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Viking reports latest financial results, announces more ship orders

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 03 March 2026 03 March 2026

Viking Holdings Ltd today reported financial results for the fourth quarter and year ended December 31, 2025.

Full year 2025 key highlights and 2026 advance bookings

– Total revenue was $6,501.4 million for the year ended December 31, 2025, an increase of 21.9%, compared to the same period in 2024.
– Gross margin was $2,582.4 million. Adjusted Gross Margin was $4,290.0 million, an increase of 22.6% compared to the same period in 2024.
– Net Yield was $583, an increase of 7.4% compared to the same period in 2024.
– Adjusted EBITDA was $1,872.1 million, an increase of 38.8% compared to the same period in 2024.
– Net income was $1,148.1 million. Adjusted Net Income attributable to Viking Holdings Ltd was $1,165.1 million, an increase of 43.9% compared to the same period in 2024.
– Diluted EPS was $2.57 and Adjusted EPS was $2.61.
– Net Leverage improved from 2.4x as of December 31, 2024 to 1.1x as of December 31, 2025.
– As of February 15, 2026, for its Core Products, Viking had sold 86% of its Capacity Passenger Cruise Days for the 2026 season.

“In 2025, we delivered exceptional financial results, increasing our Adjusted Gross Margin by 22.6% and growing our Adjusted Net Income by 43.9% year-over-year to $1,165.1 million. This performance reflects our consistent execution and is supported by key metrics that reinforce our momentum, including an ROIC of 45.8% and Net Leverage of 1.1x,” said Torstein Hagen, Chairman and CEO of Viking. “We also reached important milestones in 2025, growing our river, ocean and expedition fleet to more than 100 vessels and further expanding our destination-focused offerings around the world. These achievements reflect the strong demand from our core consumer, the loyalty of our guests, the value of our premium products and the dedication of our employees to provide exceptional travel experiences on all seven continents.”

Fourth quarter 2025 consolidated results

During the fourth quarter of 2025, Capacity PCDs increased by 14.7% over the same period in 2024 mainly driven by the growth of the Company’s fleet, which included six additional river vessels and two additional ocean ships. Occupancy for the fourth quarter of 2025 was 95.0%.

Total revenue for the fourth quarter of 2025 was $1,724.4 million, an increase of $374.7 million, or 27.8% over the same period in 2024 mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD in 2025 compared to 2024.

Gross margin for the fourth quarter of 2025 was $652.1 million, an increase of $180.1 million, or 38.2%, over the same period in 2024 and Adjusted Gross Margin for the fourth quarter of 2025 was $1,106.1 million, an increase of $237.4 million, or 27.3%, over the same period in 2024. Net Yield was $546 for the fourth quarter, up 7.7% year-over-year.

Vessel operating expenses were $392.6 million and vessel operating expenses excluding fuel were $350.2 million. Compared to the same period in 2024, vessel operating expenses increased $51.2 million, or 15.0%, and vessel operating expenses excluding fuel increased $52.6 million, or 17.7% mainly driven by increased Capacity PCDs in 2025 compared to 2024.

Net income for the fourth quarter of 2025 was $300.3 million compared to $104.2 million for the same period in 2024. The fourth quarter of 2024 included a loss of $96.3 million from the revaluation of warrants issued by the Company due to stock price appreciation. Adjusted Net Income attributable to Viking Holdings Ltd for the fourth quarter of 2025 was $297.7 million, an increase of $98.0 million, or 49.1%, over the same period in 2024.

Adjusted EBITDA was $462.8 million, an increase of $156.9 million, or 51.3% compared to the fourth quarter of 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Diluted EPS and Adjusted EPS were both $0.67 for the fourth quarter of 2025 compared to Diluted EPS of $0.24 and Adjusted EPS of $0.45 for the same period in 2024.

Update on operating capacity and bookings

For our Core Products, operating capacity is 7% higher for the 2026 season compared to the 2025 season.

As of February 15, 2026, for our Core Products, we had sold 86% of our Capacity PCDs for the 2026 season. We had $5,960 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2026 season was $859, 6% higher than the 2025 season at the same point in time.

“We finished 2025 with great momentum and we are entering 2026 in a very solid position with 86% of our Capacity PCDs for our Core Products already sold,” said Leah Talactac, President and CFO of Viking. “We are seeing a strong booking environment characterized by robust demand across our products, from both repeat guests and new-to-brand customers. As we continue to expand our fleet and further strengthen our leadership across the river and ocean segments, we remain encouraged by the resilience of our core consumer and the strength of the Viking brand. We will continue to execute with discipline and focus as we build on this foundation.”

