Viking Holdings Ltd (VIK) 2025 Q3 法說會逐字稿

Good morning. My name is Tom, and I will be your conference operator today. At this time, I would like to welcome everyone to Viking's third quarter 2025 earnings conference call. As a reminder, this call is being recorded.

早安.我叫湯姆，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Viking 公司歡迎各位參加 2025 年第三季財報電話會議。再次提醒，本次通話正在錄音。

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

（操作員指示）現在，我將把節目交給今天會議的主持人，投資者關係副總裁卡羅拉·門戈利尼。

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

各位早安，歡迎參加維京公司2025年第三季財報電話會議。與我一同出席的還有董事長兼執行長托爾·哈根，以及總裁兼財務長利奧·塔拉克塔克。財務執行副總裁 Linh Banh 也將在問答環節中解答疑問。

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.

在開始之前，請注意我們關於前瞻性資訊的警示聲明。在電話會議期間，管理階層可能會討論一些具有前瞻性的信息，這些信息涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與明示或暗示的結果有所不同。

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. We may also refer to certain risk non ISRS financial metrics, which are reconciled and described in our press release posted on our Investor Relations website at ir.viking.com.

請結合這些因素來評估前瞻性訊息，這些因素已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詳細說明。這些前瞻性陳述僅代表截至今日的觀點，我們不承擔更新或補充這些陳述的義務。我們也可能會提及某些非ISRS風險財務指標，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了核對和描述。

Tor and Leah will begin today's call with a strategic overview of the business, including a recap of our third quarter results and an update of the current booking environment. Following their remarks, we will open the call for your questions. To supplement today's discussion, an earnings presentation is available on our Investor Relations website.

Tor 和 Leah 將在今天的電話會議上首先對公司業務進行策略概述，包括回顧第三季業績和介紹當前的預訂環境。在他們發言結束後，我們將開放提問環節。為了補充今天的討論，我們的投資者關係網站上提供了獲利報告簡報。

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

接下來，我很高興將通話交給 Tor。

Thank you, Carola, and good morning, everyone. This is a great and memorable quarter with very good financial results, a strong booking environment and highlighted by a significant operational milestones.

謝謝你，卡羅拉，大家早安。這是一個精彩而令人難忘的季度，財務表現非常出色，預訂環境強勁，並且取得了重要的營運里程碑。

Starting on slide 3. You can see that in the third quarter, net yields increased 7.1% year-over-year. Leah will provide more detail shortly, and I want to highlight that our consolidated net yield this quarter was $617 the highest in Viking's history.

從第3張投影片開始。可以看到，第三季淨收益率年增了7.1%。Leah 稍後會提供更多細節，我想強調的是，本季我們的綜合淨收益率為 617 美元，是 Viking 歷史上最高的。

Turning to the overall booking environment. We continue to see strong momentum. As of November 2, 2025, and for our core product, 96% of our 2025 capacity was sold, and 70% of our 2026 capacity was already booked to. I believe that this reflects the strength of the Viking brand, the resilience of our target customers and the appeal of our destination-focused products. As we continue to grow our fleet, this forward visibility gives us confident in our trajectory and in our ability to deliver long-term value to all stakeholders.

接下來談談整體預約環境。我們持續看到強勁的發展勢頭。截至 2025 年 11 月 2 日，我們的核心產品 2025 年產能已售出 96%，2026 年產能已預訂 70%。我認為這體現了維京品牌的實力、我們目標客戶的韌性以及我們以目的地為中心的產品的吸引力。隨著我們船隊的不斷壯大，這種前瞻性讓我們對自身的發展軌跡以及為所有利害關係人創造長期價值的能力充滿信心。

I also believe that our well-defined product and clear focus on our customer base have enabled us to build a robust travel platform and support a steady fleet expansion. This has also allowed us to extend the brand into new destinations that further strengthen our guest loyalty. Our guest value and understand Viking, we do not try to be everything to everyone. We focus on the destination and on cultural enrichment while providing an intimate elegant atmosphere on board.

我也相信，我們明確的產品定位和對客戶群的清晰關注，使我們能夠建立一個強大的旅行平台，並支持車隊的穩定擴張。這也使我們能夠將品牌拓展到新的目的地，從而進一步增強顧客忠誠度。我們的客人珍惜並理解維京遊輪，我們不會試圖滿足所有人的所有需求。我們注重目的地體驗和文化薰陶，同時在船上營造溫馨優雅的氛圍。

Now if we look at the next slide, number 4, you can see how this strategy out a remarkable milestone. We started Viking 28 years ago with four river vessels. And today, we have a fleet of more than 100 ships, 103 to be exact. I believe that this growth reflects both disciplined execution and an innovative approach.

現在，如果我們看下一張投影片，也就是第 4 張，您可以看到這項策略如何取得了顯著的里程碑式成就。28年前，我們以四艘內河遊船起家，創立了維京遊輪公司。如今，我們擁有超過 100 艘艦船的船隊，確切地說是 103 艘。我認為這種成長既體現了嚴謹的執行力，也體現了創新的方法。

First, we have been modernizing river voyages. In addition, we have been reinventing ocean voyages and perfecting the expedition experience. Each of these products is approached with the same philosophy of thoughtful design, cultural debt and operational discipline. We have been modernizing River voyagers by transforming what river cruising can be. We have introduced new elegant and efficient ships with immersive tenders that bring guest closer to the art, history and culture of every destination.

首先，我們一直在對內河航行進行現代化改造。此外，我們一直在革新遠洋航行，並不斷完善探險體驗。這些產品都秉持著同樣的理念：精心設計、文化傳承和營運紀律。我們透過改變內河遊輪旅行的方式，使內河旅行更加現代化。我們推出了優雅高效的新型船舶，配備沉浸式接駁艇，讓賓客更近距離地感受每個目的地的藝術、歷史和文化。

Today, River cruising has become a globally recognized way of travel and Viking with a fleet of 89 river vessels, offer the most extensive and enriching collection of river itineraries across the world. We have also been reinventing ocean by bringing the same vision that is modernizing the River Cruising. We are redefining what an ocean works can be introducing new small elegant ships designed not for entertainment, but for enrichment.

如今，內河遊輪已成為全球公認的旅行方式，而擁有 89 艘內河遊輪的維京遊輪，提供全球最廣泛、最豐富的內河遊輪航線。我們秉持著與內河遊輪現代化相同的理念，也正在重塑海洋旅遊。我們正在重新定義海洋工程的意義，推出新型小型優雅船舶，其設計目的不是為了娛樂，而是為了豐富人們的生活。

At Viking, we said that we are for the thinking person. True to that promise, our ocean itineraries with a fleet of 12 ships focus on cultural discovery and meaningful experiences, bringing our guests closer to the world's most inspiring destinations.

在維京遊輪，我們說過，我們服務於有思想的人。為了履行這項承諾，我們擁有 12 艘郵輪的船隊，其海洋航線專注於文化探索和有意義的體驗，讓我們的客人更接近世界上最令人振奮的目的地。

And lastly, we have been perfecting the expedition experience. With purpose-built ships, we enable our guests to explore the most remote regions of the parent from Antarctica to the Artic and also closer to on North America's great Lakes. These itineraries are designed with safety and comfort at the core by placing science, exploration and sustainability at the heart of every journey.

最後，我們一直在完善探險體驗。我們擁有專門建造的船舶，讓賓客能夠探索母國最偏遠的地區，從南極洲到北極，以及更靠近北美五大湖的地區。這些行程的設計以安全和舒適為核心，並將科學、探索和永續性置於每次旅程的核心。

In doing so, we are creating a new category of travel on that feels less like tourism and more like meaningful discovery. This innovative approach is also reflected in the extraordinary breadth of our offerings. As shown on slide 5, we are currently providing itineraries that cumulatively span more than 85 countries across all seven continents, all five oceans, 21 Rivers and five lakes, calling on over 500 ports.

這樣做，我們正在創造一種新的旅行方式，這種方式與其說是旅遊，不如說是有意義的探索。這種創新方法也體現在我們產品和服務的廣泛性上。如投影片 5 所示，我們目前提供的行程累計涵蓋七大洲、五大洋、21 條河流和 5 個湖泊的 85 多個國家，停靠超過 500 個港口。

Look now, we remain committed to setting the standard and experiential travel, offering opportunities to explore the world and ways that are comfortable, cultural enriching and environmentally responsible. As we reflect on this milestone, achieving a fleet of 100 vessels, let me turn to one of our key advantages that have helped fuel the growth in the River segment, which is in docking locations.

現在，我們仍然致力於建立旅行和體驗的標準，提供探索世界的機會，並以舒適、豐富文化和對環境負責的方式進行旅行。當我們回顧這一里程碑，即擁有 100 艘船舶的船隊時，我想談談我們推動內河航運業務成長的關鍵優勢之一，那就是碼頭位置。

On slide 6, you will see how these set Viking apart. Our River vessel dock in the hearts of citizen towns near historical and cultural attractions. They provide our guests with more time onshore to enjoy the local culture. Today, we control our priority access to 113 of the most coveted document locations in various regions of the world. This includes premier locations in Paris, just 800 meters from Leo Power and in Luxor, close to the Karnak temple. This unique access not only enhances the guest experience, but also reinforces Viking's leadership position in River. Now to conclude this section, I will share some great news about our product is being recognized across the industry.

