Viking Holdings (VIK) has reported total revenue of $1,880.4 mill for the second quarter of 2025, an increase of 18.5%, compared to the same period in 2024.
The gross margin increased 22.3% and adjusted gross margin increased 19.2%, compared to 2Q24.
The 2Q25 net yield was $607, an increase of 8% on the same period in 2024.
Adjusted EBITDA was $632.9 mill, an increase of 28.5% compared to 2Q24, while the diluted EPS and adjusted EPS were $0.99.
As of 10th August, 2025, for its core products, VIK had sold 96% of its capacity passenger cruise days for the 2025 season and 55% for the 2026 season.
“We delivered another quarter of great results, further underscoring the strength of our business model and of our core guest demographic,” said Torstein Hagen, VIK Chairman and CEO.
“In the second quarter, our revenue increased 18.5% and our adjusted EBITDA increased 28.5% year-on-year, reflecting continued solid demand for our destination-focused travel experiences.
“We are also pleased to have successfully taken delivery of two new ships, an achievement made possible, due to the dedication of our team and the sustained momentum of the Viking brand, as we execute on our long-term growth strategy,” he said.
During 2Q25, capacity PCDs increased by 8.8% over the same period in 2024, which was mainly driven by the growth in the company’s fleet. This included three additional river vessels, one ocean ship and the ’Viking Yi Dun’ accommodation agreement. Occupancy for the second quarter was 95.6%.
The total revenue increase was mainly driven by increased capacity PCDs, higher occupancy and higher revenue per PCD in 2025, compared to 2024.
For 2Q25, vessel operating expenses were $377.7 mill and vessel operating expenses, excluding fuel, were $334.5 mill.
Compared to the same period in 2024, the opex increased $48.7 mill, or 14.8%, and vessel opex, excluding fuel, increased $50.4 mill, or 17.7% mainly driven by the increase in the company’s fleet this year, compared to 2024.
Second quarter net income was $439.2 mill, compared to $159.8 mill for the same period in 2024.
However, the 2Q24 included a loss of $123 mill from the revaluation of warrants issued by the company, due to stock price appreciation.
Also included was a loss of $65.8 mill related to the net impact of the private placement derivative loss and interest expense related to VIK’s Series C preference shares.
These converted into ordinary shares immediately prior to the consummation of the company’s IPO. Adjusted net income was $439 mill, compared to $349.1 mill for 2Q24.
For VIK’s core products, operating capacity was 12% higher for the 2025 season, compared to the 2024 season and 9% higher for the 2026 season, compared to this season.
As of 10th August this year, VIK had $5,638 mill of advance bookings for the 2025 season, 21% higher than last season at the same point in time; and also $3,883 mill of advance bookings for the 2026 season, 13% higher than this season at the same point in time.
Advance bookings per PCD for this season was $784, 7% higher than the 2024 season and for the 2026 season, advanced bookings per PCD was $866, 4% higher than the 2025 season at the same point in time.
“Our positive momentum is reflected by the advance bookings, with 96% of our 2025 capacity of our core products already sold and 55% for 2026,” said Leah Talactac, VIK’s President and CFO.
“Looking ahead, we remain committed to growing our business by adding capacity and providing new experiences such as the recent launch of itineraries in India.
“This approach supports the demand for unique, culturally immersive travel experiences, while driving top-line growth and long-term margin expansion,” she said.
As of 30th June, 2025, VIK had $2.6 bill in cash and cash equivalents and an undrawn revolver facility of $375 mill.
Scheduled principal payments were $141.8 mill for the remainder of 2025 and $257.8 mill for 2026. Deferred revenue was $4.4 bill.
Based on the orderbook, VIK expected to take delivery of six river vessels during the remainder of this year.
