 10.9% increase in Capacity Passenger Cruise Days and higher revenue per passenger.
Net income was $587.7 million and Adjusted EBITDA $748.4 million, an 18.2% increase year over year. Net Yield rose to $645, up 6.2%. Diluted and Adjusted EPS were both $1.31, compared with $0.99 a year earlier.
Occupancy was high at 94.4%. As of August 9, 2026, for Core Products Viking had sold 96% of 2026 Capacity Passenger Cruise Days and 53% for 2027, with Advance Bookings of $6,386 million for 2026 and $4,711 million for 2027. Net Leverage was 1.2x, supported by $4.0 billion in cash and a $1.0 billion undrawn revolver. Viking also took delivery of one ocean ship and four river vessels and exercised options for two additional ocean ships scheduled for 2032.
Positive
- Second-quarter revenue grew 16.5% to $2,190.5 million, showing strong demand and higher revenue per passenger.
- Adjusted EBITDA rose 18.2% to $748.4 million, indicating improved profitability alongside capacity growth.
- Core Products bookings are robust, with 96% of 2026 capacity and 53% of 2027 capacity already sold and $11.1 billion in combined Advance Bookings.
- Balance sheet is strong with $4.0 billion cash, a $1.0 billion undrawn revolver and low Net Leverage of 1.2x.
Negative
- None.
Filing Explained
Viking reports scheduled principal payments of
Key Figures
Key Terms
Adjusted EBITDA financial
Net Yield financial
Capacity Passenger Cruise Days financial
Advance Bookings financial
Net Leverage financial
Offering Details
FAQ
How did Viking Holdings (VIK) perform financially in Q2 2026?
What were Viking Holdings (VIK) passenger and capacity metrics for Q2 2026?
How strong are Viking Holdings’ (VIK) bookings for the 2026 and 2027 seasons?
What is Viking Holdings’ (VIK) liquidity and leverage position as of June 30, 2026?
How are Viking Holdings’ (VIK) river and ocean segments performing in 2026?
What fleet expansion did Viking Holdings (VIK) report in this period?
What were Viking Holdings’ (VIK) operating cash flows and capital spending in the first half of 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 6-K
____________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-42039
____________________________
Viking Holdings Ltd
(Translation of registrant’s name into English)
____________________________
94 Pitts Bay Road
Pembroke, Bermuda HM 08
(Address of principal executive office)
____________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ |
|
Form 40-F ☐ |
Explanatory Note
On August 19, 2026, Viking Holdings Ltd (the “Company”) issued a press release reporting its financial results for the second quarter of 2026, ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and incorporated by reference herein.
The information in this Report on Form 6-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
2
Exhibit Index
Exhibit Number |
|
Description |
99.1 |
|
Press Release of Viking Holdings Ltd, dated August 19, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 19, 2026
|
Viking Holdings Ltd |
|
|
|
|
|
By: |
/s/ Linh Banh |
|
Name: |
Linh Banh |
|
Title: |
Chief Financial Officer |
Exhibit 99.1
Viking Reports Second Quarter 2026 Financial Results
LOS ANGELES, August 19, 2026, Business Wire—Viking Holdings Ltd (the “Company” or “Viking”) (NYSE: VIK) today reported financial results for the second quarter ended June 30, 2026, and provided an update on bookings.
Key Highlights
“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
For our 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 our Core Products, we had sold 96% of our 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:
New Build and Capacity
Since our first quarter 2026 earnings release, the Company:
Based on the committed orderbook, the Company expects to take delivery of one ocean ship and five river vessels during the remainder of 2026.
Conference Call Information
The Company has scheduled a conference call for Wednesday, August 19, 2026, at 8 a.m. Eastern Time to discuss second quarter 2026 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.
About Viking
Viking (NYSE: VIK) is a global leader in experiential travel with a fleet of more than 100 ships, exploring 21 rivers, five oceans and all seven continents. Designed for curious travelers with interests in science, history, culture and cuisine, Executive Chairman Torstein Hagen often says Viking offers experiences For The Thinking Person™. For additional information, visit www.viking.com.
Definitions
“Adjusted Earnings per Share” or “Adjusted EPS” represents Adjusted Net Income (Loss) attributable to Viking Holdings Ltd divided by Adjusted Weighted-Average Shares Outstanding.