在第 6 張投影片中，您將看到這些特點如何使 Viking 與眾不同。我們的河輪碼頭位於城鎮中心，靠近歷史文化景點。他們為我們的客人提供了更多的岸上時間，讓他們能夠體驗當地文化。如今，我們掌控著對世界各地 113 個最受追捧的檔案位置的優先存取權。這其中包括巴黎的黃金地段，距離 Leo Power 僅 800 米，以及盧克索的黃金地段，靠近卡納克神廟。這種獨特的通道不僅提升了賓客體驗，也鞏固了維京遊輪在河輪領域的領先地位。最後，我要分享一個好消息：我們的產品已獲得業界的認可。

On slide 7, you can see that Viking has once again been rated number 1 for oceans and number 1 for rivers by continent traveler. Now for the fifth consecutive year in the 2025 Readers Choice Awards. We were also honored as a world's best by Travel and Leisure in the 2025 World Best Awards. No other travel company has simultaneously received such owners across these product lines from both obligations.

從第 7 張投影片可以看出，維京遊輪再次被大陸旅行者評為海洋遊輪第一名和河流遊輪第一名。這已經是連續第五年參加 2025 年讀者選擇獎評選了。我們也榮獲了《旅遊與休閒》雜誌評選的 2025 年世界最佳獎項，並被評為世界最佳。沒有其他旅行公司像我們一樣，同時從這兩類產品線中獲得如此多的所有權。

What makes these awards, especially meaningful is that they voted on by the guest reinforcing that our distinct approach resonates with those who value meaningful travel. They also reflect the dedication of our entire team whose commitment ensures that every voyage lives up to the Viking's. By saying crude drive principles, small ships, destination-focused attendees and exceptional service, we have been able to leave without compromise. And as we look ahead, we remain committed to maintaining the standards that are on these certain conditions.

這些獎項之所以意義非凡，是因為它們是由賓客投票選出的，這進一步證明我們獨特的理念能夠引起重視有意義旅行的人們的共鳴。這同時也體現了我們整個團隊的奉獻精神，他們的投入確保了每一次航行都達到維京人的標準。秉持著粗獷的駕駛原則、小型船舶、以目的地為中心的參與者和卓越的服務，我們得以毫無妥協地出發。展望未來，我們將繼續致力於維持這些特定條件下的標準。

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

接下來，我將請莉婭討論我們的財務狀況。

Thank you, Tor, and good morning, everyone. I will start by reviewing our third quarter results, which were very good and will also mention a few records worth highlighting. On a consolidated basis, capacity grew 11% and net yields rose 7.1%, resulting in a 21.4% increase in adjusted gross margin year-over-year. As Tor noted, net yields were $617 this quarter, the highest in Viking's history.

謝謝你，托爾，大家早安。我將先回顧我們第三季的業績，業績非常好，我也會提到一些值得重點介紹的記錄。綜合來看，產能成長了 11%，淨收益率上升了 7.1%，導致調整後的毛利率年增了 21.4%。正如 Tor 指出的那樣，本季淨收益率為 617 美元，是 Viking 公司歷史上最高的。

As expected, vessel expenses, excluding fuel per capacity PCD increased 9.6% year-over-year. Consistent with what we shared last quarter, the year-over-year increase was driven by several factors. These included changes in our itinerary mix, which led to higher expenses such as port charges, as well as slightly higher repair and maintenance costs compared to the prior years.

正如預期的那樣，不包括每載客量每日燃油費用的船舶支出年增了 9.6%。與上個季度我們分享的內容一致，年成長是由多種因素推動的。這些變化包括行程安排的調整，導致港口費等開支增加，以及與往年相比維修和保養成本略有上升。

Repairs and maintenance costs occur when specific work is required on our vessels and the timing can shift depending on operational needs. As a result, the cadence of these expenses may differ from one period to the next and is not always a like-for-like comparison. I will note that with a larger fleet and a different mix of itineraries, both capacity and net yields increased more than offsetting expected cost increases.

當我們的船舶需要進行特定工作時，就會產生維修和保養費用，而時間安排可能會根據營運需求而有所變動。因此，這些費用的發生頻率可能會因時期而異，並且並不總是能進行直接比較。需要指出的是，隨著機隊規模擴大和航線組合的變化，運能和淨收益的成長超過了預期成本的成長。

Regarding SG&A, expenses remained flat as a percentage of adjusted gross margin when compared to same time last year. Following the year-over-year step-up in expenses during the second quarter, we continue to invest in our teams, including through stock-based compensation to support long-term growth.

就銷售、管理及行政費用而言，與去年同期相比，該費用佔調整後毛利率的百分比保持不變。鑑於第二季支出較去年同期有所成長，我們將繼續投資於我們的團隊，包括透過股票選擇權激勵來支持長期成長。

As it relates to overall expenses, we remain firmly committed to disciplined cost management, while at the same time, retaining our talent, supporting our expanding capacity and stimulating demand. We believe that this balanced approach ensures we are not only managing today's environment responsibly, but also laying the foundation for Viking sustained growth and long-term success.

在整體支出方面，我們始終堅定地致力於嚴格的成本管理，同時留住人才，支持不斷擴大的產能，並刺激需求。我們相信，這種平衡的方法不僅能確保我們負責任地管理當今的環境，還能為維京的持續成長和長期成功奠定基礎。

Having said this, we are proud to report the highest quarterly adjusted EBITDA in our company's history at $704 million, up 26.9% year-over-year. while also reaching one of the highest adjusted EBITDA margins at 52.8%. As we have shared before, capacity growth, coupled with yield growth translates into strong EBITDA improvement and margin expansion.

儘管如此，我們仍自豪地宣布，公司季度調整後 EBITDA 達到 7.04 億美元，創歷史新高，同比增長 26.9%，同時調整後 EBITDA 利潤率也達到 52.8%，位居歷史最高水平之一。正如我們之前分享過的，產能成長加上收益率成長，將轉化為 EBITDA 的強勁改善和利潤率的擴大。

In summary, you can see that this quarter, we achieved the highest net yield in Viking's history and the highest adjusted EBITDA. We believe that these great results underscore the strength of our business model, the resilience of the demand across our portfolio and the discipline of our execution as we continue to deliver profitable growth.

總而言之，你可以看到，本季我們實現了維京史上最高的淨收益率和最高的調整後 EBITDA。我們相信，這些優異的成績凸顯了我們商業模式的優勢、我們產品組合需求的韌性以及我們執行的嚴謹性，我們將繼續實現獲利成長。

Now moving to net income. This was $514 million, an improvement of almost $135 million when compared to the same period in 2024. We I will note that the net income for the third quarter of 2024 includes a loss of $18.6 million from the revaluation of warrants issued by the company due to stock price appreciation. While this quarter in 2025, we recorded nonrecurring charges of $19.7 million in connection with debt refinancing, which are included in interest expense. Adjusted EPS was $1.20 for the third quarter, up 33.2% year-over-year.

現在來看淨收入。這相當於 5.14 億美元，與 2024 年同期相比，增加了近 1.35 億美元。需要指出的是，2024 年第三季的淨收入包括因股價上漲而導致公司發行的認股權證重估造成的 1,860 萬美元損失。2025 年本季度，我們記錄了與債務再融資相關的 1,970 萬美元非經常性費用，這些費用計入利息支出。第三季調整後每股收益為 1.20 美元，年增 33.2%。

Now before moving to our reportable segments, which are on slide 10, I would like to highlight that year-to-date, our consolidated adjusted gross margin increased 21% year-over-year to $3.2 billion, and our net yield is 7.4% higher than in the same period last year.

在介紹第 10 頁的可報告分部之前，我想重點指出，今年迄今為止，我們的合併調整毛利潤同比增長 21% 至 32 億美元，淨收益率比去年同期高出 7.4%。

Now I will briefly discuss our to reportable segments, River and Ocean. Unless noted, I will be referring to year-to-date metrics or nine months ended September 30, 2025. In the River segment, capacity PCDs increased 5.2% year-over-year, mainly driven by the addition of four new ships, two for Egypt delivered in 2024 and two for Europe delivered this year. Occupancy for the period was 96%, and adjusted gross margin increased 14.3% year-over-year to $1.4 billion. As a result, net yield was $589, up 7.8% year-over-year, driven by strong demand for both our Egypt and European itineraries.

現在我將簡要介紹我們的兩個可報告業務板塊：河流和海洋。除非另有說明，否則我將指的是截至 2025 年 9 月 30 日的年初至今的指標或九個月的指標。在內河航運領域，運能PCD年增5.2%，主要得益於新增四艘船舶，其中兩艘為埃及航線，將於2024年交付；兩艘為歐洲航線，將於今年交付。該期間入住率為 96%，調整後毛利年增 14.3%，達到 14 億美元。因此，淨收益為 589 美元，年增 7.8%，這主要得益於埃及和歐洲航線的強勁需求。

For ocean capacity PCDs increased 15.3% year-over-year, mainly due to the addition of the Viking Vela in December of 2024 and the Viking Vesta in June of 2025. Occupancy for the period was 95.4%. Adjusted gross margin increased 28.5% year-over-year to $1.5 billion, while net yield increased 10.9% to $591.

