Viking Holdings Ltd (VIK) 2025 Q1 法說會逐字稿

Good morning. My name is Paul, and I will be your conference operator today. At this time, I would like to welcome everyone to Viking's first-quarter 2025 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions)

早安.我叫保羅，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Viking 2025 年第一季財報電話會議。提醒一下，本次通話正在錄音。（操作員指示）

I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Carola Mengolini.

現在，我想將節目交給今天會議的主持人、投資者關係副總裁 Carola Mengolini。

Good morning, everyone, and welcome to Viking's first quarter 2025 earnings conference call. I am joined by Tor Hagen, Chairman and Chief Executive Officer; and Leah Talactac, President and Chief Financial Officer. Also available during the Q&A session is Linh Banh, Executive Vice President of Finance.

大家早安，歡迎參加 Viking 2025 年第一季財報電話會議。與我一起出席的還有董事長兼執行長 Tor Hagen；以及總裁兼財務長 Leah Talactac。財務執行副總裁 Linh Banh 也出席了問答環節。

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.

在我們開始之前，請注意我們關於前瞻性資訊的警告聲明。在電話會議中，管理階層可能會討論前瞻性的訊息，涉及已知和未知的風險、不確定性和其他因素，這可能會導致實際結果與明示或暗示的結果不同。

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.

請根據這些因素評估前瞻性信息，這些信息在今天的新聞稿以及我們向美國證券交易委員會提交的文件中進行了詳細說明。這些前瞻性陳述截至今天為止，我們不承擔更新或補充這些陳述的義務。

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. Tor and Leah will provide a strategic overview of the company, a recap of our first quarter results and an update of the current booking environment. We will then open the call for your questions. To supplement today's call, we have prepared an earnings presentation that is available on our Investor Relations website.

我們也可能參考某些非國際財務報告準則 (IFRS) 財務指標，這些指標已在我們的新聞稿中進行協調和描述，並發佈在我們的投資者關係網站 ir.viking.com 上。 Tor 和 Leah 將提供公司的策略概述、第一季業績回顧以及當前預訂環境的最新情況。然後我們將開始回答您的問題。為了補充今天的電話會議，我們準備了一份收益報告，可以在我們的投資者關係網站上查閱。

With that, I'm pleased to turn the call over to Tor.

說完這些，我很高興將電話轉給 Tor。

Thank you, Corola, and good morning, everyone. We are very pleased to share that our momentum has carried into the first quarter of 2025, building on the strong performance we delivered last year.

謝謝你，科羅拉，大家早安。我們非常高興地告訴大家，在去年強勁表現的基礎上，我們的發展勢頭延續到了 2025 年第一季。

As shown on slide 3, this morning, we published great results for the first quarter, which included a 7.1% increase in net yields amid a capacity increase of 14.9% over last year. Overall, we had a busy first quarter driven by additional capacity and strong demand that led to almost $900 million of revenue.

如投影片 3 所示，今天上午，我們公佈了第一季的出色業績，其中淨收益率成長 7.1%，運力較去年同期成長 14.9%。總體而言，由於產能增加和需求強勁，我們第一季的業務繁忙，帶來了近 9 億美元的收入。

Notably, revenue for the first quarter is almost 3 times higher than what we generated in 2019, which is something worth highlighting. We believe that this reflects the strong demand for our product and the disciplined execution of our growth strategy. Today, we also updated you on our booking curves.

值得注意的是，第一季的營收幾乎是我們 2019 年營收的 3 倍，這是值得強調的。我們相信，這反映了我們產品的強勁需求以及我們成長策略的嚴格執行。今天，我們也向您更新了我們的預訂曲線。

We continue to experience strong demand for our core products with 92% of our 2025 capacity already sold. As most of you know, our load factor never reaches 100%. While we only allow two guests per cabin, sometimes our guests travel alone. On the cabin occupancy basis, we are generally 1 to 2 percentage points higher. This means that we are practically sold out for 2025.

我們的核心產品持續受到強勁需求，2025 年產能的 92% 已售出。大多數人都知道，我們的載客率從未達到 100%。雖然每間客艙僅允許兩位客人，但有時我們的客人會獨自旅行。以客艙入住率計算，我們一般高出1至2個百分點。這意味著我們 2025 年的訂單實際上已經售罄。

To this end, our focus is on 2026, which is off to a great start with 37% of our core capacity PCDs already sold as of May 11. I will talk more about this when we review the bookings. Having said this, and given the current macroeconomic landscape, I'd also like to provide an update on how bookings are trending.

為此，我們的重點是 2026 年，這是一個良好的開端，截至 5 月 11 日，我們 37% 的核心產能 PCD 已經售出。當我們審查預訂時，我會詳細討論這個問題。話雖如此，考慮到當前的宏觀經濟形勢，我還想提供有關預訂趨勢的最新資訊。

When we last met in mid-March, we noted that January was the best booking month in the history of the company. We can also say that this was the best wave season in our history with more guests booked and at higher pricing.

當我們三月中旬上次見面時，我們注意到一月是公司歷史上最好的預訂月份。我們還可以說，這是我們歷史上最好的海浪季節，預訂的客人更多，價格也更高。

Since wave, we are pleased to say this momentum has continued. Specifically, given 2025 is practically sold, and we look to future seasons, bookings in April and May are up year over year. In fact, May is also an outstanding start with the last few weeks showing good booking strength.

自浪潮以來，我們很高興地說這種勢頭一直持續著。具體來說，鑑於 2025 年的預訂實際上已售罄，並且我們展望未來季節，4 月和 5 月的預訂量同比增長。事實上，五月也是一個很好的開始，過去幾週的預訂情況良好。

This gives us comfort that our guests continue to prioritize travel and experiences. Building on this positive trajectory, I would like to touch on broader macroeconomic environment. As some uncertainty still persist, as most of you know, most of our operations are based in and conducted from Europe. This insulates us from many of the trade tensions affecting other regions.

這讓我們感到欣慰，因為我們的客人會繼續優先考慮旅行和體驗。基於這一積極軌跡，我想談談更廣泛的宏觀經濟環境。由於仍然存在一些不確定性，正如你們大多數人所知，我們的大部分業務都在歐洲開展。這使我們免受影響其他地區的許多貿易緊張局勢的影響。

To this end, the direct impact on Viking's operations should be minimal. Additionally, the same applies to our shipbuilding activities, as our ocean ships and the majority of our river ships are constructed in European shipyards.

為此，對維京營運的直接影響應該很小。此外，這也適用於我們的造船活動，因為我們的遠洋船和大多數河川船都是在歐洲造船廠建造的。

Moreover, on slide 4, we are highlighting several of our unique strengths. These are attributes that we believe are especially relevant and compelling in today's environment. First, our advanced booking curves and long booking window provide exceptional visibility. While many companies are still focused on selling the current 2025 season, we are largely sold out.

此外，在投影片 4 上，我們重點介紹了我們的幾個獨特優勢。我們認為，這些屬性在當今環境下尤其重要且引人注目。首先，我們先進的預訂曲線和較長的預訂窗口提供了卓越的可見度。儘管許多公司仍專注於銷售當前的 2025 季產品，但我們的產品基本上已售罄。

Also, our cancellation rates are in line with prior years. As we mentioned in the past, our bookings are very sticky. So with the current season effectively done and with more than 37% of the 2026 capacity are already booked, we are in a great position. We have plenty of time to complete the 2026 season.

此外，我們的取消率與往年一致。正如我們過去提到的，我們的預訂非常穩定。因此，隨著當前賽季的有效結束，2026 年容量的 37% 以上已被預訂，我們處於有利地位。我們有充足的時間來完成 2026 年賽季。

Which leads me to our effect direct marketing engine. Our model enables us to generate demand proactively, communicating directly with the consumer. We stimulate demand by investing in targeted marketing by preserving the integrity of our pricing.

這讓我想到了我們的效果直銷引擎。我們的模型使我們能夠主動創造需求，直接與消費者溝通。我們透過投資有針對性的行銷和保持定價的完整性來刺激需求。

This includes expanding the reach to high potential and loyal guests and refining our best campaigns. It also involves enhancing our digital platforms. So they're upgrading our booking engines to deliver a faster and more personalized experience.

這包括擴大對高潛力和忠誠客人的覆蓋範圍並改善我們最好的活動。它還涉及增強我們的數位平台。因此他們正在升級我們的預訂引擎，以提供更快、更個人化的體驗。

Moreover, we also empower our sales teams to focus on emphasizing the quality and value of our product rather than competing on price. As we mentioned in the past, our product is highly rated, while also providing a compelling value proposition.

此外，我們也授權我們的銷售團隊專注於強調我們產品的品質和價值，而不是在價格上競爭。正如我們過去提到的，我們的產品評價很高，同時也提供了引人注目的價值主張。

This in turn leads to our target customers. We believe that our success is rooted in a clear and disciplined strategy. It centers on targeting a defined customer demographic and an exceptionally loyal guest buyers. These customers compared to the average consumer have greater financial stability and more time to travel. They also have a strong desire to explore the world and prioritize experiences, even when the broader markets soften.

