Viking Holdings Ltd (VIK) 2026 Q2 法說會逐字稿

Good morning. My name is Matthew, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Viking's second quarter 2026 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions)

早安。我叫 Matthew，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Viking 2026 年第二季財報電話會議。提醒各位，本通話將被錄音。(接線員指示)

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

現在我想把會議交給今天的主持人——投資人關係副總裁 Carola Mengolini。

Good morning, everyone, and welcome to Viking's second quarter 2026 earnings conference call. I am joined by Leah Talactac, President and Chief Executive Officer; and Linh Banh, Chief Financial Officer. Also available during the Q&A session is Tor Hagen, Executive Chairman.

各位早安，歡迎參加 Viking 2026 年第二季財報電話會議。與我一同出席的有 Leah Talactac，總裁兼執行長；以及 Linh Banh，財務長。在問答環節中，執行董事長 Tor Hagen 也將在場。

Before we get started, please note our cautionary statement regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties and other factors, which may cause the actual results to be different than those expressed or implied. Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release as well as in our filings with the SEC. The forward-looking statements are as of today, and we assume no obligation to update or supplement these statements.

在開始之前，請注意我們關於前瞻性資訊的警示聲明。在本次通話中，管理層可能會討論前瞻性資訊，該等資訊涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與明示或暗示的內容有所不同。請在評估前瞻性資訊時，將這些因素一併納入考量；相關內容已詳載於今日新聞稿以及我們向 SEC 提交的文件中。前瞻性陳述以今日為準，我們不承擔更新或補充該等陳述的任何義務。

We may also refer to certain non-IFRS financial metrics, which are reconciled and described in our press release posted on our Investor Relations website at ir.viking.com. Leah and Linh will provide a strategic overview of the company, a recap of our second quarter results, and an update of the current booking environment. We will then open the call for your questions. To supplement today's call, we have prepared an earnings presentation that is available on our Investor Relations website.

我們也可能提及若干非 IFRS 財務衡量指標；其調節與說明已載於我們發布在投資人關係網站 ir.viking.com 的新聞稿中。Leah 與 Linh 將就公司策略概覽、第二季業績回顧，以及目前的預訂環境提供最新說明。之後我們將開放各位提問。為補充今日通話內容，我們已準備一份財報簡報，並已上傳至投資人關係網站。

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

接下來，我很高興把電話交給 Leah。

Thank you, Carola. Good morning, everyone, and thank you for joining us. We are very pleased to have delivered another quarter of strong year-over-year performance. As we reported this morning, during the second quarter, revenue increased 16.5%, driving an 18.2% growth in adjusted EBITDA. These results reflect the continued strong demand for our destination-focused travel experiences and the great execution of our teams across the organization.

謝謝你，Carola。各位早安，感謝各位加入我們。我們非常高興再次交出一季強勁的年增表現。如同我們今早所報告的，第二季營收成長 16.5%，帶動調整後 EBITDA 成長 18.2%。這些成果反映出市場對我們以目的地為核心的旅遊體驗持續強勁的需求，以及全公司團隊出色的執行力。

On slide 3, you can see that demand for Viking is strong. From an advanced booking perspective, our 2026 season is effectively sold out with 96% of the capacity for our core products already booked.

在第 3 張投影片上，各位可以看到 Viking 的需求依然強勁。從提前預訂的角度來看，我們 2026 年航季實際上已接近售罄，核心產品的運能已有 96% 完成預訂。

Looking further ahead, our focus is on continuing to build our book position for 2027. As of August 9, 53% of the capacity for our core products for 2027 was booked, and this includes a 15% year-over-year increase in capacity. Overall, we are very encouraged by the early booking trends for 2027.

再往更長期看，我們的重點是持續建立 2027 年的預訂部位。截至 8 月 9 日，我們 2027 年核心產品的運能已有 53% 完成預訂，且其中包含運能年增 15%。整體而言，我們對 2027 年的早期預訂趨勢感到非常振奮。

As you can tell from these trends, the visibility provided by our advanced bookings gives us confidence in the demand for our product, allows us to manage pricing dynamically, and supports our thoughtful approach to capacity growth.

從這些趨勢可以看出，提前預訂所帶來的能見度讓我們對產品需求更有信心，使我們能夠動態管理定價，並支持我們對運能成長所採取的審慎策略。

As you can see on slide 4 and since our last earnings call, we have continued to expand our fleet, adding four new river vessels and one ocean ship consistent with our long-term growth strategy. During 2026, we expect to take delivery of 12 ships in total, 10 for river and 2 for ocean. As we grow the Viking fleet, we remain committed to the characteristics that make our ships unique and support the distinctive earnings profile of our business.

