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Viking Holdings Ltd (VIK) is a Bermuda-based company specializing in passenger shipping and tourism-related activities. It is a global leader in culturally immersive and destination-focused travel experiences, offering journeys across all seven continents. The company operates a fleet of 92 state-of-the-art ships, providing river, ocean, and expedition cruises tailored to English-speaking and Mandarin-speaking travelers.
- River Cruises - Operates iconic journeys on the world’s great rivers, including the Mississippi River, with nearly identical Longships strategically deployed to meet guest demand.
- Ocean Cruises - Offers destination-focused ocean cruises, addressing demand for culturally enriching travel experiences and representing the company’s fastest-growing product.
- Expedition Cruises - Provides extraordinary expeditions to remote destinations such as Antarctica and the Great Lakes, launched in 2022 to expand the company’s offerings.
- China Outbound - Caters to Mandarin-speaking travelers with river cruises and Chinese coastal sailings through a joint venture with China Merchants Group.
- Other - Includes additional tourism-related activities and services that complement the company’s core cruise offerings.
Recent press releases and 8-K filings for VIK.
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
- Robust full-year growth: The company achieved a 6.3% capacity growth and a 7.4% increase in net yield, driving a 14% rise in adjusted gross margin to over $3.5 billion and adjusted EBITDA of $1.3 billion, up 23.7% year-over-year.
- Strong Q4 performance: Q4 total revenue increased 20.5% year-over-year to nearly $1.4 billion, with adjusted gross margin up by 19.5% to almost $870 million, and a significant turnaround in net income compared to Q4 2023.
- Solid balance sheet and credit profile: As of December 31, 2024, Viking reported $2.5 billion in cash, net debt of $3.2 billion, and a net leverage ratio of 2.4x, with a Moody’s rating upgrade to BA3.
- Strategic milestones and fleet expansion: Highlights include the historic NYSE listing on May 1, 2024, receipt of the 2024 North America IPO of the Year Award, and new shipbuilding contracts, including orders for eight River long ships and additional vessel options.
Mar 11, 2025, 12:01 PM
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Full Year 2024 revenue reached $5,333.9 million, marking a 13.2% increase versus 2023, with Adjusted EBITDA climbing 23.7% to $1,348.3 million and Net Yield at $543.
- Q4 performance was robust with a reported 92.1% occupancy and notable improvements across operating metrics, including a significant rise in gross and adjusted gross margins.
- Looking ahead, the company is set to boost capacity with the delivery of 11 new ships in 2025 and has already sold 88% of its Capacity Passenger Cruise Days for the upcoming season.
Mar 11, 2025, 12:00 AM