Viking Holdings Q4 revenue beats estimates, helped by fleet expansion

Overview

• Cruise operator's Q4 revenue rose 27.8%, beating analyst expectations

• Adjusted EBITDA for Q4 increased 51.3%, beating analyst expectations

• Company expanded fleet with six river vessels and two ocean ships

Outlook

• For Core Products, Viking Holdings expects a 7% increase in operating capacity for 2026

Result Drivers

• FLEET EXPANSION - Co added six river vessels and two ocean ships, boosting Capacity PCDs by 14.7%

• HIGHER OCCUPANCY - Occupancy reached 95% in Q4, contributing to revenue growth

• INCREASED REVENUE PER PCD - Higher revenue per PCD in 2025 compared to 2024 boosted total revenue

Company press release: ID:nBw8VXRcZa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the leisure & recreation peer group is "buy"

• Wall Street's median 12-month price target for Viking Holdings Ltd is $77.00, about 4% above its March 2 closing price of $74.04

• The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 21 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.