“Adjusted EBITDA” is EBITDA (consolidated net income (loss) adjusted for interest income, interest expense, income tax benefit (expense) and depreciation, amortization and impairment) as further adjusted for currency gains or losses, share-based compensation expense and other financial income (loss) (which includes forward gains and losses, gain or loss on disposition of assets, certain non-cash fair value adjustments, restructuring charges and non-recurring items).
“Adjusted Gross Margin” is gross margin adjusted for vessel operating and ship depreciation and impairment. Gross margin is calculated pursuant to IFRS Accounting Standards as total revenue less total cruise operating expenses and ship depreciation and impairment.
“Adjusted Net Income (Loss) attributable to Viking Holdings Ltd” represents net income (loss) attributable to Viking Holdings Ltd excluding certain items that we believe are not part of our primary operating business and are not an indication of our future earnings performance. We believe that debt extinguishment and modification costs, gain (loss) on embedded derivatives associated with debt, impairment charges and
reversals and certain other gains and losses are not a part of our primary operating business and are not an indication of our future earnings performance.
“Adjusted Weighted-Average Shares Outstanding” represents the diluted weighted-average ordinary shares and special shares outstanding, adjusted for dilutive share based awards to the extent not included in diluted weighted-average ordinary shares outstanding.
“Advance Bookings” is the aggregate ticketed amount for guest bookings for our voyages at a specific point in time, and include bookings for cruises, land extensions and air.
“Capacity Passenger Cruise Days” or “Capacity PCDs” with respect to any given period is a measurement of capacity that represents, for each ship operating during the relevant period, the number of berths multiplied by the number of Ship Operating Days, determined on an aggregated basis for all ships in operation during the relevant period.
“Core Products” are Viking River, Viking Ocean, Viking Expedition and Viking Mississippi, which are marketed to North America, the United Kingdom, Australia and New Zealand.
“Diluted Earnings Per Share” or “Diluted EPS” is diluted net income (loss) per share attributable to ordinary and special shares.
“IFRS Accounting Standards” are the IFRS® Accounting Standards as issued by the International Accounting Standards Board.
“Net Debt” is Total Debt plus lease liabilities net of cash and cash equivalents.
“Net Leverage” is Net Debt divided by trailing four quarter Adjusted EBITDA.
“Net Yield” is Adjusted Gross Margin divided by Passenger Cruise Days.
“Occupancy” is the ratio, expressed as a percentage, of Passenger Cruise Days to Capacity Passenger Cruise Days with respect to any given period. Contrary to many of our competitors, we do not allow more than two passengers to occupy a two berth stateroom. Additionally, we have guests who choose to travel alone and are willing to pay higher prices for single occupancy in a two-berth stateroom. As a result, our Occupancy cannot exceed 100% and may be less than 100%, even if all our staterooms are booked.
“Passenger Cruise Days” or “PCDs” is the number of passengers carried for each cruise, with respect to any given period and for each ship operating during the relevant period, multiplied by the number of Ship Operating Days.
“Ship Operating Days” is the number of days within any given period that a ship and vessel is in service and carrying cruise passengers, determined on an aggregated basis for all ships and vessels in operation during the relevant period.
“Total Debt” is indebtedness outstanding, gross of loan fees, excluding lease liabilities.
“Vessel operating expenses excluding fuel” is vessel operating expenses less fuel expense.
Non-IFRS Accounting Standards Financial Measures
We use certain non-IFRS Accounting Standards financial measures, such as Adjusted Gross Margin, Net Yield, Adjusted EBITDA, Adjusted Net Income (Loss) attributable to Viking Holdings Ltd and Adjusted EPS, to analyze our performance. We present Adjusted EBITDA as a performance measure because we believe it facilitates a comparison of our consolidated operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business than measures under IFRS Accounting Standards can provide alone. We also believe that Adjusted EBITDA is useful to investors in evaluating our operating performance because it provides a means to evaluate the operating performance of our business on an ongoing basis using criteria that our management uses for evaluation and planning purposes. Because Adjusted EBITDA facilitates internal comparisons of our historical financial position and consolidated operating performance on a more consistent basis, our management also uses Adjusted EBITDA in measuring our performance relative to that of our competitors, assessing our ability to incur and service our indebtedness and in communications with our board of directors concerning our operating performance. We utilize Adjusted Gross Margin and Net Yield to manage our business because these measures reflect revenue earned net of certain direct variable costs.
