Viking Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Viking Holdings (NYSE: VIK) reported strong financial results for Q4 and full-year 2024. Total revenue reached $5,333.9 million in 2024, up 13.2% year-over-year, with Q4 revenue at $1,349.7 million (+20.5%). The company achieved significant growth metrics:

- Net Yield increased 7.4% to $543
- Adjusted EBITDA grew 23.7% to $1,348.3 million
- Gross margin rose 22.5%
- Diluted EPS was $0.36, with Adjusted EPS at $1.86

For Q4 2024, occupancy reached 92.1%, with capacity increasing 10.9%. Looking ahead to 2025, Viking plans 12% capacity growth with 11 new ships. The company reports 88% of Core Products already booked for 2025, with advance bookings at $5,306 million (+26% YoY). January 2025 achieved the highest monthly booking revenue in Viking's history.

Positive

• Revenue increased 13.2% to $5,333.9 million in 2024
• Adjusted EBITDA grew 23.7% to $1,348.3 million
• Net Yield improved 7.4% to $543
• Strong advance bookings for 2025 at $5,306 million (+26% YoY)
• Credit rating upgraded by Moody's to Ba3 from B1
• Significant fleet expansion with 11 new ships planned for 2025

Negative

• Q4 2024 includes $96.3 million loss from warrant revaluation
• Scheduled principal payments of $490.4 million due in 2025
• Q4 2024 vessel operating expenses increased 11.5% year-over-year

Insights

Financial Analyst

Viking's Q4 and full-year 2024 results demonstrate exceptional execution within the cruise industry. Revenue grew 20.5% in Q4, significantly outpacing the 10.9% capacity increase, indicating superior revenue management. The 7.4% improvement in Net Yield to $507 showcases strong pricing power in a competitive market.

The company's operating leverage is particularly impressive. While capacity grew 10.9%, vessel operating expenses increased only 11.5%, allowing much of the incremental revenue to flow through to the bottom line and driving the remarkable 39.7% surge in Adjusted EBITDA to $305.9 million.

The balance sheet is strategically sound with $2.5 billion in cash, an undrawn $375 million credit facility, and a newly improved credit rating from Moody's. The 2.4x net leverage ratio is moderate for a growth-oriented cruise operator and appears sustainable given strong EBITDA growth.

Forward indicators suggest continued momentum. The 88% booking rate for 2025 provides excellent revenue visibility. The 26% increase in advance bookings substantially outpaces the 12% capacity growth, indicating potential for continued yield expansion. The elimination of Series C Preference Share impacts and warrant revaluation effects will result in cleaner financial reporting going forward, making Viking's strong underlying profitability more transparent to investors.

Travel Industry Strategist

Viking's record-breaking booking momentum validates their differentiated positioning in the premium cruise market. Setting all-time revenue records in January 2025 demonstrates exceptional consumer demand for their product offering, with their focus on experienced travelers seeking destination-focused cultural experiences creating a loyal customer base with strong repeat booking patterns.

The company's disciplined capacity expansion deserves recognition. Growing capacity 12% in 2025 while maintaining 88% advance booking levels demonstrates unusual demand-supply balance rarely seen in the industry, where aggressive expansion often leads to pricing pressure.

Viking's 7% increase in advance bookings per passenger cruise day (to $807) reveals their ability to implement price increases without dampening demand—a testament to both brand strength and marketing effectiveness. The $5.3 billion in advance bookings represents substantial secured future cash flow and provides exceptional operational visibility.

The expansion with 11 new vessels in 2025 balances growth ambitions with operational discipline. Their consistent brand experience across ocean, river, and expedition cruises creates marketing efficiencies and customer clarity often lacking in diversified cruise operations. The 92.1% occupancy rate demonstrates effective inventory management while maintaining premium pricing, a difficult balance that Viking has mastered.

LOS ANGELES--(BUSINESS WIRE)-- Viking Holdings Ltd (the “Company” or “Viking”) (NYSE: VIK) today reported financial results for the fourth quarter and year ended December 31, 2024.

