Q2 2025 Viking Holdings Ltd Earnings Call Transcript
Key Points
- Viking Holdings Ltd (VIK) reported an 18.5% year-over-year increase in total revenue for the second quarter of 2025, reaching $1.9 billion.
- The company achieved a net yield increase of 8%, driven by higher occupancy and increased capacity.
- 96% of the 2025 capacity for Viking's core product is already booked, indicating strong demand.
- Viking Holdings Ltd (VIK) has expanded its fleet with the addition of new vessels, including the Viking Vesta and Viking Amun, enhancing its global presence.
- The company completed a secondary offering of 3.5 million ordinary shares, increasing its institutional float and diversifying its shareholder base.
- Vessel expenses, excluding fuel per capacity PCD, increased by 8.2% year-over-year, driven by higher port charges and itinerary mix changes.
- The company experienced a loss of $123 million from the revaluation of warrants and a $66 million loss from the net impact of private placement derivative loss and interest expense related to Series C preference shares in the second quarter of 2024.
- There was a slight delay in the delivery of two river vessels, now expected in early 2026 instead of late 2025, impacting capacity growth.
- The company faced unrealized FX losses related to euro-denominated loans, impacting adjusted EPS by $0.11.
- Marketing expenses increased as a response to softer demand around certain periods, indicating potential challenges in maintaining consistent demand.
Good morning. My name is Paul, and I will be your conference operator today. At this time, I would like to welcome everyone to Viking's second-quarter 2025 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions)
I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Carola Mengolini.
Good morning, everyone, and welcome to Viking's second-quarter 2025 earnings conference call. I am joined by Tor Hagen, Chairman and Chief Executive Officer; and Leah Talactac, President and Chief Financial Officer. Also available during the Q&A session is Linh Banh, Executive Vice President of Finance.
Before we get started, please note our cautionary statement regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties and other factors, which may cause the actual results to be
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