We also present certain non-IFRS Accounting Standards financial measures because we believe that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-IFRS Accounting Standards financial measures have limitations as analytical tools, may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS Accounting Standards.
See “Definitions” for additional information about our non-IFRS Accounting Standards financial measures and “Non-IFRS Accounting Standards Reconciling Information” for a reconciliation for each non-IFRS Accounting Standards financial measure to the most directly comparable IFRS Accounting Standards financial measure.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including among others, statements relating to our future financial performance, our business prospects and strategy, our expected fleet additions, our anticipated financial position, liquidity and capital needs and other similar matters. In some cases, we have identified forward-looking statements in this press release by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.” These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict or which are beyond our control. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, which are described in our filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Contact
Investor Relations
Email: investorrelations@viking.com
Public Relations
Email: vikingpr@edelman.com
VIKING HOLDINGS LTD |
|
|||||||||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|||||||||||||||
(in USD and thousands, except per share data, unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cruise and land |
|
$ |
2,032,504 |
|
|
$ |
1,755,197 |
|
|
$ |
3,004,266 |
|
|
$ |
2,590,162 |
|
Onboard and other |
|
|
157,997 |
|
|
|
125,170 |
|
|
|
239,976 |
|
|
|
187,261 |
|
Total revenue |
|
|
2,190,501 |
|
|
|
1,880,367 |
|
|
|
3,244,242 |
|
|
|
2,777,423 |
|
Cruise operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commissions and transportation costs |
|
|
(453,824 |
) |
|
|
(400,996 |
) |
|
|
(658,033 |
) |
|
|
(576,680 |
) |
Direct costs of cruise, land and onboard |
|
|
(297,734 |
) |
|
|
(242,448 |
) |
|
|
(430,114 |
) |
|
|
(350,477 |
) |
Vessel operating |
|
|
(442,325 |
) |
|
|
(377,658 |
) |
|
|
(799,793 |
) |
|
|
(687,606 |
) |
Total cruise operating expenses |
|
|
(1,193,883 |
) |
|
|
(1,021,102 |
) |
|
|
(1,887,940 |
) |
|
|
(1,614,763 |
) |
Other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling and administration |
|
|
(268,669 |
) |
|
|
(248,293 |
) |
|
|
(540,883 |
) |
|
|
(492,155 |
) |
Depreciation and amortization |
|
|
(84,048 |
) |
|
|
(65,440 |
) |
|
|
(159,457 |
) |
|
|
(134,240 |
) |
Total other operating expenses |
|
|
(352,717 |
) |
|
|
(313,733 |
) |
|
|
(700,340 |
) |
|
|
(626,395 |
) |
Operating income |
|
|
643,901 |
|
|
|
545,532 |
|
|
|
655,962 |
|
|
|
536,265 |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
26,931 |
|
|
|
19,708 |
|
|
|
50,320 |
|
|
|
39,897 |
|
Interest expense |
|
|
(82,165 |
) |
|
|
(83,978 |
) |
|
|
(159,041 |
) |
|
|
(170,682 |
) |
Currency gain (loss) |
|
|
4,680 |
|
|
|
(37,245 |
) |
|
|
3,370 |
|
|
|
(62,852 |
) |
Other financial income (loss) |
|
|
1,130 |
|
|
|
(184 |
) |
|
|
(5,250 |
) |
|
|
(1,080 |
