VIK - Quick Take - Another strong quarter, driven by better Yields. 2027 Advanced Bookings off to a very strong start.

Research evidence excerpt

VIK - Quick Take - Another strong quarter, driven by better Yields. 2027 Advanced Bookings off to a very strong start.

Truist Securities

Equity Research Report May 14, 2026

CONSUMER: Cruise Lines Viking Holdings Ltd (VIK)

VIK - Quick Take - Another strong quarter, driven by better Yields. C. Patrick Scholes

212-319-3915 2027 Advanced Bookings off to a very strong start.

Patrick.Scholes@truist.com

Gregory J. Miller Bottom line: 1Q Adj. EBITDA of $105M came in 3.5% above consensus of $101.5M.

212-303-4198 No quarterly or annual earnings guide had been provided. We see the earnings beat

Gregory.J.Miller@truist.com as primarily Revenue-driven as Net Yield Growth of +9.5% was better than consensus for

+5.1%.

Samuel Durno Looking forward, no granular financial guidance as usual though the first look at

212-303-4183 Advance Bookings per PCD for 2027 is tracking 11% higher than the 2026 season

Samuel.Durno@truist.com with 38% sold so far at the same point in time. Notably, this 11% growth comes on top of

15% capacity growth in 2027 and following 7% this year, which makes the +11% even more

Davis Holcombe impressive. By comparison at the same time last year, the comparable headline statistics

404-926-5091 for 2026 was +4.0% vs. the current +11% and 37% vs. the current 38%.

Davis.Holcombe@truist.com

• 2026 Advanced Bookings per PCD is down slightly to +5.5% y/y from the +6.0% y/y as of

4Q earnings in March. Capacity sold for 2026 stands at 92%, identical to the same time

last year for 2025’s sailings.

Current Price (May 13, $82.17 • Notably unlike nearly every other travel company we cover, there was no mention 2026)

of “world events” in the earnings release as they relate to the earnings results or

Stock Rating HOLD future expectations.