Meyer Werft narrows its loss in 2025

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Written by Teijo Niemelä Teijo Niemelä

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Published: 27 August 2026 27 August 2026

As part of its restructuring process, Meyer Werft increased its consolidated revenue to €2.83 billion in 2025, up from €1.37 billion in 2024. Revenue was primarily driven by the delivery of two cruise ships (the Asuka III for NYK Cruises and the Disney Destiny for Disney Cruise Line) by Meyer Werft in Papenburg, the delivery of two inland passenger vessels by the subsidiary Neptun Werft in Rostock, and the conversion of a cruise ship at the Wismar site.

Consolidated operating earnings before interest, taxes, and depreciation (EBITDA) improved significantly, rising from -€527.6 million to -€251.8 million. After taxes, the Group reports a loss of €383.8 million (2024: -€569.2 million). It should be noted that the prior-year figures are of limited comparability due to the extensive corporate restructuring of the Group carried out in 2024.

Ralf Schmitz, Chief Restructuring Officer (CRO) of MEYER WERFT, comments: “Just as in 2024, the 2025 consolidated financial statements account for expected losses from unprofitable legacy orders by establishing corresponding provisions. At the same time, we have successfully advanced our operational restructuring – comprising over 60 individual projects – such that we anticipate a positive annual earnings impact in the clear three-digit million range over the medium term, driven by lower material and personnel costs and more efficient processes. The Group’s restructuring remains fully on track. Everything within our control is moving in the right direction. The shipyard is on a very promising path.”

The audited consolidated financial statements for 2025 have been approved by the Supervisory Board of Meyer Werft GmbH. An independent restructuring expert has confirmed adherence to the restructuring plan. Consequently, the company’s financing requirements for the restructuring period – agreed upon through the end of 2028 – are covered by secured equity and debt capital.

Although no cruise ship deliveries are scheduled for 2026, management expects a further significant improvement in consolidated EBITDA for the current year – moving toward a break-even result – thanks to the negative earnings already accounted for in previous years and the cost improvements achieved.

André Walter, CEO of Meyer Werft, states: “The profitably priced new cruise ship orders, our entry into the construction of converter platforms at the Rostock site (achieved in June), and the continued high demand for inland passenger vessels provide an excellent foundation for the next stages of our restructuring. Given the progress made and the strong order books in both Papenburg and at Neptun Werft, we have every reason to be confident.”

National Geographic-Lindblad Expeditions embarks on first-ever European river expedition

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Written by Teijo Niemelä Teijo Niemelä

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Published: 23 August 2026 23 August 2026

National Geographic-Lindblad Expeditions, the pioneer of modern expedition cruising, has officially launched its inaugural European river expedition, with the August 15 departure of the Holland and Belgium: Medieval History and Scenic Waterways itinerary. The voyage brings the co-brand’s hallmark expedition experience to Europe’s storied rivers with the debut of the 120-guest Transcend Connect.

During the sailing, guests will journey along the Rhine River and other picturesque waterways of Holland and Belgium, where centuries of rich culture, art and history come to life amidst vibrant flower vistas, iconic windmills and fairytale towns. The ship will travel down Amsterdam’s scenic canals, call on historic cities such as Antwerp and Delft, and take in the serene Dutch countryside while delving into the region’s defining artistic legacy, deep-rooted Jewish history and culinary delights.

“It is an honor to welcome our first guests aboard this inaugural European river expedition, marking an exciting milestone as we bring our experience and expertise to Europe’s waterways,” said Trey Byus, Chief Expedition Officer, Lindblad Expeditions. “This voyage is just the beginning of our expansion in the region, and we look forward to creating even more opportunities for travelers to experience the region through our immersive lens.”

Each voyage is staffed with an experienced Expedition Leader, several knowledgeable Field Staff, and for the inaugural season, at least one National Geographic Expedition Expert. Staff will guide guests on private tours, exclusive tastings and expertly curated experiences.

Constructed in 2026, Connect is a brand-new, state-of-the-art European river ship with sustainability and regional connection at its core. With cutting-edge technology, luxurious amenities and wrap-around picture windows, this sleek ship is uniquely designed to sail through the heart of storied destinations in Germany, France, the Netherlands and beyond, creating a refined and meaningful experience that elevates every journey.

The expansion continues in September with the launch of Rhine River: Castles, Culture and Culinary Delights, also aboard Connect, which takes travelers through the dramatic Rhine Gorge with its rolling hills and lush vineyards before calling on a medley of charming towns, from Germany’s Mainz, Frankfurt and Heidelberg to Strasbourg and Colmar in France’s Alsace region. In 2027, National Geographic-Lindblad Expeditions will debut holiday sailings aboard another new build, Evolve, sister ship to Connect, that will operate a collection of Christmas Market itineraries that broaden the co-brand’s footprint on Europe’s rivers, effectively doubling its offerings in the region.

Virgin Voyages hits biggest revenue day in company history

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Written by Teijo Niemelä Teijo Niemelä

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Published: 21 August 2026 21 August 2026

Virgin Voyages, the four-ship adults-only cruise line, recorded the biggest revenue day in company history on Thursday, August 13, surpassing its previous Black Friday 2025 record and marking the latest milestone in a year of tremendous momentum for the brand.