Full Year 2024 Key Highlights and 2025 Advance Bookings

• Total revenue was $5,333.9 million for the year ended December 31, 2024, an increase of 13.2%, compared to the same period in 2023.
• Gross margin increased 22.5% and Adjusted Gross Margin increased 14.0% compared to the same period in 2023.
• Net Yield was $543, an increase of 7.4% compared to the same period in 2023.
• Adjusted EBITDA was $1,348.3 million, an increase of 23.7% compared to the same period in 2023.
• Diluted EPS was $0.36 and Adjusted EPS was $1.86.
• Net Leverage was 2.4x as of December 31, 2024.
• As of February 23, 2025, for its Core Products, Viking had sold 88% of its Capacity Passenger Cruise Days for the 2025 season.

“2024 was an exceptional year for Viking, with Net Yields increasing 7.4% and Adjusted Gross Margin increasing by 14.0% year-over-year, driven by our growth in capacity and the strength in demand from our loyal and expanding customer base. Our strong top-line results, coupled with our disciplined expense management, enabled us to achieve Adjusted EBITDA growth of 23.7% in 2024,” said Torstein Hagen, Chairman and CEO of Viking. “Looking ahead to 2025, we are growing our capacity for our Core Products by 12% with the delivery of 11 new ships during the year and are pleased to report that our Core Products are already 88% booked for the 2025 season. As always, we will maintain a clear focus on delivering an exceptional service and experience to our guests through our one Viking brand.”

Fourth Quarter 2024 Consolidated Results ⁽¹⁾

During the fourth quarter of 2024, Capacity PCDs increased by 10.9% over the same period in 2023. Occupancy for the fourth quarter of 2024 was 92.1%.

Total revenue for the fourth quarter of 2024 was $1,349.7 million, an increase of $229.8 million, or 20.5% over the same period in 2023 mainly driven by increased Capacity PCDs and higher revenue per PCD in 2024 compared to 2023.

Gross margin for the fourth quarter of 2024 was $472.0 million, an increase of $107.0 million, or 29.3%, over the same period in 2023 and Adjusted Gross Margin for the fourth quarter of 2024 was $868.7 million, an increase of $142.1 million, or 19.6%, over the same period in 2023. Net Yield was $507 for the fourth quarter, up 7.4% year-over-year.

Vessel operating expenses were $341.4 million and vessel operating expenses excluding fuel were $297.6 million. Compared to the same period in 2023, vessel operating expenses increased $35.2 million, or 11.5%, and vessel operating expenses excluding fuel increased $30.2 million, or 11.3% mainly driven by increased Capacity PCDs in 2024 compared to 2023.

Net income for the fourth quarter of 2024 was $104.2 million compared to a net loss of $593.8 million for the same period in 2023. The net income for the fourth quarter of 2024 includes a loss of $96.3 million from the revaluation of warrants issued by the Company due to stock price appreciation. In comparison, the fourth quarter of 2023 includes a loss of $602.3 million from the impact of the Series C Preference Shares and an additional $36.8 million loss due to the revaluation of warrants issued by the Company. The Company’s Series C Preference Shares converted into ordinary shares immediately prior to the consummation of the Company’s IPO. The second quarter of 2024 was the final quarterly period for which the financial results included Private Placement derivative loss and interest expense related to the Series C Preference Shares. In the fourth quarter of 2024, the warrants were exercised and the Company issued ordinary shares. The fourth quarter of 2024 was the final quarterly period for which the financial results included the loss related to the revaluation of the warrants. Adjusted Net Income attributable to Viking Holdings Ltd for the fourth quarter of 2024 was $199.7 million.

Adjusted EBITDA was $305.9 million, an increase of $87.0 million, or 39.7% compared to the fourth quarter of 2023. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs and higher revenue per PCD.

Diluted EPS was $0.24 and Adjusted EPS was $0.45 for the fourth quarter of 2024.

Update on Operating Capacity and Bookings

For our Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season.

As of February 23, 2025, for our Core Products, we had sold 88% of our Capacity PCDs for the 2025 season. We had $5,306 million of Advance Bookings for the 2025 season, 26% higher than the 2024 season at the same point in time. Advance Bookings per PCD for the 2025 season was $807, 7% higher than the 2024 season at the same point in time.

“Bookings continue to break records, with January 31st setting a new all-time high for revenue booked in a single day and January 2025 achieving the highest revenue booked in a month in Viking’s history,” said Leah Talactac, President and CFO of Viking. “These metrics position us well for 2025 and also validate how well our products resonate with our target customers and the success of our demand generation strategies.”

Balance Sheet and Liquidity

As of December 31, 2024:

• The Company had $2.5 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
• Deferred revenue was $4.1 billion.
• The scheduled principal payments were $490.4 million for 2025.

