Viking reports first quarter 2025 financial results

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Written by Teijo Niemelä Teijo Niemelä

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Published: 20 May 2025 20 May 2025

Viking Holdings Ltd today reported financial results for the first quarter ended March 31, 2025.

Key highlights

– Total revenue was $897.1 million for the first quarter of 2025, an increase of 24.9% compared to the same period in 2024.
– Gross margin increased 53.9% and Adjusted Gross Margin increased 23.8% compared to the same period in 2024.
– Net Yield was $544, an increase of 7.1% compared to the same period in 2024.
– Adjusted EBITDA was $72.8 million, an increase of $77.3 million compared to the same period in 2024.
– Diluted EPS was $(0.24) and Adjusted EPS was $(0.24).
– Net Leverage improved from 2.4x as of December 31, 2024 to 2.0x as of March 31, 2025.
– As of May 11, 2025, for its Core Products, Viking had sold 92% of its Capacity Passenger Cruise Days for the 2025 season and 37% of its Capacity Passenger Cruise Days for the 2026 season.

"Viking is off to a remarkable start in 2025, with our first quarter financial performance underscoring the continued momentum in our business,” said Torstein Hagen, Chairman and CEO of Viking. “During the quarter, we increased capacity by 14.9% and simultaneously delivered a 7.1% growth in Net Yield – clear indicators of the robust demand for meaningful and enriching travel experiences among our core demographic. We are also delighted to have already booked 92% of our capacity for the 2025 season. Looking ahead, we remain firmly focused on generating demand and delivering best-in-class differentiated products through our one Viking brand, which will advance our long-term strategy of thoughtful, sustainable growth."

First quarter 2025 consolidated results

During the first quarter of 2025, Capacity PCDs increased by 14.9% over the same period in 2024. This increase was mainly driven by the addition of two new river vessels and a new ocean ship delivered in 2024. Occupancy for the first quarter of 2025 was 94.5%.

Total revenue for the first quarter of 2025 was $897.1 million, an increase of $178.9 million, or 24.9% over the same period in 2024 mainly driven by increased Capacity PCDs and higher revenue per PCD in 2025 compared to 2024.

Gross margin for the first quarter of 2025 was $245.5 million, an increase of $86.0 million, or 53.9% over the same period in 2024 and Adjusted Gross Margin for the first quarter of 2025 was $613.3 million, an increase of $118.0 million, or 23.8%, over the same period in 2024. Net Yield was $544 for the first quarter, up 7.1% year-over year.

Vessel operating expenses were $309.9 million and vessel operating expenses excluding fuel were $268.2 million. Compared to the same period in 2024, vessel operating expenses increased $28.8 million, or 10.2%, and vessel operating expenses excluding fuel increased $29.2 million, or 12.2% mainly driven by the increase in the size of the Company's fleet in 2025 compared to 2024.

Net loss for the first quarter of 2025 was $105.5 million compared to $490.7 million for the same period in 2024. The first quarter of 2024 includes a loss of $330.5 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 Loss attributable to Viking Holdings Ltd for the first quarter of 2025 was a loss of $105.5 million compared to a loss of $137.9 million for the same period in 2024.

Adjusted EBITDA was $72.8 million, an increase of $77.3 million compared to the first quarter of 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs and higher revenue per PCD.

Diluted EPS was $(0.24) and Adjusted EPS was $(0.24) for the first quarter of 2025, compared to Diluted EPS of $(1.20) and Adjusted EPS of $(0.33) for the first quarter of 2024.

Our first quarter results reflect the seasonality of our business. While our ocean, expedition and Mississippi products operate year-round, the primary cruising season for our river product is from April to October.

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 8% higher for the 2026 season compared to the 2025 season.

As of May 11, 2025, for our Core Products, we had sold 92% of our Capacity PCDs for the 2025 season and 37% for the 2026 season. We had $5,508 million of Advance Bookings for the 2025 season, 21% higher than the 2024 season at the same point in time; and we had $2,676 million of Advance Bookings for the 2026 season, 11% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2025 season was $794, 7% higher than the 2024 season at the same point in time, and Advance Bookings per PCD for the 2026 season was $885, 4% higher than the 2025 season at the same point in time.

“We are seeing sustained strength in demand, with 92% of our 2025 capacity already booked—effectively selling out the year, given our typical load factor,” said Leah Talactac, President and CFO of Viking. “With 2025 now largely secured, our focus has shifted to 2026 where we have a solid foundation with more than 37% of our capacity already sold, positioning us well amid evolving macroeconomic conditions. This performance highlights the strength and resilience of our customer base, the differentiation of our product offering, and the continued impact of our strategic initiatives—including an extended booking window, direct marketing efforts, and a compelling value proposition.”

Balance sheet and liquidity

As of March 31, 2025:

– The Company had $2.8 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
– Scheduled principal payments are $438.7 million for the remainder of 2025 and $216.6 million for 2026. In May 2025, the Company paid $250 million of senior notes at their maturity.
Deferred revenue was $4.8 billion.

