Viking saw net losses more than double in the seasonally low first quarter of the year.
Issuing its first financial results since its initial public offering (IPO) in the US earlier this month, the river, ocean and expedition cruise company reported a net loss of almost $494 million compared to $214.4 million for the same period last year.
The company said: “Our first quarter results reflect the seasonality of our business.
“While our ocean, expedition and Mississippi products operate year-round, the primary cruising season for our river product is from April to October, although some of our river cruises run longer seasons.
“Additionally, our highest occupancy occurs during the northern hemisphere’s summer months.
“We recognise cruise-related revenue over the duration of the cruise and expense our marketing and employee costs when the related costs are incurred.
“As a result, the majority of our revenue and profits have historically been earned in the second and third quarters of each year.”
Total revenue for the three months to March 31 was $718.2 million, a year-on-year increase of $89.2 million, or 14.2%, mainly due to an increase in the size of the fleet and higher occupancy.
Viking had sold 91% and 39%, respectively, of its capacity for the 2024 and 2025 seasons by the end of March, based on five per cent higher availability this year and 12% more in 2025 – represnting $4.5 billion and $2.5 million in advance bookings.
The group closed its $1.8 billion IPO on May 3 with net proceeds of $245.5 million to Viking and $1.4 billion to certain selling shareholders.
The company had $1.7 billion in cash and cash equivalents at the end of the first quarter, not including the proceeds of the IPO.
Viking expects to take delivery of two river vessels and one ocean ship this year.
Chairman and chief executive Torstein Hagen said: “We are pleased with our performance in the first quarter, during which we reported a net yield of $508, and our strong advanced bookings for 2024 and 2025 are equally encouraging.
“We remain committed to prioritising our guests and treating our employees as integral members of our family.
“We embrace a contrarian approach and steadfastly maintain a long-term perspective when managing our business.
“Leveraging our momentum, we are dedicated to shaping Viking’s next era to deliver value for all of our stakeholders.”
Chief financial officer Leah Talactac added: “We are excited to share strong first-quarter financial results, which are a testament to the great demand for our products and brand.
“Also, strengthening our balance sheet continues to be a priority as evidenced by our cash balance and reduction in net leverage.”
Meanwhile, Viking has added two new itineraries in the Great Lakes of North America for 2026 including Chicago as a new port of call as it marked the start of its third season in region with sister 378-passenger expedition ships Viking Octantis and Viking Polaris (pictured).