In March 2025, Moody's upgraded Viking Cruises Ltd’s corporate rating to Ba3 from B1.

New Build and Capacity

Since our third quarter 2024 earnings release, the Company:

• Took delivery of the Viking Vela, an ocean ship that operates in Europe.
• Exercised its options and entered into shipbuilding contracts for eight river Longships, four scheduled for delivery in 2027 and four scheduled for delivery in 2028.
• Entered into option agreements for eight additional river vessels, four of which have an exercise date of September 30, 2026, scheduled for delivery in 2029 and four of which have an exercise date of September 30, 2027, scheduled for delivery in 2030.
• Announced it would build two additional river vessels to operate in Egypt scheduled for delivery in 2027.

Based on the committed orderbook, the Company expects to take delivery of one ocean ship and ten river ships in 2025.

Conference Call Information

The Company has scheduled a conference call for Tuesday, March 11, 2025, at 8 a.m. Eastern Time to discuss fourth quarter and full year 2024 results and provide a business update. A link to the live webcast can be found on the Company’s Investor Relations website at https://ir.viking.com/. A replay of the conference call will also be available on the same website for 30 days after the call.

About Viking

Viking was founded in 1997 and provides destination-focused journeys on rivers, oceans, and lakes around the world. Designed for curious travelers with interests in science, history, culture and cuisine, Chairman and CEO Torstein Hagen often says Viking offers experiences for The Thinking Person™. Viking has more than 450 awards to its name, including being rated #1 for Rivers, #1 for Oceans and #1 for Expeditions by Condé Nast Traveler in the 2023 and 2024 Readers' Choice Awards. Viking is also rated a “World's Best” for rivers, oceans and expeditions by Travel + Leisure. No other travel company has simultaneously received the same honors by both publications. For additional information, visit www.viking.com.

Definitions

“Adjusted Earnings per Share” or "Adjusted EPS" represents Adjusted Net Income attributable to Viking Holdings Ltd divided by Adjusted Weighted-Average Shares Outstanding.

“Adjusted EBITDA” is EBITDA (consolidated net income (loss) adjusted for interest income, interest expense, income tax benefit (expense) and depreciation, amortization and impairment) as further adjusted for non-cash Private Placement derivative gains and losses, currency gains or losses, stock-based compensation expense and other financial income (loss) (which includes forward gains and losses, gain or loss on disposition of assets, certain non-cash fair value adjustments, restructuring charges and non-recurring items).

“Adjusted Gross Margin” is gross margin adjusted for vessel operating expenses and ship depreciation and impairment. Gross margin is calculated pursuant to IFRS Accounting Standards as total revenue less total cruise operating expenses and ship depreciation and impairment.

“Adjusted Net Income attributable to Viking Holdings Ltd” represents net income (loss) attributable to Viking Holdings Ltd excluding certain items that we believe are not part of our primary operating business and are not an indication of our future earnings performance. We believe that interest expense and Private Placement derivatives gain (loss) related to our Series C Preference Shares, warrants gain (loss), debt extinguishment and modification costs, gain (loss) on embedded derivatives associated with debt and financial liabilities, impairment charges and reversals and certain other gains and losses are not a part of our primary operating business and are not an indication of our future earnings performance.

“Adjusted Weighted-Average Shares Outstanding” represents the diluted weighted-average ordinary shares and special shares outstanding, adjusted for outstanding warrants and the impact of RSUs and stock options under the treasury stock method to the extent not included in diluted weighted-average ordinary shares outstanding, as further adjusted in 2024 to reflect the conversion of the Series C Preference Shares and preference shares as if it had occurred at the beginning of the year.

“Advance Bookings” is the aggregate ticketed amount for guest bookings for our voyages at a specific point in time, and include bookings for cruises, land extensions and air.

“Capacity Passenger Cruise Days” or “Capacity PCDs” is, with respect to any given period, a measurement of capacity that represents, for each ship operating during the relevant period, the number of berths multiplied by the number of Ship Operating Days, determined on an aggregated basis for all ships in operation during the relevant period.

“Core Products” are Viking River, Viking Ocean, Viking Expedition and Viking Mississippi, which are marketed to North America, the United Kingdom, Australia and New Zealand.

“Diluted Earnings Per Share” or “Diluted EPS” is diluted net income (loss) per share attributable to ordinary and special shares.