這反過來又引出了我們的目標客戶。我們相信，我們的成功源自於清晰而嚴謹的策略。它以針對特定的客戶群和極其忠誠的顧客買家為中心。這些顧客與一般消費者相比，財務狀況更穩定，而且有更多的旅行時間。即使大盤疲軟，他們仍然有強烈的探索世界和重視體驗的慾望。

While past performance does not guarantee future behavior, this group has historically shown resilience during economic downturns, maintaining their propensity to travel. I will also highlight a strong balance sheet. With a net debt to EBITDA ratio of 2 times and minimal near-term maturities, we are in solid financial position. This gives us both stability and flexibility, allowing us to navigate volatility with confidence, while continuing to invest in our long-term growth strategies.

雖然過去的表現並不能保證未來的行為，但從歷史上看，這群人在經濟低迷時期表現出了韌性，並保持了旅行的傾向。我還將強調強勁的資產負債表。我們的淨債務與 EBITDA 比率為 2 倍，且短期到期債務極少，財務狀況穩健。這為我們提供了穩定性和靈活性，使我們能夠自信地應對波動，同時繼續投資我們的長期成長策略。

And lastly, what I can share is that over the past 20 years, whenever we have faced economic dislocation, our response has consistently been contrarian and opportunistic, led by a seasoned, well-tested management team.

最後，我可以分享的是，在過去的20年裡，每當我們面臨經濟混亂時，在經驗豐富、久經考驗的管理團隊的帶領下，我們的應對措施始終是逆向思維和機會主義的。

So while we remain mindful of broader economic signals, we continue to have strong confidence in the resilience of our business model and our guests. We are well positioned as we focus on generating increased profitable demand for 2026 and beyond.

因此，在我們密切關注更廣泛的經濟訊號的同時，我們仍然對我們的商業模式和客人的彈性充滿信心。我們已做好充分準備，專注於為 2026 年及以後創造更多的獲利需求。

Before I turn on to Leah, I want to close these remarks with a few highlights from this past quarter. These are on slide number 5. This past April, we announced details about the Viking Libra. The world's first hydrogen-powered cruise ship. This ship will be fitted with a hybrid propulsion system based partially on liquefied hydrogen and fuels that they will make her capable of operating with zero emissions.

在談論 Leah 之前，我想先回顧過去一個季度發生的一些亮點。這些在第 5 張幻燈片上。今年四月，我們公佈了有關 Viking Libra 的詳細資訊。世界上第一艘氫動力遊輪。該船將配備部分基於液化氫和燃料的混合推進系統，使其能夠實現零排放運作。

We have always believed in doing what is right for the environment, and we are very proud of this announcement. The Viking Libra is currently under construction and set for delivery next year. We also ordered two additional ocean ships for delivery in 2031.

我們始終堅信做對環境有益的事情，我們對這項聲明感到非常自豪。Viking Libra 目前正在建造中，預計將於明年交付。我們還訂購了另外兩艘遠洋船舶，將於 2031 年交付。

Based on the committed order book, we now expect to take delivery of 11 additional ocean ships by 2031. As you can see, we are confident of the great opportunity that the ocean segment represents.

根據已承諾的訂單，我們預計到 2031 年將再接收 11 艘遠洋船舶。正如您所看到的，我們對海洋領域所代表的巨大機會充滿信心。

And lastly, this past quarter we took the Vikings Nerthus, a river vessel that sails on the Seine River. France is a destination of great interest to our guests. And this ship does a wonderful itinerary through Paris and the heart of Normandy.

最後，上個季度我們搭乘了維京人號 Nerthus，這是一艘在塞納河上航行的河船。法國是我們客人非常感興趣的目的地。這艘船的航線非常精彩，途經巴黎和諾曼第的中心。

With that, I will turn to Leah to discuss our financials.

說完這些，我將與 Leah 討論我們的財務狀況。

Thank you, Tor, and good morning, everyone. We are pleased to have reported a great first quarter. On a consolidated basis, total revenue for the quarter increased 24.9% year-over-year to almost $900 million. The year-over-year increase was mainly driven by increased capacity, higher occupancy and higher revenue per PCDs.

謝謝你，Tor，大家早安。我們很高興地報告了第一季的出色表現。從綜合來看，本季總營收年增 24.9%，達到近 9 億美元。年比成長主要得益於容量增加、入住率提高和每 PCD 收入增加。

Adjusted gross margin increased 23.8% year-over-year to $613 million, resulting in a net yield of $544, 7.1% higher than the first quarter of 2024. Vessel expenses, excluding fuel per capacity PCDs decreased 2.3% this quarter compared to the same time last year. I will note that capacity increased almost 15% this quarter which helped bring down some fixed costs when calculated on a dollar per capacity PCD basis.

調整後毛利率年增 23.8% 至 6.13 億美元，淨收益為 5.44 億美元，比 2024 年第一季高 7.1%。本季度，船舶費用（不包括每容量 PCD 的燃料費用）與去年同期相比下降了 2.3%。我要指出的是，本季產能增加了近 15%，這有助於降低每產能 PCD 美元計算的一些固定成本。

Adjusted EBITDA for the first quarter totaled $73 million, improving more than $77 million when compared to the same quarter last year. This significant year-over-year increase was mainly driven by higher revenues in both the ocean and river segment. It is also remarkable that the adjusted EBITDA was positive this quarter, since the first quarter has typically been negative due to the seasonality of our business.

第一季調整後的 EBITDA 總計 7,300 萬美元，與去年同期相比成長了 7,700 多萬美元。與去年同期相比，這一顯著增長主要得益於海洋和河流運輸部門收入的增加。值得注意的是，本季調整後的 EBITDA 為正值，而由於業務的季節性影響，第一季通常為負值。

Net loss and adjusted net loss attributable to Viking Holdings Limited was $105 million, and adjusted EPS was a loss of $0.24, which is an improvement of $0.09 from the first quarter of 2024. I will now briefly discuss our two reportable segments, river and ocean and these are on slide 8.

歸屬於維京控股有限公司的淨虧損和調整後淨虧損為 1.05 億美元，調整後每股收益為虧損 0.24 美元，較 2024 年第一季改善 0.09 美元。我現在將簡要討論我們的兩個報告部分，河流和海洋，它們在第 8 張幻燈片上。

For the river segment, our capacity PCDs increased 22.3% year-over-year mainly driven by the addition of two new ships for Egypt delivered in 2024 and additional European ceilings. Occupancy for the period was 93.9%, about 180 basis points higher than last year. Adjusted gross margin grew 21.5% year-over-year and net yield was $593, down 2.7% year-over-year.

對於河流部分，我們的運力 PCD 年比增長 22.3%，主要原因是增加了 2024 年交付的兩艘埃及新船以及額外的歐洲上限。本期間的入住率為 93.9%，比去年高出約 180 個基點。調整後毛利率年增21.5%，淨收益為5.93億美元，年減2.7%。

As we have mentioned in the past, a primary sailing season for our river product runs from April to October. Therefore, our first quarter metrics are not necessarily representative of the full year. For ocean, capacity PCDs increased 10.4% year-over-year, mainly due to the addition of the Viking Vela in December 2024.

正如我們過去所提到的，我們的河流產品的主要航行季節是從四月到十月。因此，我們的第一季指標不一定代表全年的指標。就海運而言，運力PCD年增10.4％，主要原因是2024年12月增加了Viking Vela號。

Occupancy for the period was 94.4% in line with last year. Adjusted gross margin increased 25.3% year-over-year to $395 million and net yield was $499, up 13.6%, compared to the previous year.

本期間的入住率為 94.4%，與去年同期持平。調整後毛利率年增25.3%至3.95億美元，淨收益為4.99億美元，較上年增加13.6%。

The increase in net yield was primarily due to the mix in deployment where we increased European itineraries and specifically because in 2025, we only had one world cruise versus two in 2024. As mentioned in the past, the world cruise itinerary typically has lower than average net yields. Excluding these cruises, our net yield for the first quarter of 2025 increased by high single-digits compared to 2024.

淨收益的成長主要歸因於我們增加了歐洲航線的部署組合，特別是因為 2025 年我們只有一次環球航行，而 2024 年有兩次。正如過去所提到的，環球遊輪行程的淨收益通常低於平均值。不包括這些遊輪，我們 2025 年第一季的淨收益率與 2024 年相比增長了高個位數。

Now moving to the balance sheet and on slide 9, you can see that as of March 31, 2025, we had total cash and cash equivalents of $2.8 billion and we also have an undrawn revolver facility of $375 million. Our net debt was $2.9 billion and to this end, our net leverage improved from 2.4 times as of December 31, 2024, to a ratio of 2 times as of March 31, 2025. As of March 31, 2025, deferred revenue was $4.8 billion.

現在轉到資產負債表，在第 9 張投影片上，您可以看到，截至 2025 年 3 月 31 日，我們的現金和現金等價物總額為 28 億美元，還有 3.75 億美元的未提取循環信貸額度。我們的淨債務為 29 億美元，為此，我們的淨槓桿率從 2024 年 12 月 31 日的 2.4 倍改善至 2025 年 3 月 31 日的 2 倍。截至 2025 年 3 月 31 日，遞延收入為 48 億美元。

Also on slide 9, you can see our bond maturity outlook, which includes one bond maturity due in May 2025. Please note that the company paid this at its maturity. Therefore, all maturities are in 2027 and beyond.