海洋運力方面，PCD 年增 15.3%，主要原因是 Viking Vela 號於 2024 年 12 月投入運營，Viking Vesta 號於 2025 年 6 月投入運營。該期間入住率為 95.4%。調整後的毛利潤年增 28.5% 至 15 億美元，淨收益率年增 10.9% 至 591 美元。

Now moving to the balance sheet. On slide 11, you can see that as of September 30, 2025, we had total cash and cash equivalents of $3 billion. Our net debt was $2.8 billion and our net leverage ratio was 1.6 times and an improvement compared to the 2.1 times shared last quarter. Also on slide 11, we show our bond maturity outlook.

現在來看資產負債表。從第 11 張投影片可以看出，截至 2025 年 9 月 30 日，我們擁有現金及現金等價物總額為 30 億美元。我們的淨債務為 28 億美元，淨槓桿率為 1.6 倍，比上季的 2.1 倍有所改善。另外，在第 11 張幻燈片中，我們展示了我們的債券到期展望。

In October of 2025, we issued $1.7 billion of senior unsecured notes due 2033. The net proceeds were used to fully redeem all outstanding senior unsecured notes due 2027 and to repay finance leases on two ocean ships and one expedition ship, with the balance designed to repay the finance lease on an additional ocean ship. To this end, bond maturities are now due 2028 and beyond.

2025 年 10 月，我們發行了 17 億美元的 2033 年到期優先無擔保票據。所得淨收益用於全額贖回所有 2027 年到期的未償還高級無擔保票據，並償還兩艘遠洋船舶和一艘探險船的融資租賃，剩餘部分用於償還另一艘遠洋船舶的融資租賃。因此，債券到期日現在定在 2028 年及以後。

Since our last earnings release, we have also realized additional financial achievements. Moody's upgraded Viking to Ba2 from Ba3, and we upsized our revolving credit facility to $1 billion. We believe that all these actions underscore our consistent performance, strengthen Viking's capital structure and enhance our financial flexibility to pursue long-term growth.

自從上次發布財報以來，我們也取得了其他財務成就。穆迪將 Viking 的評級從 Ba3 上調至 Ba2，我們將循環信貸額度增加至 10 億美元。我們相信，所有這些舉措都凸顯了我們持續的業績，增強了維京的資本結構，並提高了我們的財務靈活性，以追求長期成長。

From a committed capital expenditure perspective and for the full year 2025, the total expected committed ship CapEx is about $910 million or $480 million net of financing. And for the full year 2026, the total expected committed ship CapEx is about $1.2 billion or $320 million net of financing.

從已承諾的資本支出角度來看，2025 年全年預計已承諾的船舶資本支出總額約為 9.1 億美元，扣除融資後淨額為 4.8 億美元。2026 年全年，預計船舶資本支出總額約 12 億美元，扣除融資後淨額為 3.2 億美元。

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

接下來，我將回到 Tor 來回顧我們的業務前景，包括我們的預訂曲線。

Thanks, Leah. Let's now talk about the booking curves, which are all as of November 2, 2025. On slide 13, we show our consolidated metrics for our core products. As you can see, we continue to be in very good shape for both 2025 and the 2026 seasons. For 2025, 96% of our capacity PCDs for our core products is already booked.

謝謝你，莉婭。現在我們來談談預訂曲線，所有數據截至 2025 年 11 月 2 日。第 13 頁展示了我們核心產品的綜合指標。如您所見，我們對 2025 年和 2026 年賽季都保持著非常好的狀態。2025 年，我們核心產品的產能 PCD 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 has increased by 12%. Because our 2025 capacity is mostly sold out, these metrics are very similar to what we shared last quarter. I will note that as we approach the end of the calendar year, we might experience a few cancellations, which is normal.

提前預訂金額達 56 億美元，比 2024 年同期成長 21%，而運力成長了 12%。由於我們 2025 年的產能基本上已售罄，這些指標與我們上個季度公佈的數據非常相似。需要說明的是，隨著年底臨近，可能會出現一些取消的情況，這是正常現象。

Now moving to 2026. We are in very good position there too. The capacity for our core products is increasing by 9%, and we over 70% booked with $4.9 billion of advanced bookings. These are 14% higher than the 2025 season at the same point in time for 2024.

現在展望2026年。我們在那裡也處於非常有利的地位。我們核心產品的產能提高了 9%，預訂量超過 70%，預售額達 49 億美元。2024 年同期，這些數字比 2025 年同期高出 14%。

Now we'll talk about the advanced booking curves for the segments. On the next slide, you will see the curves for ocean business. This is slide 14. I'll begin with the blue line, which represents bookings for 2025. Overall, we have sold 95% of the capacity PCDs for the year which is an increase of 18%. Advanced bookings are 29% higher than they were at the same point last year, and rates have remained very strong, equal to $717 compared to $661 last year.

現在我們來談談各個航段的高級預訂曲線。下一張投影片將展示海洋業務的曲線圖。這是第14張投影片。我先從藍線開始，它代表 2025 年的預訂量。今年我們整體售出了 95% 的 PCD 產能，比前一年成長了 18%。提前預訂量比去年同期增長了 29%，房價也保持強勁，達到 717 美元，而去年同期為 661 美元。

Now if you look at the yellow line, you will see the booking trend for the 2026 season. As you can see, we are in very good shape, ocean capacity is projected to increase by 9% in 2026, and approximately 77% of the capacity has already been sold. This equals to about $2.4 billion in advanced bookings at average rates of $783 compared to $749 at the same point for the 2025 season.

現在，如果你看一下黃線，你會看到 2026 年的預訂趨勢。如您所見，我們目前狀況良好，預計到 2026 年海運能力將成長 9%，其中約 77% 的運力已被售出。這相當於提前預訂金額約為 24 億美元，平均價格為 783 美元，而 2025 年同期平均價格為 749 美元。

If we move to slide 15, you will see the current for the diverse I will start with the blue line, which drafts the advanced bookings for 2025. Like oceans, we are also having a great year in River. 96% of the 2025 capacity is already sold, which is an increase of 6% year-over-year. Advanced bookings are 16% higher than last year at this point in time and rates equal $820 compared to $758 last year. Like ocean, we are very at the call for the 2025 season, and our teams are now focused on 2026 and beyond.

如果我們轉到第 15 張投影片，您將看到各種情況的現狀。我將從藍線開始，它繪製了 2025 年的預訂。與海洋一樣，River今年的業績也十分亮眼。 2025年的產能已售出96%，比上年增長6%。截至目前，提前預訂量比去年同期增長了 16%，房價為 820 美元，而去年同期為 758 美元。就像海洋一樣，我們非常期待 2025 年的到來，我們的團隊現在專注於 2026 年及以後的賽季。

Now looking at the yellow line, these are the advanced broken for the 2026. As you can see, we have sold $2.2 billion in advanced bookings, representing 62% of our capacity. Deliver operating capacity is expected to grow 10% year-over-year a figure slightly higher than the last quarter due to some tender adjustments. These are good trends for the 2026 river, which built on top of a steep 2025 curve. The rates equal to $928 compared to $853 in 2025.

現在來看黃線，這些是 2026 年的提早破損情況。如您所見，我們已售出價值 22 億美元的預售票，占我們運力的 62%。由於一些招標調整，預計交付營運能力將年增 10%，這一數字略高於上一季。對於 2026 年的河流而言，這些都是好趨勢，因為河流是在 2025 年陡峭曲線的基礎上發展起來的。目前的利率相當於 928 美元，而 2025 年的利率為 853 美元。

So overall, advanced bookings for our core products are doing very well. They are either in line with or exceeding some of our expectations. Moreover, average rates for the 2026 season have increased. These are currently 5.5% higher than the 2025 season at the same point in time. Alongside the 9% increase in capacity. To this end, we are very pleased with how the curves are trending.

整體而言，我們核心產品的預售情況非常好。它們要么符合我們的預期，要么超出我們的一些預期。此外，2026 年的平均利率也有所上升。目前這些數值比 2025 年同期高出 5.5%。同時，產能提高了 9%。為此，我們對曲線的趨勢非常滿意。

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

現在，莉亞的到來將為我們的訂單簿和產能增添一些色彩。

Thank you, Tor. Our order book chart, which is on slide16, has been updated to reflect the following: the successful delivery of four river vessels and the addition of option agreements for eight additional river vessels, which have exercised will result in four deliveries in 2031 and four more in 2032.

謝謝你，托爾。我們的訂單簿圖表（見投影片 16）已更新，以反映以下內容：成功交付四艘內河船舶，並新增八艘內河船舶的選擇權協議，這些協議已行使，將在 2031 年交付四艘，在 2032 年再交付四艘。

You can see that we continue to prioritize expanding capacity to meet growing demand. At Viking, we believe that by staying focused on delivering meaningful experiences, we will continue to drive strong earnings growth expand margins and sustain long-term financial performance.

可以看出，我們始終優先考慮擴大產能以滿足不斷增長的需求。在維京遊輪，我們相信，透過專注於提供有意義的體驗，我們將繼續推動強勁的獲利成長，擴大利潤率，並保持長期的財務表現。

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

至此，我的發言稿就結束了。現在我將把麥克風交還給接線員，讓她回答問題。

(Operator Instructions) Steven Wieczynski, Stifel.

（操作說明）Steven Wieczynski，Stifel。

Hey guys, good morning. Congratulations on a very solid quarter here. So totally, if we look at 2026 pricing across river and ocean, both improved not only from your August update, but it also improved relative to the update you gave when you did your debt deal in late September.