如各位在第 4 張投影片所見，自上次財報電話會議以來，我們持續擴充船隊，新增 4 艘新河輪與 1 艘海輪，符合我們的長期成長策略。在 2026 年，我們預期總計交付 12 艘船，其中 10 艘為河輪、2 艘為海輪。在擴大 Viking 船隊的同時，我們仍致力維持使我們船舶獨具特色的特性，並支撐本公司業務獨特的獲利結構。

First, we operate one of the youngest fleets in the industry, which contributes to lower maintenance costs, greater operational reliability, and long earnings power. Second, our ships have been thoughtfully designed to maximize operational efficiency while providing the constant and great experience that our guests expect. And third, within each of our product categories, our ships are designed to be almost identical and indistinguishable to our guests.

第一，我們營運的是業界最年輕的船隊之一，有助於降低維修成本、提升營運可靠性，並帶來長期獲利能力。第二，我們的船舶經過周全設計，以在提供賓客所期待的一致且優質體驗的同時，最大化營運效率。第三，在各產品類別中，我們的船舶設計幾乎相同，對賓客而言幾乎無從分辨。

Guests choose Viking because of the destinations and itineraries we offer, not because of a particular ship. As a result, when ships are deployed on similar itineraries, they are generally able to achieve comparable yields regardless of when they entered service. We believe this is a significant competitive advantage and an important driver of the long-term returns generated by our fleet.

賓客選擇 Viking 是因為我們提供的目的地與行程，而不是因為某一艘特定的船。因此，當船舶部署於相似行程時，通常不論其投入營運的時間點為何，都能達到相近的收益率。我們相信這是一項重要的競爭優勢，也是我們船隊長期報酬的重要驅動因素。

Moreover, our almost identical ships also create significant operational advantages. Because our ships are built to common specifications, we benefit from efficiencies across sales and marketing, operations, deployment, purchasing and shipbuilding. This approach simplifies everything, from crew training and maintenance to inventory management and fleet deployment. Taken together, we believe that these advantages reinforce the strength of our business model, and the distinctive earnings power of the Viking fleet. Now while a thoughtful fleet expansion remains the engine of our growth, we are also focused on further enhancing the experiences we offer our guests.

此外，我們幾乎相同的船舶也帶來顯著的營運優勢。由於船舶依共同規格建造，我們在銷售與行銷、營運、部署、採購與造船等方面都能受益於效率提升。此一做法簡化了從船員訓練與維護，到庫存管理與船隊部署的各個環節。綜合而言，我們相信這些優勢強化了我們商業模式的韌性，以及 Viking 船隊獨特的獲利能力。在審慎的船隊擴張仍是我們成長引擎的同時，我們也專注於進一步提升提供給賓客的體驗。

Moving to slide 5. You can see that we continue to increase our offering of land extensions and optional shore excursions, providing guests with more opportunities to explore the destinations they visit before, during and after their voyage.

接著看第 5 張投影片。各位可以看到，我們持續增加陸上延伸行程與可選岸上觀光的供給，讓賓客在航程前、航程中與航程後，都有更多機會深入探索所造訪的目的地。

One example is our new St. Moritz, Lombardy and Alpine Train extension, which takes guests through the Swiss ALPS aboard the Bernina Express. This four-night fully guided trip can be added before or after the cruise. And we have also expanded our shore excursion portfolio with experiences such as a Zeppelin flight over Cologne, which offers breathtaking aerial views of the city's most iconic landmarks.

其中一個例子是我們新增的「聖莫里茲、倫巴底與阿爾卑斯列車」延伸行程，帶領賓客搭乘伯爾尼納快車穿越瑞士阿爾卑斯山。這趟四晚、全程導覽的旅程可在郵輪行程前或後加購。我們也擴充了岸上觀光產品組合，例如在科隆上空搭乘齊柏林飛船的飛行體驗，可從空中飽覽城市最具代表性的地標，景色令人屏息。

Additions such as these reinforce our commitment to providing meaningful and memorable ways for our guests to explore the world. We believe that they are an important differentiator for Viking as our fleet continues to grow, so does the range of experiences available to our guests.

