Viking Holdings Ltd.

Strong start to FY26 + bookings visibility (most important “good”): - Management reported Q1 2026 revenue up 17.5% YoY to >$1B and adjusted gross margin up 16.9% YoY to $717M, driving net yield $596 (~+9.5% YoY). - Adjusted EBITDA $105M (+43.9% YoY). Net loss $54.2M, improving by >$51M YoY (quarterly seasonality noted). - Bookings position is excellent: 2026 is ~92% booked (advanced bookings $6.2B, +13% YoY) with capacity +~7%; 2027 is ~38% booked (advanced bookings $3.4B, +31% vs same point in 2025) with capacity +~15%. This is the core reason the company is confident in the forward outlook.

Earnings quality/cost drivers: solid pricing and mix; maintenance elevated but variable: - Vessel expenses excluding fuel per capacity passenger day (PCD) up 10.6% YoY, attributed mainly to repair & maintenance and specifically tied to project schedules (company emphasized this is not “managed quarter to quarter,” so volatility can occur). - River vs Ocean: - River: occupancy 93.7%, net yield $761 (+28.3% YoY); capacity PCDs -8.4% YoY due to intentional removal of lower-yield winter Europe capacity and added Egypt/Vietnam capacity (higher yield). - Ocean: occupancy 95%, net yield $527 (+5.6% YoY); capacity PCDs +10% YoY from Viking Vesta (began July 2025). - Fuel: company said higher fuel prices did not hurt Q1 due to timing, but expect some effect as the year progresses; they partially mitigate via fixed-price river contracts for much of 2026 and ocean fleet fuel-efficiency (fuel ~4% of adjusted gross margin in 2025).

Outlook/targets reiterated (forecast framework, not a new numeric guide): - Company reiterated its long-standing target: mid-single-digit yield growth across core products (condition: macro conditions stable). - 2027 curve strength is attributed to timing + product mix (higher-yield itineraries/cabin classes sold earlier), but management stressed curves can change based on remaining inventory and dynamic pricing through the season. - Questioned on “could yields settle higher than mid-single digits?”—answer: they believe the target remains appropriate; remaining year progression depends on mix/availability.