嘿，各位，早安。恭喜你們本季業績非常出色。總的來說，如果我們看一下 2026 年河流和海洋的價格，不僅比您 8 月份的更新有所改善，而且相對於您在 9 月下旬進行債務交易時給出的更新也有所改善。

So I guess what I'm wondering is maybe Help us think about what is driving that pricing increase right now? Meaning is as demand so strong that you're able to take price action? Or is it something out there where you still have more desirable itineraries cabin classes, whatever you want to think about it out there, that are now being kind of bought at this point for next year?

所以我想知道的是，或許您可以幫我們思考一下，目前導致價格上漲的原因是什麼？意思是說，市場需求如此強勁，你可以採取價格行動嗎？或者說，現在還有一些更理想的航線和艙等（不管你怎麼看待這些），這些航線和艙位等級現在已經被預訂一空，準備明年出行了？

And then maybe help us think about what type of promotional work or marketing you're doing currently in order to drive that demand into '26?

然後，或許您可以幫我們思考一下，為了在 2026 年推動這種需求，您目前正在進行哪些類型的推廣工作或行銷活動？

Hi, Steve. Good morning. I think the key indicators that we're seeing with respect to our yield, really shows the health of our consumer. I think we've always said from the beginning that our consumers are different. They're more resilient. They have time. They want to travel, and they have the funds to do so.

嗨，史蒂夫。早安.我認為，就我們的收益率而言，我們看到的關鍵指標真正反映了我們消費者的健康狀況。我認為我們從一開始就一直強調，我們的消費者是不同的。它們更具韌性。他們有時間。他們想旅行，而且他們也有足夠的資金。

And in the prior earnings calls, we had mentioned that based on what we can see from the remaining inventory available that we would be able to achieve this mid-single-digit growth in price. So we see that come to bear this quarter, our marketing strategy has been to engage with consumers rather than take pricing actions, and this continues towards the future. I think we've said also in the past that we would like to be in a comfortable spot ending the year, but also still have enough inventory for next year's wave.

在先前的財報電話會議上，我們曾提到，根據剩餘庫存的情況，我們可以實現中等個位數的價格成長。因此，我們看到本季這項策略取得了成效，我們的行銷策略是與消費者互動，而不是採取價格措施，未來也將繼續如此。我想我們過去也說過，我們希望在年底時處於一個比較輕鬆的狀態，但同時也要有足夠的庫存來應付明年的銷售旺季。

So you'll start to see that in our marketing spend, but we also are cognizant that people are also booking forward seasons. So it remains -- the cadence is similar to prior years with respect to marketing. However, we are quite pleased to see that our consumers are willing to travel and are willing to pay to travel with Viking.

所以你會開始在我們的行銷支出中看到這一點，但我們也意​​識到人們也在預訂未來幾季的行程。所以情況依然如此——行銷節奏與往年類似。不過，我們非常高興地看到，我們的消費者願意旅行，也願意付費搭乘維京遊輪旅行。

And maybe I can add, Leah, I just came back from a day on a ship in Malta on the ocean ship and our customers rave about the product that we have. And there's some options. I have three more booked. I have four more books. So they're really very much looking forward to experiencing more of the Viking product, and that help me how different from everybody else.

莉亞，我還可以補充一點，我剛從馬耳他的一艘遠洋船上待了一天回來，我們的客戶對我們的產品讚不絕口。還有一些選擇。我還預訂了三個名額。我還有四本書。所以他們非常期待體驗更多維京產品，這讓我覺得他們和其他人不一樣。

Okay. Got you. And then second question, Leah, in the release, you made a remark that I thought was kind of interesting. You basically said Vikings capital structures in such a good spot at this point that it's giving you guys the financial flexibility to pursue long-term growth.

好的。抓到你了。第二個問題，莉亞，你在新聞稿中發表了一番言論，我覺得很有意思。你剛才說的基本上是，維京隊的資本結構目前處於非常有利的位置，這給了你們追求長期成長的財務靈活性。

And I guess the question is, maybe what does the pursue long-term growth mean to you guys? I'm wondering if you could maybe expand upon a little bit more what that means. Thank you.

所以我想問的是，對你們來說，追求長期成長意味著什麼？我想請您再詳細解釋一下它的意義。謝謝。

Sure. Long-term growth is really organic growth you saw that we ordered or have options for more river ships. We still feel that there is potential for us to expand our market share in the luxury ocean segment. And we also remain we remain optimistic that there could be inorganic growth as well. We are watchful again.

當然。長期成長實際上是有機成長，正如你所看到的，我們已經訂購或擁有更多內河船舶的選擇權。我們仍然認為，我們在豪華海洋郵輪領域還有擴大市場份額的潛力。我們仍然樂觀地認為，也可能出現非內生性成長。我們再次保持警惕。

We want to make sure that it's scalable, margin accretive and complementary to the brand. But with our capital structure the way it is, and we're structuring it with now we have the $1 billion revolver, we feel confident that we could be opportunistic when the opportunity comes.

我們希望確保它具有可擴展性、能夠提高利潤率，並且與品牌相輔相成。但以我們目前的資本結構，以及我們現在擁有的 10 億美元循環信貸額度，我們有信心在機會來臨時抓住它。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks, and congrats on a nice quarter. So with the acceleration on advanced bookings across both river and ocean, maybe to your point, could you elaborate on demand trends that you continue to see globally? Maybe more so what sets your experience apart from a loyalty perspective. And with that, how you plan to optimize pricing on the remaining capacity?

太好了，謝謝，也恭喜你們本季業績出色。鑑於河運和海運的提前預訂都在加速進行，也許正如您所說，您能否詳細說明一下您在全球範圍內持續觀察到的需求趨勢？或許更重要的是，從顧客忠誠度的角度來看，是什麼讓你的體驗與眾不同。那麼，您打算如何優化剩餘產能的定價呢？

Okay. We have said many times, we are different, then need to repeat that. Of course, we only have a tiny portion of our capacity when the Caribbean, I think is 4% or something like that of the ocean capacity. So any kind of overcapacity that one may see there shall not impact us the slightest. We have seen that people want to go from huge ships to smaller ships, and we are there to capitalize on that, I would say.

好的。我們已經多次說過，我們與眾不同，那麼我們需要再次強調這一點。當然，我們只利用了我們全部的運力，而加勒比海的運力，我認為只佔海洋運力的 4% 左右。因此，那裡可能出現的任何產能過剩都不會對我們造成絲毫影響。我們已經看到人們希望從大型船舶轉向小型船舶，而我們正是為了抓住這個機會而存在的。

We haven't seen any weak in demand. It's strong. When you look at the demand curve, you could see -- when you look at them, of course, you say that we are very far ahead on the oceans. But that's a bit deliberate because we have new buildings coming on stream next year. And we'd rather make sure that we are in good shape as we start that year. So we were about to end that year now when you look at 70% being booked already.

我們尚未發現需求疲軟的跡象。它很強勁。當你觀察需求曲線時，你會發現——當然，當你觀察它們時，你會說我們在海洋方面遙遙領先。但這有點刻意為之，因為明年我們將有新的建築投入使用。我們寧願確保在新的一年開始時處於良好的狀態。所以，到年底的時候，我們已經有 70% 的課程被預訂了。

So I think you could argue maybe we could have been a little bit greedier on the price. But I think when you see the margins we have, we are fine with the way it is. And I think we've hit a very, very good spot on the oceans. On the rivers, we are -- where we usually should be at this summer the year, and we haven't seen we have read about competition, but we haven't seen much of this.

所以我覺得可以說，或許我們在價格上可以更貪婪一些。但我覺得，當你看到我們目前的利潤空間時，我們會對現狀感到滿意。我認為我們在海洋方面找到了一個非常好的位置。在河邊，我們——也就是我們往年夏天應該待的地方——並沒有看到競爭，雖然我們讀到關於競爭的報道，但我們並沒有親眼目睹多少。

Great. And then as a follow-up, Leah, could you speak to the cadence of recent booking trends over the last three months, maybe what you're seeing today as we think about the continued momentum just any differences in customer demand for your ocean relative to river experiences.

偉大的。那麼，Leah，作為後續問題，您能否談談最近三個月的預訂趨勢，以及您目前觀察到的情況，考慮到這種持續的增長勢頭，以及顧客對海洋和河流體驗的需求是否存在任何差異。

I would say that the demand is in line with expectation with Ocean being more booked than River, you can see that we are starting to focus on our river. But our book percentage complete on a consolidated basis is about the same as last year. And we are really agnostic as to whether our guests travel with us in Ocean, River, being that we are one brand.

我認為需求符合預期，海洋航線的預訂量高於河流航線，可以看出我們開始將重心放在河流航線上。但從合併層面來看，我們的圖書完成率與去年大致相同。對於我們的客人是搭乘 Ocean 還是 River 出行，我們其實並不在意，因為我們是一個品牌。

So I think we are quite happy with where things stand as far as how the pricing has developed. You don't really see much bifurcation with how our consumer is looking towards their experiences. There's no bifurcation between geographies or routes. Both our Ocean and River segments contribute to the uplift. So this reflects the consistency of the brand and loyalty of our guests worldwide. And this also is a strong indicator of our sustained pricing power going forward.

所以我覺得我們對目前的定價狀況相當滿意。我們消費者對體驗的看法並沒有太大的分歧。地理位置或路線之間沒有明顯的界限。我們的海洋和河流板塊都對隆升做出了貢獻。這體現了我們品牌的一致性以及全球顧客的忠誠度。這也強有力地表明了我們未來將維持定價權。

Great. Best of luck.