另外，在第 9 張投影片上，您可以看到我們的債券到期前景，其中包括一張將於 2025 年 5 月到期的債券。請注意，該公司在到期時支付了這筆款項。因此，所有到期日均為 2027 年及以後。

With this, I'd like to confirm our debt amortization for 2025 and 2026. As of March 31, 2025, the scheduled principal payments for the remainder of 2025 were $439 million and [$217 million] for full year 2026. After March 31, 2025, during the month of May, we paid $250 million of the scheduled principal payments.

藉此，我想確認我們 2025 年和 2026 年的債務攤提。截至 2025 年 3 月 31 日，2025 年剩餘時間的預定本金支付額為 4.39 億美元，2026 年全年的預定本金支付額為 [2.17 億美元]。2025 年 3 月 31 日之後，也就是 5 月份，我們支付了 2.5 億美元的預定本金。

From a committed capital expenditure perspective and for full year 2025, the total expected committed ship CapEx is about $850 million or $440 million net of financing. And for the full year 2026, the total expected committed ship CapEx is about $1.1 billion or $140 million net of financing. The main drivers of the total committed ship CapEx for 2026 are two ocean ships, Viking Nira and Viking Libra, which are scheduled for delivery in 2026.

從承諾的資本支出角度來看，到 2025 年全年，預計承諾的船舶資本支出總額約為 8.5 億美元，扣除融資後為 4.4 億美元。就 2026 年全年而言，預計承諾的船舶資本支出總額約為 11 億美元，扣除融資後為 1.4 億美元。2026 年承諾船舶資本支出總額的主要驅動力是兩艘遠洋船舶“Viking Nira”和“Viking Libra”，計劃於 2026 年交付。

With that, I'll turn it back to Tor to review our business outlook, including our booking curves.

有了這些，我將回到 Tor 來審查我們的業務前景，包括我們的預訂曲線。

Thanks, Leah. Let's now dive into the booking curves, which are all as of May 11, 2025. On slide 11, we show our consolidated metrics for our core products. As you can see, we are in very good shape for both the 2025 and the 2026 seasons. The 2025 season already had 92% of our capacity PCDs booked.

謝謝，利亞。現在讓我們深入了解預訂曲線，這些曲線均截至 2025 年 5 月 11 日。在投影片 11 上，我們展示了我們核心產品的綜合指標。如您所見，我們為 2025 年和 2026 年賽季做好了充分準備。2025 年賽季我們的 PCD 容量已預訂了 92%。

Advanced bookings equal $5.5 billion, which is 21% higher than the '24 season at the same point in time, while capacity increased 12%. And for 2026, we are already 37% booked with $2.7 billion of advanced bookings. These are 11% higher than the 2025 season at the same point of time in 2024.

提前預訂額達 55 億美元，比 2024 年同期高出 21%，而運力則增加了 12%。對於 2026 年，我們的預訂率已達到 37%，預訂金額達 27 億美元。這些比 2024 年同一時間點的 2025 年賽季高出 11%。

Our capacity is increasing by 8% for our core products driven by the full year impact of the ships introduced during 2025 and additional two ocean ships and six river vessels in 2026. Let's now talk about the advanced booking curves for these segments.

受 2025 年推出的船舶以及 2026 年新增的兩艘遠洋船和六艘內河船的全年影響，我們的核心產品運力將增加 8%。現在讓我們來討論一下這些細分市場的預訂曲線。

On the next slide, you will see our curves for the ocean cruises. This is slide 12. I will start with the blue line, which shows the bookings for 2025. Overall, we have sold 91% of our capacity PCDs for the year and have $2.4 billion of advanced bookings, which is 27% higher than last year at the same point in time. Capacity increased by 18%. So you can tell that we have been booking at a very attractive rate.

在下一張投影片中，您將看到我們的海上巡遊曲線。這是第 12 張投影片。我將從藍線開始，它顯示了 2025 年的預訂量。整體而言，我們今年已售出 91% 的運力 PCD，並擁有 24 億美元的預購訂單，比去年同期高出 27%。運力增加18%。因此您可以發現我們的預訂價格非常優惠。

If you now look at the yellow line, you will see the booking trend for the 2026 season. As of May 11, we have sold about 45% of the 2026 capacity for the ocean, which is increasing by 9%. Advanced bookings are 15% higher than last year at the same point in time. Regarding the rates, they equaled $784 compared to $747 for the 2025 season at the same point in time.

如果您現在查看黃線，您將看到 2026 年賽季的預訂趨勢。截至5月11日，我們已經售出了2026年遠洋運力的約45%，這一數字正在成長9%。提前預訂量比去年同期高出 15%。就費率而言，今年的費率為 784 美元，而 2025 年同期的費率為 747 美元。

Now if we move to slide 13, you will see the curve for the river cruises. I will start with advanced bookings for 2025, which is the blue line. As you can see, we're having a great year with 95% of the 2025 capacity already sold as of May 11. We have almost $2.7 billion in advanced bookings, which is 17% higher than last year at this point in time. The operating capacity for rivers increased 7% year-over-year, and rates are equal to $825 compared to $773 in 2024.

現在，如果我們移到投影片 13，您將看到河流巡遊的曲線。我將從 2025 年的提前預訂開始，也就是藍線。如您所見，我們今年的業績非常好，截至 5 月 11 日，2025 年產能的 95% 已經售出。我們的預訂金額接近 27 億美元，比去年同期高出 17%。河流營運能力年增 7%，費率為 825 美元，而 2024 年的費率為 773 美元。

Like ocean, we have very little sale for 2025, and our teams are now focused on 2026 and beyond. Now looking at the yellow line, these are the advanced bookings for the 2026 season. As you can see, we have sold about $1 billion in advanced bookings, which is 5% higher than the 2025 season at the same point in time.

就像海洋一樣，我們在 2025 年的銷售額非常小，我們的團隊現在專注於 2026 年及以後。現在看黃線，這些是 2026 年賽季的提前預訂。如您所見，我們已經售出了約 10 億美元的預售票，比 2025 年同期的預訂額高出 5%。

Our operating capacity for river is up 8% year-over-year and 28% of the capacities or result. These are good trends for 2026 with rates equal to $986 compared to $952 in 2025. So overall, these results give us confidence that our core consumer demographic remains financially resilient, prioritizing travel and choosing Viking.

我們的河流營運能力年增8％，達到或超過預期的28％。這對 2026 年來說是一個良好的趨勢，利率將達到 986 美元，而 2025 年的利率為 952 美元。因此，總體而言，這些結果讓我們相信，我們的核心消費者群體仍然具有財務韌性，優先考慮旅行並選擇維京遊輪。

Now, Leah will add some color to our order book and capacity.

現在，Leah 將為我們的訂單和產能增添一些色彩。

Thank you, Tor. Now, turning to our order booking capacity, we have several updates since our last earnings call on March 11, 2025. First, we exercised our options and signed contracts for two new ocean ships, both scheduled for delivery in 2031.

謝謝你，托爾。現在，談到我們的訂單預訂能力，自 2025 年 3 月 11 日上次收益電話會議以來，我們進行了幾次更新。首先，我們行使了選擇權，簽署了兩艘新遠洋船舶的合同，均計劃於 2031 年交付。

We also entered into an option agreement for two additional ocean ships, which, if exercised, would be delivered in 2033. Each of these ships will accommodate approximately 998 guests and will be built by Fincantieri, the shipyard that has constructed our entire Viking Ocean fleet.

我們還簽訂了另外兩艘遠洋船舶的選擇權協議，如果行使，將於 2033 年交付。每艘遊輪可容納約 998 名乘客，由建造我們整個維京海洋艦隊的造船廠 Fincantieri 建造。

On top of this, we also announced the construction of a new river vessel for Portugal to sail along the [Jaro] River. This will be our sixth vessel on this river, and the delivery is planned for 2027. We believe that these updates reflect our commitment to a disciplined strategic expansion across both our river and ocean offerings.

除此之外，我們也宣佈為葡萄牙建造一艘新的河船，用於沿著哈羅河航行。這將是我們在這條河上的第六艘船，計劃於 2027 年交付。我們相信，這些更新反映了我們對河流和海洋服務的嚴格策略擴張的承諾。

With a great brand and product range, a very strong balance sheet, and strong demand from our loyal customer base, we remain confident in our long-term growth strategy and our ability to deliver exceptional travel experiences around the world.

憑藉卓越的品牌和產品系列、強勁的資產負債表以及忠實客戶群的強勁需求，我們對我們的長期成長策略以及在全球範圍內提供卓越旅行體驗的能力充滿信心。

With this, I conclude our prepared remarks. I'll now turn it back to the operator to take questions.

我的發言就此結束。我現在將話題轉回給接線員來回答問題。

(Operator Instructions) Steve Wieczynski, Stifel.

（操作員指示）史蒂夫·維辛斯基（Steve Wieczynski），Stifel。

Yeah. Hey, guys. Good morning and congratulations on a very solid first quarter there. So Tor or Leah, based on your commentary, it sounds like April and May had pretty solid booking levels. And it does seem -- at this point, it seems like your book position is pretty similar to where it was at this point last year.

