Viking Holdings Ltd (VIK) 2025 Q2 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 second-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 年第二季財報電話會議。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 second-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 年第二季財報電話會議。與我一同出席的還有董事長兼執行長 Tor Hagen 和總裁兼財務長 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. 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.

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。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。

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.

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。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投資者關係網站 ir.viking.com 上發布的新聞稿中進行協調和描述。

Tor 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.

Tor 和 Leah 將在今天的電話會議上首先介紹業務的策略概述，包括回顧我們的第二季業績和當前預訂環境的最新情況。在他們發言之後，我們將開始回答大家的提問。為了補充今天的討論，我們的投資者關係網站上提供了一份收益報告。

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, Carola, and good morning, everyone. We are pleased to have delivered another quarter of great results, which reaffirm once and again the strength of our business model, of our brand, and our guest demographic.

謝謝你，卡羅拉，大家早安。我們很高興又一個季度取得了出色的業績，這再次證明了我們的商業模式、品牌和客戶群的實力。

As you can see on slide 3, 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.

正如您在投影片 3 中看到的，2025 年第二季度，淨收益率成長了 8%，加上產能成長了 8.8%，導致營收年增 18.5%。我相信這是嚴格執行和我們的遊輪需求旺盛的結果。

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 booked position at the same point last year and at higher rates.

就整體預訂環境而言，我們看到需求持續強勁。我們核心產品的 2025 年容量的 96% 已被預訂，今年實際上已銷售一空。因此，我們的注意力仍然放在 2026 年的預訂量上，我們看到了一個非常強勁的開始。截至 8 月 10 日，我們 2026 年季度核心產品的 55% 容量已經售出，這與我們去年同期的預訂情況一致，而且價格更高。

If we look at the next slide, number 4, 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.

如果我們看下一張投影片，即第 4 張，您會看到，自我們上次發言以來，我們一直非常忙碌，既要擴大我們的機隊，又要加強我們的全球影響力。首先，維京維斯塔號於 6 月加入我們的遠洋艦隊，並在地中海度過了她的首航季。

On the River side, we continue to thoughtfully strengthen our presence with the additions of the Viking Amun on -- also this past July, we announced our first deliver voyages in India starting in 2027. This region offers stunning scenery and rich cultural heritage.

在河流方面，我們繼續深思熟慮地加強我們的影響力，增加了維京阿蒙號——同樣在今年 7 月，我們宣布將於 2027 年開始在印度進行首次交付航行。該地區風景秀麗，文化遺產豐富。

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.

我們期待為我們的客人提供維京風格的獨家行程，讓他們享受極致的舒適和豐富的文化體驗。這款新產品的早期反應非常熱烈，所有可用行程均已售罄。

And earlier during the second quarter, we completed a secondary offering of 3.5 million ordinary shares priced at $44.20 per share.

在第二季早些時候，我們完成了 350 萬股普通股的二次發行，發行價為每股 44.20 美元。

We will now look at how these developments shape the bigger picture for Viking, starting on slide 5. When you consider that we started with just four river ships in 1997, our growth over the years have 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.

從第 5 張幻燈片開始，我們將看看這些發展如何塑造維京的宏偉藍圖。想想看，我們在 1997 年起步時只有四艘內河船，但這些年來我們的發展已經取得了顯著的成就，對此我們感到非常自豪。我們持續成功的關鍵原因是我們的願景始終如一。旅行應該以目的地為中心。

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.

我們也很幸運擁有非常忠誠的客人，這些旅行者一次又一次地回到維京。最重要的是，我們的持續成長是世界各地團隊辛勤工作和奉獻的結果。

Today, our river fleet consists of 85 vessels operating on rivers across the globe, from the Rhine to the Nile and from 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.

如今，我們的河流船隊由 85 艘船組成，在全球河流上航行，從萊茵河到尼羅河，從多瑙河到湄公河。透過多年的策略性投資和合作，我們現在控製或擁有 110 個停靠地點的優先使用權，這為我們提供了合理的靈活性和提供始終如一的高品質賓客體驗的能力。

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.

在海上，我們目前營運 12 艘小型現代化船舶，所有船舶均配備 100% 陽台客艙，設計幾乎相同。這種統一性使我們能夠有效地擴展，提供一致的產品，並維持嚴格的營運控制。同樣的理念指導著我們的兩艘探險船，它們為尋求在世界偏遠地區進行更深入探索的客人提供服務。整體而言，我們的機隊設計兼顧效率和目的，為乘客提供卓越的舒適度和極具吸引力的經濟效益。

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.

這些效率既適用於我們的船舶設計，我們優化空間利用率和能源解決方案以及我們的運營，使維京能夠提高收益，增強客人體驗，並實現長期增長。

Now moving to slide 6. 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.

現在轉到投影片 6。印度最近交付的船舶和提供的新航線證明，我們的內河業務仍然是我們身份的基礎，並繼續成為關鍵的成長引擎和品牌差異化因素。

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.

整體而言，我們目前在全球經營 21 條河流，業務範圍不斷擴大，這不僅反映了我們忠實客人的需求，也反映了我們服務地區的文化豐富性。我們的河流策略建立在選擇性擴張的基礎上，重點關注與維京品牌相符並能引起文化好奇的旅客共鳴的目的地。這意味著我們要超越人流量大的歐洲航線，深化我們在投影片上所示的高價值、較少探索地區的影響力。

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.

在埃及，尼羅河持續表現強勁。我們目前有 7 艘郵輪投入運營，並計劃到 2027 年再交付 5 艘，這凸顯了我們對這個標誌性目的地的長期需求的信心。

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.

在流經越南和柬埔寨的湄公河上，我們目前運營一艘船，另一艘船計劃於今年稍後交付。我們在印度的最新河流航線將於 2027 年和 2028 年分別投入一艘和另一艘。這些船隻規模較小，每艘可容納 80 位客人。

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.

我們定期進行廣泛的研究，以確定新的行程，填補我們核心人群的旅遊市場空白，鼓勵我們過去的維京客人再次與我們一起旅行，同時吸引新客人加入我們的品牌。印度就是一個例子。

The India offering is not large in terms of immediate scale, but this addition 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 with Viking.

從目前規模來看，印度的供應量並不大，但這次的增加並不涉及數量。它旨在為我們的客人提供以文化為重點的沉浸式目的地旅行，從而豐富我們的產品組合，並為我們的忠實客人提供更多與維京一起探索世界的方式。

Now if we move to slide 7, 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 a price of $44.20 per share.

現在，如果我們轉到投影片 7，我將簡要介紹我們的所有權結構。2025年5月29日，我們完成了二次發行。TPG Capital 和 CPP Investments 共發行 3,050 萬股普通股，發行價為每股 44.20 美元。

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 who participated in the offering and are grateful for the continued interest and support in Viking.

正如您在投影片上看到的，此交易調整了我們的所有權結構，增加了我們的機構流通股，並進一步豐富了我們的股東基礎。我們感謝所有參與活動的人，並感謝大家對維京的持續關注和支持。

With that, I'll 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. I will start by reviewing our very strong second-quarter results.

謝謝你，Tor，大家早安。我將首先回顧我們非常強勁的第二季業績。

On a consolidated basis, total revenue for the quarter increased 18.5% year over year to $1.9 billion. The year-over-year increase was mainly driven by increased capacity, higher occupancy, and higher revenue per PCD. Capacity increased 8.8% this quarter, driven by the delivery of two river vessels and one ocean ship in 2024 as well as an additional river vessel delivered in March 2025.

綜合來看，本季總營收年增 18.5%，達到 19 億美元。年比成長主要得益於容量增加、入住率提高以及每 PCD 收入增加。本季運力成長 8.8%，主要得益於 2024 年交付的兩艘江河船和一艘遠洋船，以及 2025 年 3 月交付的一艘江河船。

Growth also reflects the Viking Yi Dun, which operates in China. As you might recall, at the end of last year, we celebrated our return to this region. While our product in Asia and for Asia is still in its early stages of development, we are very pleased to have added an ocean ship with unique itineraries for our Asian guests.

在中國營運的維京易盾也實現了成長。大家可能還記得，去年年底，我們慶祝重返這個地區。雖然我們在亞洲的產品以及針對亞洲的產品仍處於早期開發階段，但我們非常高興為亞洲客人增加了一艘擁有獨特行程的遠洋船。

Adjusted gross margin increased 19.2% year over year to $1.2 billion, resulting in a net yield of $607, 8% higher than the second quarter of 2024. Vessel expenses, excluding fuel per capacity PCD increased 8.2% this quarter compared to the same period last year. This year-over-year increase was driven by several factors. These include changes in itinerary mix that resulted in both higher yields and some higher expenses such as port charges. We remain committed to optimizing our cost structure while continuously refining our deployment and itinerary planning.

