6-K
Viking Holdings Ltd (VIK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 6-K
____________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-42039
____________________________
Viking Holdings Ltd
(Translation of registrant’s name into English)
____________________________
94 Pitts Bay Road
Pembroke, Bermuda HM 08
(Address of principal executive office)
____________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
|---|
Explanatory Note
On March 3, 2026, Viking Holdings Ltd issued a press release reporting its financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and incorporated by reference herein.
The information in this Report on Form 6-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Exhibit Index
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release of Viking Holdings Ltd, dated March 3, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 3, 2026
| Viking Holdings Ltd | |
|---|---|
| By: | /s/ Leah Talactac |
| Name: | Leah Talactac |
| Title: | President and Chief Financial Officer |
EX-99.1
Exhibit 99.1
Viking Reports Fourth Quarter and Full Year 2025 Financial Results
LOS ANGELES, March 3, 2026, Business Wire—Viking Holdings Ltd (the “Company” or “Viking”) (NYSE: VIK) today reported financial results for the fourth quarter and year ended December 31, 2025.
Full Year 2025 Key Highlights and 2026 Advance Bookings
- Total revenue was $6,501.4 million for the year ended December 31, 2025, an increase of 21.9%, compared to the same period in 2024.
- Gross margin was $2,582.4 million. Adjusted Gross Margin was $4,290.0 million, an increase of 22.6% compared to the same period in 2024.
- Net Yield was $583, an increase of 7.4% compared to the same period in 2024.
- Adjusted EBITDA was $1,872.1 million, an increase of 38.8% compared to the same period in 2024.
- Net income was $1,148.1 million. Adjusted Net Income attributable to Viking Holdings Ltd was $1,165.1 million, an increase of 43.9% compared to the same period in 2024.
- Diluted EPS was $2.57 and Adjusted EPS was $2.61.
- Net Leverage improved from 2.4x as of December 31, 2024 to 1.1x as of December 31, 2025.
- As of February 15, 2026, for its Core Products, Viking had sold 86% of its Capacity Passenger Cruise Days for the 2026 season.
“In 2025, we delivered exceptional financial results, increasing our Adjusted Gross Margin by 22.6% and growing our Adjusted Net Income by 43.9% year-over-year to $1,165.1 million. This performance reflects our consistent execution and is supported by key metrics that reinforce our momentum, including an ROIC of 45.8% and Net Leverage of 1.1x,” said Torstein Hagen, Chairman and CEO of Viking. “We also reached important milestones in 2025, growing our river, ocean and expedition fleet to more than 100 vessels and further expanding our destination-focused offerings around the world. These achievements reflect the strong demand from our core consumer, the loyalty of our guests, the value of our premium products and the dedication of our employees to provide exceptional travel experiences on all seven continents.”
Fourth Quarter 2025 Consolidated Results
During the fourth quarter of 2025, Capacity PCDs increased by 14.7% over the same period in 2024 mainly driven by the growth of the Company’s fleet, which included six additional river vessels and two additional ocean ships. Occupancy for the fourth quarter of 2025 was 95.0%.
Total revenue for the fourth quarter of 2025 was $1,724.4 million, an increase of $374.7 million, or 27.8% 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 fourth quarter of 2025 was $652.1 million, an increase of $180.1 million, or 38.2%, over the same period in 2024 and Adjusted Gross Margin for the fourth quarter of 2025 was $1,106.1 million, an increase of $237.4 million, or 27.3%, over the same period in 2024. Net Yield was $546 for the fourth quarter, up 7.7% year-over-year.
Vessel operating expenses were $392.6 million and vessel operating expenses excluding fuel were $350.2 million. Compared to the same period in 2024, vessel operating expenses increased $51.2 million, or 15.0%, and vessel operating expenses excluding fuel increased $52.6 million, or 17.7% mainly driven by increased Capacity PCDs in 2025 compared to 2024.
Net income for the fourth quarter of 2025 was $300.3 million compared to $104.2 million for the same period in 2024. The fourth quarter of 2024 included a loss of $96.3 million from the revaluation of warrants issued by the Company due to stock price appreciation. Adjusted Net Income attributable to Viking Holdings Ltd for the fourth quarter of 2025 was $297.7, an increase of $98.0 million, or 49.1%, over the same period in 2024.
Adjusted EBITDA was $462.8 million, an increase of $156.9 million, or 51.3% compared to the fourth quarter of 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 both $0.67 for the fourth quarter of 2025 compared to Diluted EPS of $0.24 and Adjusted EPS of $0.45 for the same period in 2024.
