• Strong Q1 Financial Performance: Viking reported a nearly 25% revenue increase to $897.1 million in Q1 2025, with significantly improved gross margins, a reduced net loss ($105.5 million), and a substantial rise in Adjusted EBITDA ($72.8 million).
• Robust Booking Momentum: Demand remains high with 92% of 2025 capacity already booked (as of May 11, 2025), totaling $5.5 billion in advance bookings for the year, and strong early bookings for 2026.
• Aggressive Fleet Expansion: Viking continues to grow its fleet with new river and ocean vessels, including exercising options for ocean ships for 2031 and 2033, and anticipates a 12% increase in operating capacity for 2025.
• Pioneering Sustainable Technology: Viking is making significant strides in green cruising, announcing that its 2026 newbuild, Viking Libra, will be the world’s first hydrogen-powered cruise ship capable of zero-emission operation.

Viking Holdings Ltd. announced a robust financial performance for the first quarter ended March 31, 2025, signaling strong momentum and continued growth. Total revenue reached $897.1 million, a nearly 25% increase compared to Q1 2024, driven by expanded cruise capacity (up almost 15%) and higher pricing. The company maintained a high occupancy rate of 94.5%, and net yield improved by 7.1% to $544. Gross margin surged by over 53% to $245.5 million, with adjusted gross margin also climbing significantly by nearly 24% to $613.3 million.

Viking reported a significantly reduced net loss of $105.5 million for Q1 2025, a substantial improvement from the $490.7 million loss in Q1 2024, which was heavily impacted by charges related to preference shares converted before the company’s IPO. Adjusted EBITDA rose sharply to $72.8 million. Chairman and CEO Torstein Hagen highlighted the strong demand for enriching travel experiences, noting that 92% of the 2025 season’s capacity was already booked as of May 11, 2025. Advance bookings for 2025 totaled $5.5 billion (up 21% from 2024), and 2026 bookings stood at $2.7 billion (up 11% from 2025).

The company is aggressively expanding its fleet, having taken delivery of the Viking Nerthus river vessel in early 2025, with one ocean ship and nine more river vessels expected for the remainder of the year. Looking further ahead, Viking exercised options for two new ocean vessels for 2031 and secured options for two more in 2033. A landmark move towards sustainability was the announcement that the Viking Libra, delivering in 2026, will be hydrogen-powered, capable of zero-emission operation. Viking maintains a strong liquidity position with $2.8 billion in cash and cash equivalents.