調整後毛利率年增 19.2% 至 12 億美元，淨收益為 6.07 億美元，比 2024 年第二季高出 8%。本季度，不包括每容量燃料的船舶費用 PCD 與去年同期相比成長了 8.2%。這一同比增長是由多種因素推動的。這些措施包括改變行程組合，從而帶來更高的收益和更高的費用，例如港口費用。我們將繼續致力於優化成本結構，同時不斷改進我們的部署和行程規劃。

Regarding SG&A, following the year-over-year step-up in expenses in the second quarter, we continue to invest in our teams as well as in sales and marketing to support future growth and drive demand generation.

關於銷售、一般及行政費用，繼第二季支出年增長之後，我們繼續投資於我們的團隊以及銷售和行銷，以支持未來的成長並推動需求的產生。

Adjusted EBITDA for the second quarter was $633 million, 28.5% higher than the same period last year. This significant year-over-year increase was mainly driven by higher capacity, occupancy, and net yields in both the Ocean and River segments. As we have mentioned in the past, the combination of capacity growth and yield growth translates into healthy EBITDA growth.

第二季調整後EBITDA為6.33億美元，較去年同期成長28.5%。這一同比大幅成長主要得益於遠洋和內河航運板塊的運力、入住率和淨收益的提高。正如我們過去所提到的，產能成長和產量成長的結合會轉化為健康的 EBITDA 成長。

Net income was $439 million, an improvement of almost $280 million when compared to the same period in 2024. I will note that the net income for the second quarter of 2024 includes a loss of $123 million from the revaluation of warrants issued by the company due to stock price appreciation, and it also includes a loss of $66 million from the net impact of the private placement derivative loss and interest expense related to the company's Series C preference shares.

淨收入為 4.39 億美元，與 2024 年同期相比成長了近 2.8 億美元。我要指出的是，2024年第二季的淨收入包括因股價上漲而對公司發布的認股權證進行重估的1.23億美元損失，還包括與公司C系列優先股相關的私募衍生品損失和利息費用的淨影響造成的6600萬美元損失。

Adjusted net income attributable to Viking Holdings Limited was $439 million, 25.8% higher than the same period in 2024. The net income is also impacted by fluctuation in currency. To this end, we have hedged a significant portion of our euro exposure for 2025 and 2026 operating expenses. We have EUR470 million hedged for 2025 and EUR500 million hedged for 2026 at a weighted rate of $1.10 per euro.

歸屬於維京控股有限公司的調整後淨收入為 4.39 億美元，比 2024 年同期高出 25.8%。淨收入也受到貨幣波動的影響。為此，我們對 2025 年和 2026 年營運費用的很大一部分歐元風險敞口進行了對沖。我們已為 2025 年對沖了 4.7 億歐元，為 2026 年對沖了 5 億歐元，加權匯率為每歐元 1.10 美元。

We also worked on opportunities to offset our currency exposure on the balance sheet, such as our euro-denominated loans. For example, we naturally hedge these loans by converting an equivalent amount of cash holdings into euros as of late Q2 2025. With this, on a go-forward basis, we have generally mitigated the unrealized currency fluctuations caused by the euro loans due to fluctuating euro rates. Adjusted EPS was EUR 0.99 for the second quarter.

我們也努力尋找機會抵消資產負債表上的貨幣風險，例如以歐元計價的貸款。例如，我們自然會在 2025 年第二季末將等量的現金持有量轉換為歐元來對這些貸款進行對沖。透過這種方式，從長遠來看，我們基本上減輕了因歐元利率波動而導致的歐元貸款未實現的貨幣波動。第二季調整後每股收益為 0.99 歐元。

Before moving to our reportable segments, which are on slide 10, I would like to highlight that for the first half of the year, our consolidated adjusted gross margin increased 20.7% year over year to over $1.8 billion, and our net yield was $584, 7.6% higher than in the same period last year.

在介紹第 10 張投影片上的報告部門之前，我想強調一下，今年上半年，我們的綜合調整後毛利率年增 20.7%，達到 18 億美元以上，淨收益率為 5.84 億美元，比去年同期高出 7.6%。

Now I will briefly discuss our two reportable segments, River and Ocean. Unless noted, I will be referring to year-to-date metrics or six months ended June 30, 2025.

現在我將簡要討論我們的兩個報告部分，河流和海洋。除非另有說明，我將參考年初至今的指標或截至 2025 年 6 月 30 日的六個月。

In the River segment, capacity PCDs increased 7.5% year over year, mainly driven by the addition of two new ships for Egypt delivered in 2024 and the Viking Nerthus, which began operating on the Seine River in March of 2025. Occupancy for the period was 95.6%, an increase of almost 100 basis points compared to the same period last year.

在河流領域，運力 PCD 年比增長 7.5%，主要原因是 2024 年交付的兩艘埃及新船和 2025 年 3 月開始在塞納河上運營的 Viking Nerthus 號。本期間的入住率為 95.6%，與去年同期相比增加了近 100 個基點。

Adjusted gross margin grew 15.8% year over year and net yield was $607, up 6.9% year over year, driven by strong demand for our European itineraries. As a reminder, the bulk of our River business begins in the second quarter.

調整後的毛利率年增 15.8%，淨收益為 6.07 億美元，年增 6.9%，得益於歐洲行程的強勁需求。提醒一下，我們的河流業務大部分都是從第二季開始的。

For Ocean, capacity PCDs increased 11.2% year over year, mainly due to the addition of the Viking Vela in December of 2024. Occupancy for the period was 95.2%, about 25 basis points higher than last year. Adjusted gross margin increased 24.9% year over year to $888 million, while net yield increased 12% to $551. The increase in net yield was primarily driven by a favorable mix in deployment.

對 Ocean 而言，容量 PCD 年成長 11.2%，主要原因是 2024 年 12 月增加了 Viking Vela 號。本期間的入住率為 95.2%，比去年高出約 25 個基點。調整後的毛利率年增 24.9% 至 8.88 億美元，淨收益率成長 12% 至 5.51 億美元。淨收益率的成長主要得益於有利的部署組合。

I will particularly highlight the positive impact of operating one World Cruise this year compared to two in 2024. Excluding this impact, net yield for the period would have increased by high single digits compared to 2024.

我要特別強調的是，今年運營一次環球航行與 2024 年運營兩次環球航行相比的積極影響。排除此影響，該期間的淨收益率與 2024 年相比將成長高個位數。

Now moving to the balance sheet on slide 11. You can see that as of June 30, 2025, we had total cash and cash equivalents of $2.6 billion, and we also have an undrawn revolver facility of $375 million. Our net debt was $3.2 billion, and our net leverage was 2.1 times. As of June 30, 2025, deferred revenue was $4.4 billion.

現在轉到投影片 11 上的資產負債表。您可以看到，截至 2025 年 6 月 30 日，我們的現金和現金等價物總額為 26 億美元，此外我們還有 3.75 億美元的未提取循環信貸額度。我們的淨債務為 32 億美元，淨槓桿率為 2.1 倍。截至 2025 年 6 月 30 日，遞延收入為 44 億美元。

Also on slide 11, we show you our bond maturity outlook. As you can see, maturities are in 2027 and beyond. With this, I'd like to confirm our debt amortization for 2025 and 2026. As of June 30, 2025, the scheduled principal payments for the remainder of 2025 were $142 million and $258 million for the full year 2026.

另外，在第 11 張投影片上，我們向您展示了我們的債券到期前景。如您所見，到期日為 2027 年及以後。藉此，我想確認我們 2025 年和 2026 年的債務攤提。截至 2025 年 6 月 30 日，2025 年剩餘時間的預定本金支付額為 1.42 億美元，2026 年全年的預定本金支付額為 2.58 億美元。

From a committed capital expenditure perspective and for full year 2025, the total expected committed ship CapEx is about $990 million or $560 million net of financing. And for the full year 2026, the total expected committed ship CapEx is about $1.2 billion or $70 million net of financing. The main drivers of the total committed ship CapEx for 2026 are two ocean ships, Viking Mira 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 9.9 億美元，扣除融資後為 5.6 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 12 億美元，扣除融資後為 7,000 萬美元。2026 年承諾船舶資本支出總額的主要動力是兩艘遠洋船舶「Viking Mira」號和「Viking Libra」號，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。

Thank you, Leah. Let's now dive into the booking curves, which are all as of August 10, 2025.

謝謝你，利亞。現在讓我們深入了解預訂曲線，這些曲線均截至 2025 年 8 月 10 日。

On slide 13, we show our consolidated metrics for our core products. As you can see, we are in very good shape, both for 2025 and the 2026 seasons. The 2025 season already has 96% of our capacity PCDs booked.