偉大的。祝你好運。

Thank you.

謝謝。

James Hardiman, Citi.

詹姆斯‧哈迪曼，花旗集團。

Hey, good morning. So I wanted to follow up a little bit on the advanced booking commentary for 2026. I think you answered my first question, which is whether or not the acceleration was a function of sort of mix or other items versus just a stronger consumer. It sounds like it's the latter.

嘿，早安。所以我想就 2026 年的預訂情況再補充一些評論。我認為你已經回答了我的第一個問題，那就是這種加速成長是否是產品組合或其他因素造成的，還是只是消費者實力增強的結果。聽起來像是後者。

But maybe speak to whether or not the relative acceleration between Ocean, which has been pretty consistent with where it started out two quarters ago in terms of 2026 advanced booking -- bookings for PCD relative to River, which has gone four to six to eight, right, the last couple of quarters. Is that an indication of stronger demand, accelerating demand in river and more consistent demand for 2026 in Ocean? Or are there other factors at play there?

但或許可以談談海洋郵輪和河輪之間的相對加速情況，海洋郵輪的預訂量（PCD）與兩個季度前相比相當穩定，而河輪的預訂量在過去幾個季度已經從 4 增長到 6 再增長到 8。這是否顯示河流需求強勁成長，而海洋需求在 2026 年將更加穩定？或者還有其他因素在起作用？

I think I thought I started addressing the question in my comments that the efforts on the ocean side is, of course, a little bit influenced by the new building program that we have. So we'd like to be further out. On the rivers, if I read the chart on page 15, you can see the prices that we get there now are some 8% higher than it was last year at the same time.

我認為我在評論中已經開始回答這個問題了，海洋方面的努力當然會受到我們新的建設計劃的影響。所以我們希望位置更遠。如果我看一下第 15 頁的圖表，你會發現，河流的水價現在比去年同期高出約 8%。

So there's no weakness to be spotted there at all. Of course, the capacity expansion on the -- that we have on the Rivers is smaller than the capacity expansion on the Oceans. And that's why we want to be a little bit safe and make sure we are really well ahead on the Oceans.

所以這方面根本找不到任何弱點。當然，我們在河流上實現的輸水能力擴張規模小於海洋上的輸水能力擴張規模。所以，我們希望謹慎一些，確保我們在海洋領域真正領先一步。

That makes sense. I didn't know if, Leah, you had to add to that or no?

這很有道理。莉婭，我不知道你是否需要補充什麼？

No. Tor sums it up pretty well. I think that with Ocean being a year-round product, and River really having a shorter season with the shoulder seasons in the first and fourth quarters. I think the booking pattern reflects a little bit of how the seasons operate.

不。Tor 的總結相當到位。我認為 Ocean 是一個全年供應的產品，而 River 的銷售季則相對較短，第一季和第四季是淡季。我認為預訂模式在一定程度上反映了季節的變化規律。

But again, as Tor mentioned, Ocean is our growth engine. And so we are quite pleased that we are further ahead from a capacity percentage, but we are also quite pleased with how the river bookings and their price increases has transpired.

但正如 Tor 所提到的，Ocean 是我們的成長引擎。因此，我們很高興在達到入住率百分比方面取得了進一步進展，同時也對河上預訂及其價格上漲的情況感到非常滿意。

Got it. That's really helpful. And then as a follow-up, obviously, since the last time we spoke, one of your main competitors or, I guess, I should say a new competitor we've sort of gotten a peak at what they're going to be bringing to the table in terms of a river offering. Any initial thoughts there compare and contrast?

知道了。這真的很有幫助。然後，作為後續，顯然，自從我們上次談話以來，你們的主要競爭對手之一，或者，我想，應該說是一個新的競爭對手，我們已經大致了解了他們將在河流產品方面帶來什麼。有什麼初步的想法可以比較和對比嗎？

And then I forget what slide it was, but you spoke to the fact that you guys have control or priority access to 113 of the world's most coveted destinations, thoughts on that as a moat, are there any ways in which you can ultimately play defense as you think about a major competitor getting into that River space? Thanks.

然後我忘了是哪張幻燈片了，但你提到你們控製或優先進入了世界上 113 個最令人垂涎​​的目的地，你認為這能構成護城河嗎？考慮到主要競爭對手可能會進入河流區域，你們最終有什麼方法可以進行防禦？謝謝。

Well, I feel that we are so far ahead as we are. So I just want your football match between Italy and Norway. Norway beat it Italy 4-1 and the reason we beat them is that we stop playing defense, we have continued on playing offense. And I think that's what we plan to do also on the River business. We have a great position, and we want to exploit that fully.

我覺得我們目前的領先優勢已經非常明顯了。所以，我只想看義大利對挪威的足球比賽。挪威以 4-1 擊敗義大利，我們擊敗他們的原因是，我們停止了防守，而是繼續進攻。我認為這也是我們計劃在河流業務上採取的做法。我們擁有得天獨厚的優勢，我們希望充分利用這一優勢。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great, thanks. Just circling back to this nice uptick in booked revenue per passenger cruise day in the last three months. And when we hadn't necessarily seen it move up from May to August, I'm just curious if there is anything you would call out that was sort of in the comparable base that we may not see as easily as you can that has made this uptick?

太好了，謝謝。再回到過去三個月每位乘客每日郵輪預訂收入的顯著成長。而且，雖然我們沒有看到它從五月到八月持續上升，但我很好奇，在可比基數上是否存在一些我們可能不容易看到的因素，導致了這種增長？

Or would you say that you are actually seeing an improved -- I don't know whether -- I don't know if you'd attribute it to like geopolitical situation being better or things that are actually accelerating the demand? Or just trying to get a sense of if there were things in the comparable base that made it look like an acceleration versus that sort of May to August?

或者您會說您實際上看到了改善——我不知道——我不知道您會將其歸因於地緣政治局勢的改善，還是歸因於其他加速需求的因素？或者只是想了解一下，在可比較的基數中是否存在某些因素，使得5月到8月這段時間的成長看起來像是加速成長？

Hi, Robin, good morning. So, I think that the booking curves or the trends that you've seen since the last few updates really shows and reflects the strength of our consumer. We did market more earlier in the year, but we saw the consumer respond even beyond what we had expected them to respond, both in volume and price.

嗨，羅賓，早安。所以，我認為從最近幾次更新以來你看到的預訂曲線或趨勢，確實展現並反映了我們消費者的強大實力。今年早些時候我們做了更多市場推廣，但我們發現消費者的反應甚至超出了我們的預期，無論是在銷售還是價格方面。

And so I think this goes back to our guests appreciate and know the Viking value and the product. They're very loyal. They would like to travel, and they're willing to plan ahead. And so I think all of that is coming to bear as the booking curves develop.

所以我認為這歸根結底還是因為我們的客人欣賞並了解維京的價值和產品。他們非常忠誠。他們想旅行，也願意提前做好規劃。所以我認為，隨著預訂曲線的發展，所有這些因素都會發揮作用。

Okay, great, thank you and just for a follow-up, actually, on the expense side, you talked about how your marketing cadence will be similar, and that's been successful for you and that you're investing more in the team and SG&A. I know some of the expense in the quarter, you talked about the timing of repair and things like that, that's just a timing issue.

好的，太好了，謝謝。還有一個後續問題，關於費用方面，您提到您的行銷節奏將與之前類似，而且這種模式對您來說是成功的，並且您正在對團隊和銷售、一般及行政費用進行更多投資。我知道本季的一些開支，你談到了維修的時間安排等等，那隻是時間安排的問題。

Would you say that though broadly, one would expect, given the pretty significant capacity increase you have that other things would scale outside of the kind of marketing and HR expenses that still would be an expectation that investors should have?

您是否認為，儘管產能大幅提升，但總體而言，除了行銷和人力資源方面的支出（投資者仍應對此有所預期）之外，其他方面的規模也會隨之擴大？

Sure. So you bring up a good point, which is that our SG&A for this year really is a reflection of what we are incurring today to support next year's growth. So that's also something to keep in mind. Having said that, we are committed to also making sure that our expenses are -- they are within reason. So we make sure that -- we have said before, we are not going to save our way to greatness.

當然。所以你提出了一個很好的觀點，那就是我們今年的銷售、一般及行政費用確實反映了我們今天為支持明年成長而產生的費用。所以這也是需要記住的一點。話雖如此，我們也致力於確保我們的開支——都在合理的範圍內。所以我們確保——我們之前說過，我們不會透過節儉走向偉大。

However, we are very cognizant of how costs could increase. We would never compromise the quality of the product for that, but our operators on our ships are very well versed in how to navigate through price or through inflation and through cost pressures.

但是，我們非常清楚成本可能會增加。我們絕不會為了降低成本而犧牲產品質量，但我們船上的操作人員非常了解如何應對價格波動、通貨膨脹和成本壓力。

And as well as in the corporate side, where we have SG&A, we are also seeing some efficiencies as technology plays a larger part in how we do business. But with the growth that we have, there are going to be increases because what we are spending today really is to support next year and as it goes on.

除了公司層級（包括銷售、一般及行政費用）之外，隨著科技在我們業務開展方式中發揮越來越重要的作用，我們也看到了效率的提升。但隨著我們的發展，支出也會增加，因為我們今天的支出實際上是為了支持明年以及未來的發展。

So very good observation, thank you, Robin.

