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Viking reports second quarter 2025 financial results

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

Viking Holdings Ltd today reported financial results for the second quarter ended June 30, 2025.

Key highlights

– Total revenue was $1,880.4 million for the second quarter of 2025, an increase of 18.5% compared to the same period in 2024.
– Gross margin increased 22.3% and Adjusted Gross Margin increased 19.2% compared to the same period in 2024.
– Net Yield was $607, an increase of 8.0% compared to the same period in 2024.
– Adjusted EBITDA was $632.9 million, an increase of 28.5% compared to the same period in 2024.
– Diluted EPS and Adjusted EPS were $0.99.
– Net Leverage was 2.1x as of June 30, 2025.
– As of August 10, 2025, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 55% of its Capacity Passenger Cruise Days for the 2026 season.

“We delivered another quarter of great results, further underscoring the strength of our business model and of our core guest demographic,” said Torstein Hagen, Chairman and CEO of Viking. “In the second quarter, our revenue increased 18.5% and our Adjusted EBITDA increased 28.5% year-over-year, reflecting continued solid demand for our destination-focused travel experiences. We are also pleased to have successfully taken delivery of two new ships, an achievement made possible due to the dedication of our team and the sustained momentum of the Viking brand as we execute on our long-term growth strategy.”

Second quarter 2025 consolidated results

During the second quarter of 2025, Capacity PCDs increased by 8.8% over the same period in 2024. This increase was mainly driven by the growth in the Company’s fleet, which included three additional river vessels, one additional ocean ship and the Viking Yi Dun accommodation agreement. Occupancy for the second quarter of 2025 was 95.6%.

Total revenue for the second quarter of 2025 was $1,880.4 million, an increase of $293.1 million, or 18.5% over the same period in 2024 mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD in 2025 compared to 2024.

Gross margin for the second quarter of 2025 was $803.1 million, an increase of $146.7 million, or 22.3%, over the same period in 2024 and Adjusted Gross Margin for the second quarter of 2025 was $1,236.9 million, an increase of $199.2 million, or 19.2%, over the same period in 2024. Net Yield was $607 for the second quarter of 2025, up 8.0% year-over year.

For the second quarter of 2025, vessel operating expenses were $377.7 million and vessel operating expenses excluding fuel were $334.5 million. Compared to the same period in 2024, vessel operating expenses increased $48.7 million, or 14.8%, and vessel operating expenses excluding fuel increased $50.4 million, or 17.7% mainly driven by the increase in the size of the Company’s fleet in 2025 compared to 2024.

Net income for the second quarter of 2025 was $439.2 million compared to $159.8 million for the same period in 2024. The second quarter of 2024 includes a loss of $123.0 million from the revaluation of warrants issued by the Company, due to stock price appreciation. It also includes a loss of $65.8 million related to the net impact of the Private Placement derivative loss and interest expense related to the Company’s Series C Preference Shares. These converted into ordinary shares immediately prior to the consummation of the Company’s IPO. Adjusted Net Income attributable to Viking Holdings Ltd for the second quarter of 2025 was $439.0 million compared to $349.1 million for the same period in 2024.

Adjusted EBITDA was $632.9 million, an increase of $140.4 million, or 28.5% over the same period in 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Diluted EPS and Adjusted EPS were $0.99 for the second quarter of 2025, compared to Diluted EPS of $0.38 and Adjusted EPS of $0.80 for the same period in 2024.

Update on operating capacity and bookings

For our Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season and 9% higher for the 2026 season compared to the 2025 season.

As of August 10, 2025, for our Core Products, we had sold 96% of our Capacity PCDs for the 2025 season and 55% for the 2026 season. We had $5,638 million of Advance Bookings for the 2025 season, 21% higher than the 2024 season at the same point in time; and we had $3,883 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2025 season was $784, 7% higher than the 2024 season at the same point in time, and Advance Bookings per PCD for the 2026 season was $866, 4% higher than the 2025 season at the same point in time.

“Our positive momentum is reflected by the Advance Bookings, with 96% of our 2025 capacity of our Core Products already sold and 55% for 2026,” said Leah Talactac, President and CFO of Viking. “Looking ahead, we remain committed to growing our business by adding capacity and providing new experiences such as the recent launch of itineraries in India. This approach supports the demand for unique, culturally immersive travel experiences while driving top-line growth and long-term margin expansion.”

Balance sheet and liquidity

As of June 30, 2025:

– The Company had $2.6 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
– Scheduled principal payments are $141.8 million for the remainder of 2025 and $257.8 million for 2026.
– Deferred revenue was $4.4 billion.