是的。嘿，大家好。早安，恭喜您第一季業績表現優異。所以 Tor 或 Leah，根據您的評論，聽起來四月和五月的預訂水平相當穩定。看起來—目前看來，您的帳面狀況與去年同期非常相似。

So if we turn to the pricing side of things, I guess maybe pricing might be a little bit, I'd say, maybe a little bit lower versus where you guys were last year. So I'm just trying to figure out have you guys had to start going down the route of using promotions or discounting techniques or anything like that in order to drive bookings right now or is that just not the case?

因此，如果我們轉向定價方面，我想也許定價可能會比去年的水平低一點。所以我只是想知道，你們是否已經開始採用促銷或折扣技巧或類似的方式來推動預訂，或者情況並非如此？

Hi, good morning, Steve, thanks for the question. So we have not -- as far as future seasons, we have not turned to pricing promotions. I just wanted to level set that the pricing dynamics is pretty nuanced. And also, we are comparing to a year 2025 that was pretty steep, and we acknowledged that it was pretty steep.

嗨，早上好，史蒂夫，謝謝你的提問。因此，就未來季節而言，我們還沒有採取價格促銷措施。我只是想明確一點，定價動態是相當微妙的。而且，我們正在與 2025 年進行比較，這個數字相當陡峭，我們也承認這個數字確實相當陡峭。

So the pricing yield curve really is dependent on what inventory has been sold, meaning what season, whether it's high or low, what cabin category and what itinerary mix. So what we are seeing with almost 40% of our 2026 capacity being sold as of May 11 is that our consumer is very resilient and they are willing to travel and they are willing to book in advance.

因此，定價殖利率曲線實際上取決於已售出的庫存，即哪個季節、旺季還是淡季、哪個艙等類別以及哪種行程組合。因此，截至 5 月 11 日，我們看到 2026 年運力的近 40% 已被售出，這表明我們的消費者非常有韌性，他們願意出行，並且願意提前預訂。

So when we look at the current macroeconomic outlook, if it remains steady and if we combine that with a strong trajectory of demand in recent weeks that we've seen, we feel pretty confident that pricing will evolve toward mid single-digit increases alongside our plant capacity growth. So we don't see a concern there.

因此，當我們審視當前的宏觀經濟前景時，如果它保持穩定，並且我們將其與最近幾週看到的強勁需求軌跡相結合，我們非常有信心，隨著工廠產能的增長，價格將朝著中等個位數增長的方向發展。因此，我們認為這沒有什麼好擔心的。

Okay. Thanks for that. And then second question, I guess, maybe just in terms of the booking window. Obviously, you guys have a very elongated booking window gives you a lot of visibility into the next 12 months or so.

好的。謝謝。然後第二個問題，我想，可能只是關於預訂窗口。顯然，你們的預訂窗口非常長，可以讓你對未來 12 個月左右的情況有清晰的了解。

But I guess the question here is have you seen any material changes in that booking window. And I guess I'm just trying to figure out, obviously, January looks strong for you guys. February, where there was a little bit of a change. April, May look good. So just trying to figure out how we should think about the booking window at this point? And have you really seen any changes to that?

但我想這裡的問題是您是否看到預訂窗口有任何重大變化。我想我只是想弄清楚，顯然，一月份對你們來說看起來很強大。二月，發生了一些變化。四月、五月看起來不錯。那麼，只是想弄清楚我們現在應該如何考慮預訂窗口？您真的看到過任何變化嗎？

Sure. No. We have not seen any changes to the booking window. It's similar. Our percent sold compared to prior years is similar.

當然。不。我們沒有看到預訂窗口有任何變化。很類似。我們的銷售百分比與前幾年相比相似。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great thanks and congrats on the continued momentum. So maybe just first, if you could elaborate on pricing relative to demand across river versus ocean or maybe just speak to drivers of the diverging net yield growth in the first quarter?

非常感謝，並祝賀你繼續保持這樣的勢頭。那麼首先，您能否詳細說明相對於河流和海洋需求的定價，或是談談第一季淨收益成長差異的驅動因素？

And then it sounds like from your commentary, that's not representative of how to think about the rest of the year. But maybe if we could just walk through first quarter divergence relative to the progression we should expect across segments for the balance of the year and just what's driving it?

從您的評論來看，這似乎並不代表對今年剩餘時間的看法。但是，如果我們可以簡單地了解第一季相對於全年各部門的進展的差異，我們就可以預測出是什麼導致了這種差異？

Yeah. So I think we've seen this in prior years where the ocean curve because it does operate full year, it may look like it is booking at higher rates and faster. We have to remember that the river season really doesn't operate until the second quarter.

是的。所以我認為我們在前幾年已經看到過這種情況，由於海洋曲線確實全年運營，所以看起來它的預訂率更高、速度更快。我們必須記住，河流季節實際上要到第二季才開始。

And so, what you'll see over time is that as the booking the booking window for the future season starts to mature that the river curve will then start to also accelerate or go up as we start getting closer to when the river season starts. But Linh, I don't know if you want to provide additional color.

因此，隨著時間的推移，您會看到，隨著未來季節的預訂窗口開始成熟，隨著我們開始接近河流季節的開始，河流曲線也將開始加速或上升。但是 Linh，我不知道您是否想提供額外的顏色。

Sure. So actually, I just want to clarify your question one more time. So are you referring to the '25 season or the '26 season?

當然。所以實際上，我只是想再一次澄清一下你的問題。那您指的是 25 賽季還是 26 賽季？

The first quarter net yields? And then how to think about the remainder of the year across segments?

第一季淨收益率如何？那麼如何考慮今年剩餘時間的各個細分市場呢？

Got it. So I think first quarter for us is different, right? So we do have seasonality for rivers and ocean does operate year-round. So we have two different things going on. So for rivers, because it does have seasonality, the first quarter does not have as much capacity as our second, third, fourth quarter.

知道了。所以我認為第一季對我們來說是不同的，對嗎？因此，河流確實有季節性，海洋也確實全年運作。因此，我們有兩件不同的事情正在發生。因此對於河流來說，由於它確實具有季節性，第一季的容量不如第二、第三、第四季那麼多。

So you'll see that first quarter is not actually reflective of the full year. Similar to rivers or ocean, the first quarter 2025, we had one world cruise compared to two world cruises in the first quarter of 2024. So really, I would point us back to the curves.

所以你會發現第一季其實並不能反映全年的情況。與河流或海洋類似，2025 年第一季度，我們進行了環球航行，而 2024 年第一季度進行了兩次環球航行。所以實際上，我想讓我們回到曲線上。

The curve show our full season and with river's 95% booked, you can see where yields are or rates are? And for ocean similarly, we're 91% booked, and we see where rates are today. So that really shows how we think our season will progress for the rest of the year.

曲線顯示了我們整個賽季的情況，其中河流的預訂率為 95%，您能看到收益率或費率是多少嗎？對於海運來說，我們的預訂率也是 91%，我們也看到了今天的費率。這確實表明了我們對今年剩餘時間賽季進展的看法。

That's great color. And maybe, Leah, just on the bottom line, as we think about EBITDA margins roughly 200 basis points above 2019 today, just help us to think about maybe structural changes in your model relative to pre-pandemic on the margin side? And how best to think about margin flow-through as we think about the model moving forward?

顏色真棒。利亞，也許就底線而言，當我們考慮今天的 EBITDA 利潤率比 2019 年高出約 200 個基點時，能否幫助我們思考一下您的模型相對於疫情前利潤率方面的結構性變化？當我們考慮模型向前發展時，如何最好地考慮利潤流轉？

Sure. So as we think through the margins, we will continue to achieve growth on capacity as you could see from our order book. We also have not that past performance is indicative future, but we have been able to achieve mid single-digit growth while we're increasing capacity. And then we also leverage how we manage our expenses to achieve strong EBITDA growth.

當然。因此，當我們考慮利潤率時，我們將繼續實現產能成長，正如您從我們的訂單中看到的那樣。我們也沒有說過去的表現可以預示未來，但在增加產能的同時，我們已經能夠實現中等個位數的成長。然後，我們也利用我們的費用管理方式來實現強勁的 EBITDA 成長。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey. Thank you. It's pretty remarkable to hear how resilient the consumer has been getting anything going on and no need to promote or take price at this point. So I'm curious to hear what you would typically be on the lookout for that could change the demand trajectory.

嘿。謝謝。聽到消費者如此堅韌地接受一切，並且不需要促銷或降價，這真是令人驚嘆。所以我很好奇，想知道您通常會專注於哪些可能改變需求軌蹟的因素。

And then how you think about the levers that you have at your disposal to pull, if you did see some change in the trend, meaning would you generally be more looking to increase marketing, change promotions or perhaps more aggressive use of the balance sheet or shore up liquidity. Thank you.

然後，您如何考慮可以使用的槓桿，如果您確實看到趨勢發生了一些變化，這意味著您是否會更傾向於增加行銷、改變促銷方式，或者更積極地使用資產負債表或增強流動性。謝謝。

Yeah. Sure. So as far as what are our signals. So it's really the booking pace. I think we can get pretty quick indications whether or not the booking pace changes. It's something that we monitor rather closely.