觀察得真仔細，謝謝你，羅賓。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Hi, good morning, everybody. Thanks for taking my question. So one of -- I say, Norwegian is moving capacity out of Europe in '26. Is that a tailwind for you guys? Or is it just sort of too different of a customer to actually matter for you?

大家早安。謝謝您回答我的問題。所以其中之一——我說，挪威航空將在 2026 年將運力轉移出歐洲。這對你們來說是順風嗎？或者說，這位客戶對你來說太過特殊，以至於無關緊要？

Norwegian has, I would say, two product lines. They have the children's entertainment business; I mean the mass market big ships and whatever they do there doesn't impact us at all. Of course, they have other products, which are more related to our ocean business. And I haven't quite followed to the extent they move any of that out, of course, it means there's less capacity to compete with. But again, I feel we are in such a unique position.

我認為挪威航空有兩條產品線。他們有兒童娛樂業務；我是指面向大眾市場的大型郵輪，他們在那裡所做的一切都不會對我們產生任​​何影響。當然，他們還有其他產品，這些產品與我們的海洋業務更相關。我還沒有完全了解他們究竟會把這些東西轉移出去到什麼程度，當然，這意味著競爭能力會下降。但我仍然覺得我們處於一個非常獨特的地位。

So I don't worry too much about what other people are doing. I think for us; it's really a matter of continuing to deliver the outstanding product that we have to the guests that we have and who are such loyal followers of us. So I don't worry too much about it or think about it too much.

所以我不太在意別人在做什麼。我認為對我們來說，關鍵在於繼續為我們的顧客以及那些一直忠實支持我們的顧客提供我們一直以來所擁有的優秀產品。所以我並不太擔心，也不會過度去想這件事。

Okay, that's helpful. And then just a follow-up maybe to that point, Tor. I guess reading into your answer to James' question about Royal Caribbean and Celebrity. And just essentially, you said you were going to press your advantage. I want to understand kind of maybe what you mean by that? It seems like their product is going to be a little different, right?

好的，這很有幫助。然後，或許可以就此追問一下，Tor。我猜你是從你對 James 關於皇家加勒比和名人郵輪的問題的回答中解讀出來的。基本上，你說過你會利用自己的優勢。我想弄清楚你這話是什麼意思？他們的產品似乎有點不一樣，對吧？

There's going to be kids allowed. There's going to be more bells and whistles. It's going to be a little bit -- we think more -- a little bit more expensive than perhaps your product. What do you mean by pressing your advantage? And do you think that there is -- how much overlap do you really think you have here with what they're going to try -- the tool they're going to try and sell to?

允許帶孩子。還會有更多花俏的功能。它的價格會稍微貴一些——我們認為會貴很多——比你們的產品貴一些。你說的「利用優勢」是什麼意思？你認為——你認為你在這裡與他們即將嘗試的——他們即將嘗試銷售的工具之間，究竟有多少重疊之處？

Well, we have some huge advantages in the docking sites we have. It's also the design we have of our river ships, which is quite unique. we can take 190 guests on our river ships. I don't know where they will end up being on the end. There's 160 or thereabouts, 170 maybe.

嗯，我們在停靠站點方面有一些巨大的優勢。這也是我們河輪的設計，非常獨特。我們的河輪可以搭載190位客人。我不知道他們最終會在哪裡。大概有160個左右，也可能有170個。

But obviously, if we get 20 more guests on the ships and it costs pretty much the same to operate, then I'd tell you, we have a huge advantage either in terms of making a better offer to our guests or making more returns to our shareholders. So I think the design we have on our ships is really very, very, very unique. And I think a fundamental sound design where we design for cost and efficiency rather than for bells and whistles is a much healthier way of doing business, at least that's the Viking philosophy.

但很顯然，如果我們每艘船上能多接待 20 位客人，而營運成本基本上不變，那麼我可以告訴你，我們在為客人提供更好的服務或為股東創造更多回報方面都具有巨大的優勢。所以我認為我們船隻的設計真的非常、非常、非常獨特。我認為，以成本和效率為導向的基本聲音設計，而不是以花哨的功能為導向，是一種更健康的經營方式，至少這是維京人的理念。

Thanks. And can I add to that also, the breadth of our itineraries, we currently have operations in 21 rivers and so I think we will continue to make sure that we remain dominant in that market, the North American market that travels to Europe and other rivers worldwide.

謝謝。我還可以補充一點，我們的航線覆蓋範圍很廣，目前我們在 21 條河流上都有業務，所以我認為我們將繼續確保我們在該市場，即前往歐洲和世界其他河流的北美市場，保持領先地位。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Hey, thank you. Just wanted to follow up on some of your comments around SG&A and just margins more broadly. I guess I know you don't guide, but are there any other puts and takes to consider as we look at the year ahead or even longer term? I know that your order book, I think, is actually lower in '27 right now for ocean relative to 2026.

嘿，謝謝。我想就您之前關於銷售、管理及行政費用以及更廣泛的利潤率的一些評論做個補充說明。我知道您不做市場指導，但展望未來一年甚至更長遠的未來，還有其他值得考慮的買賣點嗎？我知道，我認為，就目前來看，你們 2027 年的海運訂單量實際上比 2026 年要低。

So is that potentially, I guess, in some ways, a tailwind in some ways for SG&A next year as you're investing for the year ahead? Or do you already have to build for 2028? And then any other color you have on kind of gross margin puts and takes?

所以，我猜想，這在某種程度上可能會對明年的銷售、一般及行政費用（SG&A）帶來一些利好，因為你們正在為來年進行投資？還是你們已經開始為 2028 年做準備了？那麼，你還有其他關於毛利率買賣選擇權的顏色嗎？

Hey, Stephen, that's a great question. I think at the end of the day, if you look at our order book, we have growth year-on-year. I note that, yes, we do take two ships -- ocean ships for delivery in '26 versus 1 in '27. But I think the one thing to note is that in 2027, then we have three new ships operating. So we're seeing continuous growth year-over-year, which means from an SG&A perspective, we will continue to also, at the end of the day, grow that.

嘿，史蒂芬，這是一個很好的問題。我認為歸根結底，如果你看一下我們的訂單簿，你會發現我們實現了同比增長。我注意到，是的，我們確實要用兩艘船——2026 年用兩艘遠洋船進行交付，而 2027 年只用一艘。但我認為需要注意的一點是，到 2027 年，我們將有三艘新船投入營運。因此，我們看到業績逐年持續成長，這意味著從銷售、一般及行政費用（SG&A）的角度來看，最終我們也將持續成長。

But SG&A is an area where we do believe we can leverage for margin expansion. And as you can see from the quarter's performance and our year-to-date performance with the capacity we have and the yields we have, we've been able to grow adjusted EBITDA as well. So that's obviously a goal we still maintain.

但我們相信，銷售、一般及行政費用是我們可以利用擴大利潤率的領域。從本季業績和年初至今的業績可以看出，憑藉我們現有的產能和收益率，我們也實現了調整後 EBITDA 的成長。所以這顯然是我們仍然堅持的目標。

And maybe one other follow-up on that. One of the, I guess, the hallmarks of the business has been the marketing engine. How do you think about utilizing AI or other technology to further bolster that? And are there other opportunities to leverage AI in the broader business?

或許還有一點後續問題。我認為，這家企業的標誌性特徵之一就是其強大的行銷能力。您認為如何利用人工智慧或其他技術來進一步加強這一點？在更廣泛的業務領域中，還有哪些機會可以利用人工智慧？

Yes, sure. So we do see -- certainly see opportunity both from a marketing perspective and also from a revenue management perspective with the new technology or the technology that we have available. So those are at play now.

當然可以。因此，我們確實看到了——當然，從行銷的角度來看，以及從收入管理的角度來看，新技術或我們現有的技術都帶來了機會。所以這些因素現在都起作用了。

Could there also be opportunity to use that same technology as we think about how we look at and operate the rest of the business, certainly. So these are certainly initiatives that we have already begun and some of it is also already being used. So there -- and I think when we think about efficiencies and leveraging some of that, there's certainly opportunity in the future.

當然，當我們思考如何看待和經營公司的其他業務時，是否也有機會運用同樣的技術？所以這些確實是我們已經開始實施的舉措，其中一些也已經在使用了。所以，我認為，當我們考慮提高效率並利用其中的一些優勢時，未來肯定存在機會。

Thank you.

謝謝。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hey, good morning, thanks for taking the question. I wanted to go back on the comments that you mentioned around inorganic growth. And just maybe if you could give us a refresh on what type of things high level could be on the table there. And you've really built up a very, very strong balance sheet, great cash balance. Like to what extent that kind of precludes you from capital returns in other forms over the medium term?

嘿，早上好，謝謝你回答這個問題。我想再談談你之前提到的關於無機成長的評論。或許可以跟我們簡單介紹一下，高層可能會討論哪些類型的問題嗎？而且你們的資產負債表非常非常穩健，現金餘額也很充裕。例如，這種情況在多大程度上會阻礙你在中期內獲得其他形式的資本回報？

Hi, Lizzie. Sure. So I just wanted to level set on what our guiding principles when we think about acquisitions or opportunities. So we want to make sure that it's scalable, that it doesn't distract from our organic growth. We want to make sure that it's margin accretive. And we also want to make sure that it is complementary to the brand and within the brand ethos because the one Viking brand really is so powerful.