New build and capacity

Since our first quarter 2025 earnings release, the Company:

– Took delivery of the Viking Vesta, an ocean ship.
– Took delivery of the Viking Amun, a river vessel that will operate in Egypt.
– Announced it would start operating two river vessels in India, with the first launching in 2027 and the second in 2028.

Based on the committed orderbook, the Company expects to take delivery of six river vessels during the remainder of 2025.

Villa Vie Residences unveils the Golden Passport – a lifetime of unlimited cruising

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

Villa Vie Residences today announced the launch of the Golden Passport, a revolutionary way to live, travel, and thrive at sea – forever. For a one-time payment starting at just $99,999, adventurers can unlock a lifetime of global exploration, transforming retirement or long-term travel into an extraordinary journey without limits.

With the Golden Passport, travelers can now unlock a lifetime of exploration through the popular Endless Horizons, Villa Vie’s permanent residence-at-sea program at an age discounted rate. For the first time, the program introduces an age-tiered pricing model, making the dream of living at sea more attainable than ever.

What the Golden Passport Includes
– Lifetime living at sea starting at $99,999–$299,999
– Age-bracketed tiers designed to open the program to every generation
– Transferable access across the Villa Vie Residences fleet
– All-inclusive lifestyle covering dining, housekeeping, laundry, internet, entertainment, annual medical check-ups, plus wine or beer with meals
– No hidden fees—port taxes and service charges included

Golden Passport holders will set sail on continuous circumnavigations of the globe – each lasting 3 to 3.5 years – exploring all 7 continents, 140+ countries, 400+ destinations, and over 100 tropical islands. Extended 2–3 day port stays provide deeper cultural immersion, while itineraries feature 12 of the world’s 14 Wonders. This isn’t a cruise – it’s a way of life.

“As people retire, one of their biggest fears is outliving their money. With the Golden Passport, that uncertainty disappears – one payment secures a lifetime of adventure,” said Mike Petterson, Founder of Villa Vie Residences. “Our age-tiered pricing ensures that Endless Horizons is no longer just a dream for the few, but an attainable reality for many.”

“Life moves quickly, and the regret most people share is that they didn’t travel the world when they had the chance,” added Kathy Villalba, CEO of Villa Vie Residences. “The Golden Passport makes that dream possible – and affordable – in a way the cruise and travel industries have never seen before.”

Mitsui Ocean Cruises names its next new ship Mitsui Ocean Sakura

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

Mitsui Ocean Cruises, the time-honored cruise line in Japan and operated by MOL Cruises, has announced its new cruise ship will be named Mitsui Ocean Sakura, and begin operating as a Japanese-flagged ship in late 2026. Former Nippon Maru Captain Satoshi Ninomiya has been appointed one of the ship’s Masters, and Executive Chef Katsutoshi Nakayama, also from Nippon Maru, will lead the culinary team.

Origin of the Name Mitsui Ocean Sakura (Japanese notation: 三井オーシャンサクラ)

“Sakura,” a flower long cherished in Japan, continues to captivate people with its beauty. This beautiful name was also given to the two cruise ships that the cruise line once operated, the Sakura Maru and the Shin Sakura Maru, which both provided cruise vacations around the world. The name Mitsui Ocean Sakura is therefore in honor of Sakura, which symbolizes the beauty of Japan, and the cruise ships loved by many people.

Mitsui Ocean Sakura will offer a wide range of itineraries, mainly short to medium length cruises, departing from and arriving at various ports in Japan. As a small luxury ship at 32,477 gross tons carrying 458 guests, Mitsui Ocean Sakura will visit a variety of ports, large and small, as did her predecessor, Nippon Maru. This includes visits to remote islands in Okinawa and Hokkaido. The ship will also offer cruises themed to the seasons, featuring local festivals, fireworks, music and food. Inaugural itineraries of Mitsui Ocean Sakura will be announced and go on sale in early 2026.

“While passing on the ‘spirit of omotenashi’ cultivated through past cruise ships operated by our company, including Nippon Maru, Mitsui Ocean Sakura will maintain our 140-year legacy and connection with the people and ports of call around Japan, showcasing the special experiences in those places,” said Tsunemichi Mukai, president and executive officer of Mitsui Ocean Cruises. “Our loyal and experienced crew will extend heartfelt hospitality, and our chefs will continue to delight our guests with the praise of delicious cuisine for which we are famous.”

Mitsui Ocean Sakura guests will enjoy the cruise line’s sense of Japanese beauty and traditions on this ship with comfortable, large suites with balconies, new and varied dining and entertainment options, and a peaceful feeling of time and space enjoyed on the ocean.

Havila Voyages eyes carbon neutral cruise this fall

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

HAV Group and Havila Voyages have entered into a partnership to ensure a coastal route fleet that will be at least climate neutral – with the ambition of achieving zero emissions. Together, the current four ships, along with future newbuilds, will meet the requirements of the next tender period. The plans were presented to politicians, journalists, and decision-makers during Arendalsuka on Thursday, August 14.

