Viking Holdings Ltd.

Strong Q2 performance (financial momentum): - Revenue +$2.2B (+16.5% YoY) driven by capacity +10.9% and higher net yields. - Adjusted EBITDA $748M (+18.2% YoY); net yield $645 (+6.2%). - Adjusted EPS $1.31 (+33%) and net income $588M (+$148M vs. prior year). - 1H 2026: adjusted gross margin +$16.5% YoY to $2.1B+; adjusted EBITDA +$20.9% YoY to $853M.

Bookings/visibility remains very healthy (key investor “good”): - 2026 season ~96% sold for core products; advanced bookings $6.4B (+13% vs. same point 2025) with capacity +7%. - 2027 season already ~53% booked; capacity +15% YoY; advanced bookings $4.7B (+21%). - Ocean: 62% booked (2027); advanced bookings +29% YoY; rates $877 vs. $781 at comparable time for 2026. - River: 42% booked (2027); advanced bookings +11% YoY; rates $1,029 vs. $942.

Growth supported by fleet expansion (opportunity): - Since last call, delivered 4 river vessels + 1 ocean ship. Also exercised options for 2 additional ocean ships for delivery in 2032. - 2026 deliveries expected: 12 ships total (10 River, 2 Ocean). - Management reiterates the model advantage from an almost identical fleet (strong yields, comparable performance across similar itineraries, operational efficiencies).