Viking Cruise Demand Remains Strong With Positive Initial Read on 2027...

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Viking Cruise Demand Remains Strong With Positive Initial Read on 2027...

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Viking Cruise Demand Remains Strong With Positive May 14, 2026

Initial Read on 2027...

Viking reported strong 1Q results as yields came in ahead of the Street and the

company continues to execute well through the macro volatility. We view the

results as a positive read through to the broader cruise industry that has seen

some recent choppiness in bookings. Importantly, Viking is also off to a strong

start for the 2027 Season with yields up double-digits for both their Ocean & River Greg Badishkanian

segments. gbadishkanian@wolferesearch.com

(646) 582-9340

Viking Net Yields up +9.5% in 1Q vs Consensus at +5.4%. Viking reported net yields View Greg’s Research

View Comp Tableahead of industry peers this morning with +9.5% YoY increase, but indicated it's likely

not indicative of their full year trajectory based on their booking curves and higher Catherine Lee

clee@wolferesearch.com

yield cruises being more popular in 1Q (still the results are significantly ahead of the (646) 582-9341

Street). This compares to industry peers Royal Caribbean (RCL) who reported +2.0%

Spencer Hanus

in 1Q and Norwegian (NCLH) who reported -1.0% net yield growth. Viking reiterated shanus@wolferesearch.com

that they still expect to hit MSD yield growth longer-term. (646) 582-9344

View Spencer’s Research

Initial Read on 2027 Yields is Positive with River & Ocean Up Double-Digits.

Looking at the start to 2027, River yields are up +11.7% and Ocean is up +12.2% to Travistharbauer@wolferesearch.comHarbauer

start the year. While we expect that to come in as the industry gets closer to sail this (646) 582-9343

is a strong result relative to peers and suggests strong underlying momentum in the Scott Stringer, CFA