Viking recently held its first earnings call as a public company, revealing impressive results for the first quarter and a promising booking curve for the upcoming years. The cruise company reported a 14% increase in revenue, growing from $629 million to $718 million year over year.
During the earnings call, Viking detailed its booking curve, showing that it is 91% booked for 2024 with $4.6 billion in advanced bookings, a 15% increase from the previous year. For 2025, the company is 39% booked with $2.5 billion in advanced bookings, marking a 27% year-over-year increase. Viking’s chairman and CEO, Tor Hagen, emphasized the company’s commitment to creating long-term shareholder value and stated that they would not be providing earnings and revenue guidance like other public companies.
Despite the strong quarter, Viking saw a slight dip in occupancy rates for river cruises, primarily attributed to lower occupancy for Egypt cruises. Ocean cruise occupancy, on the other hand, increased from 93.9% to 94.5%. The company reported a net loss of $494 million in Q1, largely due to a one-time impact from a private placement derivative loss related to the company’s Series C preference shares. Excluding this item, Viking highlighted a relatively strong performance for the quarter, considering that Europe river cruises typically peak in Q2.
Viking revealed its ambitious expansion plans during the call, stating that it has 18 river ships in its order book through 2026 (11 for Europe, six for Egypt, and one for Vietnam/Cambodia). The company also announced the addition of four more river ships in 2027 and four in 2028. In terms of ocean cruises, Viking has six ships in its order book through 2028, with options for two additional ships to be delivered in 2030. This month, Viking has exercised options for its 17th and 18th ocean ships, scheduled for delivery in 2029.
Overall, Viking’s first earnings call as a public company showcased strong financial performance, a robust booking curve for 2024 and 2025, and ambitious expansion plans for both river and ocean cruises. Despite challenges in occupancy rates for river cruises, the company remains optimistic about its long-term growth and commitment to creating value for its shareholders.