在投影片 13 上，我們展示了我們核心產品的綜合指標。如您所見，無論是 2025 年還是 2026 年賽季，我們的狀態都非常好。2025 年賽季我們的 PCD 容量已預訂了 96%。

Advanced bookings equaled $5.6 billion, which is 21% higher than the 2024 season at the same point in time, while the capacity is increasing by 12%. And for 2026, we are already 55% booked with $3.9 billion of advanced bookings. These are 13% higher than the 2025 season at the same point in time in 2024. Capacity for our core products is increasing by 9%.

提前預訂額達 56 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 55%，預訂金額達 39 億美元。這些比 2024 年同一時間點的 2025 年賽季高出 13%。我們核心產品的產能增加了9%。

Let us now talk about the advanced booking curves for the segments. On the next slide, you will see the curves for Ocean cruises. This is slide 14. I will start with the blue line, which shows the bookings for 2025. Overall, we have sold 95% of our capacity PCDs for the year and have $2.5 billion of advanced bookings, which is 29% higher than last year at this point in time. Capacity is increasing by 18% and rates have remained strong as we finished selling the last quarter of the year.

現在讓我們來討論一下各個航段的預訂曲線。在下一張投影片中，您將看到遠洋巡遊的曲線。這是第 14 張投影片。我將從藍線開始，它顯示了 2025 年的預訂量。總體而言，我們今年已售出 95% 的容量 PCD，並擁有 25 億美元的預購訂單，比去年同期高出 29%。隨著我們完成今年最後一個季度的銷售，運力增加了 18%，而且運價仍然保持強勁。

If you now look at the yellow line, you will see the booking trend for the 2026 season, which is in very good shape, too. As of August 10, we had sold about 64% of the 2026 capacity of Ocean, which is increasing by 9%. Advanced bookings are 19% higher than last year, with rates equal to $780 compared to $752 for the 2025 season at the same point in time.

如果您現在看一下黃線，您會看到 2026 年賽季的預訂趨勢，這個趨勢也非常好。截至 8 月 10 日，我們已售出 Ocean 2026 年運力的約 64%，年增 9%。提前預訂量比去年高出 19%，價格為 780 美元，而 2025 年同期的價格為 752 美元。

Now if we move to slide 15, you will see the curves for the River cruises. I will start with advanced bookings for 2025, which is the blue line. As you can see, we are having a great year with 97% of the 2025 capacity already sold as of August 10. We have over $2.7 billion in advanced bookings, which is 16% higher than last year at this point in time. As you can tell, we have continued to book our remaining inventory at very attractive rates.

現在，如果我們移到投影片 15，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，我們今年的業績表現十分出色，截至 8 月 10 日，2025 年運力的 97% 已經售出。我們的預訂金額已超過 27 億美元，比去年同期高出 16%。如您所知，我們繼續以非常優惠的價格預訂剩餘的庫存。

Capacity for the River segment is expected to grow approximately 6%, a slight decrease from the 7% reported last quarter. The most notable update is related to two vessels previously scheduled for delivery at the end of 2025, which are now expected at the beginning of 2026. The impact of these changes to the advanced booking curves and our metrics for 2025 and '26 for that matter, is immaterial.

預計內河運輸運能將成長約 6%，較上一季報告的 7% 略有下降。最值得注意的更新與兩艘原定於 2025 年底交付的船舶有關，現在預計將於 2026 年初交付。這些變化對預訂曲線以及 2025 年和 2026 年指標的影響並不大。

Now looking at the yellow line, these are the advanced bookings for the 2026 season. As you can see, we have sold about $1.6 billion in advanced bookings, which is 5% higher than the 2025 season at the same point in time.

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 16 億美元的預售票，比 2025 年同期的預訂票高出 5%。

Our operating capacity for River is up 9% year over year. This number is slightly higher than what we reported last year, driven by the changes in delivery dates previously mentioned. These are good trends for 2026 with rates equal to $940 compared to $887 in 2025.

我們的 River 營運能力年增了 9%。由於前面提到的交貨日期的變化，這個數字比我們去年報告的數字略高。這對 2026 年來說是一個良好的趨勢，利率將達到 940 美元，而 2025 年的利率為 887 美元。

So overall, advanced booking for our core products are doing very well. Moreover, rates for the 2026 season remain steady, currently 4% higher than the 2025 season at the same point in time, alongside with a 9% increase in capacity. To this end, we are very pleased with how the curves are now trending.

總體而言，我們核心產品的預訂情況非常好。此外，2026 年賽季的費率保持穩定，目前比 2025 年同期高出 4%，同時容量增加 9%。為此，我們對曲線目前的趨勢感到非常滿意。

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 book on slide 16. The chart has been updated to reflect the ship deliveries mentioned by Tore. It also includes the two river vessels that we will operate in India with deliveries planned for 2027 and 2028.

謝謝你，托爾。現在轉到投影片 16 上的訂單簿。此圖表已更新，以反映 Tore 提到的船舶交付情況。它還包括我們將在印度運營的兩艘河船，計劃於 2027 年和 2028 年交付。

And lastly, the chart reflects a shift in the delivery timeline of two river vessels previously scheduled for 2025, which are now expected in 2026. As you can see, we remain committed to adding new capacity and expanding our itinerary offerings in exciting destinations.

最後，該圖表反映了兩艘河船交付時間表的變化，這兩艘船原定於 2025 年交付，現在預計交付時間為 2026 年。如您所見，我們始終致力於增加新運能並擴大我們在令人興奮的目的地的行程選擇。

At Viking, we believe that if we remain focused on offering and delivering meaningful experiences, strong results will follow.

在維京，我們相信，如果我們繼續專注於提供和傳遞有意義的體驗，就會取得豐碩的成果。

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。

Congratulations on a solid quarter here. So Tor or Leah, I'm wondering if -- maybe you could just walk us through the last couple of months in terms of booking progress for '26. And I guess I'm trying to understand your -- I understand a little bit more is obviously, there was some slowdown in bookings as we go back and think about February and March around Liberation Day, stuff and just general macro uneasiness?

恭喜本季業績表現穩健。那麼 Tor 或 Leah，我想知道——也許您可以向我們介紹過去幾個月 26 年的預訂進度。我想我正在努力理解您的情況——我更清楚地了解的是，當我們回顧二月和三月解放日前後的情況，以及普遍的宏觀不安情緒時，預訂量顯然有所放緩？

And then what we heard from you guys last April and May, it seemed like it improved. I'm wondering that if you could just walk us through maybe what you kind of have seen in June, July and so far in August in terms of how bookings have trended across both River and Ocean. And maybe if your core customer has become more selective with how and when they are booking.

從去年四月和五月我們從你們那裡聽說，情況似乎有所改善。我想知道您是否可以向我們介紹 6 月、7 月以及 8 月迄今為止河流和海洋的預訂趨勢。也許您的核心客戶對於預訂的方式和時間變得更加挑剔。

It's a great question. Since we last spoke, we have continued to see really strong demand from our consumers. In fact, we had an outstanding June and July, and we continue to see that booking strength continue into August, and that's reflected in the fact that we're 55% sold for 2026.

這是一個很好的問題。自從我們上次談話以來，我們持續看到消費者的強勁需求。事實上，我們在 6 月和 7 月的業績非常出色，我們看到這種預訂勢頭持續到了 8 月，這反映在我們 2026 年的預訂量已售出 55% 上。

So from our perspective, the consumer behavior is pretty much consistent with what we have seen in the past. We've seen our guests start to really engage and start to book their holidays for the 2026 season.

因此，從我們的角度來看，消費者行為與我們過去看到的行為非常一致。我們看到我們的客人開始真正參與並開始預訂 2026 年的假期。

And Tor, I don't know if you want to provide any color. Well, go ahead, Steve, do you another question?

Tor，我不知道您是否想提供任何顏色。好吧，繼續吧，史蒂夫，你還有其他問題嗎？

Yes. I'll move on. And then you guys -- you mentioned marketing spend and a little bit of uptick in terms of marketing spend. Just wondering maybe is that broad-based -- or are you guys having to market maybe more aggressively to certain itineraries or certain cabin classes and stuff like that? Just trying to understand that commentary there around the uplift in marketing spend?

是的。我會繼續前進。然後你們——你們提到了行銷支出以及行銷支出方面的小幅上漲。只是想知道這是否具有廣泛的基礎——或者你們是否必須更積極地針對某些行程或某些艙位等級等進行行銷？只是想了解行銷支出增加的評論嗎？

Yes, sure. So we -- in the past, we have spoken to the fact that if we see a little bit of softening in demand that our first lever that we pull is marketing, not necessarily pricing. And you've spoken to this a little bit of a softer demand around Liberation Day, and so that's where we turned on our marketing machine and just promoted more, not necessarily discount, but just got the word out and the consumers focusing on Viking and stimulating that demand.

