[Management View]
Viking Holdings reported $900 million in revenue for Q1 2025, a 24.9% YoY increase, driven by higher capacity, occupancy, and revenue per passenger cruise day (PCD). The company emphasized disciplined growth and long booking windows, with 92% of 2025 capacity already sold. Management highlighted the introduction of the world's first hydrogen-powered cruise ship, Viking Libra, scheduled for delivery in 2026.

[Outlook]
The company reaffirmed guidance for mid-single-digit yield growth for 2026, assuming current conditions persist. Viking Holdings plans to continue its fleet expansion, with eleven additional ocean ships expected by 2031 and significant investments in zero-emission technology.

[Financial Performance]
Revenue increased by 24.9% YoY to $900 million. Adjusted EBITDA was $73 million, a $77 million improvement from the prior year. Net loss attributable to Viking Holdings was $105 million, with adjusted EPS at a loss of $0.24, an improvement of $0.09 from Q1 2024.

[Q&A Highlights]
Question 1: Have you had to use promotions or discounting techniques to drive bookings?
Answer: We have not turned to pricing promotions for future seasons. Our pricing dynamics are nuanced, and we are confident that pricing will evolve toward mid-single-digit increases alongside planned capacity growth.

Question 2: Have you seen any material changes in the booking window?
Answer: No, the booking window remains similar to prior years.

Question 3: Can you elaborate on pricing relative to demand across river versus ocean segments?
Answer: The ocean segment operates year-round, while the river segment is seasonal. The first quarter is not fully indicative of the full year for rivers. For oceans, the first quarter of 2025 had one world cruise compared to two in 2024, affecting net yield.

Question 4: How should we think about EBITDA margins and structural changes in your model relative to pre-pandemic?
Answer: We will continue to achieve growth on capacity and manage expenses to achieve strong EBITDA growth.

Question 5: What signals would indicate a change in demand trajectory, and what levers would you pull?
Answer: We monitor booking pace closely. Our first lever would be to engage the consumer directly to stimulate demand, not pricing.

Question 6: Are you seeing any differences in consumer preferences for travel destinations?
Answer: We have not seen any issues with demand for European itineraries, which make up about 70% of our deployment.

Question 7: Have there been any changes to promotional activities such as add-ons or cabin upgrades?
Answer: No, our marketing method remains focused on direct engagement rather than promotional activities.

Question 8: How ready are your ships in Russia and Ukraine to return to service if the geopolitical situation improves?
Answer: The ships are maintained and ready to go. The cruise between Moscow and Saint Petersburg is a favorite, and we hope to resume operations soon.

Question 9: How are you managing costs in 2025 and 2026?
Answer: Our vessels are efficiently designed, and we maintain strong internal discipline in cost management. We will continue to invest in our product while managing expenses prudently.

Question 10: Can you speak about the business outside of Europe, including North America and Southeast Asia?
Answer: We see unique opportunities in China and are expanding our presence in Egypt and the Mississippi. The Viking Libra represents a step towards improved sustainability with hydrogen-powered technology.

[Sentiment Analysis]
The tone of the analysts was positive, with a focus on understanding pricing dynamics and future growth. Management expressed confidence in the resilience of their business model and consumer demand.

[Quarterly Comparison]
| Metric | Q1 2025 | Q1 2024 | YoY Change |
|-------------------------|---------------|---------------|--------------|
| Revenue | $900 million | $720 million | +24.9% |
| Adjusted EBITDA | $73 million | -$4 million | +$77 million |
| Net Loss | $105 million | $114 million | -$9 million |
| Adjusted EPS | -$0.24 | -$0.33 | +$0.09 |
| River Capacity PCDs | +22.3% | | |
| Ocean Capacity PCDs | +10.4% | | |

[Risks and Concerns]
Potential risks include macroeconomic uncertainties, geopolitical tensions, and the impact of trade tensions on operations. The company remains insulated from many trade tensions due to its European operations.

[Final Takeaway]
Viking Holdings demonstrated strong revenue growth and advanced bookings for 2025 and 2026, driven by disciplined growth and strategic investments in fleet expansion and sustainability. The company's focus on direct-to-consumer marketing and maintaining pricing integrity positions it well for future growth. Management expressed confidence in the resilience of their business model and the continued demand for their products, despite potential macroeconomic and geopolitical challenges.