Update on Operating Capacity and Bookings
For our Core Products, operating capacity is 7% higher for the 2026 season compared to the 2025 season.
As of February 15, 2026, for our Core Products, we had sold 86% of our Capacity PCDs for the 2026 season. We had $5,960 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 2026 season was $859, 6% higher than the 2025 season at the same point in time.
“We finished 2025 with great momentum and we are entering 2026 in a very solid position with 86% of our Capacity PCDs for our Core Products already sold,” said Leah Talactac, President and CFO of Viking. “We are seeing a strong booking environment characterized by robust demand across our products, from both repeat guests and new-to-brand customers. As we continue to expand our fleet and further strengthen our leadership across the river and ocean segments, we remain encouraged by the resilience of our core consumer and the strength of the Viking brand. We will continue to execute with discipline and focus as we build on this foundation.”
Balance Sheet and Liquidity
As of December 31, 2025:
- The Company had $3.8 billion in cash and cash equivalents and an undrawn revolver facility of $1.0 billion.
- Deferred revenue was $4.6 billion.
- Scheduled principal payments were $396.8 million for 2026.
New Build and Capacity
Since our third quarter 2025 earnings release, the Company:
- Entered into option agreements for two additional ocean ships which have an exercise date of July 30, 2028, for delivery in 2034.
- Entered into shipbuilding commitments for two additional expedition ships scheduled for delivery in 2030 and 2031.
Based on the committed orderbook, the Company expects to take delivery of 2 ocean ships and 10 river ships in 2026.
Conference Call Information
The Company has scheduled a conference call for Tuesday, March 3, 2026, at 8 a.m. Eastern Time to discuss fourth quarter and full year 2025 results and provide a business update. A link to the live webcast can be found on the Company’s Investor Relations website at https://ir.viking.com/. A replay of the conference call will also be available on the same website for 30 days after the call.
About Viking
Viking (NYSE: VIK) is a global leader in experiential travel with a fleet of more than 100 ships, exploring 21 rivers, five oceans and all seven continents. Designed for curious travelers with interests in science, history, culture and cuisine, Chairman and CEO Torstein Hagen often says Viking offers experiences For The Thinking Person™. For additional information, visit www.viking.com.
Definitions
“Adjusted Earnings per Share” or “Adjusted EPS” represents Adjusted Net Income (Loss) attributable to Viking Holdings Ltd divided by Adjusted Weighted-Average Shares Outstanding.
“Adjusted EBITDA” is EBITDA (consolidated net income (loss) adjusted for interest income, interest expense, income tax benefit (expense) and depreciation, amortization and impairment) as further adjusted for non-cash Private Placement derivative gains and losses, currency gains or losses, share-based compensation expense and other financial income (loss) (which includes forward gains and losses, gain or loss on disposition of assets, certain non-cash fair value adjustments, restructuring charges and non-recurring items).
“Adjusted Gross Margin” is gross margin adjusted for vessel operating and ship depreciation and impairment. Gross margin is calculated pursuant to IFRS Accounting Standards as total revenue less total cruise operating expenses and ship depreciation and impairment.
“Adjusted Net Income (Loss) attributable to Viking Holdings Ltd” represents net income (loss) attributable to Viking Holdings Ltd excluding certain items that we believe are not part of our primary operating business and are not an indication of our future earnings performance. We believe that interest expense and Private Placement derivatives gain (loss) related to our Series C Preference Shares, warrants gain (loss), debt extinguishment and modification costs, gain (loss) on embedded derivatives associated with debt, impairment charges and reversals and certain other gains and losses are not a part of our primary operating business and are not an indication of our future earnings performance.
“Adjusted Weighted-Average Shares Outstanding” represents the diluted weighted-average ordinary shares and special shares outstanding, adjusted for outstanding warrants and dilutive share based awards to the extent not included in diluted weighted-average ordinary shares outstanding, as further adjusted in 2024 to reflect the conversion of the Series C Preference Shares and preference shares as if it had occurred at the beginning of the year.
“Advance Bookings” is the aggregate ticketed amount for guest bookings for our voyages at a specific point in time, and include bookings for cruises, land extensions and air.
“Capacity Passenger Cruise Days” or “Capacity PCDs” is, with respect to any given period, a measurement of capacity that represents, for each ship operating during the relevant period, the number of berths multiplied by the number of Ship Operating Days, determined on an aggregated basis for all ships in operation during the relevant period.
