Torstein Hagen’s Viking Holdings has reported first quarter 2025 total revenue of $897.1 mill, an increase of 24.9%, compared to the same period in 2024.
The deepsea and river cruise ship operator reported a gross margin increase of 53.9% and an adjusted gross margin increase of 23.8%, compared to 1Q24.
Net yield was $544, an increase of 7.1%, compared to the same period in the previous year. Adjusted EBITDA was $72.8 mill, an increase of $77.3 mill, compared to 1Q24.
Diluted EPS was minus $0.24 and adjusted EPS was also minus $0.24.
Net Leverage improved from 2.4x as of 31st December, 2024 to 2.0x as of 31st March, 2025.
As at 11th May, 2025, for its core products, Viking had sold 92% of its capacity passenger cruise days for the 2025 season and 37% for the 2026 season.
“Viking is off to a remarkable start in 2025, with our first quarter financial performance underscoring the continued momentum in our business,” Chairman and CEO, Hagen said.
“During the quarter, we increased capacity by 14.9% and simultaneously delivered a 7.1% growth in net yield – clear indicators of the robust demand for meaningful and enriching travel experiences among our core demographic. We are also delighted to have already booked 92% of our capacity for the 2025 season.
“Looking ahead, we remain firmly focused on generating demand and delivering best-in-class differentiated products through our one Viking brand, which will advance our long-term strategy of thoughtful, sustainable growth,” he said.
During 1Q25, capacity PCDs increased by 14.9% over the same period in 2024, which was mainly driven by the addition of two new river vessels and a new ocean ship arriving in 2024. Occupancy for the first quarter of 2025 was 94.5%.
Total 1Q25 revenue was $897.1 mill, an increase of $178.9 mill, or 24.9% over the same period in 2024, mainly driven by increased capacity PCDs and higher revenue per PCD in 2025, compared to 2024.
Gross margin for the first quarter was $245.5 mill, an increase of $86 mill, or 53.9% over the same period in 2024 and adjusted gross margin for the first quarter of 2025 was $613.3 mill, an increase of $118 mill, or 23.8%, higher than 1Q24. Net Yield was $544 for the first quarter, up 7.1% year-on-year.
Vessel operating expenses were $309.9 mill and vessel opex, excluding fuel, was $268.2 mill. Compared to 1Q24, vessel opex increased $28.8 mill, or 10.2%, and vessel opex, excluding fuel, increased $29.2 mill, or 12.2%, mainly driven by the increase in the fleet size in 2025, compared to 2024.
The first quarter net loss was reduced to $105.5 mill, compared to $490.7 mill for the same period in 2024, which included a loss of $330.5 mill related to the net impact of the private placement derivative loss and interest expense related to the company’s series C preference shares.
These converted into ordinary shares immediately prior to the finalisation of Viking’s IPO.
Adjusted net loss attributable to Viking Holdings for 1Q25 was $105.5 mill, compared to a loss of $137.9 mill for the same period in 2024.
Adjusted EBITDA was $72.8 mill, an increase of $77.3 mill, compared to 1Q24. This increase was mainly driven by the rise in capacity PCDs and higher revenue per PCD.
The first quarter results reflected the seasonality of the business, Viking said. While the ocean, expedition and Mississippi products operate year-round, the primary cruising season for the river vessels is from April to October.
For the core products, operating capacity is 12% higher for the 2025 season, compared to the 2024 season and 8% higher for the 2026 season, compared to this season.
Viking had received $5,508 mill of advance bookings for the 2025 season, 21% higher than the 2024 season at the same point in time. The company also reported $2,676 mill of advance bookings for the 2026 season, 11% higher than the 2025 season at the same juncture.
Advance bookings per PCD for this season was $794, 7% higher than the 2024 season at the same time, and advance bookings per PCD for the 2026 season was $885, 4% higher than this season.
“We are seeing sustained strength in demand, with 92% of our 2025 capacity already booked—effectively selling out the year, given our typical load factor,” said Leah Talactac, Viking’s President and CFO.
“With 2025 now largely secured, our focus has shifted to 2026 where we have a solid foundation with more than 37% of our capacity already sold, positioning us well amid evolving macroeconomic conditions.
“This performance highlights the strength and resilience of our customer base, the differentiation of our product offering, and the continued impact of our strategic initiatives, including an extended booking window, direct marketing efforts, and a compelling value proposition,” she said.
As of 31st March, 2025, the company had $2.8 bill in cash and cash equivalents and an undrawn revolver facility of $375 mill.
Scheduled principal payments are $438.7 mill for the remainder of 2025 and $216.6 mill for 2026. In May, 2025, Viking paid $250 mill of senior notes at their maturity.
Deferred revenue was $4.8 bill.
Since the 4Q24 earnings release, the company has taken delivery of ‘Viking Nerthus’, a European river vessel and exercised its options and entered into shipbuilding contracts for two ocean ships scheduled for delivery in 2031.
The company also signed options for two additional ocean ships, which have an exercise date of 30th July, 2027, scheduled for delivery in 2033.
It was also announced that the ’Viking Libra’, scheduled for delivery in 2026, will be a hydrogen-powered cruise ship, capable of operating with zero emissions.
Viking will also build another river vessel to operate in Portugal with a delivery schedule of 2027.
Based on the committed orderbook, Viking expects to take delivery of one ocean ship and nine river vessels during the remainder of 2025.
