Viking Holdings Ltd

Good morning. My name is Paul and I will be your conference operator today. At this time, I would like to welcome everyone to Vikings second quarter 2025 earnings conference call. As a reminder, this call is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, please press star one on your telephone keypad. If you wish to remove yourself from the queue, please press star two. Thank you. I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Carola Mangalini.

Good morning, everyone, and welcome to Vikings' second quarter 2025 earnings conference call. I am joined by Tor Hagen, Chairman and Chief Executive Officer at and Lia Talaktak, President and Chief Financial Officer. Also available during the Q&A session is Lin Ban, Executive Vice President of Finance. Before we get started, please note our cautionary statement regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties, and other factors, which may cause the actual results to be different than those expressed or implied. Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release as well as in our filings with the SEC. The forward-looking statements are as of today, and we assume no obligation to update or supplement these statements. We may also refer to certain non-IFRS financial metrics, which are reconciled and described in our press release posted on our investor relations website at ir.viking.com. Tora and Leah will begin today's call with a strategic overview of the business, including a recap of our second quarter results and an update on the current booking environment. Following their remarks, we will open the call for your questions. To supplement today's discussion, an earnings presentation is available on our investor relations website. With that, I'm pleased to turn the call over to Tor.

Thank you, Corolla, and good morning, everyone. We are pleased to have delivered another quarter of great results, which reaffirm, once again, the strength of our business model, of our brand and our guest demographic. As you can see on slide three, in the second quarter of 2025, net yield increased 8%, which combined with an 8.8% capacity growth resulted in revenue increases of 18.5% year over year. I believe this is the result of disciplined execution and great demand for our cruises. In terms of the overall booking environment, we are seeing sustained strength in demand. 96% of the 2025 capacity for our core product is already booked, effectively selling out this year. As such, our attention remains on 2026 bookings, where we are seeing a very strong start. As of August 10, 55% of the capacity of our core products for the 2026 season was already sold. which is in line with our book position at the same point last year and at higher rates. If we look at the next slide, number four, you will see that since we last spoke, we have been quite busy both expanding our fleet and strengthening our global presence. First, the Viking Vesta joined our ocean fleet in June and is spending her inaugural season in the Mediterranean. On the riverside, we continue to thoughtfully strengthen our presence with editions of the Viking Amun on the Nile. Also this past July, we announced our first river voyages in India, starting in 2027. This region offers stunning scenery and rich cultural heritage. We look forward to taking our guests to exclusive itineraries delivered the Viking way, that is, with a great level of comfort and cultural enrichment. The early response to this new product has been phenomenal, with all available itineraries already sold out. And earlier during the second quarter, we completed a secondary offering of 30.5 million ordinary shares, priced at $44.20 per share. We will now look at how these developments shaped the bigger picture for Wightman, starting on slide five. When you consider that we started with just four river ships in 1997, Our growth over the years has been a remarkable achievement and one we are very proud of. A key reason behind our sustained success is that our vision has remained consistent. Travel should focus on the destination. We are also fortunate to have very loyal guests, travelers who return to Viking time and time again. And most importantly, our continued growth is a result of hard work and dedication of our teams around the world. Today, our river fleet consists of 85 vessels operating on rivers across the globe, from the Rhine to the Nile and from the Danube to the Mekong. Through years of strategic investments and partnerships, we now control or have priority access of 110 docking locations, giving us logical flexibility and the ability to deliver a consistent, high-quality guest experience. On the oceans, we now operate 12 small modern ships, all with 100% balcony staterooms and designed to be nearly identical. This uniformity allows us to scale efficiently, deliver a consistent product, and maintain tight operational control. The same philosophy guides our two expedition vessels, which serve guests seeking deeper exploration in remote regions of the world. Overall, our fleet is designed with both efficiency and purpose, offering superior guest comfort and compelling economics. These efficiencies apply both to our ship design, where we optimize space utilization and energy solution, and our operations, enabling Viking to drive yields, enhance the guest experience, and build long-term growth. Now moving to slide six, the recent ship deliveries, and new itinerary offerings in India are a testament to the fact that our river business remains fundamental to our identity and continues to be a key growth engine and brand differentiator. Overall, we now operate 21 rivers worldwide with an expanding footprint that reflects both demand from our loyal guests and the cultural richness of the regions we serve. Our river strategy is built on selective expansion, focusing on destinations that align with the Viking brand and resonate with culturally curious travelers. This means going beyond our well-traveled European routes and deepening our presence in high-value, less explored regions like those shown on the slide. In Egypt, the Nile continues to be a strong performer. We now have seven ships in operation and plan to deliver five more by 2027. underscoring our confidence in the long-term demand for this iconic destination. On the Mekong River, through Vietnam and Cambodia, we currently operate one vessel, with another scheduled for delivery later this year. And our newest river offering in India will start with one vessel in 2027 and another one in 2028. These will be small vessels with a capacity of 80 guests each. We are regularly conducting extensive research to identify new itineraries that will fill gaps in the travel market for our core demographic, inspiring our past Viking guests to travel with us again, while attracting new guests to the brand. India is one example of that. The India offering is not large in terms of a media scale, but this edition is not about volume. It's about providing our guests with culturally immersive, destination-focused travel that can enrich our portfolio and offer our loyal guests even more ways to explore the world they like. Now, if we move to slide seven, I will provide a quick update on our ownership structure. On May 29, 2025, we completed a secondary offering. An aggregate of 30.5 million ordinary shares were offered by TPG Capital and CPP Investments. at the price of $44.20 per share. As you can see on the slide, this transaction adjusted our ownership composition, increasing our institutional float and further diversifying our shareholder base. We appreciate all the participants in the offering and are grateful for the continued interest and support invited. With that, I'll turn to Leah to discuss our financials.