Newbuild and capacity

Since our fourth quarter 2024 earnings release, the Company:

– Took delivery of the Viking Nerthus, a river vessel that operates in Europe.
– Exercised its options and entered into shipbuilding contracts for two ocean ships scheduled for delivery in 2031.
– Entered into option agreements for two additional ocean ships which have an exercise date of July 30, 2027, scheduled for delivery in 2033.
– Announced that the Viking Libra, scheduled for delivery in 2026, will be a hydrogen-powered cruise ship, capable of operating with zero emissions.
– Announced it would build an additional river vessel to operate in Portugal scheduled for delivery in 2027.

Based on the committed orderbook, the Company expects to take delivery of one ocean ship and nine river vessels during the remainder of 2025.

Expedia Cruises hosts record-breaking ANCHOR meeting at sea

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Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 19 May 2025 19 May 2025

The cruise business is continuing its upward trajectory with projected market revenue reaching $44.39 billion in 2025. Expedia Cruises, which is backed by one of the most powerful travel brands in the world, remains a leading force and sets the standard for excellence in the industry. The full-service leisure travel agency recently hosted its highly anticipated 2025 ANCHOR meeting at sea, themed “Stronger than Ever.”

“Our 2025 spring ANCHOR meeting was arguably the largest and most successful one to date,” said Matthew Eichhorst, President of Expedia Cruises. “This year’s theme of ‘Stronger than Ever’ was truly embraced throughout the ship from our franchisees and their Vacation Consultants to our corporate staff and supply partners. Each conference represents a unique moment when our entire industry and system are united in the same space. These conferences are where we drive businesses forward by communicating our strategies, sharing best practices, and building relationships.”

With over 650 attendees including franchisees, Vacation Consultants, supply partners, and corporate team members, the brand set sail aboard the Carnival Celebration from Miami, FL for a seven-night Eastern Caribbean voyage, where participants enjoyed mainstage presentations, workshops, hosted dinners, prizes, and more.

“Expedia Cruises' 2025 ANCHOR was not only very important this year – it was a resounding success,” said John Mast, Senior Director of Marketing and Franchise Development at Expedia Cruises. “Franchisees, Vacation Consultants, travel suppliers, and our corporate support team came together to share insights, learn from one another, and build strategies and relationships to fuel sales growth. Our Stronger.Together culture was shining all week long.”

This year’s ANCHOR centered around a dynamic program designed to keep attendees informed on industry trends, strengthen relationships with peers and partners, and immerse the entire brand network in Expedia Cruises’ vibrant company culture. Through impactful workshops, engaging networking events, and inspiring recognition moments, the conference delivered meaningful experiences that empowered attendees to grow both personally and professionally.

Many franchisees were recognized for opening and acquiring new locations, celebrating milestone anniversaries, achieving or exceeding benchmark goals, having the largest sales transactions in 2024, and excelling in agent recruitment. The three top performing franchisees, both from single-unit and multi-unit operations, were also honored at ANCHOR for their achievements. Additionally, Vacation Consultants were celebrated through the Navigators Club Recognition Program, which acknowledges Consultants for demonstrating exceptional sales and customer service.

While ANCHOR highlighted the travel brand’s outstanding franchisees, Vacation Consultants, supply partners, and corporate team members, Expedia Cruises itself has not gone unnoticed. The brand has received several recognitions including Franchise Business Review’s 2025 Top 200 Franchises, 2025 Top Franchises for Women, and 2024 Top Franchises for Veterans; Expedia Cruises was also ranked on the 2024 Culture100 Awards and was named to Franchise Direct’s 2025 Top 100 Franchises list, further solidifying its reputation as a premier franchise opportunity.

With an unwavering commitment to exceptional customer service, an omnichannel strategy, and a proven franchise model, Expedia Cruises is a leading seller of cruises and vacations in North America. Anchored in their passion and expertise of air, land, and sea vacations, each Expedia Cruises franchise location is a full-service leisure travel agency. Franchisees and their dedicated vacation consultants are experts in booking cruise vacations, all-inclusive resorts, coach and rail tours, vacation packages, homes and villas, travel insurance, flights, hotels, cars, and activities.
Expedia Cruises is currently seeking like-minded team leaders interested in pursuing franchise opportunities.

Margaritaville at Sea acquires 2003-built Costa Fortuna

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Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 14 May 2025 14 May 2025

Today, marking the third anniversary of the company’s inception, Margaritaville at Sea has announced the next phase of its fleet expansion plan with the purchase of its third ship, the Costa Fortuna, currently operated by Costa Cruises. "This new acquisition continues the line’s proven track record of bringing the Margaritaville state of mind to new and passionate cruisers through exceptional vessel reimaginations combined with Margaritaville’s best-in-class hospitality," the company said in a statement.