“Core Products” are Viking River, Viking Ocean, Viking Expedition and Viking Mississippi, which are marketed to North America, the United Kingdom, Australia and New Zealand.
“Diluted Earnings Per Share” or “Diluted EPS” is diluted net income (loss) per share attributable to ordinary and special shares.
“IFRS Accounting Standards” are the IFRS® Accounting Standards as issued by the International Accounting Standards Board.
“Invested Capital” is the average of the most recent four quarters of indebtedness, gross of debt fees, less cash and cash equivalents, plus total shareholders’ equity.
“Net Debt” is Total Debt plus lease liabilities net of cash and cash equivalents.
“Net Leverage” is Net Debt divided by trailing four quarter Adjusted EBITDA.
“Net Yield” is Adjusted Gross Margin divided by PCDs.
“Occupancy” is the ratio, expressed as a percentage, of PCDs to Capacity PCDs with respect to any given period. We do not allow more than two passengers to occupy a two-berth stateroom. Additionally, we have guests who choose to travel alone and are willing to pay higher prices for single occupancy in a two-berth stateroom. As a result, our Occupancy cannot exceed 100%, and may be less than 100%, even if all our staterooms are booked.
“Passenger Cruise Days” or “PCDs” is the number of passengers carried for each cruise, with respect to any given period and for each ship operating during the relevant period, multiplied by the number of Ship Operating Days.
“ROIC” is the ratio, expressed as a percentage, of operating income adjusted for income tax expense, divided by Invested Capital.
“Ship Operating Days” is the number of days within any given period that a ship is in service and carrying cruise passengers, determined on an aggregated basis for all ships in operation during the relevant period.
“Total Debt” is indebtedness outstanding, gross of loan fees, excluding lease liabilities, Private Placement liabilities and Private Placement derivatives.
“Vessel operating expenses excluding fuel” is vessel operating expenses less fuel expense.
Non-IFRS Accounting Standards Financial Measures
We use certain non-IFRS Accounting Standards financial measures, such as Adjusted Gross Margin, Net Yield, Adjusted EBITDA, Adjusted Net Income (Loss) attributable to Viking Holdings Ltd and Adjusted EPS, to analyze our performance. We present Adjusted EBITDA as a performance measure because we believe it facilitates a comparison of our consolidated operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business than measures under IFRS Accounting Standards can provide alone. We also believe that Adjusted EBITDA is useful to investors in evaluating our operating performance because it provides a means to evaluate the operating performance of our business on an ongoing basis using criteria that our management uses for evaluation and planning purposes. Because Adjusted EBITDA facilitates internal comparisons of our historical financial position and consolidated operating performance on a more consistent basis, our management also uses Adjusted EBITDA in measuring our performance relative to that of our competitors, assessing our ability to incur and service our indebtedness and in communications with our board of directors concerning our operating performance. We utilize Adjusted Gross Margin and Net Yield to manage our business because these measures reflect revenue earned net of certain direct variable costs.
We also present certain non-IFRS Accounting Standards financial measures because we believe that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-IFRS Accounting Standards
financial measures have limitations as analytical tools, may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS Accounting Standards.