“IFRS Accounting Standards” are the IFRS® Accounting Standards as issued by the International Accounting Standards Board.

“Net Debt” is Total Debt plus lease liabilities net of cash and cash equivalents.

“Net Leverage” is Net Debt divided by trailing four quarter Adjusted EBITDA.

“Net Yield” is Adjusted Gross Margin divided by PCDs.

“Occupancy” is the ratio, expressed as a percentage, of PCDs to Capacity PCDs with respect to any given period. We do not allow more than two passengers to occupy a two-berth stateroom. Additionally, we have guests who choose to travel alone and are willing to pay higher prices for single occupancy in a two-berth stateroom. As a result, our Occupancy cannot exceed 100%, and may be less than 100%, even if all our staterooms are booked.

“Passenger Cruise Days” or “PCDs” is the number of passengers carried for each cruise, with respect to any given period and for each ship operating during the relevant period, multiplied by the number of Ship Operating Days.

“Ship Operating Days” is the number of days within any given period that a ship is in service and carrying cruise passengers, determined on an aggregated basis for all ships in operation during the relevant period.

“Total Debt” is indebtedness outstanding, gross of loan fees, excluding lease liabilities, Private Placement liabilities and Private Placement derivatives.

“Vessel operating expenses excluding fuel” is vessel operating expenses less fuel expense.

Non-IFRS Accounting Standards Financial Measures

We use certain non-IFRS Accounting Standards financial measures, such as Adjusted Gross Margin, Net Yield, Adjusted EBITDA and Adjusted EPS, to analyze our performance. We present Adjusted EBITDA as a performance measure because we believe it facilitates a comparison of our consolidated operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business than measures under IFRS Accounting Standards can provide alone. We also believe that Adjusted EBITDA is useful to investors in evaluating our operating performance because it provides a means to evaluate the operating performance of our business on an ongoing basis using criteria that our management uses for evaluation and planning purposes. Because Adjusted EBITDA facilitates internal comparisons of our historical financial position and consolidated operating performance on a more consistent basis, our management also uses Adjusted EBITDA in measuring our performance relative to that of our competitors, assessing our ability to incur and service our indebtedness and in communications with our board of directors concerning our operating performance. We utilize Adjusted Gross Margin and Net Yield to manage our business because these measures reflect revenue earned net of certain direct variable costs.

We also present certain non-IFRS Accounting Standards financial measures because we believe that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-IFRS Accounting Standards financial measures have limitations as analytical tools, may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS Accounting Standards.

See “Definitions” for additional information about our non-IFRS Accounting Standards financial measures and “Non-IFRS Accounting Standards Reconciling Information” for a reconciliation for each non-IFRS Accounting Standards financial measure to the most directly comparable IFRS Accounting Standards financial measure.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including among others, statements relating to our future financial performance, our business prospects and strategy, our expected fleet additions, our anticipated financial position, liquidity and capital needs and other similar matters. In some cases, we have identified forward-looking statements in this press release by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.” These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict or which are beyond our control. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, which are described in our filings with the U.S. Securities and Exchange Commission.

Forward-looking statements speak only as of the date of this press release. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

⁽¹⁾ Viking revised its prior period financial statements to correct the capitalization of interest in the cost of its ships. The revision resulted in an increase in depreciation, amortization and impairment and a decrease in interest expense. We evaluated the materiality of the revision and determined that the impacts were not material, individually or in the aggregate, for any of the prior quarters or annual periods. For the fourth quarter of 2023, the revision reduced net loss by $2.3 million. For the full year 2023, the revision reduced net loss by $8.5 million. These revisions impacted each period of 2022, 2023 and 2024. See the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024 to be filed with the SEC for revisions of prior periods, including Notes 2 and 28 of the Company’s “Notes to the Consolidated Financial Statements.”