像這樣的新增內容，強化了我們致力於為賓客提供有意義且令人難忘的方式來探索世界的承諾。我們相信，這些內容是 Viking 的重要差異化因素；隨著船隊持續成長，賓客可選擇的體驗範圍也隨之擴大。

Now before turning the call over to Linh to discuss our financials, I would like to address the low water levels currently affecting some rivers in Europe. As we have discussed in the past, River Cruising is inherently dependent on natural conditions and no two seasons are alike. This year, portions of several European Rivers, particularly the Danube and the Ryan, have experienced historically low water levels, creating operational challenges across the industry.

在把電話交給 Linh 討論財務表現之前，我想先談談目前影響歐洲部分河流的低水位情況。如同我們過去所討論的，河輪航行本質上仰賴自然條件，且每個航季都不盡相同。今年，若干歐洲河流的部分河段——尤其是多瑙河與萊茵河——出現歷史性低水位，為全產業帶來營運挑戰。

Generally, Viking's purpose-built river fleet deployment flexibility and well-established ship swap capabilities are significant competitive advantages that enable us to minimize disruptions as much as possible. That said, the historically low water levels this year, combined with conditions that have deteriorated week by week have impacted guests on some of our itineraries this season.

一般而言，Viking 專為河川打造的河輪船隊所具備的部署彈性，以及成熟的換船調度能力，是重要的競爭優勢，使我們能盡可能將干擾降至最低。然而，今年歷史性低水位再加上情況逐週惡化，已對本航季部分行程的賓客造成影響。

Delivering a great guest experience is one of our highest priorities, and our teams are working tirelessly to ensure that any necessary adjustments are handled as smoothly as possible.

提供卓越的賓客體驗是我們最優先的事項之一，我們的團隊正不懈努力，確保任何必要的調整都能盡可能順暢地完成。

With our guests at the center of every decision we make, we are also enhancing our communication protocols to ensure they understand what to expect on disrupted itineraries. We are doing this through more proactive outreach and more frequent operational updates. We are also issuing future cruise vouchers to certain affected guests. While we believe this is the right approach from both a guest satisfaction and loyalty perspective, these vouchers will have a financial impact extending beyond 2026 and into 2027 and 2028 as they are redeemed. We believe this investment reinforces the trust that our guests place in Viking and supports the long-term loyalty that has been fundamental to Viking's success.

在我們所做的每一項決策中都以賓客為核心，我們也正在強化溝通流程，以確保賓客了解行程受影響時可預期的安排。我們將透過更主動的聯繫以及更頻繁的營運更新來達成。我們也將向部分受影響的賓客發放未來郵輪抵用券。雖然我們相信，從賓客滿意度與忠誠度的角度來看，這是正確的作法，但這些抵用券在兌換時將對財務造成影響，並將延伸至2026年之後，進入2027年與2028年。我們相信，這項投資能強化賓客對Viking的信任，並支持長期忠誠度，而這一直是Viking成功的根本。

Our focus remains on taking care of our guests, operating our European River fleet through these challenges and continuing to deliver the exceptional experiences for which Viking is known.

我們的重點仍然是照顧好賓客，在這些挑戰下持續營運我們的歐洲河輪船隊，並繼續提供Viking聞名的卓越體驗。

With that, I'll turn it over to Linh to discuss our financials.

接下來，我把時間交給Linh來說明我們的財務表現。

Thank you, Leah, and good morning, everyone. I will start by reviewing our very strong second quarter results. On a consolidated basis, total revenue for the quarter increased 16.5% year over year to $2.2 billion. The year-over-year increase was mainly driven by increased capacity and higher revenue per PCD.

謝謝你，Leah，各位早安。我將先回顧我們非常強勁的第二季業績。以合併基礎計算，本季總營收年增16.5%至22億美元。年增主要由運能提升以及每PCD收入增加所帶動。

During the second quarter of 2026, capacity PCDs increased 10.9% compared to the same period in 2025. This year-over-year growth was mainly driven by the expansion of our fleet, which included the addition of seven River vessels and two ocean ships. Their growth also reflects additional capacity of the Viking Eaton and Ocean ship dedicated to our guests from Asia. It is now selling in Europe, and we are pleased to be expanding our European itinerary offerings to this important and growing customer base.

在2026年第二季，運能PCD相較於2025年同期增加10.9%。這項年增主要由我們船隊擴張所帶動，其中包括新增七艘河輪與兩艘海輪。此成長也反映了Viking Eaton以及一艘專為亞洲賓客服務的海輪所帶來的額外運能。該產品目前已在歐洲銷售，我們也很高興能為這個重要且成長中的客群擴大歐洲航線產品供給。

Adjusted gross margin increased 16.3% year over year to $1.4 billion, resulting in a net yield of $645, 6.2% higher than the second quarter of 2025. Vessel expenses excluding fuel per capacity PCD increased 2.7% this quarter compared to the same period last year.