是的。當然。那麼就我們的訊號而言是什麼。所以這實際上是預訂速度。我認為我們可以很快知道預訂速度是否有變化。這是我們密切關注的事情。

And at the end of the day, it's really what Tor outlined in what makes us different is that it's our strong direct marketing approach. And so, our first lever would be to engage the consumer directly to stimulate that demand. It would not be a pricing lever. So Tor, I don't know if you have something else that you'd like to add to that?

歸根結底，Tor 所概括的真正讓我們與眾不同的是我們強大的直接行銷方法。因此，我們的第一個手段就是直接與消費者接觸，以刺激需求。它不會成為定價槓桿。那麼 Tor，我不知道您是否還有其他要補充的嗎？

No. I think that's important. It's marketing first, and we haven't had any need to do anything on pricing. We have the strong database and a long booking window. We are really in an excellent position to handle also 2026.

不。我認為這很重要。這是行銷第一，我們沒有必要在定價上做任何事。我們擁有強大的資料庫和較長的預訂窗口。我們確實處於非常有利的位置來應對 2026 年的問題。

And I guess two very quick follow-ups on that. First, on the indication on the trajectory, would you generally think that you'd see that booking change in river or ocean first or second or would it be coincident?

我想對此有兩個非常快速的後續問題。首先，根據軌跡指示，您通常會認為您會首先還是其次看到河流或海洋中的預訂變化，或者它們是巧合嗎？

And then on the marketing, I guess, that would generally be something that we would see, for example, in the year, but for potentially next year, right? So if we were to see something for 2026, we'd start to see that this year. Thanks.

然後關於行銷，我想，這通常是我們今年會看到的事情，但可能是明年，對吧？因此，如果我們要看到 2026 年發生的事情，我們今年就會開始看到。謝謝。

Yeah. That's right. So we would see the booking pattern change would occur in both. So like you said in the past, we operate Viking with one brand. And so, we are agnostic as to where the book river or ocean. So we would look at both segments to see if there's any softness, but we are not seeing any at this point in time. The momentum has been very good. So, from all indications, we're pretty positive about the future.

是的。這是正確的。因此，我們會看到預訂模式發生變化。所以就像您過去所說的那樣，我們用一個品牌來經營維京。因此，我們不知道這本書是河流還是海洋。因此，我們會觀察這兩個部分，看看是否有任何疲軟現象，但目前我們還沒有看到任何疲軟現象。目前勢頭非常好。因此，從所有跡象來看，我們對未來非常樂觀。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Thank you. I just wanted to go back to your comment about you feel like if things continue at this pace that you would get to mid single-digit yields for next year. I guess when we look at the last year, how booked revenue per passenger cruise day tracked. It seemed like it was kind of a normal thing that it would tick down sometimes 200 or 300 basis points going from mid August, August to November for 2025 and then it sort of has held at that plus [7%].

偉大的。謝謝。我只是想回到你的評論，你覺得如果事情繼續以這樣的速度發展，明年的收益率將達到中等個位數。我想，當我們回顧去年時，每位乘客遊輪日的預訂收入是如何追蹤的。看起來這是一件很正常的事情，從 8 月中旬到 2025 年 8 月到 11 月，利率有時會下降 200 或 300 個基點，然後就一直保持在這個水平。[7%]。

I guess why would 2026 -- we don't have lots of years of seeing how that tracked, but you have talked about the higher-priced stuff selling first. And so, that it's kind of normal for the booked revenue per passenger cruise day that rate of growth to kind of tick down.

我想為什麼是 2026 年——我們沒有很多年的時間來觀察其發展情況，但您談到了高價商品的優先銷售。因此，每位乘客遊輪日預訂收入的成長率逐漸下降是正常的。

So just wanted to understand why the sort of the plus 4%, why would we not see that tick down? Or what would make that tick up because that sounds like that would be different than kind of what your normal curve looks like. So I just want to understand what's happening with '26. Thank you.

所以只是想了解為什麼會出現 4% 的成長，為什麼我們沒有看到它下降？或什麼會使其上升，因為這聽起來與正常曲線有所不同。所以我只是想了解 26 年發生了什麼事。謝謝。

Yeah. Sure. Hi, Robin. So the booking curve will develop for the remainder is pretty nuanced. So it really depends -- we dynamically price the remainder of the season based on demand. So we've always dynamically priced.

是的。當然。你好，羅賓。因此，剩餘時間的預訂曲線將會呈現相當微妙的變化。所以這真的取決於——我們根據需求動態地為本賽季剩餘的時間定價。所以我們始終採用動態定價。

And so, for the 2025 season, it happened to develop that way based on what we were seeing in the marketplace. There have been instances in the past in which year-over-year comparisons have increased. So for example, in 2024, for oceans within the similar time frame that we're talking right now for '26, advanced bookings per PCD was 4%. And then by the time the year developed, it increased to 7%.

因此，對於 2025 賽季來說，根據我們在市場上看到的情況，它恰好以這種方式發展。過去曾出現過同比數字增加的情況。舉例來說，在 2024 年，對於我們現在談論的 26 年類似時間範圍內的海洋，每 PCD 的提前預訂率為 4%。而到了年底，這一比例上升到了 7%。

So it's not necessarily a rule of thumb that yields will tick down 3% to 4%. There have been years where it will go up because we dynamically price and we don't operate in a static environment. So from all indications, given the demand that we're seeing and if macroeconomics remain stable, we feel confident that we could maintain this mid single-digit yield growth.

因此，收益率下降 3% 至 4% 並不一定是一個經驗法則。多年來，價格一直在上漲，因為我們採用動態定價，而不是在靜態環境中運作。因此，從所有跡象來看，鑑於我們所看到的需求，並且如果宏觀經濟保持穩定，我們有信心保持中等個位數的收益率成長。

We've done it in the past during disruptions. So with the management team that we have in place, our direct marketing approach and the fact that we will not take pricing actions as our first line of defense and softness in the market, which we're not seeing today. We feel optimistic at this point in time.

我們過去在發生混亂時也這樣做過。因此，憑藉我們現有的管理團隊、直接的營銷方式以及不採取定價行動作為第一道防線的事實，以及我們今天沒有看到的市場疲軟。我們現在感到樂觀。

Thanks. And just to follow up to that if I could. When you mentioned the ocean for 2024, I guess that was like sort of in 2023, how '24 was tracking. How did river, in other words, did river exhibit the same thing? Did river tick up or down in that same period?

謝謝。如果可以的話，我會繼續跟進。當您提到 2024 年的海洋時，我想那就像 2023 年的情況一樣，2024 年的軌跡也是如此。換句話說，river 是如何表現出同樣的事情的？在同一時期，河水流量是上升還是下降？

And then also the other follow-up, is there something about the mix in 2026 that would make it behave differently than 2025 in terms of picking up rather than taking down or there. Is it mix issues, whether it's ocean versus river or certain itineraries or what makes it different versus last year? Thanks.

然後還有另一個後續問題，2026 年的組合是否存在一些會使其表現與 2025 年不同的地方，即上升而不是下降。是混合問題嗎？無論是海洋還是河流，還是某些行程，或是與去年相比有什麼不同？謝謝。

Sure, Robin. It's Linh. So I mean, at the end of the day, each curve will be different for rivers and oceans depending on deployment, depending on what itineraries, what's been sold and what is available for sale. We've seen instances for both rivers and oceans in the past, in which when we're looking at year-over-year rate increases, we've seen that increase over time.

當然，羅賓。是 Linh。所以我的意思是，歸根結底，根據部署情況、行程安排、已售商品和可供出售商品的不同，河流和海洋的每條曲線都會有所不同。我們過去曾看到河流和海洋的情況，當我們觀察逐年增加的速度時，我們發現這種速度是隨著時間的推移而增加的。

So we can't necessarily just take 2025 and say that's rule of thumb, as Leah just said, really because we dynamically price and we consider what's occurring in the economy, what we're seeing from our consumer, which right now, we're seeing quite good demand, we will ensure we always price the demand.

因此，我們不能只以 2025 年為基準，並說這是經驗法則，正如 Leah 剛才所說，因為我們會動態定價，並考慮經濟中正在發生的事情、我們從消費者那裡看到的情況，目前，我們看到了相當好的需求，我們將確保我們始終根據需求定價。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hi. Good morning. So I wanted to stay on Robin's line of questioning with regards to the 2026 curve. I mean it sounds like you feel confident that instead of that decel in the pricing that will be sort of the same or better as we move forward and I understand the idea of dynamic pricing.

你好。早安.因此我想繼續回答羅賓關於 2026 年曲線的問題。我的意思是，聽起來您很有信心，價格不會下降，而是會隨著我們的前進而保持不變或更好，我理解動態定價的想法。

I guess can you maybe give us an example of how you're thinking about strategically why a year ago pricing would have decelerated and from here it might accelerate, particularly as everybody feels like the economy today is a little bit dicier than it was a year ago.

我想您能否給我們舉個例子，說明您是如何從戰略角度思考為什麼一年前的價格會減速，而現在價格可能會加速，特別是當每個人都覺得今天的經濟比一年前更加危險的時候。

And I guess to that point, even looking at the curves, it seems like it's already happening, right? I mean, the river curve, when I look at that curve for 2026, when we were in the two years prior to sailing. We were beneath the 2025 curve, and we've now accelerated to being ahead of it.

