Viking Holdings Ltd

Good morning. My name is Tom, and I will be your conference operator today. At this time, I would like to welcome everyone to Vikings' third 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 1 on your telephone keypad. If you wish to remove yourself from queue, press star 2. 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' third quarter 2025 earnings conference call. I am joined by Tor Hagen, Chairman and Chief Executive Officer, and Leah Talaktak, President and Chief Financial Officer. Also available during the Q&A session is Lynn 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.biking.com. Dora and Leah will begin today's call with a strategic overview of the business, including a recap of our third quarter results and an update of 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. This was a great and memorable quarter with very good financial results, a strong booking environment, and highlighted by a significant operational milestone. Starting on slide three, you can see that in the third quarter, net yield increased 7.1% year over year. Leah will provide more detail shortly, but I want to highlight that our consolidated net yield this quarter was $617, the highest in Whiteman's history. Turning to the overall booking environment, we continue to see strong momentum. As of November 2nd, 2025, and for our core product, 96% of our 2025 capacity was sold, and 70% of our 2026 capacity was already booked too. I believe that this reflects the strength of the Weiden brand, the resilience of our target customers, and the appeal of our destination-focused products. As we continue to grow our fleet, this forward visibility gives us confidence in our trajectory and in our ability to deliver long-term value to all stakeholders. I also believe that our well-defined product and clear focus on our customer base have enabled us to build a robust travel platform and support a steady fleet expansion. This has also allowed us to extend the brand into new destinations that further strengthen our guest loyalty. Our guests value and understand Viking. We do not try to be everything to everyone. We focus on the destination and on cultural enrichments while providing an intimate, elegant atmosphere on board. Now, if you look at the next slide, number four, you can see how this strategy has brought us to a remarkable milestone. We started Viking 28 years ago with four river vessels, and today we have a fleet of more than 100 ships, 103 to be exact. I believe that this growth reflects both disciplined execution and an innovative approach. First, we have been modernizing river voyages. In addition, we have been reinventing ocean voyages and perfecting the expedition experience. Each of these products is approached with the same philosophy of thoughtful design, cultural depth, and operational discipline. We have been modernizing river voyages by transforming what river cruising can be. We have introduced new elements and efficiencies with immersive intenders that bring guests closer to the art, history, and culture of every destination. Today, river cruising has become a globally recognized way of travel, and Viking, with a fleet of 89 river vessels, offer the most extensive and enriching collection of river itineraries across the world. We have also been reinventing ocean by bringing the same vision that is modernizing river cruising. We are redefining what an ocean voyage can be, introducing new, small, elegant ships designed not for entertainment, but for enrichment. At Viking, we say that we are for the thinking person. True to that promise, our ocean itineraries with a fleet of 12 ships focus on cultural discovery and meaningful experiences, bringing our guests closer to the world's most inspiring destinations. And lastly, we have been perfecting the expedition experience. With purpose-built ships, we enable our guests to explore the most remote regions of the planet, from Antarctica to the Arctic, and also closer to home on North America's Great Lakes. These itineraries are designed with safety and comfort at their core by placing science, exploration, and sustainability at the heart of every journey. In doing so, we are creating a new category of travel, one that feels less like tourism and more like meaningful discovery. This innovative approach is also reflected in the extraordinary breadth of our offerings. As shown on slide five, we are currently providing itineraries that cumulatively span more than 85 countries across all seven continents, all five oceans, 21 rivers, and five lakes, calling on over 500 ports. Looking ahead, we remain committed to setting the standard in experiential travel, offering opportunities to explore the world in ways that are comfortable, cultural enriching, and environmentally responsible. As we reflect on this milestone, achieving a fleet of 100 vessels, let me turn to one of our key advantages that have helped fuel the growth in the river segment, which is docking locations. On slide six, you will see how these set Viking apart. Our river vessels dock in the hearts of cities and towns, near historical and cultural attractions. They provide our guests with more time ashore to enjoy the local culture. Today we control, or have priority access, to 113 of the most coveted docking locations in various regions of the world. This includes premier locations in Paris, just 800 meters from the Eiffel Tower, and in Luxor, close to the Karnak Temple. This unique access not only enhances the guest experience, but also reinforces Viking's leadership position in river pursuit. Now to conclude this section, I will share some great news about how our product is being recognized across the industry. On slide seven, you can see that Viking has once again been rated number one for oceans and number one for rivers by Condé Nast Traveler. Now for the fifth consecutive year in the 2025 Reader's Choice Awards. We were also honored as a World's Best by Travel and Leisure in the 2025 World's Best Awards. No other travel company has simultaneously received such honors across these product lines from both publications. What makes these awards especially meaningful is that they are voted on by the guests, reinforcing that our distinct approach resonates with those who value meaningful travel. They also reflect the dedication of our entire team, whose commitment ensures that every voyage lives up to the Vikings' name. By staying true to our principles, small ships, destination-focused itineraries, and exceptional service, we have been able to lead without compromise. And as we look ahead, we remain committed to maintaining the standards that have earned us these recognitions. With that, I will turn to Leon to discuss our financials.