調整後毛利年增16.3%至14億美元，使淨收益率（net yield）達到645美元，較2025年第二季高出6.2%。本季每運能PCD的船舶費用（不含燃油）較去年同期增加2.7%。

Regarding SG&A, expenses were slightly lower as a percentage of adjusted gross margin when compared to the same time last year. As we have mentioned in the past, our priority is to invest in our teams as well as in sales and marketing to support future growth and drive demand generation. Adjusted EBITDA for the second quarter was $748 million, 18.2% higher than the same period last year. This significant year-over-year increase was mainly driven by higher capacity and higher net yields in both the Ocean and River segments. As we have shared before, capacity growth, coupled with net yield growth translates into strong EBITDA improvement and margin expansion.

在SG&A方面，費用占調整後毛利的比率較去年同期略為下降。如同我們過去所提到的，我們的優先事項是投資於團隊，以及投入銷售與行銷，以支持未來成長並推動需求創造。第二季調整後EBITDA為7.48億美元，較去年同期高出18.2%。這項顯著的年增主要由海輪與河輪兩大業務的運能提升與淨收益率提高所帶動。如同我們先前分享的，運能成長加上淨收益率成長，將轉化為強勁的EBITDA改善與利潤率擴張。

Net income was $588 million, an improvement of $148 million when compared to the same period in 2025. Adjusted net income attributable to Viking Holdings Limited was $587 million, 33.8% higher than the same period in 2025. Adjusted EPS was $1.31 for the second quarter, 33% higher than the same period in 2025.

淨利為5.88億美元，較2025年同期增加1.48億美元。歸屬於Viking Holdings Limited的調整後淨利為5.87億美元，較2025年同期高出33.8%。第二季調整後每股盈餘（Adjusted EPS）為1.31美元，較2025年同期高出33%。

Before moving to our reportable segments, which are on slide 8, I would like to highlight that for the first half of the year, our consolidated adjusted gross margin increased 16.5% year over year to over $2.1 billion, and our adjusted EBITDA was $853 million, 20.9% higher than in the same period last year. It is important to note that the prolonged low water conditions we are experiencing across some of our European rivers are not yet reflected in our financial results. As conditions evolve, we will see some impact in the periods ahead, although it is too early to determine the extent.

在進入我們的可報導部門（第8頁投影片）之前，我想強調，上半年合併調整後毛利年增16.5%至超過21億美元，而調整後EBITDA為8.53億美元，較去年同期高出20.9%。需要注意的是，我們在部分歐洲河流所面臨的長期低水位狀況，尚未反映在我們的財務結果中。隨著情況演變，我們將在未來期間看到一些影響，但目前仍過早判斷其程度。

Now I will briefly discuss our two reportable segments, River and Ocean. Unless noted, I will be referring to the year-to-date metrics or six months ended June 30, 2026. For the River segment, Capacity PCDs increased 3.2% year over year and occupancy for the period was 94.8%. Adjusted gross margin grew 11.3% year over year and net yield was $660, up 8.8% year over year, driven by strong demand across all regions and favorable itinerary mix.

接下來我將簡要說明我們兩個可報導部門：河輪與海輪。除非另有說明，我將引用年初至今的指標，也就是截至2026年6月30日止的六個月。就河輪部門而言，運能PCD年增3.2%，期間載客率為94.8%。調整後毛利年增11.3%，淨收益率為660美元，年增8.8%，主要受各區域強勁需求與有利的航線組合所帶動。

For Ocean, capacity PCDs increased 11.4% year over year, mainly due to the addition of the Viking Investa in July of 2025. Occupancy for the period was 95.4%. Adjusted gross margin increased 20.3% year over year to $1.1 billion, while net yield increased 7.7% to $593. Similar to River, the year-over-year increase was driven by strong demand and favorable itinerary mix.

就海輪部門而言，運能PCD年增11.4%，主要因2025年7月新增Viking Investa。期間載客率為95.4%。調整後毛利年增20.3%至11億美元，同時淨收益率增加7.7%至593美元。與河輪相同，年增主要由強勁需求與有利的航線組合所帶動。

Now moving to the balance sheet. On slide 9, you can see that as of June 30, 2026, we had total cash and cash equivalents of $4 billion, and we also have an undrawn revolver facility of $1 billion. Our net debt was $2.4 billion and our net leverage was 1.2 times. As of June 30, 2026, deferred revenue was $5 billion.