) |
Income before income taxes |
|
|
594,477 |
|
|
|
443,833 |
|
|
|
545,361 |
|
|
|
341,548 |
|
Income tax expense |
|
|
(6,775 |
) |
|
|
(4,596 |
) |
|
|
(11,896 |
) |
|
|
(7,763 |
) |
Net income |
|
$ |
587,702 |
|
|
$ |
439,237 |
|
|
$ |
533,465 |
|
|
$ |
333,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Viking Holdings Ltd |
|
$ |
587,442 |
|
|
$ |
439,048 |
|
|
$ |
533,062 |
|
|
$ |
333,575 |
|
Net income attributable to non-controlling interests |
|
$ |
260 |
|
|
$ |
189 |
|
|
$ |
403 |
|
|
$ |
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average ordinary and special shares outstanding (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
446,378 |
|
|
|
443,227 |
|
|
|
446,132 |
|
|
|
443,070 |
|
Diluted |
|
|
448,074 |
|
|
|
445,549 |
|
|
|
447,888 |
|
|
|
445,308 |
|
Net income per share attributable to ordinary and special shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.32 |
|
|
$ |
0.99 |
|
|
$ |
1.19 |
|
|
$ |
0.75 |
|
Diluted |
|
$ |
1.31 |
|
|
$ |
0.99 |
|
|
$ |
1.19 |
|
|
$ |
0.75 |
|
VIKING HOLDINGS LTD |
|
|||||||||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) |
|
|||||||||||||||
(in USD and thousands, unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income |
$ |
587,702 |
|
|
$ |
439,237 |
|
|
$ |
533,465 |
|
|
$ |
333,785 |
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|||||
Other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Exchange differences on translation of foreign operations |
|
(4,456 |
) |
|
|
2,307 |
|
|
|
(9,774 |
) |
|
|
2,931 |
|
|
Net change in cash flow hedges |
|
(24,874 |
) |
|
|
72,618 |
|
|
|
(43,828 |
) |
|
|
111,046 |
|
|
Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods |
|
(29,330 |
) |
|
|
74,925 |
|
|
|
(53,602 |
) |
|
|
113,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other comprehensive (loss) income, net of tax |
|
(29,330 |
) |
|
|
74,925 |
|
|
|
(53,602 |
) |
|
|
113,977 |
|
|
Total comprehensive income |
$ |
558,372 |
|
|
$ |
514,162 |
|
|
$ |
479,863 |
|
|
$ |
447,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total comprehensive income attributable to Viking Holdings Ltd |
$ |
558,112 |
|
|
$ |
513,969 |
|
|
$ |
479,460 |
|
|
$ |
447,547 |
|
|
Total comprehensive income attributable to non-controlling interests |
$ |
260 |
|
|
$ |
193 |
|
|
$ |
403 |
|
|
$ |
215 |
|
|
VIKING HOLDINGS LTD |
|
|||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|
|||||||
(in USD and thousands, unaudited) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
|
|
|
(audited) |
|
||
Assets |
|
|
|
|
|
|
||
Non-current assets |
|
|
|
|
|
|
||
Property, plant and equipment and intangible assets |
|
$ |
8,389,082 |
|
|
$ |
7,255,084 |
|
Right-of-use assets |
|
|
290,470 |
|
|
|
278,814 |
|
Deferred tax assets |
|
|
53,789 |
|
|
|
55,183 |
|
Other non-current assets |
|
|
136,691 |
|
|
|
140,633 |
|
Total non-current assets |
|
|
8,870,032 |
|
|
|
7,729,714 |
|
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
3,985,421 |
|
|
|
3,803,944 |
|
Accounts and other receivables |
|
|
147,529 |
|
|
|
142,043 |
|
Inventories |
|
|
110,356 |
|
|
|
95,780 |
|
Prepaid expenses and other current assets |
|
|
671,424 |
|
|
|
461,226 |
|
Total current assets |
|
|