是的，當然。因此，我們過去曾說過，如果我們發現需求略有減弱，我們首先採取的措施就是行銷，而不一定是定價。您說過，解放日前後的需求會稍微減弱一些，所以我們就啟動了行銷機器，進行了更多的促銷，不一定是折扣，但只是宣傳，讓消費者專注於維京並刺激這種需求。

So that's what you see there. And it's something that we do as part of our business strategy of consumer -- direct-to-consumer interface?

這就是你所看到的。這是我們作為消費者業務策略的一部分所做的事情——直接面向消費者的介面？

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Congrats on a nice quarter. So Tor, with 2026 bookings off to a very strong start as you cited, how do you see the current '26 booked position at over 50% today, allowing you to optimize pricing on capacity for '26 at this point?

恭喜本季取得良好業績。那麼 Tor，正如您所說，2026 年的預訂量開局非常強勁，您如何看待目前 2026 年的預訂量超過 50% 的情況，從而讓您能夠在此時優化 2026 年的運力定價？

Yeah. This is always a tricky game. We at the prices we get, we have a reasonably good return. And we also want to make sure that our guests get good value for money. So we should be careful that we don't get overly excited also. But it's a balance strike. And I think we are in a good spot now where we are. Might possibly when you look at things backwards by possible price a little bit higher. But I think we're quite satisfied where we are.

是的。這始終是一場棘手的遊戲。以我們所得到的價格，我們獲得了相當不錯的回報。我們也希望確保我們的客人物有所值。所以我們也應該小心，不要過度興奮。但這是一次平衡打擊。我認為我們現在的處境很好。如果你回頭來看的話，價格可能會稍微高一點。但我認為我們對現狀相當滿意。

Great. And for a follow-up, Leah, maybe could you provide some perspective on the 4% advanced bookings per PCB growth to date? Is mid-single-digit yield growth for '26 the right baseline? Or just any puts and takes to consider as we move further down the booking curve?

偉大的。接下來，Leah，您能否就迄今為止每塊 PCB 的預付款訂單量增加 4% 提供一些看法？26 年中個位數的收益率成長是否是正確的基準？或者當我們進一步降低預訂曲線時，是否需要考慮任何優點和缺點？

Sure. So I think we don't provide guidance, but we have -- that is our goal is to mid-single digits price growth. And taking into perspective, you talked a little bit about average price per day. We are averaging $800 to $900 per day, and that's 4% on top of already 7% that we've achieved in 2025. So the pricing increase in addition to our capacity increase, we believe, will lead to great revenue and EBITDA growth, not just in '25, but also in 2026.

當然。所以我認為我們不會提供指導，但我們的目標是實現中等個位數的價格成長。從這個角度來看，您談到了每天的平均價格。我們平均每天的收入為 800 至 900 美元，這比我們在 2025 年實現的 7% 的增長還要高出 4%。因此，我們相信，除了產能增加之外，價格上漲還將帶來巨大的收入和 EBITDA 成長，不僅在 2025 年，而且在 2026 年也是如此。

And at the end of the day, we are building long term. We want our guests to repeat. We want good value for money and our payback ownerships reflect that our pricing is also quite strong. Our payback for Ocean vessels is five to six years. payback for Rivers is four to five years, and that's even before the negative working capital with the fact that our guests book and pay seven, eight months prior to departure.

最終，我們要做的是長期建設。我們希望我們的客人再次光臨。我們希望物有所值，我們的回報所有權反映出我們的定價也相當強勁。我們對遠洋船舶的投資回收期為五至六年，對內河船舶的投資回收期為四至五年，這還不包括負營運資本，因為我們的客人通常在出發前七八個月預訂並付款。

So overall, I would say that the consumer is showing signs that it's happy they're engaged their booking, and we are able to demonstrate that our goals of mid-single-digit price increases is achievable.

所以總的來說，我想說消費者表現出很高興參與預訂的跡象，我們能夠證明我們實現中個位數價格上漲的目標是可以實現的。

And if I may add if I may add, we are, of course, fortunate because we believe we are somewhat contrarian. So we have been able to contract ships at very good prices. We are also a good negotiator when it comes to leadership yards.

如果我可以補充的話，當然，我們很幸運，因為我們相信我們有點逆勢而行。因此我們能夠以非常優惠的價格承租船舶。在領導力方面，我們也是優秀的談判者。

So you can see the ships that we now have on the books have been acquired at fairly attractive prices, which gives advantage relative to anybody who might want to expand their position or even enter this market. So I think we want to make sure that we give good value to our loyal guests.

因此，您可以看到，我們目前擁有的船舶都是以相當有吸引力的價格收購的，這對於任何想要擴大其地位甚至進入這個市場的人來說都是有利的。所以我認為我們要確保為我們的忠實客人提供良好的價值。

Robin Farley, UBS.

瑞銀的羅賓法利。

Just looking at your booked revenue per crew say for 2026, that up 4%. And it sounded last quarter like you had maybe expected that would pick up over the course of this year. It sounds like is maybe the expectation that it won't pick up that it maybe will sort of stay at this level. So maybe a little bit of a different view than you had last quarter? Or how should we think about the commentary that you're giving us today?

光是看 2026 年每位船員的預訂收入，這一數字就會增加 4%。上個季度聽起來你可能已經預期今年的情況會有所改善。這聽起來像是預期它不會回升，也許會停留在這個水平。那麼，也許與您上個季度的觀點有些不同？或者我們應該如何看待您今天給我們的評論？

Yeah, I can start, and then you can kind of give your perspective. But we have said mid-single digits, and we didn't give any guidance that we thought it would pick up. So I just wanted to clarify that. But go ahead, Linh.

是的，我可以開始，然後你可以給出你的觀點。但我們所說的是中等個位數，我們並沒有給出任何我們認為會回升的指導。所以我只是想澄清這一點。但繼續吧，Linh。

No, I agree with what Leah just said, I think in our last call, we said us if market conditions remain, we do feel that we would get to our mid-single-digit goal. And I'll just reiterate what Tor and Leah both just said that we feel our capacity increase plus our yield increase would lead to good, healthy EBITDA growth -- iterate we feel we're in a great position for 2026. We're 55% sold, rates are higher. And given that our average revenue per day is $800 to $900, we feel we are in a good spot.

不，我同意 Leah 剛才所說的，我認為在我們上次通話中，我們說過，如果市場狀況保持不變，我們確實覺得我們會達到中等個位數的目標。我只想重申 Tor 和 Leah 剛才所說的話，我們認為產能增加加上產量增加將帶來良好、健康的 EBITDA 成長——我們認為我們在 2026 年處於有利地位。我們的銷量為 55%，價格較高。考慮到我們每天的平均收入為 800 至 900 美元，我們覺得自己處於一個不錯的水平。

Okay. And just as a follow-up question. On the expense side, you mentioned there were some things having to do with port charges, some more marketing, different things that are contributing to that. The higher expense uptick, can you give us a sense of how much of that do you think is, is this the new base for -- in other words, should we expect this expense increase to continue? Or were there kind of onetime items or nonrecurring factors in the quarter?

好的。這只是後續問題。在費用方面，您提到有一些與港口費用、一些行銷以及導致這一現象的其他因素有關。費用上漲幅度較大，能否告訴我們，您認為這是多少，這是新的基礎嗎？換句話說，我們是否應該預期這種費用上漲會持續下去？或本季是否存在一次性項目或非經常性因素？

Because I'm just thinking about that rate of expense growth relative to next year's revenue growth, if it stays at the 4% level, just to get some comfort that expenses wouldn't be up that much more than revenue. So anything about, but maybe sort of nonrecurring from this quarter.

因為我只是在考慮相對於明年收入成長的費用成長率，如果它保持在 4% 的水平，只是為了確保費用不會比收入成長那麼多。因此，關於這一點還有什麼可說的，但從本季來看，這可能是一種非經常性的情況。

Sure. So I mean, at the end of the day, quarterly variances may occur due to a variety of things, the timing of repairs and maintenance, ship deliveries, itinerary mix -- but like we noted in the past, we are long term, and we do not manage our business.

當然。所以我的意思是，歸根結底，季度差異可能由於各種因素而出現，包括維修和保養的時間、船舶交付、行程組合——但就像我們過去提到的那樣，我們是長期的，我們不會管理我們的業務。

Quarterly, we do manage at most on an annual basis. We try to be prudent with expenses while not compromising quality. And so what we can say is for the first half of 2025 compared to the same period in '24, operating expenses, excluding fuel, was up 3.9%, and our capacity was up 11% for the same period, and yields were up 7.6%.