嗨，莉齊。當然。所以我只是想明確一下我們在考慮收購或機會時所遵循的指導原則。所以我們希望確保它具有可擴展性，不會分散我們的自然成長。我們希望確保它能提高利潤率。我們也希望確保它與品牌相輔相成，符合品牌理念，因為維京品牌本身就非常強大。

So having said that, there are others -- we know that our guests travel and do other things outside of cruising. And we had in the past operated something that we call Viking Tours, which was more geared towards land-based products. At the time that we started it, it was not the right time. I think it was like back in 2009 or something like that, but it was not the right time. But could that be something that we could do in the future?

所以話雖如此，還有其他因素——我們知道我們的客人除了郵輪旅行外，還會旅行和做其他事情。我們過去也曾經營過一種叫做維京之旅的業務，這種業務更側重於陸地旅遊產品。我們開始做這件事的時候，時機並不成熟。我想大概是2009年左右吧，但當時時機不對。但這是否是我們未來可以做到的事？

Certainly. But we are a much different company now than back then. And so we have to make sure that we deploy not just our capital but also our human resources where it would make -- generate the most shareholder value.

當然。但我們現在和以前已經是一家截然不同的公司了。因此，我們必須確保不僅將資金，還要將人力資源部署到能夠創造最大股東價值的地方。

If I may add, Leah, of course, we have also been -- we are dipping our toes into the Chinese market, the Chinese outbound market. So as you probably know, we operate 4 river ships in Europe for the Chinese, and we have an ocean ship, which also will be deployed in some fashion for the Chinese.

莉亞，如果我可以補充一點的話，我們當然也一直在——我們正在試探性地進入中國市場，中國出境市場。正如您可能知道的那樣，我們在歐洲為中國運營 4 艘內河船舶，我們還有一艘遠洋船舶，也將以某種方式部署到中國。

Of course, the Chinese market is huge and different from other operators of travel, we market our product directly to the Chinese consumer, sometimes with a travel agent in between, but largely directed to the Chinese consumer. This will take time to develop, so we shouldn't boast too much about it now. But I think this could be a significant growth engine in the longer term. So that's something we could reserve funds for.

當然，中國市場規模龐大，與其他旅遊業者不同，我們直接向中國消費者推銷我們的產品，有時會透過旅行社進行中間環節，但主要還是面向中國消費者。這需要時間發展，所以我們現在不應該過度誇耀。但我認為從長遠來看，這可能會成為一個重要的成長引擎。所以我們可以為此預留資金。

That's helpful, thank you. And then just on the customer side, I mean, you clearly operate in this great demographic, a lot of demand and a growing customer demographic, right? Maybe you could share like in terms of the customer demand you're seeing, like how much is kind of repeat visitation or cross-sell between river and ocean? And also like how much you're seeing in terms of new to brand and new to cruise? Any kind of color around that, I think, would be interesting.

這很有幫助，謝謝。然後，就客戶方面而言，我的意思是，你們顯然是在一個巨大的客戶群中運營，需求量很大，而且客戶群還在不斷增長，對吧？或許您可以分享一下您觀察到的客戶需求情況，例如回頭客數量多少，或者河流和海洋之間的交叉銷售情況如何？另外，您也想了解一下，有多少新用戶是首次體驗品牌，又有多少用戶是首次體驗郵輪旅行？我認為，任何與之搭配的顏色都會很有趣。

Sure. Go ahead, Tor.

當然。請繼續，托爾。

No, you start, and I finish.

不，你先開始，我最後結束。

Okay. So from a repeat guest percentage, we are seeing quite a few of our guests repeat. So for the 2024 season, 53% of our guests had traveled with us before. And as Tor mentioned, there are quite a few of them with more than one or two active bookings. We have seen that there are guests who may have three or four additional bookings in addition to the booking that they currently are on.

好的。從回頭客比例來看，我們發現有相當多的客人會再次光顧。因此，在 2024 年旅遊季，53% 的客人之前曾與我們一起旅行過。正如 Tor 所提到的，其中有不少人擁有不只一兩個活躍的預訂。我們發現，有些客人除了目前預訂的房間外，可能還有三到四個其他預訂。

And in fact, we have a very good take rate when we think about guests who are currently on an ocean ship, they will book their next journey with us while they are on their current one. So I think that is also a testament to how well the product presents itself. It's not just about marketing. We also operate an outstanding product that guests truly enjoy. As far as new-to-brand is concerned, we continue as obviously, when we're growing the way that we're growing, you want to make sure that your repeat guest percentage remains high, but also that you attract new to brand.

事實上，我們的預訂成功率非常高，因為考慮到目前正在遠洋郵輪上的客人，他們會在當前航程期間透過我們預訂下一次旅程。所以我認為這也證明了該產品的展示效果非常好。這不僅僅是行銷的問題。我們也經營著一款深受顧客喜愛的優秀產品。至於新客戶，我們顯然會繼續這樣做，因為我們以目前的方式發展，你既要確保回頭客比例保持高位，也要吸引新客戶。

And we start to see that. And when we ask them who they mostly come from, we start to see that quite a few of our guests had started with the larger cruise operators. But once they hear about the Viking way of travel, they are drawn towards that way of travel of experiential cruising with destination being the focus, not the ships. And then once they're in the Viking ecosystem, then they continue to repeat. And then, Tor, any follow-ups?

我們開始看到這一點。當我們詢問他們主要來自哪裡時，我們開始發現，我們許多客人最初都是透過大型郵輪公司預訂的。但一旦他們聽說了維京人的旅行方式，就會被這種以目的地為中心、以船隻為重點的體驗式郵輪旅行方式所吸引。一旦它們進入維京生態系統，它們就會不斷重複繁殖。那麼，Tor，還有什麼後續嗎？

Well, that was really the point I was planning to make of the new-to-brand people we have on the oceans. And when we look at it, we ask them, who have you traveled with before? And I will not do free advertising for people we shall not do free advertising for. But you find that 35% of them have traveled with company X and 27% have travel with company Y and so forth.

嗯，這正是我要重點強調的，關於我們海洋部門新加入品牌的人員。當我們審視這個問題時，我們會問他們：你以前和誰一起旅行過？我不會為那些我們不應該為其提供免費廣告的人做免費廣告。但你會發現，其中 35% 的人曾與 X 公司一起旅行，27% 的人曾與 Y 公司一起旅行，依此類推。

And it really means that as people get older, which happens to the best of us, if people get older, then get tired of being on ships with children. And that's a course of people came up to us and said, yesterday, Malta. This fact that we don't have children on board, it's a quiet serene atmosphere on board our ships really make it very easy for us to convert people who have been having enjoyable times on ocean ship and say here is something totally different. So that's really a very important part of the mission we are on.

這實際上意味著，隨著人們年齡的增長（這是每個人都會經歷的），如果人們年紀大了，就會厭倦帶著孩子待在船上。昨天，很多人走過來對我們說，馬耳他。由於船上沒有孩子，船上的熱情安靜祥和，這使得我們很容易就能讓那些在遠洋郵輪上享受美好時光的人們改變看法，讓他們覺得這裡完全不同。所以，這確實是我們所執行任務中非常重要的一環。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Hey guys, good to talk to you at all. You guys have laid out a really impressive, committed capacity growth book for the next six years, maybe eight years in ocean. In terms of that new capacity coming online, is that there's so much untapped itineraries out there at different regions that as you introduce these ships, the itinerary mix should look significantly different in the years to come?

嘿，大家好，很高興能和你們聊天。你們為未來六年，甚至八年的海洋產能成長制定了非常令人印象深刻的計畫。就即將投入營運的新運力而言，不同地區還有大量尚未開發的航線，隨著這些船舶的投入使用，未來幾年航線組合應該會發生顯著變化嗎？

Or do you feel like in the kind of current regional mix that you're servicing today that there's so much demand out there that you guys are not able to meet that? So just a little bit kind of under incremental information around kind of how this ocean business is going to continue to develop would be great.

或者您覺得，在目前您所服務的區域市場組合中，需求量太大，以至於您無法滿足？所以，如果能提供一些關於海洋產業未來發展趨勢的漸進式資訊就太好了。

Yes. I'd say it's more the latter. We have seen from our booking curves that we are selling far ahead, and we are sold out of many of the itineraries. So I think it's really more of the same and to more customers, which is a fairly simple message to get across. So that's really what it is on the oceans.

是的。我認為更可能是後者。從我們的預訂曲線可以看出，我們的產品很早就售罄了，很多行程都已售罄。所以我認為這其實只是換湯不換藥，而且面對更多客戶，這個資訊很容易理解。這就是海洋的真實面貌。

On the rivers, we have been able to expand the geographic spend a bit. So for example, I feel we own the Nile, we are now in India and so forth. So there, we can add product. But on the ocean, we cover the whole globe. So it's really just more of the same. We have the demand there as we can see it.

在河流方面，我們已經能夠稍微擴大地理支出範圍。例如，我覺得我們擁有尼羅河，我們現在身處印度等等。所以，我們可以在這裡添加產品。但在海洋上，我們覆蓋了整個全球。所以其實只是換湯不換藥。我們看到，那裡有這樣的需求。

So looking ahead -- sorry.

展望未來——抱歉。

No, no, go ahead.

不，不，你繼續。

So looking ahead a few years, if we were to look at what itineraries have looked like for the last few years, the expectation would be it's still predominantly Europe and Northern Europe. You mentioned China. Just curious, that was my thought is will we see maybe a little more Caribbean from you guys in the years to come, a little more Asia in the years to come, especially just given what a leadership role you already laid out that you guys already represent in river as you kind of build this luxury business and represent such a large share of it.