4,914,730 |
|
|
|
4,502,993 |
|
Total assets |
|
$ |
13,784,762 |
|
|
$ |
12,232,707 |
|
Shareholders’ equity and liabilities |
|
|
|
|
|
|
||
Shareholders’ equity |
|
$ |
1,652,374 |
|
|
$ |
1,121,342 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Long-term debt |
|
|
5,738,275 |
|
|
|
5,127,368 |
|
Long-term portion of lease liabilities |
|
|
219,041 |
|
|
|
212,437 |
|
Other non-current liabilities |
|
|
81,289 |
|
|
|
54,295 |
|
Total non-current liabilities |
|
|
6,038,605 |
|
|
|
5,394,100 |
|
Current liabilities |
|
|
|
|
|
|
||
Accounts payables |
|
|
327,435 |
|
|
|
259,013 |
|
Current portion of long-term debt |
|
|
205,910 |
|
|
|
374,607 |
|
Short-term portion of lease liabilities |
|
|
29,200 |
|
|
|
26,484 |
|
Deferred revenue |
|
|
5,040,863 |
|
|
|
4,605,161 |
|
Accrued expenses and other current liabilities |
|
|
490,375 |
|
|
|
452,000 |
|
Total current liabilities |
|
|
6,093,783 |
|
|
|
5,717,265 |
|
Total shareholders’ equity and liabilities |
|
$ |
13,784,762 |
|
|
$ |
12,232,707 |
|
VIKING HOLDINGS LTD |
|
|||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|||||||
(in USD and thousands, unaudited) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
Six Months Ended |
|
|||||
|
|
June 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
533,465 |
|
|
$ |
333,785 |
|
Adjustments to reconcile net income to net cash flows |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
159,457 |
|
|
|
134,240 |
|
Amortization of debt transaction costs |
|
|
15,954 |
|
|
|
14,022 |
|
Foreign currency (gain) loss on debt |
|
|
(15,656 |
) |
|
|
73,696 |
|
Share based compensation expense |
|
|
37,890 |
|
|
|
36,365 |
|
Interest income |
|
|
(50,320 |
) |
|
|
(39,897 |
) |
Interest expense |
|
|
143,087 |
|
|
|
156,660 |
|
Other |
|
|
5,212 |
|
|
|
(1 |
) |
Changes in working capital: |
|
|
|
|
|
|
||
Increase in deferred revenue |
|
|
435,702 |
|
|
|
330,076 |
|
Changes in other liabilities and assets |
|
|
(147,759 |
) |
|
|
18,164 |
|
Increase in inventories |
|
|
(14,576 |
) |
|
|
(601 |
) |
Changes in deferred tax assets and liabilities |
|
|
6,240 |
|
|
|
3,116 |
|
Changes in other non-current assets and other non-current liabilities |
|
|
30,657 |
|
|
|
3,184 |
|
Income taxes paid |
|
|
(8,054 |
) |
|
|
(4,243 |
) |
Net cash flow from operating activities |
|
|
1,131,299 |
|
|
|
1,058,566 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Investments in property, plant and equipment and intangible assets |
|
|
(1,266,788 |
) |
|
|
(814,382 |
) |
Capital contribution to associated company |
|
|
— |
|
|
|
(6,500 |
) |
Loan to related party |
|
|
(36,882 |
) |
|
|
— |
|
Proceeds from repayment of related party loan |
|
|
31,251 |
|
|
|
— |
|
Interest received |
|
|
50,235 |
|
|
|
31,115 |
|
Net cash flow used in investing activities |
|
|
(1,222,184 |
) |
|
|
(789,767 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Repayments of long-term debt |
|
|
(317,731 |
) |
|
|
(372,886 |
) |
Proceeds from long-term debt |
|
|
800,046 |
|
|
|
430,507 |
|
Transaction costs incurred for long-term debt |
|
|
(45,179 |
) |
|
|
(41,912 |
) |
Proceeds from issuance of ordinary shares from equity plans |
|
|
10,087 |
|
|
|
9,600 |
|
Principal payments for lease liabilities |