每季度，我們最多按年度管理。我們力求在不影響品質的情況下謹慎支出。因此，我們可以說，與 2024 年同期相比，2025 年上半年的營運費用（不包括燃料）上漲了 3.9%，而同期我們的運力上漲了 11%，收益率上漲了 7.6%。

So overall revenue growth grew 20.5%, and adjusted EBITDA grew 45%. So I think for the first half of the year, given the slight tick up in operating expenses as we were able to yield really strong revenue growth and EBITDA growth.

因此總收入成長了 20.5%，調整後的 EBITDA 成長了 45%。因此我認為，由於上半年營運費用略有上升，我們能夠實現真正強勁的營收成長和 EBITDA 成長。

So the Q2 expenses, that's not the level that you -- you're saying there are quarterly fluctuations in there. Is that the right way to think about.

因此，第二季度的支出並不是您所說的水平——其中存在季度波動。這是正確的思考方式嗎？

Correct, there will be quarterly fluctuation. Agreed. There will be quarterly fluctuations.

正確，會有季度波動。同意。每季都會有波動。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

Tor, Leah, I just wanted to ask one more just on 2026 pricing. Obviously, across the portfolio, it held steady from your last update. But digging into the presentation, it looked like River pricing did accelerate from your last update while Ocean was decelerated modestly. Can you maybe speak to some of the differences you're seeing in consumer behavior across the two segments, if any at all?

Tor，Leah，我只是想再問一個有關 2026 年定價的問題。顯然，從上次更新以來，整個投資組合都保持穩定。但深入研究展示後發現，河川定價確實從上次更新以來加速，而海洋定價則略為減速。您能否談談您所看到的這兩個群體的消費者行為有何差異？

Yes, sure. So Andrew, we've talked a lot about how we operate as one brand, and we feel that, that really differentiates us. And so from our perspective, whether our guests traveled with us on reverse or oceans or expeditions as long as they book and travel with Viking, that remains our goal.

是的，當然。安德魯，我們已經討論了很多關於我們如何作為一個品牌運作的問題，我們覺得這確實使我們與眾不同。因此，從我們的角度來看，無論我們的客人是與我們一起反向旅行、遠洋旅行還是探險，只要他們預訂並與維京人一起旅行，這仍然是我們的目標。

And year-over-year price changes will always be dependent on what is sold. And in the last call, Linh has talked a little -- Linh talked a little bit about how the river curve is slightly different in shape of when the curves develop because of the seasonality of the product itself. And so you're starting to see that in the curves that we presented today where the River curves have picked up.

而逐年的價格變動總是取決於銷售情況。在上次電話會議中，Linh 談到了由於產品本身的季節性，河流曲線的形狀在發展時會略有不同。因此，您開始在我們今天展示的曲線中看到河流曲線已經上升。

And at the end of the day, we price to demand. And we feel, again, with the $800 to $900 per day in revenue achieved across all our products, we are -- feel we are well positioned in how our curves look for the 2026 year.

最終，我們會根據需求來定價。我們再次感覺到，由於我們所有產品每天可實現 800 至 900 美元的收入，我們感覺我們在 2026 年的曲線走勢中處於有利地位。

Got it. And then, look, I know you get this question a lot, but as one looks out to next year, debt is likely headed below maybe a turn of net leverage. I guess what metrics in your mind do you have to get to in order to consider capital returns to shareholders. And I ask just because another cruise company started to return capital with net leverage above where you are today. So just curious how we should think about that.

知道了。然後，我知道你經常會問到這個問題，但展望明年，債務可能會跌至淨槓桿率以下。我猜想，為了考慮向股東提供資本回報，您必須達到哪些指標？我問這個問題只是因為另一家郵輪公司開始以高於你們目前的淨槓桿率回饋資本。所以只是好奇我們應該如何看待這個問題。

Yeah. Sure. So we're committed to a balanced capital allocation framework. At the end of the day, we have said that we feel that the large cash reserve we have on hand at the balance sheet provides a great buffer against unpredictability. We've seen it in years past and even in this year.

是的。當然。因此，我們致力於建立平衡的資本配置架構。最後，我們說，我們認為資產負債表上手頭上的大量現金儲備為應對不可預測性提供了巨大的緩衝。我們在過去幾年甚至今年都看到過這種情況。

So it gives us that stability and flexibility to be able to be contrarian. And we believe the strategy reflects our long-term perspective and readiness to deploy capital when market conditions are favorable or take advantage of on things arise.

因此，它為我們提供了穩定性和靈活性，使我們能夠採取逆向思維。我們相信，該策略反映了我們的長期視角，以及在市場條件有利時部署資本或利用任何事物的準備。

So currently, we're not contemplating a dividend or share buyback, but they are an option to return capital to shareholders in the longer term. But given that we are just past our one-year mark, I think there are better uses of our cash in terms of generating return to investors.

因此，目前我們還沒有考慮派發股利或回購股票，但從長遠來看，這是向股東返還資本的選項。但考慮到我們剛度過一年，我認為在為投資者創造回報方面，我們的現金有更好的用途。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

So I wanted to actually follow up on that last question -- well, I guess two questions ago. the idea that as we think about 2026 advanced bookings per PCB that river is accelerating a little bit and ocean is decelerating a little bit. Is -- are those trends that we should anticipate moving forward? And maybe you can speak -- I'm curious how capacity growth impacts pricing growth. Obviously, the Ocean segment growing at a much faster pace, does that put downward pressure on pricing relative to what we're seeing in River?

因此，我實際上想跟進最後一個問題——好吧，我想之前是兩個問題。當我們考慮到 2026 年每 PCB 的提前預訂量時，河流的流速會稍微加快，而海洋的流速會稍微減慢。這些是我們該預見的趨勢嗎？也許您可以說—我很好奇產能成長如何影響價格成長。顯然，海洋運輸部門的成長速度要快得多，這是否會對價格造成下行壓力，相對於河川運輸而言？

I wouldn't say that the growth has much to do with the pricing on the Ocean segment, quite frankly. I'd probably almost flip it around a little bit the growth that we see in our Ocean business is really a clear manifestation of the outstanding products that we have on the Oceans.

坦白說，我不會說成長與海洋部分的定價有很大關係。我可能幾乎會稍微扭轉這種局面，我們在海洋業務中看到的成長實際上是我們在海洋領域擁有的優秀產品的明顯體現。

Now I go from time to time onboard our vessels and talk to our guests, and they are very enthusiastic about what they experience. So I think we see good very good growth opportunities on the Ocean. We see it on the River's too, but I see no signs of a slowdown in the Ocean.

現在我時不時地登上我們的船隻並與我們的客人交談，他們對自己的經歷非常熱情。所以我認為我們在海洋領域看到了非常好的成長機會。我們也在河上看到了這種情況，但我沒有看到海洋減緩的跡象。

Maybe we could have added a little bit higher price on the Ocean in the last couple of quarters. But at these rates, we get a reasonably good return to shareholders as it is. And it gives us a good chance to deliver a good product and good results.

也許我們可以在過去幾季稍微提高一點海運價格。但以這樣的利率，我們股東的報酬已經相當不錯了。這為我們提供了提供優質產品和良好成果的良好機會。

Some interesting things when we look at look at where -- what's going on is that our -- the people who now travel on our Ocean business are, to a large extent, people have been on other Ocean cruise lines before. I'll not mention names of some of them, but we have it in some of our presentation material from earlier where they've been on Ocean cruises. I call them more floating theme parks with their children.

當我們觀察時，我們發現了一些有趣的事情——現在乘坐我們遠洋郵輪的旅客，很大程度上都是以前乘坐過其他遠洋郵輪航線的旅客。我不會提及他們中一些人的名字，但我們之前的一些演示材料中提到他們曾參加過遠洋巡遊。我稱它們為孩子們的更多漂浮主題公園。

And then they grow up. I guess that is they get into the -- as I said, we really want to have a different experience than this stuff where we go with our kids and do all the fun stuff. We want to have a quiet serene experience.

然後他們長大了。我想這就是他們進入的狀態——正如我所說，我們真的想要擁有一種不同於帶著孩子一起做所有有趣的事情的體驗。我們想要擁有一次安靜平和的體驗。

And I think they don't have much choice, and they're so enthusiastic about what we have. So I think our Ocean product has very much demand coming, and we are very fortunate to have the large order book that we have at very attractive prices for the ships. So we can talk about the finetuning of the fares. As I said, we could have done a little bit better. Looking backward dissolves easier. But I think the Ocean business is in great shape.