See “Definitions” for additional information about our non-IFRS Accounting Standards financial measures and “Non-IFRS Accounting Standards Reconciling Information” for a reconciliation for each non-IFRS Accounting Standards financial measure to the most directly comparable IFRS Accounting Standards financial measure.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including among others, statements relating to our future financial performance, our business prospects and strategy, our expected fleet additions, our anticipated financial position, liquidity and capital needs and other similar matters. In some cases, we have identified forward-looking statements in this press release by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.” These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict or which are beyond our control. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, which are described in our filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Contact
Investor Relations
Email: investorrelations@viking.com
Public Relations
Email: vikingpr@edelman.com
| VIKING HOLDINGS LTD | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (in and thousands, except per share data) | |||||||||||
| Year Ended | |||||||||||
| December 31, | |||||||||||
| 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (audited) | ||||||||||
| Revenue | |||||||||||
| Cruise and land | 1,602,853 | $ | 1,260,617 | $ | 6,051,435 | $ | 4,971,282 | ||||
| Onboard and other | 121,505 | 89,112 | 449,984 | 362,600 | |||||||
| Total revenue | 1,724,358 | 1,349,729 | 6,501,419 | 5,333,882 | |||||||
| Cruise operating expenses | |||||||||||
| Commissions and transportation costs | (380,004 | ) | (306,506 | ) | (1,359,517 | ) | (1,156,610 | ) | |||
| Direct costs of cruise, land and onboard | (238,289 | ) | (174,556 | ) | (851,856 | ) | (676,760 | ) | |||
| Vessel operating | (392,636 | ) | (341,374 | ) | (1,472,487 | ) | (1,280,711 | ) | |||
| Total cruise operating expenses | (1,010,929 | ) | (822,436 | ) | (3,683,860 | ) | (3,114,081 | ) | |||
| Other operating expenses | |||||||||||
| Selling and administration | (272,038 | ) | (224,500 | ) | (1,031,235 | ) | (883,889 | ) | |||
| Depreciation, amortization and impairment | (80,834 | ) | (71,845 | ) | (284,790 | ) | (260,844 | ) | |||
| Total other operating expenses | (352,872 | ) | (296,345 | ) | (1,316,025 | ) | (1,144,733 | ) | |||
| Operating income | 360,557 | 230,948 | 1,501,534 | 1,075,068 | |||||||
| Non-operating income (expense) | |||||||||||
| Interest income | 27,372 | 19,409 | 84,876 | 69,374 | |||||||
| Interest expense | (84,937 | ) | (86,396 | ) | (362,575 | ) | (380,486 | ) | |||
| Currency gain (loss) | 2,207 | 39,675 | (56,100 | ) | 31,542 | ||||||
| Private Placement derivative loss | — | — | — | (364,214 | ) | ||||||
| Other financial income (loss) | 86 | (96,568 | ) | 13 | (261,450 | ) | |||||
| Income before income taxes | 305,285 | 107,068 | 1,167,748 | 169,834 | |||||||
| Income tax expense | (4,984 | ) | (2,893 | ) | (19,653 | ) | (16,857 | ) | |||
| Net income | 300,301 | $ | 104,175 | $ | 1,148,095 | $ | 152,977 | ||||
| Net income attributable to Viking Holdings Ltd | 299,906 | $ | 103,680 | $ | 1,147,570 | $ | 152,331 | ||||
| Net income attributable to non-controlling interests | 395 | $ | 495 | $ | 525 | $ | 646 | ||||
| Weighted-average ordinary and special shares outstanding (in thousands) | |||||||||||
| Basic | 444,320 | 436,198 | 443,498 | 364,015 | |||||||
| Diluted | 447,122 | 439,760 | 446,418 | 366,709 | |||||||
| Net income per share attributable to ordinary and special shares | |||||||||||
| Basic | 0.67 | $ | 0.24 | $ | 2.59 | $ | 0.36 | ||||
| Diluted | 0.67 | $ | 0.24 | $ | 2.57 | $ | 0.36 |
All values are in US Dollars.
| VIKING HOLDINGS LTD | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
| (in and thousands) | |||||||||||
| Year Ended | |||||||||||
| December 31, | |||||||||||
| 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (audited) | ||||||||||
| Net income | 300,301 | $ | 104,175 | $ | 1,148,095 | $ | 152,977 | ||||
| Other comprehensive income (loss) | |||||||||||
| Other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods: | |||||||||||
| Exchange differences on translation of foreign operations | (4,525 | ) | 1,666 | (3,046 | ) | 1,082 | |||||
| Net change in cash flow hedges | (10,570 | ) | (53,481 | ) | 80,412 | (49,112 | ) | ||||
| Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods | (15,095 | ) | (51,815 | ) | 77,366 | (48,030 | ) | ||||
| Other comprehensive income (loss) not to be reclassified to net income (loss) in subsequent periods: | |||||||||||
| Remeasurement losses on defined benefit plans | (5,114 | ) | (1,753 | ) | (5,114 | ) | (1,753 | ) | |||
| Income tax effect | 667 | 229 | 667 | 229 | |||||||
| Net other comprehensive loss not to be reclassified to net income (loss) in subsequent periods | (4,447 | ) | (1,524 | ) | (4,447 | ) | (1,524 | ) | |||
| Other comprehensive (loss) income, net of tax | (19,542 | ) | (53,339 | ) | 72,919 | (49,554 | ) | ||||
| Total comprehensive income | 280,759 | $ | 50,836 | $ | 1,221,014 | $ | 103,423 | ||||
| Total comprehensive income attributable to Viking Holdings Ltd | 280,432 | $ | 50,353 | $ | 1,220,551 | $ | 102,788 | ||||
| Total comprehensive income attributable to non-controlling interests | 327 | $ | 483 | $ | 463 | $ | 635 |
All values are in US Dollars.