|
|
(13,344 |
) |
|
|
(17,451 |
) |
Interest payments for lease liabilities |
|
|
(9,083 |
) |
|
|
(9,546 |
) |
Interest paid |
|
|
(159,994 |
) |
|
|
(159,126 |
) |
Other |
|
|
(559 |
) |
|
|
(867 |
) |
Net cash flow from (used in) financing activities |
|
|
264,243 |
|
|
|
(161,681 |
) |
Change in cash and cash equivalents |
|
|
173,358 |
|
|
|
107,118 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
2,784 |
|
|
|
8,223 |
|
Net increase in cash and cash equivalents |
|
$ |
176,142 |
|
|
$ |
115,341 |
|
Cash and cash equivalents |
|
|
|
|
|
|
||
Cash and cash equivalents at January 1 |
|
$ |
3,809,279 |
|
|
$ |
2,489,672 |
|
Cash and cash equivalents at June 30 |
|
|
3,985,421 |
|
|
|
2,605,013 |
|
Net increase in cash and cash equivalents |
|
$ |
176,142 |
|
|
$ |
115,341 |
|
The following table sets forth selected statistical and operating data on a consolidated basis:
Statistical and Operating Data |
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vessels operated (a) |
|
|
99 |
|
|
|
90 |
|
|
|
99 |
|
|
|
90 |
|
Passengers |
|
|
249,999 |
|
|
|
224,643 |
|
|
|
369,756 |
|
|
|
328,125 |
|
PCDs |
|
|
2,232,470 |
|
|
|
2,038,772 |
|
|
|
3,436,204 |
|
|
|
3,165,630 |
|
Capacity PCDs |
|
|
2,364,226 |
|
|
|
2,131,907 |
|
|
|
3,634,927 |
|
|
|
3,324,274 |
|
Occupancy |
|
|
94.4 |
% |
|
|
95.6 |
% |
|
|
94.5 |
% |
|
|
95.2 |
% |
Adjusted Gross Margin (in thousands) |
|
$ |
1,438,943 |
|
|
$ |
1,236,923 |
|
|
$ |
2,156,095 |
|
|
$ |
1,850,266 |
|
Net Yield |
|
$ |
645 |
|
|
$ |
607 |
|
|
$ |
627 |
|
|
$ |
584 |
|
Vessel operating expenses (in thousands) |
|
$ |
442,325 |
|
|
$ |
377,658 |
|
|
$ |
799,793 |
|
|
$ |
687,606 |
|
Vessel operating expenses excluding fuel (in thousands) |
|
$ |
380,918 |
|
|
$ |
334,518 |
|
|
$ |
697,019 |
|
|
$ |
602,753 |
|
Vessel operating expenses per Capacity PCD |
|
$ |
187 |
|
|
$ |
177 |
|
|
$ |
220 |
|
|
$ |
207 |
|
Vessel operating expenses excluding fuel per Capacity PCD |
|
$ |
161 |
|
|
$ |
157 |
|
|
$ |
192 |
|
|
$ |
181 |
|
(a) |
Vessels operated includes chartered vessels.
|
The following table sets forth selected statistical and operating data for Viking River and for Viking Ocean:
Statistical and Operating Data |
|
|
|
|
|
Six Months Ended |
|
|||||
|
|
|
|
|
|
June 30, |
|
|||||
|
|
|
|
|
|
2026 |
|
|
2025 |
|
||
|
|
|
|
|
|
(unaudited) |
|
|||||
Viking River |
|
|
|
|
|
|
|
|
|
|
||
Passengers |
|
|
|
|
|
|
168,604 |
|
|
|
163,246 |
|
PCDs |
|
|
|
|
|
|
1,296,703 |
|
|
|
1,266,976 |
|
Capacity PCDs |
|
|
|
|
|
|
1,368,188 |
|
|
|
1,325,272 |
|
Occupancy |
|
|
|
|
|
|
94.8 |
% |
|
|
95.6 |
% |
Adjusted Gross Margin (in thousands) |
|
|
|
|
|
$ |
855,526 |
|
|
$ |
768,432 |
|
Net Yield |
|
|
|
|
|
$ |
660 |
|
|
$ |
607 |
|
Viking Ocean |
|
|
|
|
|
|
|
|
|
|
||
Passengers |
|
|
|
|
|
|
165,274 |
|
|
|
133,622 |
|
PCDs |
|
|
|
|
|
|
1,799,067 |
|
|
|
1,610,785 |
|
Capacity PCDs |
|
|
|
|
|
|
1,885,454 |
|
|
|
1,692,818 |
|
Occupancy |
|
|
|
|
|
|
95.4 |
% |
|
|
95.2 |
% |
Adjusted Gross Margin (in thousands) |
|
|
|
|
|
$ |
1,067,572 |
|
|
$ |
887,545 |
|
Net Yield |
|
|
|
|
|
$ |
593 |
|
|
$ |
551 |
|
Non-IFRS Accounting Standards Reconciling Information
