Viking's First Quarter Performance Exceeds Expectations: Strong Demand and Capacity Increase Fuel Revenue Growth
The first quarter of 2025 has brought significant success for Viking, with the company reporting a 7.1% increase in net yields and a capacity increase of 14.9% over last year.
According to Tor Hagen, Chairman and Chief Executive Officer, this performance reflects "strong demand for our product and the disciplined execution of our growth strategy."
In terms of revenue, Viking generated almost $900 million in the first quarter, a notable increase from the 2019 figure. This significant growth is attributed to additional capacity and strong demand, highlighting the company's ability to adapt to changing market conditions.
The booking environment also remains positive, with 92% of 2025 capacity already sold. While this may seem like a small percentage point difference due to Viking's load factor being slightly lower than 100%, it represents a significant milestone for the company. Furthermore, the fact that 37% of core capacity bookings are now committed for 2026 provides a strong foundation for future growth.
The momentum continues into Wave season, with January and April/May bookings showing year-over-year increases. This is particularly encouraging given the current macroeconomic landscape, as it suggests that guests continue to prioritize travel experiences.
In response to ongoing global uncertainties, Hagen highlighted Viking's resilience due to its European-based operations and shipbuilding activities. The company's advanced booking curves, long booking window, and sticky bookings also provide exceptional visibility and a strong position in today's market.
The company's ability to maintain low cancellation rates and adapt to changing demand has been key to its success. As Hagen noted, "with the current season effectively done, and we more than 37% of the 2026 capacity already booked, we are in a great position."