接著看資產負債表。在第9頁投影片中可以看到，截至2026年6月30日，我們的現金及約當現金總額為40億美元，並且還有10億美元的未動用循環信貸額度。我們的淨負債為24億美元，淨槓桿倍數為1.2倍。截至2026年6月30日，遞延收入為50億美元。

Also on slide 9, we show our bond maturity outlook. As you can see, maturities are in 2028 and beyond. With this, I'd like to confirm our debt amortization for 2026 and 2027. As of June 30, 2026, the scheduled principal payments for the remainder of 2026 were $117 million and $234 million for the full year 2027. From a committed capital expenditure perspective and for the full year 2026, the total committed ship CapEx is about $1.9 billion or $650 million net of financing. And for the full year 2027, the total expected committed ship CapEx is about $1.0 billion or $260 million net of financing.

同樣在第9頁投影片中，我們也展示了債券到期展望。如各位所見，到期日集中在2028年及之後。在此，我想確認我們2026年與2027年的債務攤還情況。截至2026年6月30日，2026年剩餘期間的預定本金償付為1.17億美元，而2027年全年為2.34億美元。就已承諾資本支出而言，以2026年全年計，已承諾的船舶資本支出（CapEx）總額約為19億美元，或扣除融資後約6.5億美元。而以2027年全年計，預期已承諾的船舶資本支出總額約為10億美元，或扣除融資後約2.6億美元。

We will now dive into the booking curves, which are all as of August 9, 2026. On slide 11, we show our consolidated metrics for our core products. As you can see, we are in very good shape for both the 2026 and the 2027 seasons. The 2026 season already has 96% of the capacity PCDs booked. Advanced bookings equal $6.4 billion, which is 13% higher than the 2025 season at the same point in time, while capacity is increasing by 7%.

接下來我們將深入說明訂位曲線，數據皆截至2026年8月9日。在第11頁投影片中，我們展示核心產品的合併指標。如各位所見，無論是2026年或2027年航季，我們的狀況都非常良好。2026年航季的運能PCD已經有96%完成訂位。預收訂金（Advanced bookings）為64億美元，較同一時間點的2025年航季高出13%，同時運能增加7%。

And for 2027, we are already 53% booked with capacity increasing by 15% year over year. We have $4.7 billion of advanced bookings which are 21% higher than the 2026 season at the same point of time in 2025.

至於 2027 年，我們目前已預訂 53%，同時運能年增 15%。我們已有 47 億美元的預售訂單，較 2025 年同一時間點所對應的 2026 航季高出 21%。

I will now talk about the advanced bookings curves for the segments. On the next slide, you will see our curves for ocean cruises. This is slide 12. I will start with the yellow line, which shows the bookings for 2026. Overall, we have sold 96% of our capacity PCDs for the year and have $2.9 billion of advanced bookings, which is 17% higher than last year at this point in time.

我現在將談各分部的預售訂單曲線。在下一張投影片，您會看到我們海洋郵輪的曲線。這是第 12 張投影片。我先從黃色線開始，該線顯示 2026 年的訂單。整體而言，我們今年的可售運能（PCD）已售出 96%，預售訂單金額為 29 億美元，較去年同一時間點高出 17%。

Capacity is increasing by 9%. Our rates have remained strong as we finished selling the year.

運能增加 9%。在我們完成年度銷售之際，票價仍維持強勁。

If you look at the gray line, you will see the booking trend for the 2027 season, which is in very good shape, too. As of August 9, we had sold about 62% of the 2027 capacity for Ocean, which is quite notable since the capacity is increasing by 18% year over year. Advanced bookings are 29% higher than last year, with rates equal to $877 compared to $781 for the 2026 season at the same point in time.

如果您看灰色線，會看到 2027 航季的訂單趨勢，也同樣非常良好。截至 8 月 9 日，我們海洋郵輪 2027 年運能已售出約 62%，這相當值得注意，因為運能年增 18%。預售訂單較去年高出 29%，票價為 877 美元，相較於同一時間點 2026 航季的 781 美元。

Now we move to slide 13, you will see the curves for the River segment. I will start with advanced bookings for 2026, which is the yellow line. As you can see, we are having a very good year with 96% of the 2026 capacity already sold. We have over $3 billion in advanced bookings which is 11% higher than last year at this point in time.