Balance sheet and liquidity

As of December 31, 2025:

– The Company had $3.8 billion in cash and cash equivalents and an undrawn revolver facility of $1.0 billion.
– Deferred revenue was $4.6 billion.
– Scheduled principal payments were $396.8 million for 2026.

New build and capacity

Since our third quarter 2025 earnings release, the Company:

– Entered into option agreements for two additional ocean ships which have an exercise date of July 30, 2028, for delivery in 2034.
– Entered into shipbuilding commitments for two additional expedition ships scheduled for delivery in 2030 and 2031.

Based on the committed orderbook, the Company expects to take delivery of 2 ocean ships and 10 river ships in 2026.

Updated: Iran conflict affects cruise ships in Qatar, UAE

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 28 February 2026 28 February 2026

The conflict in Iran has affected cruise operations in the region. There are at least six medium to large size cruise ships Saturday, February 28 docked in Abu Dhabi and Dubai in the United Arab Emirates and in Doha, Qatar. These ships are operated by Aroya, Celestyal Cruises, MSC Cruises and TUI Cruises.

Weekends in the region are often turnaround days, which means that the ships are changing most of their passengers. However, almost all flights are canceled from the major airports in the Persian Gulf and flights heading to the region have been diverted elsewhere.

Dubai Airports, which operates the DXB and DWC airports, made a following statement today at 4:05 pm (local time): “Dubai Airports confirms that all flight operations at Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC) are suspended until further notice. Passengers must not travel to the airport and are advised to contact their airline directly for the latest flight updates. We are closely monitoring the situation and will provide further updates as soon as available.”

Meanwhile, Celestyal Cruises provided the following statement: “The safety and wellbeing of our guests and crew is always our highest priority. We are closely monitoring the evolving geopolitical situation in the Middle East region in close coordination with the relevant authorities. We will provide updates regarding future sailings departing from March 2 onwards as soon as further information becomes available. We will communicate directly with affected guests and travel partners as required.”

As this is a fluid situation, please check back for updates.

Photo: MSC Euribia is currently docked in Dubai. It is the largest cruise ship in the region

UPDATE 4: CELESTYAL CRUISES:

Celestyal Cruises has canceled all remaining departures of Celestyal Journey.

UPDATE 3: MSC CRUISES:

MSC Cruises has canceled MSC Euribia's departures from Dubai on March 7, from Doha on March 8 and from Abu Dhabi on March 11th.

UPDATE 2: CELESTYAL CRUISES:

Celestyal Cruises has informed that March 2 departures of Celestyal Journey from Dubai and Celestyal Discovery from Abu Dhabi has been canceled. Celestyal Journey will remain alongside in Doha until March 7.

UPDATE 1: TUI CRUISES STATEMENT:

Important Information Regarding Current Developments in the Middle East

Status: February 28, 2026 - 6:35 PM

The current developments in the Middle East are impacting our cruises on Mein Schiff 4 and Mein Schiff 5 (departing on February 28, March 1, and March 2). The safety of our guests and crew is our top priority at all times. During the ongoing voyage to Doha for Mein Schiff 5, the German Federal Foreign Office updated its travel and security advice for the entire region and issued travel warnings. Against this backdrop, it is currently not responsible to proceed with the above-mentioned cruises as planned. All guests who are currently on board or had planned to travel have been informed directly and individually.

Please refrain from inquiring about upcoming departures of Mein Schiff 4 and Mein Schiff 5, as we are unable to answer these questions at this time. All booked guests will be informed in a timely manner should further changes become necessary.

Thank you for your understanding in this exceptional situation.

Heritage Expeditions acquires former Exploris One

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 27 February 2026 27 February 2026

Pioneering small-ship expedition cruise company Heritage Expeditions has announced the arrival of a new iconic exploration ship, and an expansion of its expedition cruise offering, with Heritage Discoverer joining its fleet of purpose-built expedition vessels, the company said in its website.

Formerly known as Exploris One and Silver Explorer, Heritage Discoverer will begin sailing alongside the family-owned and operated cruise company’s flagship Heritage Adventurer and expedition yacht Heritage Explorer from May 2027.

Purpose-built for authentic expedition cruising and adventure, at the same Finnish shipyard as sister vessel Heritage Adventurer, Heritage Expeditions owners and Directors Aaron and Nathan Russ said Heritage Discoverer’s pioneering prowess and lineage perfectly mirrors Heritage Expeditions own legacy of adventure.