因此，展望未來幾年，如果我們回顧過去幾年的行程安排，預計行程仍將以歐洲和北歐為主。你提到了中國。我只是好奇，我的想法是，未來幾年我們是否會看到你們更多地涉足加勒比海地區，更多地涉足亞洲地區，尤其考慮到你們已經在River公司扮演瞭如此重要的領導角色，你們正在打造這個奢侈品行業，並佔據瞭如此大的市場份額。

Do you feel like there's -- your customers, as you mentioned, in Malta, would love for you guys to introduce, I don't even know, an itinerary where you've never even been there before. And given all the repeat customers, do you feel like that's something that you guys can continue to grow in the years to come?

您是否覺得—正如您所提到的，在馬耳他，您的客戶會非常希望您推出一條他們從未去過的旅遊路線？鑑於回頭客眾多，您覺得貴公司在未來幾年還能繼續維持成長動能嗎？

Yes. I think people trust us. So for example, now this itinerary we had in Malta, you go from Malta to Tunisia to Algeria to Casablanca and Cadiz, can you dare do that? No problem, you have a Viking and say fans. So I think that we can do fairly readily.

是的。我認為人們信任我們。例如，我們之前在馬耳他安排的行程，是從馬耳他到突尼斯，再到阿爾及利亞，最後到卡薩布蘭卡和加的斯，你敢這麼做嗎？沒問題，你有維京人和粉絲。所以我覺得我們可以很輕鬆地做到這一點。

But I'd also like to add, we have a couple of benefits. First of all, we started our -- we have been able to design a type of vessel that is standard. So you can come on board, I think yesterday was a Viking -- I don't know what ship it was, it was a Viking Saturn, I think, which is two years old. You can't really tell the difference between it and the Viking Star, which is 10 years old or 11 or whatever.

但我還要補充一點，我們也有一些好處。首先，我們已經開始——我們已經能夠設計一種標準化的船舶類型。所以你可以上船，我想昨天是一艘維京號——我不知道是哪艘船，我想是一艘維京土星號，它已經有兩年船齡了。你根本看不出它和維京之星有什麼區別，維京之星已經有 10 年、11 年或更久的歷史了。

So the fact that we have been able to have consistent, clear standard from one ship to the other to the third, it really makes it very easy. It's all interchangeable. So Southwest is -- has done this quite well. So I think it's a major, major benefit there. But that means that we have good contracts with shipyards in terms of the capital costs. because they like to build more of the same, too. So we don't have to reinvent and have uncertainties. So it's been a fairly smart thing, I would say. So we should stick to that and just continue on the path we have.

因此，我們能夠從一艘船到另一艘船再到第三艘船，都保持一致、清晰的標準，這真的讓事情變得非常簡單。它們都是可以互換的。所以西南航空在這方面做得相當不錯。所以我認為這是一個非常大的好處。但這意味著我們在資本成本方面與造船廠簽訂了有利的合同，因為他們也喜歡建造更多同類船隻。這樣我們就無需重新發​​明輪子，也無需面對不確定性。所以我覺得，這算是一件相當明智的事。所以我們應該堅持下去，繼續走我們既定的路。

One thing to keep in mind also is that our guest demographic is quite different. They are ready and willing to travel year-round. So when we think about the people who travel on the larger public cruise lines, they have to worry about holidays and when children are in school or out of school, whereas our guests travel year-round.

還需要記住的一點是，我們的客人群與以往大不相同。他們隨時準備好並願意全年旅行。所以，當我們想到乘坐大型公共郵輪公司的乘客時，他們不得不考慮假期以及孩子何時上學或放假，而我們的客人則全年都可以旅行。

And so right now, for the 2024, Viking from a luxury ocean market perspective, we were only 24% of market share, whereas in river, we're over 50% and so when we look at what is the -- what could we dominate in, we're already over 50% in river. And we see really this white space where people enjoy the product.

因此，就目前而言，從豪華海洋市場的角度來看，維京在 2024 年的市佔率僅為 24%，而在內河遊輪市場，我們的市佔率超過 50%。因此，當我們考慮我們可以在哪些領域佔據主導地位時，我們在內河遊輪市場的市場份額已經超過 50%。我們看到，在人們享受產品方面，確實存在著很大的空白市場。

We have purposefully built ships to have itineraries in Europe where larger ships cannot go. And as -- and we're already seeing that when the larger public cruise lines are pulling out of Europe. And so there's certainly opportunity for us there. We don't really -- we want to go where the destination is the focus, and that's not really the Caribbean.

我們特意建造了一些船舶，使其能夠航行於大型船舶無法到達的歐洲航線。而且──我們已經看到，大型公共郵輪公司正在撤離歐洲。所以，那裡一定有我們的機會。我們其實不想去──我們想去以目的地為重點的地方，而加勒比海並不是那樣的地方。

So we will continue to make sure that our guests have the ability to travel Mediterranean in the quiet season or in the Nordic countries. And then certainly, there are other more exotic locations that, as Tom mentioned, our guests are really willing and able to travel to and they want to and then they do feel that comfort and sense of safety when traveling with Viking.

因此，我們將繼續確保我們的客人能夠在淡季前往地中海或北歐國家。當然，還有其他一些更具異國情調的地方，正如湯姆提到的那樣，我們的客人非常願意並且能夠前往這些地方，他們想要去，而且在與維京遊輪一起旅行時，他們確實能感受到舒適和安全感。

Like yesterday, the Mediterranean in the second half of November is a fantastic and nice place to be. Nice temperature, not too crowded and all of that. So I think Caribbean, we only have a tiny sliver there. And even the Caribbean product we have is different. It goes largely out from San Juan, and then it goes to each of the islands.

就像昨天一樣，11月下旬的地中海地區是一個非常棒、非常宜人的地方。氣溫宜人，人也不多，一切都很好。所以我覺得加勒比海地區，我們只佔那裡的一小部分。就連我們這裡產的加勒比海產品也各不相同。它主要從聖胡安出發，然後流向各個島嶼。

So there's something to see. You not only go to either open sea or even worse. I've heard you go to islands where you can then rent cabanas, which is not really genuine and so forth. I think we are about real life experiences, not fake. So I think we have a very, very good product.

所以還是有東西好看的。你不僅會流落到茫茫大海，甚至更糟。我聽說有些人會去一些島上租小屋，但這其實並不正宗等等。我認為我們追求的是真實的生活體驗，而不是虛假的。所以我認為我們擁有非常非常好的產品。

Great. And if I could just sneak one quick one in. I think it was Lizzie asked about the nonorganic growth, and you went to non-cruise. Does the -- just that consistency of product kind of preclude you guys from ever adding in a nonorganic basis cruise ship? Is that something you've just decided we're going to only build? Or are there potential other luxury river or ocean brands out there that you could kind of easily make them meet the Viking standard if they came up for sale?

偉大的。如果我能偷偷加一個就好了。我想是莉齊問了非有機成長的問題，然後你去了非郵輪旅行。是不是正是因為產品的一致性，你們才一直沒有考慮過增加非有機產品的遊輪項目？你們就決定只建造那種東西嗎？或者，市面上是否有其他潛在的豪華河輪或海輪品牌，如果它們出售的話，你可以比較容易地讓它們達到維京遊輪的標準？

You should never say never, but not far from it, I would say, not far from never. It would take a hell of a special situation to convince us otherwise. Of course, it's important -- it's been important for us to be able to secure docking spaces.

永遠不要把話說得太絕對，但我覺得也差不多了，離「永遠」不遠了。除非出現極為特殊的情況，否則我們不會改變想法。當然，這很重要——對我們來說，能夠確保停泊空間一直都很重要。

So there may be some things we can do in that area, I would say, that's high value to create moats. But it's not so -- we -- our guests like the brand we have, and we shouldn't try to confuse them too much. So -- but I will never say never.

所以，我認為我們可以在這個領域做一些事情，這對於構築護城河來說非常有價值。但事實並非如此——我們的顧客喜歡我們現有的品牌，我們不應該試圖讓他們感到困惑。所以——但我永遠不會說「絕不」。

Thank you. That is all the time we have questions for this morning, and this does conclude our Q&A session for today. I will now turn the conference back over to Tor Hagen, Viking's Chairman and CEO, for closing remarks.

謝謝。今天早上的問題就問到這裡，今天的問答環節到此結束。現在我將把會議交還給維京遊輪董事長兼執行長托爾·哈根，請他致閉幕詞。

Well, thank you all for listening to us. I hope you share our optimism. It's been a spectacular year after 27 spectacular years behind us. So I think we look very optimistically towards the future. But we also like to be realist, and it's nice to have a sound capital structure that we have.

謝謝大家的收聽。我希望你們也和我們一樣樂觀。繼輝煌的27年後，今年又是輝煌的一年。所以我認為我們對未來持非常樂觀的態度。但我們也喜歡務實，擁有目前這種穩健的資本結構是件好事。

You never know what happens and -- either in terms of problems or opportunities. So thank you very much.

你永遠無法預知會發生什麼事——無論是問題還是機會。非常感謝。

Thank you. This does conclude today's conference call. You may disconnect at this time and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。您可以暫時斷開連接，祝您有美好的一天。再次感謝您的參與。