| VIKING HOLDINGS LTD | ||||
|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
| (in and thousands) | ||||
| December 31, 2024 | ||||
| (audited) | ||||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment and intangible assets | 7,255,084 | $ | 6,457,104 | |
| Right-of-use assets | 278,814 | 263,424 | ||
| Deferred tax assets | 55,183 | 55,428 | ||
| Other non-current assets | 140,633 | 128,190 | ||
| Total non-current assets | 7,729,714 | 6,904,146 | ||
| Current assets | ||||
| Cash and cash equivalents | 3,803,944 | 2,489,672 | ||
| Accounts and other receivables | 142,043 | 239,018 | ||
| Inventories | 95,780 | 91,473 | ||
| Prepaid expenses and other current assets | 461,226 | 396,376 | ||
| Total current assets | 4,502,993 | 3,216,539 | ||
| Total assets | 12,232,707 | $ | 10,120,685 | |
| Shareholders’ equity and liabilities | ||||
| Shareholders’ equity | 1,121,342 | $ | (218,977 | ) |
| Non-current liabilities | ||||
| Long-term debt | 5,127,368 | 4,866,159 | ||
| Long-term portion of lease liabilities | 212,437 | 207,594 | ||
| Other non-current liabilities | 54,295 | 45,344 | ||
| Total non-current liabilities | 5,394,100 | 5,119,097 | ||
| Current liabilities | ||||
| Accounts payables | 259,013 | 236,382 | ||
| Current portion of long-term debt | 374,607 | 469,766 | ||
| Short-term portion of lease liabilities | 26,484 | 28,944 | ||
| Deferred revenue | 4,605,161 | 4,061,344 | ||
| Accrued expenses and other current liabilities | 452,000 | 424,129 | ||
| Total current liabilities | 5,717,265 | 5,220,565 | ||
| Total shareholders’ equity and liabilities | 12,232,707 | $ | 10,120,685 |
All values are in US Dollars.
| VIKING HOLDINGS LTD | |||||
|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
| (in and thousands) | |||||
| 2024 | |||||
| (audited) | |||||
| Cash flows from operating activities | |||||
| Net income | 1,148,095 | $ | 152,977 | ||
| Adjustments to reconcile net income to net cash flows | |||||
| Depreciation, amortization and impairment | 284,790 | 260,844 | |||
| Amortization of debt transaction costs | 31,704 | 31,722 | |||
| Loss on prepayment and modifications of debt | 17,180 | — | |||
| Private Placement derivative loss | — | 364,214 | |||
| Foreign currency loss (gain) on debt | 73,188 | (37,805 | ) | ||
| Non-cash financial (gain) loss | (2,767 | ) | 258,623 | ||
| Share based compensation expense | 88,518 | 14,111 | |||
| Interest income | (84,876 | ) | (69,374 | ) | |
| Interest expense | 313,691 | 348,764 | |||
| Other | (1 | ) | (443 | ) | |
| Changes in working capital: | |||||
| Increase in deferred revenue | 543,817 | 574,765 | |||
| Changes in other liabilities and assets | 125,211 | 196,310 | |||
| Increase in inventories | (4,307 | ) | (36,554 | ) | |
| Changes in deferred tax assets and liabilities | 11,863 | 9,173 | |||
| Changes in other non-current assets and other non-current liabilities | 20,327 | 19,440 | |||
| Income taxes paid | (6,123 | ) | (4,758 | ) | |
| Net cash flow from operating activities | 2,560,310 | 2,082,009 | |||
| Cash flows from investing activities | |||||
| Investments in property, plant and equipment and intangible assets | (1,026,854 | ) | (917,424 | ) | |
| Capital contribution to associated company | (6,500 | ) | (8,500 | ) | |
| Interest received | 83,629 | 71,770 | |||
| Other | 245 | 443 | |||
| Net cash flow used in investing activities | (949,480 | ) | (853,711 | ) | |
| Cash flows from financing activities | |||||
| Repayments of long-term debt | (2,019,143 | ) | (308,750 | ) | |
| Proceeds from long-term debt | 2,130,507 | 400,988 | |||
| Transaction costs incurred for long-term debt | (66,016 | ) | (46,730 | ) | |
| Proceeds from initial public offering, net of underwriting discounts and commissions, and offering expenses | — | 243,927 | |||
| Taxes paid related to net share settlement of equity awards | — | (124,109 | ) | ||
| Dividend distribution | — | (18,229 | ) | ||
| Proceeds from issuance of ordinary shares from equity plans | 22,263 | 12,294 | |||
| Principal payments for lease liabilities | (39,454 | ) | (30,709 | ) | |
| Interest payments for lease liabilities | (19,014 | ) | (20,872 | ) | |
| Interest paid | (314,240 | ) | (355,080 | ) | |
| Other | (867 | ) | (633 | ) | |
| Net cash flow used in financing activities | (305,964 | ) | (247,903 | ) | |
| Change in cash and cash equivalents | 1,304,866 | 980,395 | |||
| Effect of exchange rate changes on cash and cash equivalents | 9,406 | (4,436 | ) | ||
| Net increase in cash and cash equivalents | 1,314,272 | $ | 975,959 | ||
| Cash and cash equivalents | |||||
| Cash and cash equivalents at January 1 | 2,489,672 | $ | 1,513,713 | ||
| Cash and cash equivalents at December 31 | 3,803,944 | 2,489,672 | |||
| Net increase in cash and cash equivalents | 1,314,272 | $ | 975,959 |
All values are in US Dollars.