我想，就這一點而言，即使從曲線來看，似乎也已經發生了，對嗎？我的意思是，當我看到 2026 年的河流曲線時，那是我們航行之前的兩年。我們原本處於 2025 年曲線之下，但現在我們已加速領先於它。

Ocean seems like it was more in line and now it's ahead. So it sounds like we're already seeing some of that acceleration, just trying to understand what are the market conditions that are ultimately driving that?

海洋似乎更加符合標準，現在它處於領先地位。因此聽起來我們已經看到了一些加速的跡象，只是想了解最終推動這種加速的市場條件是什麼？

So that's right. I mean, I think we've said it, we're seeing it definitely in April, May. We've seen a strong momentum as we look to future season. You see the uptick for rivers and similarly for oceans in the '26 season in the last couple of months.

沒錯。我的意思是，我想我們已經說過了，我們肯定會在四月、五月看到它。展望未來賽季，我們看到了強勁的勢頭。您可以看到，在過去的幾個月中，26 年季節裡河流水位呈上升趨勢，海洋水位也同樣呈現上升趨勢。

I mean our curves are quite advanced. And I think from where we're sitting and what we're seeing, we are quite pleased that our consumers continue to book, and we're sold out for 2025 for the most part and almost 40% sold out for 2026.

我的意思是我們的曲線相當先進。我認為，從我們目前的情況和看到的情況來看，我們很高興看到消費者繼續預訂，2025 年的預訂大部分已售罄，2026 年的預訂也已售罄近 40%。

So I mean, we understand the question about the curves, but I think at the end of the day, our curves actually show the strength of our consumer and our brand. Not many can sit here in May of 2025 and already said that they have 37% of their capacity booked for the next year.

所以我的意思是，我們理解有關曲線的問題，但我認為最終我們的曲線實際上顯示了我們的消費者和品牌的實力。沒有多少人能夠在 2025 年 5 月坐在這裡並已經表示他們明年的容量已預訂了 37%。

And I think we said this in the past, and we'll reiterate it, our bookings are quite sticky. So we do have great revenue visibility. With the booking momentum we are seeing and what we've definitely seen in the last few weeks, which has been quite strong, we feel really good about 2026.

我想我們過去就說過這一點，我們會重申這一點，我們的預訂非常穩定。因此我們的收入確實具有很高的可預見性。從我們看到的預訂勢頭以及過去幾週看到的相當強勁的勢頭來看，我們對 2026 年充滿信心。

Fair enough. And then one of your peers, if you have any peers, I guess, is open for debate, but called out the idea that there's some hesitation of American consumers traveling to Europe. I mean, I think you've essentially answered this question because that is very much Europe consumer.

很公平。然後，我想，如果您有任何同行的話，您的一位同行願意接受辯論，但他提出了這樣一種觀點，即美國消費者對前往歐洲旅遊有些猶豫。我的意思是，我認為你基本上已經回答了這個問題，因為這主要是歐洲消費者。

But maybe speak to if you're seeing any differences in terms of how your consumer is thinking about where they want to go, particularly as we think about recent bookings, which are going to be late '25 and into '26. Thanks.

但是，如果您發現消費者在考慮去哪裡旅行方面有任何不同，您可以談談，特別是當我們考慮最近的預訂時，這些預訂將在 2025 年末和 2026 年進行。謝謝。

Sure. No. I mean I think you hit it right on the head. Like our deployment is head of Europe. I think about 70% of our itineraries operate in Europe, and you could see from our curves practically sold out for 2025, '26 is 37% sold. So we are not seeing any issues ourselves rather the opposite. We do see strong consumer demand for our itineraries.

當然。不。我的意思是，我認為你說得非常正確。就像我們的部署是在歐洲的首腦一樣。我認為我們約有 70% 的行程是在歐洲運營的，您可以從我們的曲線中看到，2025 年的機票幾乎全部售罄，而 2026 年的機票售出了 37%。因此，我們自己並沒有發現任何問題，恰恰相反。我們確實看到消費者對我們的行程有強烈的需求。

Assia Georgieva, Infinity Research.

Infinity Research 的 Assia Georgieva。

Good morning. Congratulations on a great quarter and a great outlook. At Infinity, we track about 95% of pricing for the global cruise industry, and I think that figure is actually higher for Viking. And just looking at our pricing curves which look very similar for 2026 relative to what you had in the presentation.

早安.恭喜您取得了出色的季度業績和良好的前景。在 Infinity，我們追蹤全球郵輪產業約 95% 的定價，我認為維京郵輪的數字實際上更高。並且只需查看我們的定價曲線，它與 2026 年的定價曲線非常相似，與您在簡報中展示的非常相似。

So I had a little bit of a question here in terms of possible timing or seasonality because it seems that since the start of wave to the first week of March, your pricing was consistently higher and that was probably the peak, which makes sense. This was core wave season.

因此，我在這裡對可能的時間或季節性有點疑問，因為似乎自浪潮開始到三月的第一周，您的定價一直較高，這可能是峰值，這是有道理的。這是核心波浪季節。

And in the subsequent weeks, especially in the last four weeks since April through this past Friday, your pricing seems to be ticking down by about 1% or so on a sequential basis. Is this due to seasonality, a slower booking time frame? It also coincides with the macroeconomic shock, if you will, with tariffs.

在接下來的幾周里，特別是從四月到上週五的過去四周，你們的定價似乎比去年同期下降了約 1%。這是由於季節性因素或預訂時間較慢所致嗎？如果你願意的話，它也與宏觀經濟衝擊以及關稅相吻合。

So I wondered whether any of these factors would play in? And as a follow-up, should we expect an usual uptick if you've seen that historically in the fall of '25 for 2026 bookings. Is that how your booking curves would usually work? Thank you so much.

所以我想知道這些因素是否會發揮作用？作為後續問題，如果您從歷史上看，2025 年秋季的預訂量呈上升趨勢，那麼我們是否應該預期會出現正常的上升趨勢？您的預訂曲線通常是這樣運作的嗎？太感謝了。

I don't think we can verify your data, but what we can say is about our own and what we're seeing and what we're seeing is our pricing remains quite good. We are up year-over-year. I think if you look at our 2025 season, we last reported in May.

我認為我們無法驗證您的數據，但我們可以說的是關於我們自己的數據以及我們所看到的，我們所看到的是我們的定價仍然相當不錯。我們的業績逐年上升。我想如果你看一下我們的 2025 年賽季，我們上次報告是在 5 月。

And as we report today, our pricing has remained relatively strong. For rivers especially, we were 5% ahead at the last call, and now we're 7% ahead. So that in all indications to us, our pricing is holding, which is great. And as we just mentioned throughout the call that the last few weeks have given us great confidence as we look into the future.

正如我們今天報導的那樣，我們的定價仍然相對強勁。尤其是對於河流，我們在上次呼叫時領先 5%，現在我們領先 7%。因此，從各方面跡象來看，我們的定價都保持穩定，這很好。正如我們在整個通話過程中提到的那樣，過去幾週的經歷讓我們對未來充滿信心。

Thank you. And would you expect an uptick in booking activity later in the year or is it generally wave season and then stable throughout the balance of the year historically?

謝謝。您是否預計今年稍後預訂活動會增加，或者從歷史上看，這通常是旺季，然後在全年保持穩定？

I mean, I think this goes back to what Leah mentioned. If the outlook remains steady, combined with what we've seen in the last few weeks, we feel good about pricing, and we do feel that we can evolve to a mid single-digit increase along with our capacity increases.

我的意思是，我認為這又回到了 Leah 所提到的。如果前景保持穩定，結合我們過去幾週看到的情況，我們對定價感到滿意，我們確實認為隨著產能的增加，我們可以實現中等個位數的成長。

I think if I could just add to that. So we do sell throughout the year, and that goes back to our direct marketing. And there have been instances where we may open up a season earlier just to capture that demand.

我想我可以補充一下。所以我們全年都在銷售，這可以追溯到我們的直接行銷。有時候，我們可能會提前一個季節開放，以滿足這種需求。

So it really depends on what we're seeing in the consumer behavior and what the consumer would like. But generally speaking, we do sell -- wave season is wave season, but we continue to market throughout the year.

所以這其實取決於我們所看到的消費者行為以及消費者的喜好。但一般來說，我們確實在銷售——旺季是旺季，但我們全年都會繼續行銷。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Hi. Good morning, everyone. Thank you. A couple of questions here for you. I understand that you haven't done anything as far as lowering price as far as promotions. But how about other types of promotional activities such as add-ons, booking incentives, cabin upgrades, et cetera. Has there been any changes this spring versus historically what you're doing this time of the year as far as those incentives to get people to book. Thank you.

你好。大家早安。謝謝。這裡有幾個問題想問您。我了解到你們在降低價格和促銷方面沒有採取任何措施。但其他類型的促銷活動，例如附加服務、預訂獎勵、客艙升等等，又如何呢？與以往相比，今年春季您在吸引人們預訂方面所採取的措施有什麼變化嗎？謝謝。

Maybe I can take that. I think, again, we have said it before, our marketing methods is mainly to market more, and we try to shy away from search things. So there is no change in that.