Since the May 2022 launch of its first ship, the Margaritaville at Sea Paradise, the cruise line has delivered the brand’s signature sense of fun and escapism to hundreds of thousands of guests. In 2024, the company launched the Margaritaville at Sea Islander to elevate the line’s successful formula for award-winning, laid-back getaways. The brand has gone on to receive critical acclaim from major industry publications and guests regarding the exceptional experience onboard its vessels, including winning Cruise Critic’s #1 Cruisers Choice Award and Newsweek 2025 Best Ship for Families, among several others.

Built for Costa Cruises, the Costa Fortuna will be the largest vessel in the Margaritaville at Sea fleet at over 102,500 gross tons and accommodating approximately 3,450 passengers. Featuring more than 1,340 staterooms, 13 passenger decks, expansive outdoor spaces, and a soaring 8-story center atrium, the ship will be reimagined by Margaritaville at Sea in the signature island-inspired design central to the line’s success.

“Over the last three years we have been incredibly focused on building Margaritaville at Sea by delivering more of what our guests love – a uniquely laid-back island attitude with award-winning hospitality. With the acquisition of our third ship in three years, we are proud to once again invite guests to step into the Margaritaville state of mind on the open ocean,” said Christopher Ivy, Chief Executive Officer of Margaritaville at Sea. “The launch of the Margaritaville at Sea Islander was a significant moment for our company, and the acquisition of the Costa Fortuna, our largest ship to date, gives us another exciting opportunity to bring even more fun and escapism to guests from a new homeport in 2026.”

John Cohlan, CEO of Margaritaville, added, “Margaritaville at Sea has been on an exceptional trajectory since its launch only a few short years ago. We’re thrilled to once again expand the experience of our brand on the water and share the cruise line’s signature experiences and amenities with even more guests.”

The ship will continue to be operated by Costa Cruises as Costa Fortuna until late next year.

Victory II christened at Chicago's Navy Pier

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Written by Teijo Niemelä Teijo Niemelä

Category: More News More News

Published: 13 May 2025 13 May 2025

Victory Cruise Lines, committed to all-inclusive, small ship, coastal cruising on The Great Lakes and Canadian Coasts, christened the Victory II in Chicago on May 12, 2025. The milestone moment marked the full return of the cruise line, led by Founder and CEO John Waggoner, whose daughter christened sister-ship 190-guest Victory I in Toronto on April 27, 2025. Both ships were purposely built for the Great Lakes, offering a refreshing alternative to river and ocean cruising.

Victory Cruise Lines is also the only cruise line to dock at Chicago’s downtown Navy Pier and offers the most cruises, 33 departures in 2025, that hit all five Great Lakes in one voyage. Both ships will operate 10–15-night voyages from Chicago, Toronto, Milwaukee and Montreal now through October.

"There is no city in the world quite like Chicago, and we are delighted to celebrate here today at Navy Pier as Victory II joins Victory I in sailing the Great Lakes once again," said John Waggoner, founder and CEO of Victory Cruise Lines. "We extend our deepest gratitude to everyone who has made it possible for us to showcase all five Great Lakes and provide guests with the opportunity to create lasting travel memories together."

The christening ceremony took place onboard in the Compass Lounge, first honoring the United States and Canada with the singing of the national anthems, as both share the Great Lakes. Remarks were made by Choose Chicago Vice President Partnerships Jordan Engerman, National Museum of the Great Lakes Executive Director Kate Fineske, Victory Cruise Lines Chief Operating Officer David William Kelly and Waggoner. The highlight of the ceremony was Godmother Molly Applegate, granddaughter of John and Claudette Waggoner, breaking a bottle of Maker’s Mark Kentucky bourbon on the ship’s bow officially christening the vessel with the mouth of the Chicago River and the city’s magnificent skyline in the background.

“Victory Cruise Lines will bring thousands of visitors to Chicago and we are proud the cruise line is docking right here downtown at Navy Pier,” shared Jordan Engerman on behalf of Choose Chicago. “Cruise visitation supports local jobs and businesses across the city and is yet another way for travelers to explore our rich and diverse destination.”

Victory II’s inaugural sailing is the cruise line’s most popular itinerary, 10-nights between Chicago and Toronto including a pre-cruise hotel with ports of call including Escanaba and Mackinac Island, Michigan, Sault Ste. Marie, Detroit, Cleveland and Port Colborne (Niagara Falls). Victory Cruise Lines included excursions give guests an opportunity to enjoy one-to-three-hour experiences in each port of call, each with both morning and afternoon options, to provide flexibility. Highlights include the The Henry Ford Experience in Detroit, Rock & Roll Hall of Fame in Cleveland and the Soo Locks & Maritime Heritage Tour in Sault Ste. Marie.

Onboard, guests enjoy three dining options including Tuscan Stone Grill, a new inclusive interactive concept in The Grill for dinner. Originally created by Victory Cruise Lines COO David William Kelly and Anglo-Eastern Leisure’s Dietmar Wertanzl, Tuscan Stone Grill delivers an upscale interactive dining experience utilizing hot stones for guests cooking at their table, in a space spanning the stern, offering expansive views of The Great Lakes.
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