The following table reconciles gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the three and six months ended June 30, 2026 and 2025 on a consolidated basis:
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
Consolidated |
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|||||||
Total revenue |
|
$ |
2,190,501 |
|
|
$ |
1,880,367 |
|
|
$ |
3,244,242 |
|
|
$ |
2,777,423 |
|
Total cruise operating expenses |
|
|
(1,193,883 |
) |
|
|
(1,021,102 |
) |
|
|
(1,887,940 |
) |
|
|
(1,614,763 |
) |
Ship depreciation |
|
|
(67,829 |
) |
|
|
(56,151 |
) |
|
|
(129,887 |
) |
|
|
(114,043 |
) |
Gross margin |
|
|
928,789 |
|
|
|
803,114 |
|
|
|
1,226,415 |
|
|
|
1,048,617 |
|
Ship depreciation |
|
|
67,829 |
|
|
|
56,151 |
|
|
|
129,887 |
|
|
|
114,043 |
|
Vessel operating |
|
|
442,325 |
|
|
|
377,658 |
|
|
|
799,793 |
|
|
|
687,606 |
|
Adjusted Gross Margin |
|
$ |
1,438,943 |
|
|
$ |
1,236,923 |
|
|
$ |
2,156,095 |
|
|
$ |
1,850,266 |
|
The following table reconciles gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the six months ended June 30, 2026 and 2025 for Viking River and for Viking Ocean:
|
|
|
|
|
|
Six Months Ended |
|
|||||
Viking River |
|
|
|
|
|
June 30, |
|
|||||
|
|
|
|
|
|
2026 |
|
|
2025 |
|
||
|
|
|
|
|
|
(unaudited) |
|
|||||
(in thousands) |
|
|
|
|
|
|
|
|||||
Total revenue |
|
|
|
|
|
$ |
1,379,849 |
|
|
$ |
1,235,802 |
|
Total cruise operating expenses |
|
|
|
|
|
|
(840,820 |
) |
|
|
(745,508 |
) |
Ship depreciation |
|
|
|
|
|
|
(38,667 |
) |
|
|
(36,027 |
) |
Gross margin |
|
|
|
|
|
|
500,362 |
|
|
|
454,267 |
|
Ship depreciation |
|
|
|
|
|
|
38,667 |
|
|
|
36,027 |
|
Vessel operating |
|
|
|
|
|
|
316,497 |
|
|
|
278,138 |
|
Adjusted Gross Margin |
|
|
|
|
|
$ |
855,526 |
|
|
$ |
768,432 |
|
|
|
|
|
|
|
Six Months Ended |
|
|||||
Viking Ocean |
|
|
|
|
|
June 30, |
|
|||||
|
|
|
|
|
|
2026 |
|
|
2025 |
|
||
|
|
|
|
|
|
(unaudited) |
|
|||||
(in thousands) |
|
|
|
|
|
|
|
|||||
Total revenue |
|
|
|
|
|
$ |
1,548,884 |
|
|
$ |
1,271,869 |
|
Total cruise operating expenses |
|
|
|
|
|
|
(850,158 |
) |
|
|
(698,170 |
) |
Ship depreciation |
|
|
|
|
|
|
(69,328 |
) |
|
|
(60,905 |
) |
Gross margin |
|
|
|
|
|
|
629,398 |
|
|
|
512,794 |
|
Ship depreciation |
|
|
|
|
|
|
69,328 |
|
|
|
60,905 |
|
Vessel operating |
|
|
|
|
|
|
368,846 |
|
|
|
313,846 |
|
Adjusted Gross Margin |
|
|
|
|
|
$ |
1,067,572 |
|
|
$ |
887,545 |
|
The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS Accounting Standards measure, for the three and six months ended June 30, 2026 and 2025:
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vessel operating expenses |
|
$ |
442,325 |
|
|
$ |
377,658 |
|
|
$ |
799,793 |
|
|
$ |
687,606 |
|
Fuel expense |
|
|
(61,407 |
) |
|
|
(43,140 |
) |
|
|
(102,774 |
) |
|
|
(84,853 |
) |
Vessel operating expenses excluding fuel |
|
$ |
380,918 |
|
|
$ |
334,518 |
|
|
$ |
697,019 |
|
|
$ |
602,753 |
|
The following tables reconcile net income, the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
(in thousands) |
|
|
|
|
|
|||||||||||
Net income |
$ |
587,702 |
|
|
$ |
439,237 |
|
|
$ |
533,465 |
|
|
$ |
333,785 |
|
|
Interest income |
|
|
(26,931 |
) |
|
|
(19,708 |
) |
|
|
(50,320 |
) |
|
|
(39,897 |
) |
Interest expense |
|
|
82,165 |
|
|
|
83,978 |