我認為他們沒有太多選擇，而且他們對我們所擁有的東西非常熱情。因此，我認為我們的遠洋產品需求量很大，而且我們很幸運擁有大量訂單，而且船舶價格非常有吸引力。因此我們可以討論票價的微調。正如我所說的，我們本可以做得更好一些。回顧過去就變得更容易了。但我認為 Ocean 的業務狀況很好。

And I say the River business is also in very good shape. We have 50% of that market, 52%, I think, latest count. So I think we're in excellent position on both of the products.

而且我認為河流業務的狀況也非常好。根據最新統計，我們佔有該市場的 50%，或說 52%。所以我認為我們在這兩款產品上都處於非常有利的地位。

Got it. That's helpful. And I wanted to ask about mix a little bit. Obviously, the 4% for 2026 is getting a lot of focus this morning it's the same number as last time around. And so one takeaway might just need that nothing's changed, right, since May, whatever, May 11.

知道了。這很有幫助。我想問一下有關混合的問題。顯然，2026 年的 4% 這一數字今天上午受到了廣泛關注，與上次的數字相同。因此，我們可能只需要知道，自 5 月，不管怎樣，自 5 月 11 日以來，一切都沒有改變。

I guess, are there any mix offsets that we should be aware of? I don't know if there's this concept of sort of like-for-like has that gotten any better and maybe that's offset, we've talked a lot in the past about sort of the premium rooms booking first. Obviously, there's a lot of different parts of the world.

我想，是否存在我們應該注意的混合偏移？我不知道這種同類概念是否有所改善，也許這是一種抵消，我們過去已經討論過很多關於優先預訂高級客房的問題。顯然，世界有很多不同的地方。

So curious about how mix impacts that 2026 number? And then maybe a way too early question for 2027 but how do we think about mix there? It looks like your Egyptian capacity is almost doubling. I think you get some real good prices for those rooms, should we be thinking about that as a tailwind to pricing in 2027?

那麼好奇混合對 2026 年的數字有何影響？那麼對於 2027 年來說，這個問題可能還為時過早，但是我們如何考慮那裡的混合呢？看起來你的埃及容量幾乎翻了一番。我認為這些房間確實有不錯的價格，我們是否應該將其視為 2027 年定價的順風因素？

Of course, Egypt when you say how quickly sold out. And similarly, India has sold out very shortly out we launched it circulate have pushed prices higher on that. But they are not such big components of our business. So they won't have a big impact on the average as you can well realize. But I think it shows the great desire, I guess, have to go to new places and how easy it is for us to introduce new products, the way we introduced the expedition product as another example.

當然，當你說埃及如何快速銷售一空時。同樣，印度很快就售罄了，我們推出的產品流通已經推高了價格。但它們並不是我們業務的重要組成部分。因此，正如您所意識到的，它們不會對平均值產生很大的影響。但我認為這顯示了人們強烈的願望，我想，他們必須去新的地方，而且我們推出新產品是多麼容易，我們推出探險產品的方式就是另一個例子。

Our guests want to have more experiences. I was on board, as I said, one of our -- two of our ships this weekend. And there are people who quoted from my commercial as a my commercial right over time, time being the only truly scarce resource. We don't have so much time left. We have to do something useful and nice with our time.

我們的客人希望獲得更多體驗。正如我所說，這個週末我登上了我們的兩艘船中的一艘。而有些人一直引用我的商業廣告作為我的商業權利，而時間是唯一真正稀缺的資源。我們剩下的時間不多了。我們必須利用我們的時間做一些有用且美好的事情。

And what other thing is that to do than travel with Viking. Then I was, of course, that probably better -- but I think this is very, very key. How we can find new experiences for them. And we have the long debate how much of a luxury product are we? We are about -- other people define luxury one way or another.

除了和維京人一起旅行，還有什麼其他的事情要做呢？當然，那樣的話我可能會更好——但我認為這非常非常關鍵。我們如何為他們找到新的體驗。我們一直在爭論我們到底有多奢侈？我們是關於——其他人以某種方式定義奢侈品。

I don't think our guests necessarily like to have butlers roaming around their luggage and whether it's dirty or clean laundry. But we are really a very -- we are an understated elegant product. feasible, quite we give product where people have worked hard and who now deserve to spend some time doing interesting things.

我認為我們的客人不一定喜歡管家在他們的行李周圍走來走去，無論是髒衣服還是乾淨衣服。但我們確實是一款非常——我們是一款低調優雅的產品。切實可行，我們提供的產品是人們辛勤工作的結果，現在他們值得花一些時間做一些有趣的事情。

So the promise is we have no children, no casinos, no nickel and diming, I think that has hit right at the heart of who the people, what people want when they travel. We shouldn't almost call that cruise because we are so different from the others. So I think we're in a good spot.

因此，我們的承諾是，沒有孩子，沒有賭場，沒有斤斤計較，我認為這已經觸及人們的核心，即人們旅行時想要什麼。我們不應該稱之為巡航，因為我們與其他人有很大不同。所以我認為我們處於一個很好的位置。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

I think I caught that you said that you were getting good pricing on ships. I guess I was wondering if you could double-click on that comment. Is that relative to peers, history or both? And what do you think is driving some of the improved capital efficiency on the order book?

我想我知道您說的船舶價格很優惠。我想知道您是否可以雙擊該評論。這與同儕、歷史還是兩者有關？您認為是什麼推動了訂單資本效率的提升？

If I may, I think we have taken a lot of care when we first assigned both the Ocean ships and the River ships. We'd like to get it right in the first place. And then as you know, we don't vary things much. So we don't have new designers come in and mess things around so our ships are virtually identical. That makes it better for the yard, so we get a better price as such, it cost them less to repeat.

如果可以的話，我認為我們在第一次分配遠洋船和江河船時已經非常小心了。我們首先想把事情做好。然後如你所知，我們不會對事情做出太大的改變。因此，我們不會請新的設計師來設計，也不會把事情弄得一團糟，所以我們的船幾乎是一模一樣的。這對船廠來說更好，因此我們得到了更好的價格，重複的成本更低。

Also, there said, we have the people on our side who negotiate are quite hardnosed when it comes to dealing with the yard, we don't use brokers in between as some of the other cruise lines do so we are quite efficient, I would say. So the comparison is really both with our price of the past because, of course, with inflation we have had to pay somewhat more.

此外，有人說，我們這邊的談判人員在與船廠打交道時非常強硬，我們不像其他一些郵輪公司那樣使用中間商，所以我想說我們非常有效率。因此，比較實際上是與我們過去的價格進行比較，因為當然，由於通貨膨脹，我們必須支付更多。

But certainly, compared to anybody out there now contracting ships, we get much better prices than them because we are quite efficient and we don't waste space or things on the ships. So that is a key tenet of what we're doing.

但可以肯定的是，與現在承包船舶的任何公司相比，我們的價格都比他們優惠得多，因為我們非常高效，並且不會在船上浪費空間或物品。這就是我們所做工作的一個關鍵原則。

That's helpful. And maybe changing gears as a follow-up. Could you just talk about some of the puts and takes to gross margins associated with thinking about the gross pricing you have in your advanced bookings versus what we're seeing in net yields, which look like they've been little bit better and how to think about that maybe into next year.

這很有幫助。並且可能改變後續行動。您能否談談與考慮提前預訂的總定價以及我們所看到的淨收益相關的一些毛利率的利弊？淨收益似乎有所好轉，以及如何考慮明年的情況。

Sure. Stephen, this is Linh. So what we provide in our booking curves are what generally, I guess, would look. So cruise, land, air, et cetera. In our net yields, we do include costs onboard spend and ancillary revenue.

當然。史蒂芬，這是 Linh。所以我想，我們在預訂曲線中提供的內容一般都是這樣的。因此，有巡航、陸地、空中等等。在我們的淨收益中，我們確實包括了船上支出成本和輔助收入。

So that's how you go from what we have in the curves to what is eventually presented in our financial statements. There will be a difference, as you know, but we've done a good job of being able to keep rates up.

這就是從曲線中的內容到最終在財務報表中呈現的內容的過程。如你所知，情況會有所不同，但我們在維持利率上升方面做得很好。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

I just wanted to go back bigger picture to the kind of capacity growth piece. Obviously, as people mentioned, you have some of the best capacity growth in the industry. I suppose, looking at long term, even beyond '26 and '27, what gives you confidence in kind of filling that capacity at the right price? How do you kind of balance occupancy and price and especially with some of the growing competition that you have in River over the longer term?