During the session in Arendal, Bent Martini, CEO of Havila Voyages, reiterated the company’s clear goal of expanding its presence on the Coastal Route Bergen – Kirkenes – Bergen in the next contract period.

“We have ambitions for growth, and we want to grow on the coastal route. And we want to grow with a fleet consisting of ships that can meet the environmental requirements of the future, which we expect and hope the authorities will set in the new contract,” says Martini. “Our message to politicians and decision-makers is clear: climate neutrality should be an absolute minimum in the next contract. And we will deliver on that from day one.”

Martini points out that stricter environmental requirements are fully achievable with today’s technology, and he hopes politicians will stand by the standards they set.

“If Norwegian authorities are serious about their environmental ambitions, the ships on the coastal route can be a beacon for the green transition in shipping and create synergies for other parts of the industry. Technology exists, and the opportunities are there. It’s about the willingness to make the necessary investments. With strict environmental requirements from the authorities, those who want to operate the coastal route will be forced to deliver,” he says.

“The problem for the maritime industry, when politicians waver in their decisions as we saw in the world heritage fjords, is that no one dares to invest in the green shift. At the same time, many players live in glass houses. They talk about climate, environment, and sustainability, but do vanishingly little about it. This is partly because politicians are unpredictable when they don’t set clear requirements or change the requirements along the way.”

Planning a climate-neutral round voyage

Martini also revealed that Havila Voyages is already exploring the possibility of sailing a round voyage on the coastal route climate neutrally, as early as this fall.

“Right now, we are in the planning phase to test a full round voyage on the coastal route this fall, using biogas in combination with our large battery packs. We are in dialogue with suppliers to secure sufficient volumes to be able to fill the tanks 100% with biogas, and we believe we will succeed.”

“That would mean that one of our ships, already this fall, could prove that it is possible to sail over 5,000 nautical miles, the entire Coastal Route Bergen – Kirkenes – Bergen, climate neutrally,” he concludes.

Norwegian value creation in practice

HAV Group is looking forward to the collaboration when today’s coastal route fleet is to be further optimized, and potentially new ships designed.

“The challenge Havila Voyages has given us is great, but we are ready and confident that we will deliver on the requirements,” says CEO Gunnar Larsen of HAV Group.

“Together with our subsidiaries and partners, and with the Norwegian maritime cluster, we can create something truly unique. This could be Norwegian value creation in practice, where everything from development, design, and construction happens with Norwegian suppliers on Norwegian soil. The authorities can set requirements that promote both sustainable coastal route operations and the development of the Norwegian maritime cluster – that would be a win-win,” he concludes.

Meyer Werft lays the keel of Carnival Festivale

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 15 August 2025 15 August 2025

In keeping with maritime tradition, a keel laying ceremony took place yesterday at Meyer Werft in Papenburg, Germany for Carnival Cruise Line’s newest Excel-class ship, Carnival Festivale, set for delivery in spring 2027.

Brett Vitols, associate vice president of new builds for Carnival Cruise Line and Petu Kummala, associate vice president of interior design and architecture, along with members of Carnival’s new build team, were joined by the Meyer Werft team, including Georg Schauen, project manager for Carnival Festivale, to celebrate the construction milestone by placing commemorative coins under a 598-ton keel block. The coins, inscribed with musical notes, signify good luck for the vessel.

“Carnival Festivale isn’t just joining our fleet, she’ll be setting the tone for how to have fun at sea by blending vibrant designs and guest experiences that you can’t find anywhere else. Music is a universal language that connects people from around the world, and this ship will bring that to life in true Carnival fashion. We’re grateful to work with the skilled team once again at Meyer Werft to bring Carnival Festivale into our fleet,” said Christine Duffy, president of Carnival Cruise Line.

The keel laying took place just one day after Carnival announced new details about the music-themed ship and opened its inaugural season of sailings for sale. Once complete, the ship will sail from Port Canaveral, Fla. as Carnival’s fourth Excel-class flagship, as well its fourth vessel powered by Liquefied Natural Gas (LNG).

Carnival Festivale will introduce immersive, music-inspired zones offering unique experiences for all ages. These zones celebrate the creative process of music-making, the energy of enjoying live music through interactive technology, dynamic lighting and design elements, as well as curated food, beverage and experiences. Sunsation Point, spanning Decks 16–18, is the ultimate family adventure zone anchored by Carnival WaterWorks Ultra, the most family-friendly water park at sea. And with 1,000 interconnecting rooms, expanded youth spaces and new programming for its youngest guests, Carnival Festivale will be the ultimate getaway for families of all ages and interests.