也許我可以接受。我想，我們之前已經說過，我們的行銷方法主要是進行更多行銷，我們盡量避免涉及搜尋的事情。所以這方面沒有變化。

Okay. So no change to promotional activity versus this time of year. Okay. Second question here, I just want to be clear, and I think I got the -- you had basically implied or said that in April, you saw no softness whatsoever only accelerating booking trends. Did I understand that correctly as far as bookings. Thank you.

好的。因此與往年同期相比，促銷活動並沒有改變。好的。第二個問題，我只是想說清楚，我想我明白了——你基本上暗示或說過，四月份你沒有看到任何疲軟，只有加速的預訂趨勢。就預訂而言，我理解得正確嗎？謝謝。

Yeah. That's right.

是的。這是正確的。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. (technical difficulty)

大家早安。（技術難度）

Apologies, Brandt. Apologies for interrupting. We're unable to hear you, just wondering if you could shift your position a little bit. Your line is not coming through clear.

抱歉，布蘭特。抱歉打擾了。我們聽不到您的聲音，只是想知道您是否可以稍微改變您的位置。您的線路聽起來不太清晰。

Okay. Sorry about that. So Leah and Tor, when you look at your bookings cadence throughout the quarter, and you were watching, I'm sure like everybody else the macro volatility and the news around tariffs and gauging your customer reaction to those tariffs, what was your strategy in regards to that dynamic pricing that you were able to do or were able to pull levers and things like that to be able to keep that bookings cadence going.

好的。很抱歉。所以 Leah 和 Tor，當你們查看整個季度的預訂節奏時，我相信你們和其他人一樣，也在關注宏觀波動和關稅相關新聞，並評估客戶對這些關稅的反應，你們在動態定價方面採取了什麼策略，或者能夠利用哪些手段來保持預訂節奏。

So we have said many times that our first lever would be to directly engage the consumer in order to stimulate demand. So what we can say is that what we wanted to do during the wave season is to close out 2025. So you can see we're 92% booked effectively that means we're sold out so that we can focus our engagement with the consumer for the 2026 and forward season.

因此，我們多次表示，我們的第一個槓桿是直接與消費者接觸，以刺激需求。所以我們可以說的是，我們希望在波浪季節做的事情就是在 2025 年結束。所以您可以看到，我們的有效預訂率為 92%，這意味著我們的門票已售罄，因此我們可以專注於 2026 年及以後的季節與消費者的互動。

And when we executed that strategy, we did see the consumer response so that April and May bookings were very strong and it shows our consumer resilience. It shows that when we engage with them directly, they do respond in kind and then they start to book because they do want to travel. They are less impacted by feelings of unemployment or what's happening in the macroeconomic and that resulted in the booking curves that you see today.

當我們執行該策略時，我們確實看到了消費者的反應，因此四月和五月的預訂量非常強勁，這表明了我們的消費者韌性。這表明，當我們直接與他們接觸時，他們確實會做出回應，然後開始預訂，因為他們確實想旅行。他們受失業情緒或宏觀經濟狀況的影響較小，從而形成了今天所見的預訂曲線。

Okay. And then when the Ukraine war started, I think you had multiple vessels that were in laid up in Russia that were written off. If there was some solving of that geopolitical situation and you were able to stand up Russia. How ready are those ships to get back into service? What would be the lag there? And how much of, I don't know, capacity or revenue percentage would that represent for you today?

好的。然後，當烏克蘭戰爭開始時，我認為有多艘停泊在俄羅斯的船隻被註銷了。如果地緣政治局勢得到解決，俄羅斯就能夠站起來。這些船舶是否做好了重新投入使用的準備？那裡的滯後會是什麼樣子？我不知道，這對您今天的產能或收入百分比代表了多少？

Well, we have kept the ship safe, so to speak. We have five ships in Russia and one in Ukraine, and we will be ready to go on I think it's more a matter of when would Americans like to go to Russia and Ukraine. All my past history says that one thing that we all like to go to these places.

好吧，可以這麼說，我們保證了船的安全。我們在俄羅斯有五艘船，在烏克蘭有一艘船，我們隨時準備出發。我認為，更重要的是美國人甚麼時候願意去俄羅斯和烏克蘭。我過去的所有經歷都表明，我們都喜歡去這些地方。

So we are really ready to go with them. They will help our contribution to EBITDA, no doubt about it. And it's as I've expressed several times, the cruise between Moscow and St. Petersburg is probably my favorite cruise, but there we are. We hope this will be over soon.

所以我們真的準備好要跟他們一起去了。毫無疑問，它們將有助於我們對 EBITDA 做出貢獻。正如我多次表達過的，莫斯科和聖彼得堡之間的遊輪可能是我最喜歡的遊輪，但我們就是這樣的。我們希望這一切能盡快結束。

Connor Cunningham, Melius Research.

康納·坎寧安（Connor Cunningham），Melius Research。

Hi, everyone. Thank you. Last year, we spent a lot of time talking about potentially changing how the booking curve would look basically holding back bookings in advance. And when you look at the '26 book position. It doesn't seem like that was implemented, but maybe it was.

大家好。謝謝。去年，我們花了很多時間討論如何改變預訂曲線，基本上就是提前阻止預訂。當您查看 26 年書籍的位置時。看起來好像沒有實現，但也許已經實現了。

I think that the opportunity was more on having more inventory for wave. So if you could just talk about how your booking management system is as being tweaked right now, that would be helpful. Thank you.

我認為機會更多在於擁有更多的庫存。因此，如果您能談談您的預訂管理系統目前是如何調整的，那將會很有幫助。謝謝。

I mean, I wouldn't say we said we would hold back inventory. I think as we look to our booking curves, and how it trends and what's going on in the economy and consumer sentiment, we use all those factors to play into how we price, and our revenue management system is designed to dynamically priced.

我的意思是，我不會說我們會保留庫存。我認為，當我們觀察預訂曲線、趨勢以及經濟和消費者情緒時，我們會將所有這些因素納入定價範圍，而我們的收入管理系統旨在動態定價。

So as we see things shift, we may move prices up. And I think we saw that with reverse for 2025. We're up 2% in rates in the last couple of months, which is a good reflection of what we've seen in the marketplace. And I think that's something we will continue for 2026. Where we are our booking momentum, we will continue to use all the factors, including our curves to determine how we dynamically price.

因此，隨著情況發生變化，我們可能會提高價格。我認為到 2025 年，這種情況將會出現逆轉。過去幾個月，利率上漲了 2%，這很好地反映了我們在市場上看到的情況。我認為我們會在 2026 年繼續這樣做。在我們的預訂勢頭強勁的情況下，我們將繼續使用所有因素，包括我們的曲線來確定我們的動態定價方式。

Okay. And then there's obviously been a lot of talk of price on this call, but your unit costs were actually quite good in 1Q. Could you just talk about how you're managing costs in the '25 and '26. It just seems like the opportunity to maintain a spread between cost and price will remain wide as you go into like the end of this year and into next. So if you could just talk about the cost side of the equation, I think that, that would be helpful. Thank you.

好的。顯然，這次電話會議中討論了很多關於價格的問題，但你們第一季的單位成本實際上相當不錯。您能否談談您如何管理 25 年和 26 年的成本？看起來，隨著​​今年年底和明年的到來，維持成本和價格之間的差價的機會仍然很大。因此，如果您能談談等式的成本方面，我認為這將會有所幫助。謝謝。

Sure. Please, Tor, go ahead.

當然。請繼續，Tor。

Yeah. Maybe I could make a comment about the design of our vessels. I think we have made that point a few times that both the river vessels and the ocean vessels are very efficiently designed so that we can, for example, in the river vessels, we take 190 guests whereas most competitors take 164.

是的。也許我可以對我們的船隻設計發表一些評論。我想我們已經多次強調這一點，無論是內河船還是遠洋船，都設計得非常高效，例如，我們的內河船可搭載 190 名客人，而大多數競爭對手只能搭載 164 名客人。

We have been able to utilize the footprint much better. So that, of course, makes us more resilient also when it comes to any inflationary pressures. So we are really in very good shape on the design of the vessel, same on the ocean vessels. No unnecessary things no casinos, no bath tubs.

我們已經能夠更好地利用足跡。因此，當面臨通膨壓力時，當然也會讓我們更有韌性。因此，我們在船舶設計方面確實處於非常好的狀態，遠洋船舶也是如此。沒有不必要的東西，沒有賭場，沒有浴缸。

So you can say we have a very efficient vessel. And we have a very good -- when I say good crew to passenger ratio, it means that we manage to get away with a fewer crew than many others and still deliver the best service. So we are really quite well positioned.

所以你可以說我們有一艘非常有效率的船。而且我們擁有非常好的——當我說良好的機組人員與乘客比例時，這意味著我們設法以比其他許多公司更少的機組人員提供最好的服務。因此，我們的定位確實相當有利。

Thank you. But is the view that you'll actually be able to bend it negative, like there still were some inefficiencies as we were kind of coming out of the pendamic. Like is there an opportunity to get a little bit better on the cost side in general from a margin-driving standpoint?