我只是想從更大角度回顧產能成長的情況。顯然，正如人們所提到的，你們擁有業界最好的產能成長。我想，從長遠來看，甚至在 26 年和 27 年之後，什麼讓您有信心以合適的價格填補這一產能？您如何平衡入住率和價格，特別是考慮到長期來看 River 面臨的日益激烈的競爭？

You said we are growing competition. I understand some of it is going to deliver two newer ships in 2027. And that's a quarter of year's delivery from our normal fleet. So I don't worry too much about that. It's nice to get some attention to the sector, but we've been at it now for on 30 years, and we are not worrying too much about that. As you know, in the rivers, we have a number of fairly protective things. We own or control the 110 docking stations along the River which I think is nice prime docking. That's on that side.

您說我們的競爭日益激烈。據我了解，其中一些將於 2027 年交付兩艘較新的船隻。這是我們正常船隊一年交付量的四分之一。所以我對此並不太擔心。很高興這個行業能受到關注，但我們已經在這個行業工作了 30 多年，所以我們不會太擔心這個。如你所知，在河流中，我們有許多相當具有保護作用的物質。我們擁有或控制河流沿岸的 110 個停靠站，我認為這些停靠站都是非常好的停靠地點。就在那邊。

On the Oceans, I would say that given we haven't seen any indication that it's going to be difficult to fill. And at some stage, we may also need some of those -- some more tonnage for our product in China, which is -- which we are developing for the Chinese source market, which we are developing, and it seems to be coming along quite okay.

關於海洋，我想說，鑑於我們尚未看到任何跡象表明填補海洋空缺會很困難。在某個階段，我們可能還需要其中的一些——在中國增加一些產品的噸位，這就是——我們正在為中國源市場開發這些產品，而且似乎進展順利。

But we are at least sitting here today, we're not the least worried about filling that capacity. We're more worried about making sure we have enough capacity. That's more of an issue.

但至少今天我們坐在這裡，我們一點也不擔心如何填補這個空缺。我們更擔心的是確保我們有足夠的產能。這才是更重要的問題。

Great. That's super clear. And then just following up on one of the earlier questions about capital returns. I think you mentioned in your answer that you would see better uses of cash. I'm curious whether kind of any kind of M&A would be on the cards? And what kind of -- whether it's tuck-in acquisitions that you might consider.

偉大的。這非常清楚。然後我們繼續回答之前關於資本回報的一個問題。我認為您在回答中提到您會看到現金的更好用途。我很好奇是否會有任何類型的併購計劃？以及您可能會考慮哪種類型的收購。

Yeah. Sure, Lizzie. We talk about our committed order book, so you could see that we have -- our growth engine is Ocean and while our strategy is to maintain our dominance in the river. So that strong cash balance gives us the opportunity to continue to contract these vessels further out with options going out to 2032 and 2033. And when we think about M&A, our ROIC is a benchmark that we want to further improve.

是的。當然，莉齊。我們談論了我們的承諾訂單，所以你可以看到我們的成長引擎是海洋，而我們的策略是保持我們在河流領域的主導地位。因此，雄厚的現金餘額使我們有機會繼續簽訂這些船舶的租賃合同，租賃期可延長至 2032 年和 2033 年。當我們考慮併購時，我們的投資報酬率是我們希望進一步提高的基準。

And we're ready for an acquisition if the right opportunity presents itself. In the past, we've talked about our guiding principles, which is that it's scalable, it's margin accretive and it's complementary to the brand. And India is an example of that, where it is definitely complementary to brand.

如果有合適的機會，我們已準備好進行收購。過去，我們討論過我們的指導原則，即可擴展、增加利潤、與品牌互補。印度就是一個例子，它對品牌有絕對的補充作用。

Our guests have largely sold it out and have demonstrated that when we come to market with a new product they are very willing to book in this case two years, two to three years out. So we believe that, I mean, making sure that these three guiding principles are met are really what drives our decisions in terms of acquisition and further expansion.

我們的客人基本上已經銷售一空，並表明當我們向市場推出新產品時，他們非常願意提前兩年、兩到三年預訂。因此，我們相信，確保滿足這三個指導原則才是我們在收購和進一步擴張方面做出決策的真正動力。

So we remain watchful. There are plenty of opportunities and plenty of companies that come up for sale every once in a while, and we do assess them. But at the end of the day, we want to make sure that these three principles are met.

因此我們保持警惕。時不時就會出現很多機會和很多公司需要出售，我們會對它們進行評估。但最終，我們希望確保滿足這三個原則。

And I would say that everybody in management of top management of Viking. I think we're all -- some of us are owners, too. But I think we all have the owners mentality rather than the managers mentality. We want to think about what we are doing for the shareholders, not what we're doing for the management egos where if an acquisition should take place, it has to be a good deal, and that's a fit for those principles. So I wouldn't have too much fear.

我想說的是，維京管理階層中的每個人都是高階主管。我認為我們都是——我們中的一些人也是所有者。但我認為我們都具有主人翁心態，而不是管理者心態。我們要考慮為股東做什麼，而不是為管理階層的自我做什麼，如果要進行收購，那必須是一筆好交易，這才符合這些原則。所以我不會有太多的恐懼。

Alex Brignall, Rothchild & Co Redburn.

亞歷克斯‧布里格納爾 (Alex Brignall)，羅斯柴爾德公司雷德伯恩 (Rothchild & Co Redburn)。

Just asking a question on a couple of things, I guess, both related to the product and new entrants. You talked about the position you have with the shipyards. When you think about where capacity would come from if others were going to want to build long votes river ships. Is that -- where the restrictions lie? I guess the larger the major cruise lines would talk about their relationship with existing shippers.

我想，我只是問幾個問題，都跟產品和新進者有關。您談到了您在造船廠的職位。當你考慮如果其他人想要建造長江船，那麼容量從何而來。那是——限制在哪裡？我想大型郵輪公司會談論他們與現有托運人的關係。

But can you just talk about obviously, you've done a phenomenal job of building a very consistent product to a very, very high standard. And so it's good for us to understand what the restrictions are on other shipyards that could build memberships we obviously know high works in the ocean space a little bit better. And perhaps I'll ask my second one because it's very related. You have obviously a very consistent product on both sides, and you obviously understand your customer very, very well.

但您能否明顯地談談，您已經完成了一項非凡的工作，打造出一款非常一致的、符合非常高標準的產品。因此，我們有必要了解其他船廠在建造會員資格方面有哪些限制，我們顯然對海洋空間的高空作業有更深入的了解。也許我會問第二個問題，因為這非常相關。顯然，你們雙方都有非常一致的產品，而且你們顯然非常了解你們的客戶。

Are the cruise lines have talked about the evolving demand habits and preferences that their consumers have, you seen they have consumers that don't change what they like. do you sort of continually assess that and think about ways that you could the margin evolve the product, should that happen? Or is it sort of this is the way it's going to be because that's the way that we run the business.

郵輪公司是否談論過消費者不斷變化的需求習慣和偏好，您是否看到消費者不會改變自己的喜好。您是否會不斷評估這一點，並思考如何提高產品的利潤率，如果發生這種情況？或者說，事情將會是這樣，因為這就是我們經營業務的方式。

Maybe I could take the second half of the question first. There is one word I don't like and that's evolved. I think evolution sneaky evolution is very dangerous. So we have been very, very, very tough on anything that could change the product the way it is generally delivered and perceived. I believe a little bit in revolution, not evolutions.

也許我可以先回答問題的後半部。有一個詞我不喜歡，那就是進化。我認為偷偷摸摸的進化是非常危險的。因此，我們對任何可能改變產品交付和認知方式的事物都採取非常非常嚴格的態度。我有點相信革命，但不相信進化。

But I think we've gotten the model right. We have the documents. As I said, we also have some of the design elements that are very unique. We have this asymmetric orders where we have a patent on that and a few things like that.

但我認為我們已經得到了正確的模型。我們有文件。正如我所說，我們也有一些非常獨特的設計元素。我們有這種不對稱訂單，我們對此擁有專利以及諸如此類的東西。

And of course, we feel we have the first call, first, we are the employer of choice. I feel that you don't have any guarantee for that, but we feel we are the way we treated our staff deranged. I think has paid off in manyfold since because we treated them like part of the family. So we have that lockdown. The experience that our team has, it's not so -- it's easier to operate an Ocean ship than a River ship.

當然，我們覺得我們有第一選擇權，首先，我們是首選雇主。我覺得你們對此沒有任何保證，但我們覺得我們對待員工的方式很瘋狂。我認為我們已經獲得了多方面的回報，因為我們把他們當成家庭的一部分。所以我們實行封鎖。根據我們團隊的經驗，操作遠洋船舶比操作內河船舶更容易。

In River ship, you had to be awake 24 hours a day. On the Ocean, you can put it on autopilot and it normally goes well. So I think we have captains and engineers with huge skills and they like to work with Viking, we probably try to -- will cement them even more to us. But I think we have all that. The relationships along the Rivers I think signed. There are yards that can build river ships, but it's not so easy.

