Viking Cruises reports significant seasonal losses in its first quarter financial results but remains optimistic about future growth.
- Net losses for the quarter have more than doubled compared to last year, reaching nearly $494 million.
- Despite the loss, total revenue shows a year-on-year increase of 14.2% due to fleet expansion and higher occupancy rates.
- Advanced bookings are strong, with 91% capacity sold for 2024 and 39% for 2025, indicating future stability.
- The company successfully closed its IPO, raising substantial funds, and continues to prioritise guest satisfaction and employee well-being.
Viking Cruises has recently published its first-quarter financial results post its initial public offering in the United States, revealing a substantial increase in net losses compared to the same period last year. The losses swelled to nearly $494 million from $214.4 million, which the company attributes to the seasonality of its operations. Despite this, Viking maintains a positive outlook, citing robust revenue growth and strong advanced bookings as key indicators of future success.
The cruise line’s total revenue for the quarter increased by $89.2 million, or 14.2%, compared to the previous year. This growth is largely attributed to the expansion of their fleet and improved occupancy rates across their voyages. The company has successfully sold 91% of its capacity for 2024 and 39% for 2025, demonstrating resilient demand despite seasonal challenges. This is supported by a five per cent increase in availability for 2024 and a projected 12% rise in 2025, translating to $4.5 billion and $2.5 billion in advance bookings, respectively.
Viking’s focus remains on maintaining a long-term perspective in business management. The recent IPO closure, raising $245.5 million with net proceeds, further strengthens its financial position. Furthermore, with $1.7 billion in cash and cash equivalents at the end of the first quarter, excluding the IPO proceeds, Viking is well-poised for strategic investments and operational resilience.
Chairman and chief executive Torstein Hagen has expressed satisfaction with the company’s performance, especially highlighted by a net yield of $508 for the first quarter. He emphasises Viking’s commitment to prioritising customer experience and employee relations as foundations of its business philosophy. Meanwhile, Chief Financial Officer Leah Talactac proudly shares their financial strengthening and the ongoing momentum in reducing net leverage, marking a positive trajectory for the company’s fiscal health.
Looking ahead, Viking plans to substantially increase its capabilities with the addition of two new river vessels and one ocean ship within the year. Furthermore, the inclusion of new itineraries in the Great Lakes of North America for 2026 signals a strategic expansion of their voyage offerings, including a notable new port of call in Chicago.
Despite current financial challenges, Viking remains strategically focused on growth and maintaining strong industry performance.
