Viking’s shares rose modestly by 1.9% after reporting first quarter results that showed steady booking momentum and operational stability, though fuel cost pressures and a modest slowdown in river bookings tempered investor enthusiasm.

• 2026 bookings are 92% complete, with 2027 already 38% booked and core product capacity set to increase by 15%.
• Recent temporary softness in river bookings related to geopolitical factors was noted but demand has since rebounded.
• Fuel costs, while not impacting Q1 results due to timing, are expected to affect margins later in the year, with ocean operations more exposed than river operations protected by fixed price contracts.
• Fleet expansion continued with new river and ocean vessels added, including incremental growth in itineraries targeting Chinese travelers.
• Newbuild program progressing for Egypt, a high-yield river destination, with vessel deliveries planned for later in 2026 and new orders for 2028.