VIKING HOLDINGS LTD
CONSOLIDATED STATEMENTS OF OPERATIONS
(in USD and thousands, except per share data)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
		(unaudited)								(unaudited)
Revenue
Cruise and land		$	1,260,617			$	1,041,694			$	4,971,282			$	4,383,524
Onboard and other			89,112				78,236				362,600				326,969
Total revenue			1,349,729				1,119,930				5,333,882				4,710,493
Cruise operating expenses
Commissions and transportation costs			(306,506	)			(248,915	)			(1,156,610	)			(1,053,874	)
Direct costs of cruise, land and onboard			(174,556	)			(144,386	)			(676,760	)			(586,234	)
Vessel operating			(341,374	)			(306,219	)			(1,280,711	)			(1,211,676	)
Total cruise operating expenses			(822,436	)			(699,520	)			(3,114,081	)			(2,851,784	)
Other operating expenses
Selling and administration			(224,500	)			(199,469	)			(883,889	)			(789,040	)
Depreciation, amortization and impairment (1)			(71,845	)			(63,126	)			(260,844	)			(253,719	)
Total other operating expenses			(296,345	)			(262,595	)			(1,144,733	)			(1,042,759	)
Operating income			230,948				157,815				1,075,068				815,950
Non-operating income (expense)
Interest income			19,409				16,587				69,374				48,027
Interest expense (1)			(86,396	)			(116,212	)			(380,486	)			(528,061	)
Currency gain (loss)			39,675				(26,929	)			31,542				(20,815	)
Private Placement derivative loss			—				(578,568	)			(364,214	)			(2,007,089	)
Other financial loss			(96,568	)			(42,721	)			(261,450	)			(151,469	)
Income (loss) before income taxes			107,068				(590,028	)			169,834				(1,843,457	)
Income tax expense			(2,893	)			(3,738	)			(16,857	)			(6,639	)
Net income (loss)		$	104,175			$	(593,766	)		$	152,977			$	(1,850,096	)
Net income (loss) attributable to Viking Holdings Ltd		$	103,680			$	(594,248	)		$	152,331			$	(1,850,572	)
Net income attributable to non-controlling interests		$	495			$	482			$	646			$	476
Weighted-average ordinary and special shares outstanding (in thousands)
Basic			436,198				221,936				364,015				221,936
Diluted			439,760				221,936				366,709				221,936
Net income (loss) per share attributable to ordinary and special shares
Basic		$	0.24			$	(1.39	)		$	0.36			$	(4.42	)
Diluted		$	0.24			$	(1.39	)		$	0.36			$	(4.42	)

VIKING HOLDINGS LTD
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)
(in USD and thousands)
	Three Months Ended								Year Ended
	December 31,								December 31,
	2024				2023				2024				2023
	(unaudited)								(unaudited)
Net income (loss)	$	104,175			$	(593,766	)		$	152,977			$	(1,850,096	)
Other comprehensive income (loss)
Other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods:
Exchange differences on translation of foreign operations		1,666				(2,346	)			1,082				7,925
Net change in cash flow hedges		(53,481	)			18,306				(49,112	)			1,726
Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods		(51,815	)			15,960				(48,030	)			9,651
Other comprehensive income (loss) not to be reclassified to net income (loss) in subsequent periods:
Remeasurement losses on defined benefit plans		(1,753	)			(3,162	)			(1,753	)			(3,162	)
Income tax effect		229				412				229				412
Net other comprehensive loss not to be reclassified to net income (loss) in subsequent periods		(1,524	)			(2,750	)			(1,524	)			(2,750	)
Other comprehensive (loss) income, net of tax		(53,339	)			13,210				(49,554	)			6,901
Total comprehensive income (loss)	$	50,836			$	(580,556	)		$	103,423			$	(1,843,195	)
Total comprehensive income (loss) attributable to Viking Holdings Ltd	$	50,353			$	(581,052	)		$	102,788			$	(1,843,657	)
Total comprehensive income attributable to non-controlling interests	$	483			$	496			$	635			$	462