謝謝。但這種觀點是否真的能夠扭轉這種消極局面，就像我們剛走出困境時，仍然存在一些效率低下的問題。從利潤率的角度來看，整體上是否有機會在成本方面有所改善？

I mean, I think our approach to cost management is really focused on a strong internal discipline. I mean we are committed to enhancing our margins, and we should see some leverage from scale, which is mostly in our SG&A line.

我的意思是，我認為我們的成本管理方法確實側重於強大的內部紀律。我的意思是，我們致力於提高我們的利潤率，我們應該看到規模帶來的一些槓桿作用，這主要體現在我們的銷售、一般和行政費用方面。

But we do want to iterate that we will make the right investments into our product to ensure that our product remains the quality it is. That being said, we are prudent with the expenses. And so, we've done a good job thus far managing expenses, and we will continue to do so.

但我們確實想重申，我們將對我們的產品進行正確的投資，以確保我們的產品保持原有的品質。話雖如此，我們在開支方面還是很謹慎的。因此，到目前為止，我們在管理費用方面做得很好，並且我們將繼續這樣做。

Meredith Jensen, HSBC.

匯豐銀行的梅瑞迪絲‧詹森。

Good morning. I was hoping you could speak a little bit about the business outside of Europe in terms of both North America with expeditions as well as in Southeast Asia, as you introduce more ships in the (inaudible) et cetera, and how that might impact or smooth on seasonality and look at sort of the itinerary length and pricing for those itineraries. Thank you.

早安.我希望您能談談歐洲以外的業務，包括北美的探險以及東南亞的業務，因為您在（聽不清楚）等等地區引入了更多的船隻，以及這將如何影響或平滑季節性，並查看這些行程的行程長度和定價。謝謝。

My colleagues are pointing to me. It's a little bit difficult because I'm in Shanghai today. We are at a Shanghai office, where I think we have a very interesting opportunity. It takes time, but we are in a unique position. As you know, we have four ships operating on the rivers in Europe to Chinese staff on the catering side, Chinese foods, Chinese language. And I think we have a very unique opportunity here. It takes time, but that's one of the areas we are focusing (multiple speakers)

我的同事都指著我。這有點困難，因為我今天在上海。我們在上海設有辦事處，我認為我們在這裡擁有非常有趣的機會。這需要時間，但我們處於獨特的地位。如您所知，我們有四艘船在歐洲河流上航行，為中國員工提供餐飲、中餐和中文服務。我認為我們這裡有一個非常獨特的機會。這需要時間，但這是我們關注的領域之一（多位發言者）

Can you talk a little bit about the Viking Libra and how this design and step towards improved sustainability for the industry. It can have not just for the environment but operational benefits for you and it aligns with broader industry trends. If you mind just speaking a little bit more about what you're thinking there.

您能否簡單談談 Viking Libra 以及它的設計和舉措如何提高產業的可持續性？它不僅對環境有益，還能為您帶來營運效益，並符合更廣泛的產業趨勢。如果您介意的話，請再多談談您的想法。

As you know, we have spent a lot of time and effort on studying what are the best propulsion solutions for the future. And we'll never know what propulsion will eventually decide often that decide wrong, but we know at least that theoretically, the LNG solution has not been a good one.

如您所知，我們花費了大量的時間和精力來研究未來最佳的推進解決方案。我們永遠無法知道最終推進力會做出什麼決定，而且經常會做出錯誤的決定，但我們至少從理論上知道，液化天然氣解決方案並不是一個好的解決方案。

And everybody will agree that hydrogen is a clean fuel. And in our case, it is we will base ourselves on hydrogen fuel cells. We can't base ourselves on a full ship on propel like this, but we will have at least so that we can go in and out of Norwegian parts and be a good corporate citizen.

每個人都會同意氫是一種清潔燃料。就我們而言，我們將以氫燃料電池為基礎。我們不能依靠這樣的動力來建造一艘完整的船，但我們至少可以進出挪威部分地區並成為優秀的企業公民。

So I think maybe it's a little bit early, but I think it's the right step to show a direction that things can be done and that it can have true zero emission and not only PR zero emission vessels which others are. So we're very, very proud of it. As a result of the hydrogen, the ship is 10 meters to 11 meters longer than it is and that allows us to put a few more cabins on. So you can say the economics from that are also good on the new ships.

所以我認為也許現在有點早，但我認為這是正確的一步，表明事情可以做的方向，並且可以實現真正的零排放，而不僅僅是其他公司的 PR 零排放船舶。所以我們對此感到非常自豪。由於使用氫氣，船體比實際長度長 10 米到 11 米，這樣我們就可以多裝幾個艙室。因此你可以說新船的經濟效益也很好。

Apart from that, the new ships are identical to the old ones. We're very proud of the position we have, and we hope that will be the direction for the future. And if I can complete on the other areas, as you know, we have been on the Mississippi and we are in Mississippi.

除此之外，新船與舊船完全相同。我們對自己所處的地位感到非常自豪，並希望這將成為未來的方向。如果我可以完成其他領域，如你所知，我們一直在密西西比河上，我們現在在密西西比河上。

It has taken time to get it right, but I think we're very proud of what the product we deliver. And we are now moving ahead in Egypt where we have six vessels operate now. I think we'll be up to 10 and the product is unbelievably attractive.

我們花了一些時間才把事情做好，但我認為我們對我們交付的產品感到非常自豪。目前，我們正在埃及開展工作，目前我們有六艘船在那裡運作。我認為我們將達到 10 個，而且產品極具吸引力。

Expedition product is also extremely extremely well received. And I think I mentioned that two years ago, I took my first vacation in 27 years in Antartica and in September this year, I'll go to Greenland and going to the Northwest passage on one of our expedition vessels. It's very, very attractive.

Expedition產品也極為受歡迎。我想我提到過，兩年前，我 27 年來第一次在南極洲度假，今年 9 月，我將前往格陵蘭島，乘坐我們的一艘探險船前往西北航道。它非常非常有吸引力。

Now of course, these are smaller things compared to our ocean and river business. But they are very attractive additional segments as we are doing in India, by the way, where we will also be operating a vessel on the Brahmaputra. So I think these things add to the attractiveness of being with we can take people to many different places.

當然，與我們的海洋和河流業務相比，這些都是小事。但它們是非常有吸引力的附加部分，就像我們在印度所做的那樣，順便說一下，我們也將在雅魯藏布江上運營一艘船。所以我認為這些東西增加了陪伴的吸引力，我們可以帶人們去很多不同的地方。

Thanks so much for the color. That's super helpful and hopefully, we can all make it on one of those too. Thank you, Tor.

非常感謝這個顏色。這非常有幫助，希望我們也能做到其中之一。謝謝你，托爾。

Xian Siew, BNP Paribas.

法國巴黎銀行的 Xian Siew。

Hi. Thanks. You mentioned the world towards a bit of a mix benefit to yield in the quarter for ocean as you went from two tours in '24 to one tour in '25. Would this also impact the booking curve in terms of advance bookings for PCD.

你好。謝謝。您提到，隨著您從 1924 年的兩次巡演減少到 1925 年的一次巡演，世界將在本季度為海洋帶來一些混合收益。這也會影響 PCD 的提前預訂曲線嗎？

And maybe this is one reason ocean pricing was so high to start the '25 booking curve before moderating. And then '26, you now have, I think, consistent world tours. Is that something to think about?

這也許就是為什麼在調整之前 25 年的預訂曲線開始時海運價格如此之高的原因之一。然後從 26 年開始，我想，你就開始了持續的世界巡迴演唱會。這是值得思考的事嗎？

Yeah. I mean, I wouldn't say -- that's definitely along the right line. We did have two world cruises in 2024. So as '25 went out to sell, it did have a greater year-over-year rate increase. So that is definitely a fair point.

是的。我的意思是，我不會說——這絕對是正確的。2024 年我們確實進行了兩次環球航行。因此，隨著 25 年的銷售，其同比漲幅確實更大。所以這絕對是個合理的觀點。

I think this is where we point back to our curves for rivers and oceans. It does show for the full season. So you could see how or what we would anticipate a season to trend towards from a rate perspective.

我想這就是我們回顧河流和海洋曲線的地方。它確實展現了整個賽季。因此，您可以從利率角度看到我們預測一個季節的趨勢如何或走向什麼。

Thank you. And that does conclude our Q&A session today. I will now turn the conference back over to Tor Hagen, Viking's Chairman and CEO for closing remarks.

謝謝。今天的問答環節到此結束。現在，我將會議交還給維京董事長兼執行長 Tor Hagen 致閉幕詞。

Yeah. Thank you very much for joining us on today's call. As you can tell, we are quite optimistic about this year and next year. But we will meet again in three months' time, and then we'll see what progress has been made. We are very, very optimistic and very proud of what we have accomplished. But thank you very much and have a good day.

是的。非常感謝您參加今天的電話會議。正如大家所看到的，我們對今年和明年非常​​樂觀。但我們將在三個月後再次會面，然後我們將看到取得了什麼進展。我們對我們所取得的成就非常非常樂觀和自豪。但還是非常感謝你並祝你有美好的一天。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。