在內河船上，你必須一天 24 小時保持清醒。在海上，您可以將其設定為自動駕駛，它通常運作良好。所以我認為我們的船長和工程師擁有高超的技能，他們喜歡與維京人合作，我們可能會嘗試——這將進一步鞏固他們與我們的關係。但我認為我們已經擁有了這一切。我認為河流沿岸的關係已經建立。有一些船廠可以建造內河船舶，但這並不容易。

And you could say you had to be very cost conscious. So -- but if you give it enough years, people can go up to -- can't get a slice of the market. but I'm not too worried about it. Famous last words.

你也可以說你必須非常注重成本。所以——但如果你給它足夠的時間，人們就可以——無法獲得市場份額。但我並不太擔心。著名的遺言。

Conor Cunningham, Melius Research.

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

Nice to see the 2026 river price move up like you did. On new markets like Egypt and India, you talked about how you have seen a lot of demand already. I'm curious if those new markets or new markets in general are dilutive to the overall pricing strategy. And maybe if you could just talk about how you go about assessing new markets in general? And then just as my second question.

很高興看到 2026 年的河流價格像您一樣上漲。關於埃及和印度等新興市場，您談到您已經看到了大量需求。我很好奇這些新市場或整體新市場是否會削弱整體定價策略。您能否談談您如何評估新市場？然後就像我的第二個問題一樣。

During the IPO process, you mentioned a lot about moving point of sale away from -- the opportunity set outside of the North American market. Tor you talked a little bit about China. I was just hoping you level set a little bit on that strategy and where things sit today.

在 IPO 過程中，您多次提到將銷售點從北美市場以外的機會轉移出來。Tor，您剛剛談了一些關於中國的事情。我只是希望你對該策略和目前的情況有一點了解。

Yeah. I think when we move to new call it, the destination, the new destinations, it's quite -- typically we then go with smaller vessels and smaller vessels do need higher prices. So we have to make sure that they don't do anything stupid. But I think what we've done, for example, in Egypt is exceptional. Nobody comes near the vessels, we are building there in -- and I think similarly will be India -- so I think we have to take care of that. The market research, I joked a bit about it.

是的。我認為，當我們轉向新的目的地時，通常我們會使用較小的船隻，而較小的船隻確實需要更高的價格。所以我們必須確保他們不會做任何愚蠢的事情。但我認為我們在埃及所做的事是傑出的。沒有人靠近我們正在建造的船隻——我認為印度也會採取類似的做法——所以我認為我們必須注意這一點。對於市場調查，我開過一點玩笑。

I said we -- I do a lot of market research in the morning when I shave and maybe that's a bit -- we do a lot of formal market research too. But I have the benefit as I know. I feel I know what our guests want, quite frankly, and certainly my colleagues. So we have -- we can really assess it quite well. But it's clear that people want to go to interesting places.

我說我們——我早上刮鬍子的時候會做很多市場調查，也許那有點——我們也做了很多正式的市場調查。但我知道，我有好處。坦白說，我覺得我知道我們的客人想要什麼，我的同事也肯定知道。因此，我們確實可以對其進行很好的評估。但很明顯人們想去有趣的地方。

I mentioned to some guests on board that next workers will go to Lagos in Nigeria. And many people say, oh, that's so dangerous. Of course, people like to go to a new place that they haven't been before. and they said, we'd like to do with Viking because we know that we are safe. That's really the theme growth.

我向船上的一些客人提到，下一批工人將前往尼日利亞的拉各斯。很多人說，這太危險了。當然，人們喜歡去以前沒有去過的新地方。他們說，我們願意和維京人一起去，因為我們知道那裡很安全。這確實是主題成長。

So I think we're -- we'll find some more places like that. But the math -- when you look at our map in -- we are pretty much everywhere, quite frankly. But we've even now the business we have in the US and the Mississippi we had some start-up issues, but I think that has also come quite right in terms of the quality of the product. And China, as we all know, is a huge potential market.

所以我認為我們會找到更多這樣的地方。但從數學角度來看——當你查看我們的地圖時——坦白說，我們幾乎無處不在。但即使現在我們在美國和密西西比州的業務也遇到了一些啟動問題，但我認為就產品品質而言，這也是相當正確的。眾所周知，中國是一個巨大的潛在市場。

We currently have 4 river ships staffed by Chinese speakers, and we are marketing and in the same fashion as we do in North America. We market directly to Chinese consumer. People said you must be nuts. And I said, no, we don't want to go through tour operators or other people who brand over us.

我們目前擁有 4 艘配備中文工作人員的江河船舶，而我們的行銷方式與在北美的方式相同。我們直接向中國消費者銷售產品。人們說你一定是瘋了。我說，不，我們不想透過旅行社或其他給我們打上品牌識別的人。

So I think we are seeing -- it's taken a long time, but I feel we are coming through that. So there will be, hopefully, some real things coming out of that. So there is -- there are these obvious expansion opportunity. China is one, of course. So I don't know if that answers it -- Leah, there was 1 point you should have made.

所以我認為我們看到了——這花了很長時間，但我感覺我們正在度過難關。因此，希望這能帶來一些實際成果。因此，存在這些明顯的擴張機會。當然，中國就是其中之一。所以我不知道這是否回答了你的問題——利亞，你應該提出一點。

Do you want to make the point before the last question --

你想在最後一個問題之前提出這一點嗎--

No, we just wanted to point out that we talked a little bit about it during the scripted portion of the call, but we do have two euro-denominated loans they are Ocean loans, they are disclosed in the financial statements. And we did experience unrealized FX losses related to them. And we calculated and it translated to a $0.11 adjusted EPS impact to our adjusted EPS $0.99. And what we did was we converted US dollars to euros to create a natural hedge.

不，我們只是想指出，我們在電話會議的腳本部分討論了一點，但我們確實有兩筆以歐元計價的貸款，它們是 Ocean 貸款，它們在財務報表中披露。我們確實經歷了與此相關的未實現外匯損失。我們計算了一下，這相當於調整後每股收益0.11美元，而我們的調整後每股收益為0.99美元。我們所做的就是將美元兌換成歐元，以創造一個自然對沖。

So we don't expect that unrealized loss to recur throughout the rest of the year. So we did want to point that out. as the euro starts to strengthen, the fact that we did that and also we are hedged for a portion of our '25 and '26 results, we feel we are able to manage through the currency exposure.

因此，我們預計今年剩餘時間內不會再次出現未實現損失。所以我們確實想指出這一點。隨著歐元開始走強，事實上我們做到了這一點，而且我們對 25 年和 26 年的部分業績進行了對沖，我們認為我們能夠管理貨幣風險。

I think that's important because our philosophy has always been to finance our vessels in dollars. But on this occasion, there were some issue and we then said we had to do it in Europe. And we're probably a little bit slow in converting or having a matching euro deposit.

我認為這很重要，因為我們的理念一直是用美元為我們的船舶融資。但這次出現了一些問題，所以我們說必須在歐洲做這件事。我們在轉換或匹配歐元存款方面可能有點慢。

So that has that negative impact, both on Q1 and Q2 this year, but that should not be a recurring event for those who like to look to the future. I think that's important. We don't want to take unnecessary currency risks. There are no other risks, we can exploit.

因此，這對今年第一季和第二季都會產生負面影響，但對於那些喜歡展望未來的人來說，這不應該成為重複的事件。我認為這很重要。我們不想承擔不必要的貨幣風險。沒有其他我們可以利用的風險。

That was exactly the point. Thanks, Tor.

這正是關鍵所在。謝謝，Tor。

Okay. Sorry about that. But I think it's important -- I think some famous investor from Omaha use to call EBITDA, the result before expenses. And there are something below EBITDA too, which one should look at, and we do look at the bottom line.

好的。很抱歉。但我認為這很重要——我認為奧馬哈的一些著名投資者習慣將 EBITDA 稱為費用前的表現。EBITDA 下面也有一些內容，我們應該關註一下，我們確實關注的是底線。

Thank you. And I will now turn the conference back over to Tor Hagen, Viking's Chairman and CEO for closing remarks.

謝謝。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. So good night. Thank you, everybody for joining in today's call. And I thank you for the support and interest in Viking. And we'll see what the future brings. Thank you very much all.

是的。晚安。感謝大家參加今天的電話會議。我感謝大家對維京的支持與關注。我們將拭目以待未來會發生什麼。非常感謝大家。

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。