The record day was fueled by extraordinary demand for Virgin Voyages’ first Scandinavia and Baltics season, with five new itineraries sailing from Amsterdam aboard Valiant Lady in summer 2028, spanning Scandinavian capitals, Norway’s fjords and a journey beyond the Arctic Circle. Within hours of opening, demand reached record levels, with every available cabin selling out shortly after launch. The Northern Europe season alone accounted for more than half of the day’s total revenue, nearly two years before Valiant Lady even arrives in the region.

The response was immediate. August booking pace jumped from 20% above the prior year entering the day to more than 45% above it exiting, while the 11-night Arctic Circle voyage emerged as an early standout with unprecedented demand.

But the revenue record set last week was bigger than a singular itinerary launch; it was the culmination of a string of epic moments signaling the brand isn’t slowing down anytime soon.

The momentum behind the milestone

Virgin Voyages went full throttle into 2026 with a record WAVE season; was named Travel + Leisure’s No. 1 mega-ship ocean cruise line for the fourth consecutive year; broke the internet with Boatchella, its co-branded Content Creator Voyage with TikTok; teamed up with Google Cloud to introduce Rovey, Virgin Voyages’ AI-powered travel assistant; and gave First Mates unprecedented access to Canva tools designed to help them become even stronger brand ambassadors, all while continuing to push the boundaries of how AI can transform travel.

That same momentum is showing up on board. Valiant Lady emerged from her glow-up with fresh spaces and experiences, including Ariya, a gorgeous new Indian sanctuary, while Virgin Voyages introduced more than 20 new Happenings, giving both first-time and returning Sailors new reasons to fall in love with Virgin. And just last week, Scarlet Lady and Valiant Lady brought Sailors together off the coasts of Ibiza and Iceland for a once-in-a-lifetime, pinch-me moment: experiencing the Aug. 12 total solar eclipse from the middle of the sea.

“The best part is seeing more people discover Virgin Voyages, come back, bring their friends and then ask us, ‘Where are you taking us next?’” said Nirmal Saverimuttu, CEO of Virgin Voyages. “That tells me we’re building something people really want to be part of. Breaking a record on a random Thursday in August seems odd until you realize all of the momentum we’ve built over the last eight months. It’s pretty incredible, but what excites me most is knowing we’re now the go-to brand for anyone traveling without kids.”

Winning over a new kind of cruiser

Adults-only travel is booming, and Virgin Voyages is at the forefront of that shift. Built from day one as an exclusively adult, boutique hotel-at-sea experience, the brand is winning over travelers looking for something more curated and elevated, including those who may never have considered cruising before.

Even in a value-conscious economy, travelers are still willing to spend on great vacations. According to Deloitte’s 2026 Summer Travel Survey, while affordability concerns are keeping some Americans home, those who are traveling expect to spend 17% more on their longest summer trip than last year, with many putting those dollars toward better experiences.

That plays directly to Virgin Voyages’ sweet spot: phenomenal value without compromising the experience. Dining across 20+ eateries, essential drinks, WiFi, group fitness classes and entertainment are included, alongside immersive experiences, destination-rich itineraries and extraordinary service. It’s a combination that’s bringing new Sailors aboard and keeping them coming back at record rates.

“The world needs more joy, and I’m incredibly proud that Virgin Voyages gets to create some of that for travelers,” Saverimuttu added. “To our Sailors and First Mates who have believed in us and supported us along the way, thank you. And for anyone who hasn’t sailed with us yet and is looking for an adults-only holiday, there’s a hammock with your name on it.”

Viking reports second quarter 2026 results, orders two more ocean ships

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Written by Teijo Niemelä Teijo Niemelä

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Published: 21 August 2026 21 August 2026

Viking Holdings Ltd recently reported financial results for the second quarter ended June 30, 2026, and provided an update on bookings.

Key highlights

– Total revenue was $2,190.5 million for the second quarter of 2026, an increase of 16.5% compared to the same period in 2025.
– Gross margin increased 15.7% and Adjusted Gross Margin increased 16.3% compared to the same period in 2025.
– Net Yield was $645, an increase of 6.2% compared to the same period in 2025.
– Adjusted EBITDA was $748.4 million, an increase of 18.2% compared to the same period in 2025.
– Diluted EPS and Adjusted EPS were $1.31.
– Net Leverage was 1.2x as of June 30, 2026.
– As of August 9, 2026, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2026 season and 53% of its Capacity Passenger Cruise Days for the 2027 season.

“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:

– The Company had $4.0 billion in cash and cash equivalents and an undrawn revolver facility of $1.0 billion.
– Scheduled principal payments are $116.7 million for the remainder of 2026 and $233.7 million for 2027.
– Deferred revenue was $5.0 billion.

New build and capacity

Since our first quarter 2026 earnings release, the Company:

– Took delivery of the Viking Mira, an ocean ship.
– Took delivery of four river vessels: The Viking Annar, the Viking Fjolvar and the Viking Dagur, which will operate in Europe. The Viking Ptah, which will operate in Egypt.
– Exercised its options for two ocean ships scheduled for delivery in 2032.

Based on the committed orderbook, the Company expects to take delivery of one ocean ship and five river vessels during the remainder of 2026.