|
|
|
159,041 |
|
|
|
170,682 |
|
Income tax expense |
|
|
6,775 |
|
|
|
4,596 |
|
|
|
11,896 |
|
|
|
7,763 |
|
Depreciation and amortization |
|
|
84,048 |
|
|
|
65,440 |
|
|
|
159,457 |
|
|
|
134,240 |
|
EBITDA |
|
|
733,759 |
|
|
|
573,543 |
|
|
|
813,539 |
|
|
|
606,573 |
|
Other financial loss |
|
|
— |
|
|
|
— |
|
|
|
5,212 |
|
|
|
— |
|
Currency (gain) loss |
|
|
(4,680 |
) |
|
|
37,245 |
|
|
|
(3,370 |
) |
|
|
62,852 |
|
Share based compensation expense |
|
|
19,354 |
|
|
|
22,157 |
|
|
|
37,890 |
|
|
|
36,365 |
|
Adjusted EBITDA |
$ |
748,433 |
|
|
$ |
632,945 |
|
|
$ |
853,271 |
|
|
$ |
705,790 |
|
|
The following tables reconcile net income (loss) attributable to Viking Holdings Ltd, the most directly comparable IFRS Accounting Standards measure, to Adjusted Net Income (Loss) attributable to Viking Holdings Ltd and diluted weighted-average ordinary shares and special shares outstanding, the most directly comparable IFRS Accounting Standards measure, to Adjusted Weighted-Average Shares Outstanding for the three and six months ended June 30, 2026 and 2025. Additionally, the following tables show the calculation of Adjusted EPS the three and six months ended June 30, 2026 and 2025:
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Viking Holdings Ltd |
$ |
587,442 |
|
|
$ |
439,048 |
|
|
$ |
533,062 |
|
|
$ |
333,575 |
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
5,212 |
|
|
|
— |
|
Adjusted Net Income attributable to Viking Holdings Ltd |
$ |
587,442 |
|
|
$ |
439,048 |
|
|
$ |
538,274 |
|
|
$ |
333,575 |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average ordinary shares and special shares outstanding – Diluted |
|
448,074 |
|
|
|
445,549 |
|
|
|
447,888 |
|
|
|
445,308 |
|
Adjusted Weighted-Average Shares Outstanding |
|
448,074 |
|
|
|
445,549 |
|
|
|
447,888 |
|
|
|
445,308 |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
June 30, |
|
|
June 30, |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
(in thousands, except Adjusted EPS) |
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Net Income attributable to Viking Holdings Ltd |
$ |
587,442 |
|
|
$ |
439,048 |
|
|
$ |
538,274 |
|
|
$ |
333,575 |
|
Adjusted Weighted-Average Shares Outstanding |
|
448,074 |
|
|
|
445,549 |
|
|
|
447,888 |
|
|
|
445,308 |
|
Adjusted EPS |
$ |
1.31 |
|
|
$ |
0.99 |
|
|
$ |
1.20 |
|
|
$ |
0.75 |
|
The following table calculates Net Leverage for the twelve months ended June 30, 2026 and March 31, 2026:
|
|
June 30, 2026 |
|
|
March 31, 2026 |
|
|
||
|
|
(unaudited) |
|
|
|||||
(in thousands, except Net Leverage) |
|
|
|
|
|
|
|
||
Long-term debt (a) |
|
$ |
5,904,445 |
|
|
$ |
5,556,095 |
|
|
Current portion of long-term debt (a) |
|
|
233,269 |
|
|
|
199,022 |
|
|
Long-term portion of lease liabilities |
|
|
219,041 |
|
|
|
205,607 |
|
|
Short-term portion of lease liabilities |
|
|
29,200 |
|
|
|
27,940 |
|
|
Total |
|
|
6,385,955 |
|
|
|
5,988,664 |
|
|
Less: Cash and cash equivalents |
|
|
(3,985,421 |
) |
|
|
(4,046,703 |
) |
|
Net Debt |
|
$ |
2,400,534 |
|
|
$ |
1,941,961 |
|
|
|
|
|
|
|
|
|
|
||
Adjusted EBITDA |
|
$ |
2,019,569 |
|
|
$ |
1,904,081 |
|
|
Net Leverage |
|
|
1.2 |
|
x |
|
1.0 |
|
x |
(a) All amounts are gross of fees.