VIKING HOLDINGS LTD
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in USD and thousands)
		December 31, 2024				December 31, 2023
		(unaudited)
Assets
Non-current assets
Property, plant and equipment and intangible assets (1)		$	6,457,104			$	5,764,711
Right-of-use assets			263,424				268,834
Investments in associated companies			12,730				10,473
Deferred tax assets			55,428				42,853
Other non-current assets			115,460				136,855
Total non-current assets			6,904,146				6,223,726
Current assets
Cash and cash equivalents			2,489,672				1,513,713
Accounts and other receivables			238,768				344,754
Inventories			91,473				54,602
Prepaid expenses and other current assets			396,376				427,202
Current receivables due from related parties			250				12,316
Total current assets			3,216,539				2,352,587
Total assets		$	10,120,685			$	8,576,313
Shareholders’ equity and liabilities
Shareholders’ equity (1)		$	(218,977	)		$	(5,269,483	)
Non-current liabilities
Long-term portion of bank loans and financial liabilities			1,823,657				1,757,372
Secured Notes			1,017,501				1,015,657
Long-term portion of Unsecured Notes			2,025,001				2,270,246
Private Placement liability			—				1,394,552
Private Placement derivative			—				2,640,759
Long-term portion of lease liabilities			207,594				227,956
Other non-current liabilities			45,344				175,363
Total non-current liabilities			5,119,097				9,481,905
Current liabilities
Accounts payables			236,382				244,581
Short-term portion of bank loans and financial liabilities			220,116				253,020
Short-term portion of Unsecured Notes			249,650				—
Short-term portion of lease liabilities			28,944				24,670
Deferred revenue			4,061,344				3,486,579
Accrued expenses and other current liabilities			424,129				355,041
Total current liabilities			5,220,565				4,363,891
Total shareholders’ equity and liabilities		$	10,120,685			$	8,576,313

VIKING HOLDINGS LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in USD and thousands)
		Year Ended
		December 31,
		2024				2023
		(unaudited)
Cash flows from operating activities
Net income (loss)		$	152,977			$	(1,850,096	)
Adjustments to reconcile net income (loss) to net cash flows
Depreciation, amortization and impairment (1)			260,844				253,719
Amortization of debt transaction costs			31,722				38,393
Loss on early extinguishment of debt			—				48,114
Private Placement derivatives loss			364,214				2,007,089
Foreign currency (gain) loss on loans			(37,805	)			11,278
Non-cash financial loss			258,623				161,184
Stock based compensation expense			14,111				17,909
Interest income			(69,374	)			(48,027	)
Interest expense (1)			348,764				441,554
Dividend income			(443	)			(3,477	)
Changes in working capital:
Increase in deferred revenue			574,765				167,401
Changes in other liabilities and assets			184,244				128,705
Increase in inventories			(36,554	)			(9,224	)
Changes in deferred tax assets and liabilities			9,173				(427	)
Changes in other non-current assets and other non-current liabilities			19,440				15,308
Changes in related party receivables and payables			12,066				(2,420	)
Income taxes paid			(4,758	)			(5,652	)
Net cash flow from operating activities			2,082,009				1,371,331
Cash flows from investing activities
Investments in property, plant and equipment and intangible assets			(917,424	)			(673,932	)
Capital contribution to associated company			(8,500	)			(7,000	)
Prepayment for vessel charter			—				(2,403	)
Dividends received			443				3,477
Interest received			71,770				45,631
Net cash flow used in investing activities			(853,711	)			(634,227	)
Cash flows from financing activities
Repayment of borrowings			(308,750	)			(963,758	)
Proceeds from borrowings			400,988				1,069,088
Transaction costs incurred for borrowings			(46,730	)			(51,252	)
Proceeds from initial public offering, net of underwriting discounts and commissions, and offering expenses			243,927				—
Taxes paid related to net share settlement of equity awards			(124,109	)			—
Dividend distribution			(18,949	)			(49,634	)
Issuance of ordinary shares upon exercise of stock options			12,294				—
Penalties paid for early extinguishment of debt			—				(32,987	)
Principal payments for lease liabilities			(30,709	)			(20,586	)
Interest payments for lease liabilities			(20,872	)			(22,763	)
Interest paid			(355,080	)			(407,759	)
Other			87				—
Net cash flow used in financing activities			(247,903	)			(479,651	)
Change in cash and cash equivalents			980,395				257,453
Effect of exchange rate changes on cash and cash equivalents			(4,436	)			3,120
Net increase in cash and cash equivalents		$	975,959			$	260,573
Cash and cash equivalents
Cash and cash equivalents at January 1		$	1,513,713			$	1,253,140
Cash and cash equivalents at December 31			2,489,672				1,513,713
Net increase in cash and cash equivalents		$	975,959			$	260,573

The following table sets forth selected statistical and operating data on a consolidated basis:

Statistical and Operating Data		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
		(unaudited)								(unaudited)
Consolidated
Vessels operated (a)			89				84				89				84
Passengers			183,614				159,760				683,717				649,669
PCDs			1,713,442				1,540,005				6,443,492				6,069,070
Capacity PCDs			1,859,485				1,677,154				6,886,205				6,476,790
Occupancy			92.1	%			91.8	%			93.6	%			93.7	%
Adjusted Gross Margin (in thousands)		$	868,667			$	726,629			$	3,500,512			$	3,070,385
Net Yield		$	507			$	472			$	543			$	506
Vessel operating expenses (in thousands)		$	341,374			$	306,219			$	1,280,711			$	1,211,676
Vessel operating expenses excluding fuel (in thousands)		$	297,593			$	267,444			$	1,105,533			$	1,036,969
Vessel operating expenses per Capacity PCD		$	184			$	183			$	186			$	187
Vessel operating expenses excluding fuel per Capacity PCD		$	160			$	159			$	161			$	160

The following table sets forth selected statistical and operating data for Viking River and for Viking Ocean:

Statistical and Operating Data		Year Ended
		December 31,
		2024				2023
		(unaudited)
Viking River
Vessels operated (a)			71				70
Passengers			381,870				366,730
PCDs			3,065,534				2,957,595
Capacity PCDs			3,213,218				3,097,264
Occupancy			95.4	%			95.5	%
Adjusted Gross Margin (in thousands)		$	1,633,550			$	1,411,214
Net Yield		$	533			$	477
Viking Ocean
Vessels operated (a)			11				9
Passengers			253,360				243,291
PCDs			2,907,450				2,724,241
Capacity PCDs			3,096,400				2,914,620
Occupancy			93.9	%			93.5	%
Adjusted Gross Margin (in thousands)		$	1,517,435			$	1,354,215
Net Yield		$	522			$	497

(a)	Vessels operated includes chartered vessels and the Viking Yi Dun, which operated select Viking Ocean itineraries and Asia Outbound sailings for the year ended December 31, 2024.

Non-IFRS Accounting Standards Reconciling Information

The following table reconciles gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the three months and year ended December 31, 2024 and 2023 on a consolidated basis:

		Three Months Ended								Year Ended
Consolidated		December 31,								December 31,
		2024				2023				2024				2023
(in thousands)		(unaudited)								(unaudited)
Total revenue		$	1,349,729			$	1,119,930			$	5,333,882			$	4,710,493
Total cruise operating expenses			(822,436	)			(699,520	)			(3,114,081	)			(2,851,784	)
Ship depreciation			(55,292	)			(55,376	)			(214,729	)			(221,527	)
Gross margin			472,001				365,034				2,005,072				1,637,182
Ship depreciation			55,292				55,376				214,729				221,527
Vessel operating			341,374				306,219				1,280,711				1,211,676
Adjusted Gross Margin		$	868,667			$	726,629			$	3,500,512			$	3,070,385

The following tables reconcile gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the year ended December 31, 2024 and 2023 for Viking River and for Viking Ocean:

		Year Ended
Viking River		December 31,
		2024				2023
(in thousands)		(unaudited)
Total revenue		$	2,654,407			$	2,341,274
Total cruise operating expenses			(1,569,207	)			(1,446,513	)
Ship depreciation			(75,705	)			(89,540	)
Gross margin			1,009,495				805,221
Ship depreciation			75,705				89,540
Vessel operating			548,350				516,453
Adjusted Gross Margin		$	1,633,550			$	1,411,214

		Year Ended
Viking Ocean		December 31,
		2024				2023
(in thousands)		(unaudited)
Total revenue		$	2,196,040			$	1,945,200
Total cruise operating expenses			(1,241,420	)			(1,131,696	)
Ship depreciation			(104,914	)			(98,847	)
Gross margin			849,706				714,657
Ship depreciation			104,914				98,847
Vessel operating			562,815				540,711
Adjusted Gross Margin		$	1,517,435			$	1,354,215

The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS Accounting Standards measure, for the three months and year ended December 31, 2024 and 2023:

		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
		(unaudited)								(unaudited)
(in thousands)
Vessel operating expenses		$	341,374			$	306,219			$	1,280,711			$	1,211,676
Fuel expense			(43,781	)			(38,775	)			(175,178	)			(174,707	)
Vessel operating expenses excluding fuel		$	297,593			$	267,444			$	1,105,533			$	1,036,969

The following table reconciles net income (loss), the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the three months and year ended December 31, 2024 and 2023:

	Three Months Ended								Year Ended
	December 31,								December 31,
	2024				2023				2024				2023
	(unaudited)								(unaudited)
(in thousands)
Net income (loss)	$	104,175			$	(593,766	)		$	152,977			$	(1,850,096	)
Interest income		(19,409	)			(16,587	)			(69,374	)			(48,027	)
Interest expense		86,396				116,212				380,486				528,061
Income tax expense		2,893				3,738				16,857				6,639
Depreciation, amortization and impairment		71,845				63,126				260,844				253,719
EBITDA		245,900				(427,277	)			741,790				(1,109,704	)
Private Placement derivative loss		—				578,568				364,214				2,007,089
Warrants loss		96,291				36,796				261,615				107,673
Other financial (income) loss		(230	)			1,029				(1,886	)			46,540
Currency (gain) loss		(39,675	)			26,929				(31,542	)			20,815
Stock based compensation expense		3,577				2,835				14,111				17,909
Adjusted EBITDA	$	305,863			$	218,880			$	1,348,302			$	1,090,322

The following tables show the calculation of Adjusted EPS for the three months and year ended December 31, 2024. Additionally, the following tables reconcile net income attributable to Viking Holdings Ltd, the most directly comparable IFRS Accounting Standards measure, to Adjusted Net Income attributable to Viking Holdings Ltd and diluted weighted-average ordinary shares and special shares outstanding, the most directly comparable IFRS Accounting Standards measure, to Adjusted Weighted-Average Shares Outstanding for the three months and year ended December 31, 2024:

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024				2024
(in thousands)	(unaudited)
Net income attributable to Viking Holdings Ltd	$	103,680			$	152,331
Interest expense and Private Placement derivatives loss related to Series C Preference Shares		—				396,207
Warrants loss		96,291				261,615
Gain, net, for debt extinguishment and modification costs and embedded derivatives associated with debt and financial liabilities		(230	)			(661	)
Adjusted Net Income attributable to Viking Holdings Ltd	$	199,741			$	809,492

	Three Months Ended			Year Ended
	December 31,			December 31,
	2024			2024
(in thousands)	(unaudited)
Weighted-average ordinary shares and special shares outstanding – Diluted		439,760			366,709
Outstanding warrants		5,031			7,803
Assumed conversion of Series C Preference Shares and preference shares at the beginning of 2024		—			61,504
Adjusted Weighted-Average Shares Outstanding		444,791			436,016

	Three Months Ended			Year Ended
	December 31,			December 31,
	2024			2024
(in thousands)	(unaudited)
Adjusted Net Income attributable to Viking Holdings Ltd	$	199,741		$	809,492
Adjusted Weighted-Average Shares Outstanding		444,791			436,016
Adjusted EPS	$	0.45		$	1.86

The following table calculates Net Leverage for the twelve months ended December 31, 2024 and September 30, 2024:

		December 31, 2024				September 30, 2024
		(unaudited)
(in thousands, except Net Leverage)
Long-term debt (a)		$	4,990,616			$	4,710,831
Current portion of long-term debt (a)			490,377				465,227
Long-term portion of lease liabilities			207,594				218,771
Short-term portion of lease liabilities			28,944				29,017
Total			5,717,531				5,423,846
Less: Cash and cash equivalents			(2,489,672	)			(2,385,458	)
Net Debt		$	3,227,859			$	3,038,388
Adjusted EBITDA		$	1,348,302			$	1,261,319
Net Leverage			2.4		x		2.4		x
(a) All amounts are gross of fees.

 

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Source: Viking Holdings Ltd

FAQ

What was Viking's (VIK) revenue growth in 2024?

Viking's total revenue grew 13.2% to $5,333.9 million in 2024 compared to 2023.

How much capacity expansion is Viking (VIK) planning for 2025?

Viking is increasing operating capacity by 12% in 2025 with the delivery of 11 new ships (1 ocean ship and 10 river ships).

What are Viking's (VIK) advance booking numbers for 2025?

Viking has $5,306 million in advance bookings for 2025, 26% higher than 2024, with 88% of capacity already sold.

How did Viking's (VIK) Q4 2024 performance compare to 2023?

Q4 2024 revenue increased 20.5% to $1,349.7 million, with net income of $104.2 million compared to a loss of $593.8 million in Q4 2023.

What is Viking's (VIK) current financial position as of December 2024?

Viking had $2.5 billion in cash and cash equivalents, an undrawn revolver facility of $375 million, and deferred revenue of $4.1 billion.