Q3 2025 Viking Holdings Ltd Earnings Call Transcript
Key Points
- Viking Holdings Ltd (VIK) reported a 21.4% increase in adjusted gross margin year over year, driven by an 11% growth in capacity and a 7.1% rise in net yields.
- The company achieved the highest quarterly adjusted EBITDA in its history at $704 million, up 26.9% year over year, with an adjusted EBITDA margin of 52.8%.
- Viking Holdings Ltd (VIK) has sold 96% of its 2025 capacity and 70% of its 2026 capacity, indicating strong demand and forward visibility.
- The company has expanded its fleet to over 100 ships, reflecting disciplined execution and an innovative approach to river, ocean, and expedition voyages.
- Viking Holdings Ltd (VIK) was rated #1 for oceans and rivers by Conde Nast Traveler for the fifth consecutive year, highlighting strong customer satisfaction and brand loyalty.
- Vessel expenses excluding fuel per capacity increased by 9.6% year over year, driven by changes in itinerary mix and higher repair and maintenance costs.
- The company recorded non-recurring charges of $19.7 million related to debt refinancing, impacting interest expenses.
- Despite strong bookings, there is a possibility of cancellations as the year-end approaches, which could affect final capacity utilization.
- The company faces competition in the river cruise segment, with new entrants potentially impacting market share.
- Viking Holdings Ltd (VIK) is investing heavily in SG&A to support future growth, which could pressure margins if not managed effectively.
Good morning. My name is Tom, and I will be your conference operator today.
At this time, I would like to welcome everyone to Vikings' 3rd quarter 2025 earnings conference call.
As a reminder, this call is being recorded.
All lines have been placed on mute to prevent any background noise.
After the speaker's remarks, there will be a question-and-answer session.
If you would like to ask a question at that time, please press 1 on your telephone keypad.
If you wish to remove yourself from cu, press 2.
Thank you.
I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Karola Menghelei.
Good morning everyone and welcome to Viking's 3rd quarter 2025 earnings conference call. I am joined by Thor Hagen, Chairman and Chief Executive Officer, and Lea Talatte, President and Chief Financial Officer.
Also available during the Q&A session is Lin Bann,
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