The following table sets forth selected statistical and operating data on a consolidated basis:
| Statistical and Operating Data | Three Months Ended | Year Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | |||||||||||
| Consolidated | ||||||||||||
| Vessels operated (a) | 96 | 89 | 96 | 89 | ||||||||
| Passengers | 228,792 | 183,614 | 791,582 | 683,717 | ||||||||
| PCDs | 2,025,522 | 1,713,442 | 7,353,024 | 6,443,492 | ||||||||
| Capacity PCDs | 2,132,279 | 1,859,485 | 7,709,620 | 6,886,205 | ||||||||
| Occupancy | 95.0 | % | 92.1 | % | 95.4 | % | 93.6 | % | ||||
| Adjusted Gross Margin (in thousands) | $ | 1,106,065 | $ | 868,667 | $ | 4,290,046 | $ | 3,500,512 | ||||
| Net Yield | $ | 546 | $ | 507 | $ | 583 | $ | 543 | ||||
| Vessel operating expenses (in thousands) | $ | 392,636 | $ | 341,374 | $ | 1,472,487 | $ | 1,280,711 | ||||
| Vessel operating expenses excluding fuel (in thousands) | $ | 350,195 | $ | 297,593 | $ | 1,299,417 | $ | 1,105,533 | ||||
| Vessel operating expenses per Capacity PCD | $ | 184 | $ | 184 | $ | 191 | $ | 186 | ||||
| Vessel operating expenses excluding fuel per Capacity PCD | $ | 164 | $ | 160 | $ | 169 | $ | 161 | ||||
| (a) | Vessels operated includes chartered vessels and the Viking Yidun, which operated select Viking Ocean itineraries and Asia Outbound sailings for the three months and year ended December 31, 2025 and 2024. | |||||||||||
| --- | --- |
The following table sets forth selected statistical and operating data for Viking River and for Viking Ocean:
| Statistical and Operating Data | Year Ended | |||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| 2025 | 2024 | |||||
| (unaudited) | ||||||
| Viking River | ||||||
| Passengers | 414,758 | 381,870 | ||||
| PCDs | 3,285,444 | 3,065,534 | ||||
| Capacity PCDs | 3,421,332 | 3,213,218 | ||||
| Occupancy | 96.0 | % | 95.4 | % | ||
| Adjusted Gross Margin (in thousands) | $ | 1,897,876 | $ | 1,633,550 | ||
| Net Yield | $ | 578 | $ | 533 | ||
| Viking Ocean | ||||||
| Passengers | 313,529 | 253,360 | ||||
| PCDs | 3,468,423 | 2,907,450 | ||||
| Capacity PCDs | 3,650,314 | 3,096,400 | ||||
| Occupancy | 95.0 | % | 93.9 | % | ||
| Adjusted Gross Margin (in thousands) | $ | 1,985,634 | $ | 1,517,435 | ||
| Net Yield | $ | 572 | $ | 522 |
Non-IFRS Accounting Standards Reconciling Information
The following table reconciles gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the three months and year ended December 31, 2025 and 2024 on a consolidated basis:
| Three Months Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | December 31, | December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | |||||||||||
| (in thousands) | ||||||||||||
| Total revenue | $ | 1,724,358 | $ | 1,349,729 | $ | 6,501,419 | $ | 5,333,882 | ||||
| Total cruise operating expenses | (1,010,929 | ) | (822,436 | ) | (3,683,860 | ) | (3,114,081 | ) | ||||
| Ship depreciation and impairment | (61,326 | ) | (55,292 | ) | (235,127 | ) | (214,729 | ) | ||||
| Gross margin | 652,103 | 472,001 | 2,582,432 | 2,005,072 | ||||||||
| Ship depreciation and impairment | 61,326 | 55,292 | 235,127 | 214,729 | ||||||||
| Vessel operating | 392,636 | 341,374 | 1,472,487 | 1,280,711 | ||||||||
| Adjusted Gross Margin | $ | 1,106,065 | $ | 868,667 | $ | 4,290,046 | $ | 3,500,512 |
The following tables reconcile gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the year ended December 31, 2025 and 2024 for Viking River and for Viking Ocean:
| Year Ended | ||||||
|---|---|---|---|---|---|---|
| Viking River | December 31, | |||||
| 2025 | 2024 | |||||
| (unaudited) | ||||||
| (in thousands) | ||||||
| Total revenue | $ | 3,070,849 | $ | 2,654,407 | ||
| Total cruise operating expenses | (1,789,646 | ) | (1,569,207 | ) | ||
| Ship depreciation and impairment | (72,994 | ) | (75,705 | ) | ||
| Gross margin | 1,208,209 | 1,009,495 | ||||
| Ship depreciation and impairment | 72,994 | 75,705 | ||||
| Vessel operating | 616,673 | 548,350 | ||||
| Adjusted Gross Margin | $ | 1,897,876 | $ | 1,633,550 | ||
| Year Ended | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Viking Ocean | December 31, | |||||
| 2025 | 2024 | |||||
| (unaudited) | ||||||
| (in thousands) | ||||||
| Total revenue | $ | 2,868,205 | $ | 2,196,040 | ||
| Total cruise operating expenses | (1,549,311 | ) | (1,241,420 | ) | ||
| Ship depreciation and impairment | (128,018 | ) | (104,914 | ) | ||
| Gross margin | 1,190,876 | 849,706 | ||||
| Ship depreciation and impairment | 128,018 | 104,914 | ||||
| Vessel operating | 666,740 | 562,815 | ||||
| Adjusted Gross Margin | $ | 1,985,634 | $ | 1,517,435 |
The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS Accounting Standards measure, for the three months and year ended December 31, 2025 and 2024:
| Three Months Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | |||||||||||
| (in thousands) | ||||||||||||
| Vessel operating expenses | $ | 392,636 | $ | 341,374 | $ | 1,472,487 | $ | 1,280,711 | ||||
| Fuel expense | (42,441 | ) | (43,781 | ) | (173,070 | ) | (175,178 | ) | ||||
| Vessel operating expenses excluding fuel | $ | 350,195 | $ | 297,593 | $ | 1,299,417 | $ | 1,105,533 |
The following table reconciles net income, the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the three months and year ended December 31, 2025 and 2024:
| Three Months Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | |||||||||||
| (in thousands) | ||||||||||||
| Net income | $ | 300,301 | $ | 104,175 | $ | 1,148,095 | $ | 152,977 | ||||
| Interest income | (27,372 | ) | (19,409 | ) | (84,876 | ) | (69,374 | ) | ||||
| Interest expense | 84,937 | 86,396 | 362,575 | 380,486 | ||||||||
| Income tax expense | 4,984 | 2,893 | 19,653 | 16,857 | ||||||||
| Depreciation, amortization and impairment | 80,834 | 71,845 | 284,790 | 260,844 | ||||||||
| EBITDA | 443,684 | 245,900 | 1,730,237 | 741,790 | ||||||||
| Private Placement derivative loss | — | — | — | 364,214 | ||||||||
| Warrants loss | — | 96,291 | — | 261,615 | ||||||||
| Other financial income | (2,767 | ) | (230 | ) | (2,767 | ) | (1,886 | ) | ||||
| Currency (gain) loss | (2,207 | ) | (39,675 | ) | 56,100 | (31,542 | ) | |||||
| Share based compensation expense | 24,050 | 3,577 | 88,518 | 14,111 | ||||||||
| Adjusted EBITDA | $ | 462,760 | $ | 305,863 | $ | 1,872,088 | $ | 1,348,302 |
The following tables show the calculation of Adjusted EPS for the three months and year ended December 31, 2025 and 2024. Additionally, the following tables reconcile net income (loss) attributable to Viking Holdings Ltd, the most directly comparable IFRS Accounting Standards measure, to Adjusted Net Income (Loss) attributable to Viking Holdings Ltd and diluted weighted-average ordinary shares and special shares outstanding, the most directly comparable IFRS Accounting Standards measure, to Adjusted Weighted-Average Shares Outstanding for the three months and year ended December 31, 2025 and 2024:
| Three Months Ended | Year Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| (in thousands) | (unaudited) | (unaudited) | |||||||||
| Net income attributable to Viking Holdings Ltd | $ | 299,906 | $ | 103,680 | $ | 1,147,570 | $ | 152,331 | |||
| Interest expense and Private Placement derivatives loss related to Series C Preference Shares | — | — | — | 396,207 | |||||||
| Warrants loss | — | 96,291 | — | 261,615 | |||||||
| (Gain) loss, net, for debt extinguishment and modification costs and embedded derivatives associated with debt | (2,232 | ) | (230 | ) | 17,480 | (661 | ) | ||||
| Adjusted Net Income attributable to Viking Holdings Ltd | $ | 297,674 | $ | 199,741 | $ | 1,165,050 | $ | 809,492 | |||
| Three Months Ended | Year Ended | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| (in thousands) | (unaudited) | (unaudited) | |||||||||
| Weighted-average ordinary shares and special shares outstanding – Diluted | 447,122 | 439,760 | 446,418 | 366,709 | |||||||
| Outstanding warrants | — | 5,031 | — | 7,803 | |||||||
| Assumed conversion of Series C Preference Shares and preference shares at the beginning of 2024 | — | — | — | 61,504 | |||||||
| Adjusted Weighted-Average Shares Outstanding | 447,122 | 444,791 | 446,418 | 436,016 | |||||||
| Three Months Ended | Year Ended | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| (in thousands) | (unaudited) | (unaudited) | |||||||||
| Adjusted Net Income attributable to Viking Holdings Ltd | $ | 297,674 | $ | 199,741 | $ | 1,165,050 | $ | 809,492 | |||
| Adjusted Weighted-Average Shares Outstanding | 447,122 | 444,791 | 446,418 | 436,016 | |||||||
| Adjusted EPS | $ | 0.67 | $ | 0.45 | $ | 2.61 | $ | 1.86 |
The following table calculates Net Leverage as of December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| (unaudited) | ||||||||
| (in thousands, except Net Leverage) | ||||||||
| Long-term debt (a) | $ | 5,268,778 | $ | 4,990,616 | ||||
| Current portion of long-term debt (a) | 396,769 | 490,377 | ||||||
| Long-term portion of lease liabilities | 212,437 | 207,594 | ||||||
| Short-term portion of lease liabilities | 26,484 | 28,944 | ||||||
| Total | 5,904,468 | 5,717,531 | ||||||
| Less: Cash and cash equivalents | (3,803,944 | ) | (2,489,672 | ) | ||||
| Net Debt | $ | 2,100,524 | $ | 3,227,859 | ||||
| Adjusted EBITDA | $ | 1,872,088 | $ | 1,348,302 | ||||
| Net Leverage | 1.1 | x | 2.4 | x |
(a) All amounts are gross of fees.
The following tables show the calculation of ROIC for the year ended December 31, 2025 and 2024:
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (unaudited) | ||||||
| (in thousands) | ||||||
| Operating income | $ | 1,501,534 | $ | 1,075,068 | ||
| Income tax expense | (19,653 | ) | (16,857 | ) | ||
| Operating income, after tax (a) | $ | 1,481,881 | $ | 1,058,211 | ||
| Year Ended December 31, | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | |||||
| (unaudited) | ||||||
| (in thousands, except ROIC) | ||||||
| Average indebtedness for four quarters | $ | 5,645,526 | $ | 6,503,078 | ||
| Average debt fees for four quarters | 156,518 | 129,306 | ||||
| Average cash and cash equivalents for four quarters | (3,052,964 | ) | (2,097,717 | ) | ||
| Average shareholders’ equity for four quarters | 483,931 | (1,940,023 | ) | |||
| Invested Capital (b) | $ | 3,233,011 | $ | 2,594,644 | ||
| ROIC (a) / (b) | 45.8 | % | 40.8 | % |