“Heritage Discoverer combines decades of exploration, on expeditions from the Northwest Passage to navigating remote tropical waters, islands and atolls, and south to Antarctica, with a 1A ice class rating and wrapped in luxurious, spacious surrounds,” said Aaron Russ.

The new addition to Heritage Expeditions fleet will see the New Zealand-based family-owned and operated company also exploring new adventures.

“Heritage Discoverer allows Heritage Expeditions to resume our renowned, authentic high Arctic and Antarctic Peninsula adventures and the return of our unique, expedition-style of travel to these regions,” said Nathan Russ.

“Her arrival also heralds new opportunities to explore European, African and South American shores announcing an exciting, truly global offering for Heritage Expeditions,” he said.

Heritage Expeditions new seven-deck, 108-metre-long expedition ship was recently refurbished and upgraded in 2023 and 2026. She features 70 ocean-view accommodation options including 12 luxurious and spacious suites from 37m2 to 67m2 with private balconies, Dining Room, Outside Grill, Presentation Lounge, Bar & Lounge, Observation Lounge, Fitness Centre, two outdoor Jacuzzis, Gift Shop, Panoramic Bridge featuring Heritage Expeditions signature Open Bridge Policy, and a fully equipped Medical Centre.

Heritage Discoverer will sail with a maximum of 130 expeditioners and an Expedition Team of 15, while a fleet of 14 Zodiacs ensures all guests are able to maximise their expedition experience.

Maiden voyage itineraries will be released shortly and commence in May 2027, with a selection of Arctic and Antarctic departures already chartered to Polar Latitudes Expeditions.

Photo credit: Silversea Cruises

Fincantieri delivers Four Seasons I

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 26 February 2026 26 February 2026

Fincantieri has delivered Four Seasons I, the first ultra-luxury hospitality vessel for Marc-Henry Cruise Holdings LTD, Joint Owner/Operator of Four Seasons Yachts, at its Ancona shipyard, setting a new benchmark for excellence, exclusivity, and innovation in the high‑end cruise market. With this vessel, Fincantieri confirms its ability to create one‑of‑a‑kind products that transcend the traditional concept of ultra‑luxury yachting, entering a new category of hospitality where Italian shipbuilding mastery meets the iconic Four Seasons standards.

Attending the event were Daniele Silvetti, Mayor of Ancona, His Excellency the Most Reverend Monsignor Angelo Spina, Archbishop of the Archdiocese of Ancona; and Rachele Grandolfo, Deputy Prefect, representing His Excellency the Prefect of Ancona. For Fincantieri attendees included Biagio Mazzotta, Chairman, Pierroberto Folgiero, CEO and Managing Director, and Luigi Matarazzo, General Manager Merchant Ships Division, as well as Ben Trodd, CEO of Four Seasons Yachts.

More than just a new standard in luxury at sea, Four Seasons I is also the world’s first intelligent ultra-luxury vessel representing an important step forward in the digital evolution of shipbuilding. Fincantieri’s Navis Sapiens program, marking the first Navis Sapiens of the Fincantieri Group as announced at Seatrade 2025 and developed by Fincantieri Ingenium, the joint venture between Fincantieri NexTech and Accenture, enables a new generation of smart ships, built on an integrated and evolutive digital architecture that leverages artificial intelligence and real‑time data to support safer, more efficient and future‑proof operations. Its open, scalable design also allows the vessel to integrate new functionalities and technologies as they emerge — all without weighing down the guest‑facing experience.

Pierroberto Folgiero, CEO and Managing Director of Fincantieri, commented: “Today we deliver not just a ship, but a new paradigm for the hospitality industry. Four Seasons I is the first Navis Sapiens: a vessel with a digital intellect, capable of learning, adapting, and growing alongside its owner and guests. This achievement is the result of our commitment to innovation and our vision for a shipbuilding industry that is intelligent, sustainable, and future proof. At the same time, Four Seasons I embodies a one-of-a-kind ultra-luxury yachting experience, setting a new benchmark in the extra-luxury segment inspired by haute hôtellerie. Fincantieri affirms its leadership in redefining the boundaries of hospitality at sea, where technological excellence and bespoke luxury converge to create an unprecedented journey for our clients and their guests.”

