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    Xian Siew Hew Sam • BNP Paribas

    Xian Siew Hew Sam's questions to Viking Holdings Ltd (VIK) leadership

    Xian Siew Hew Sam's questions to Viking Holdings Ltd (VIK) leadership • Q1 2025

    Question

    Xian Siew Hew Sam asked if the mix of World Cruises, specifically having one in 2025 versus two in 2024, created a favorable comparison that inflated the initial pricing growth reported for the 2025 booking curve.

    Answer

    EVP of Finance Linh Banh confirmed this reasoning was 'along the right line.' She agreed that the reduction in lower-yielding World Cruises in 2025 compared to 2024 contributed to a greater year-over-year rate increase at the start of the booking cycle. She pointed to the full-season curves as the best indicator for overall annual trends.

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    Xian Siew Hew Sam's questions to Viking Holdings Ltd (VIK) leadership • Q1 2025

    Question

    Xian Siew Hew Sam asked if the reduction from two World Cruises in 2024 to one in 2025 created a favorable mix impact that contributed to the initially high year-over-year pricing growth seen in the 2025 Ocean booking curve.

    Answer

    EVP of Finance Linh Banh confirmed that this was a 'fair point.' She acknowledged that the comparison to two World Cruises in the prior year did contribute to a greater year-over-year rate increase when the 2025 season first went on sale. She then reiterated that the full-season booking curves provide the best view of anticipated trends.

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    Xian Siew Hew Sam's questions to Planet Fitness Inc (PLNT) leadership

    Xian Siew Hew Sam's questions to Planet Fitness Inc (PLNT) leadership • Q1 2025

    Question

    Xian Siew Hew Sam asked for color on franchisee sentiment regarding new club openings following the solid Q1 performance. He also inquired about the primary drivers of the strong comp growth, seeking to understand the impact of new formats, strength equipment, and advertising.

    Answer

    CEO Colleen Keating noted that the new club opening guidance reflects franchisee sentiment and that openings remain back-end loaded to Q4 to capitalize on the subsequent Q1 join season. She emphasized that 100% of franchisees opening clubs in 2025 chose the new, rebalanced equipment mix. CFO Jay Stasz added that while it's difficult to bifurcate the exact drivers, they are seeing 'green shoots' from the brand repositioning and focus on strength.

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    Xian Siew Hew Sam's questions to BRP Inc (DOOO) leadership

    Xian Siew Hew Sam's questions to BRP Inc (DOOO) leadership • Q4 2025

    Question

    Xian Siew Hew Sam inquired about BRP's specific current versus noncurrent inventory mix compared to pre-COVID levels and asked for the expected magnitude of the planned reduction in snowmobile shipments.

    Answer

    CFO Sebastien Martel reported a healthy ORV inventory mix, with only one-third being noncurrent, which is better than pre-COVID levels. However, snowmobile noncurrent inventory is higher due to a tough season. He expects fiscal 2026 snowmobile wholesale shipments to be similar to fiscal 2025 levels as they continue to correct network inventory.

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    Xian Siew Hew Sam's questions to BRP Inc (DOOO) leadership • Q2 2025

    Question

    Xian Siew Hew Sam asked about the industry-wide inventory situation and whether competitors are taking similar corrective actions as BRP to rightsize their stock levels.

    Answer

    CFO Sebastien Martel noted that many OEMs were late to adapt to softer market trends, resulting in excess inventory and aggressive promotions across the industry. He expressed hope that this inventory will be liquidated in the near term. He contrasted this with BRP's proactive stance, stating BRP is on track with its reduction targets and expects to be in a stronger, more balanced position next year.

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    Xian Siew Hew Sam's questions to BRP Inc (DOOO) leadership • Q1 2025

    Question

    Xian Siew Hew Sam of BNP Paribas questioned the shift in net price from a previously guided benefit to a headwind, asking for confidence that the adjustment is sufficient and whether this is the new normal for promotions. He also asked for more detail on gross margin assumptions for Marine versus Powersports.

    Answer

    CFO Sebastien Martel explained that a major driver of higher promotion costs is high interest rates; if rates come down, the cost pressure would ease. He expressed confidence that the current assumptions are sufficient based on today's outlook. For margins, he noted that second-half margins are typically higher due to the mix of new model year snowmobiles and premium side-by-sides, and this trend is expected to continue.

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