With its all-suite, residential style product, Four Seasons I sets a new frontier for ultra-luxury hospitality at sea. The 34,000 gross tons and 207 meters vessel features just 95 exclusive suites, each designed as a private sanctuary overlooking the ocean. The design philosophy aims to remove barriers between guests and the sea, with generous terraces and open-air living spaces. The iconic Funnel Suite offers an extraordinary 457 square meters of indoor-outdoor private space, positioning it among the most exclusive accommodations ever created on a hospitality vessel. Inspired by the Four Seasons approach to hosting — personalized service, world‑class amenities, and uncompromising attention to detail — the yacht ship creates an entirely new category of bespoke travel by sea. Every suite is conceived as a tailored environment, crafted with premium materials and exceptional spatial generosity, redefining what it means to experience the ocean in an ultra‑luxury dimension.

The ship adopts the most advanced environmental protection technologies, reinforcing Fincantieri’s commitment to sustainable innovation. Its construction highlights Fincantieri’s capability to deliver complex, high‑craftsmanship vessels where engineering excellence and bespoke design converge — a hallmark of the Group’s leadership in the extra‑luxury segment.

Over the past few months, more than 2,000 people - Fincantieri employees and partner companies - have worked tirelessly onboard “Four Seasons I” at the Ancona shipyard. Covering 360,000 m², the site boasts a production capacity of 60,000 GT, lifting systems up to 500 tons, and hull construction capabilities of 1,200 tons per month, confirming its strategic importance in the Fincantieri network. Ancona is part of the Group’s Operations Excellence program, which includes the introduction of advanced technologies to increase efficiency and improve work quality, from automation to augmented reality, artificial intelligence, and collaborative robots.

MSC Poesia enters drydock ahead of its Alaska debut

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 26 February 2026 26 February 2026

MSC Poesia will enter dry dock at Palumbo Malta Shipyard in Malta, marking the next phase of the cruise line’s ongoing investment in enhancing the guest experience across its fleet.

The enhancements will introduce new premium spaces and experiences, combining elevated comfort with lively social venues, ahead of MSC Poesia’s debut season in Alaska in May 2026.

MSC Poesia is the second ship from the line’s MSC Musica Class to undergo a major refurbishment at the Maltese shipyard, following sister ship MSC Magnifica, which left the shipyard in December and is currently sailing on the MSC World Cruise 2026.

When the refurbishments are complete, MSC Poesia will feature an MSC Yacht Club, the brand’s exclusive “ship-within-a-ship” concept, offering 69 elegantly appointed suites, private amenities, and 24-hour butler service. Additionally, the updates include two new specialty dining venues - Butcher’s Cut, an authentic American-style steakhouse, and Kaito Sushi Bar, inspired by the Far East where guests can savor expertly crafted sushi and exquisite authentic Asian dishes.

The enhancement will include a newly designed MSC Aurea Spa and MSC Gym powered by Technogym, complete with Gentleman’s Barber, various workout studios, an outdoor Aurea area and Top 15 Exclusive Solarium.

Refurbishment work is expected to be completed in April, in time for MSC Poesia’s Alaska season.

Gianni Onorato, CEO of MSC Cruises, said: “This major refurbishment of MSC Poesia reflects our continued efforts and commitment to investing in our fleet and delivering exceptional guest experiences. This refurbishment showcases MSC Cruises’ commitment to offering guests the best possible experience and modern amenities. We are proud to bring the addition of the MSC Yacht Club, new dining concepts and more to MSC Poesia and to offer guests more choice and more comfort than ever before, ahead of the ship’s Alaska season.”

The refurbishment of MSC Poesia forms part of the most extensive upgrade and refitting program by MSC Cruises in the past decade.

The project is fully designed and managed in-house by MSC Cruises’ Technical Department and will be carried out at Palumbo Malta Shipyard, a strategic hub for MSC Cruises’ fleet maintenance and large-scale refurbishment projects in Europe.

Earlier this month, MSC Cruises announced the expansion of its renowned MSC Yacht Club to two additional ships, MSC Musica and MSC Orchestra. Once complete, these latest enhancements will mean all four vessels in the Musica class, MSC Poesia, MSC Magnifica, MSC Musica and MSC Orchestra, will have been upgraded to feature MSC Yacht Club.

From May through September 2026, MSC Poesia will offer 7-night Alaska itineraries from Seattle, sailing to some of the region’s most iconic destinations.

Following her Alaska season, the ship will reposition to offer roundtrip Caribbean sailings from Miami during Winter 2026–2027, visiting destinations including Jamaica, Colombia, Costa Rica, Aruba, Curaçao, and Belize. MSC Poesia will then return to Alaska in summer 2027 offering guests the opportunity to visit spectacular destinations including Ketchikan, Icy Strait Point, Tracy Arm, and Juneau (Alaska), along with Victoria (British Columbia, Canada).