接著到第 13 張投影片，您會看到河輪分部的曲線。我先從 2026 年的預售訂單（黃色線）開始。如您所見，我們今年表現非常好，2026 年運能已售出 96%。我們的預售訂單超過 30 億美元，較去年同一時間點高出 11%。

Similarly to Ocean, we have continued to book our remaining inventory at very attractive rates. Capacity for the River segment is growing approximately 6% during 2026.

與海洋郵輪類似，我們持續以非常具吸引力的票價預訂剩餘庫存。河輪分部在 2026 年的運能約成長 6%。

Now looking at the gray line, these are the advanced bookings for the 2027 season. As you can see, we have sold about $1.8 billion in advanced bookings, which is 11% higher than the 2026 season at the same point in time. Our operating capacity for River is up 13% year over year, and we are already 42% booked. These are good trends for 2027 with relatively high rates equal to $1,029 compared to $942 in 2026. Keep in mind that the river operation is seasonal as our core European product starts in March. Given this, the booking curve builds through the year.

再看灰色線，這是 2027 航季的預售訂單。如您所見，我們已售出約 18 億美元的預售訂單，較同一時間點的 2026 航季高出 11%。河輪的營運運能年增 13%，目前已預訂 42%。這些都是 2027 年的良好趨勢，且票價相對較高，為 1,029 美元，相較 2026 年的 942 美元。請記得河輪營運具有季節性，因為我們的核心歐洲產品從 3 月開始。因此，訂單曲線會在一年中逐步累積。

So recapping. Demand for our product is strong and we are very pleased with how the booking curves are developing.

總結一下。我們產品的需求強勁，我們對訂單曲線的發展非常滿意。

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

接下來 Leah 會補充一些關於我們訂單簿與運能的說明。

Thank you, Linh. As we reported this morning and since our last earnings call, we took delivery of four river vessels and one ocean ship and exercised our options for two additional ocean ships scheduled for delivery in 2032. We are very pleased with our performance year-to-date and our ongoing fleet expansion underscores confidence in the business, the resilience of demand and the long-term growth opportunity before us. We look forward to updating you on our progress in the quarters to come.

謝謝你，Linh。如我們今早所報告，且自上次財報電話會議以來，我們已接收交付四艘河輪與一艘海洋郵輪，並行使兩艘額外海洋郵輪的選擇權，預計於 2032 年交付。我們對今年迄今的表現非常滿意，而我們持續擴張船隊也凸顯了我們對業務的信心、需求的韌性，以及眼前長期成長機會。我們期待在未來幾季向各位更新我們的進展。

With that, operator, we are ready to open the line for questions.

接下來，接線員，我們準備開放提問。

(Operator Instructions) Xian Siew, BNP Paribas.

(接線員指示) Xian Siew，法國巴黎銀行（BNP Paribas）。

Maybe on the low water levels, are you seeing kind of any near-term indicators that suggest consumers might be kind of avoiding river cruising at all? Just given the low water levels? Are you seeing any near-term impact on demand? And then maybe longer term, how do you think about how low water levels might impact guest experience and brand loyalty? I know in the past instances -- I think it was in 2022, low water levels in the Rhine, guest ratings were similar for change with ship swaps and to those without, and maybe it's a little bit more difficult this year, but anything you could kind of share in terms of brand loyalty over time and guest satisfaction?

關於低水位，您是否看到任何短期指標顯示消費者可能會因此避免河輪旅遊？就低水位而言。您是否看到需求在短期內受到任何影響？另外，長期來看，您如何看待低水位可能對旅客體驗與品牌忠誠度的影響？我知道過去的案例——我想是 2022 年萊茵河低水位時，進行換船的旅客評分與未換船者相近；今年可能更具挑戰，但您能否分享一些關於長期品牌忠誠度與旅客滿意度的觀察？

So for nearly 30 years, Viking has successfully operated on Europe's Rivers through a wide range of water conditions. So river levels, they naturally fluctuate from year to year. Some seasons, we experienced high water. Other seasons, we experienced low water. So that's really the reason why our River fleet was designed with these realities in mind.

近 30 年來，Viking 一直在歐洲河流於各種水文條件下成功營運。因此河流水位會自然地逐年波動。有些航季我們遇到高水位。其他航季則遇到低水位。這也正是我們的河輪船隊在設計時就將這些現實納入考量的原因。

And we have, over the course of 30 years have really worked on our operational expertise that allows us to minimize disruptions through proven solutions, including ship swaps when necessary, so that our guests continue to enjoy the itineraries that we offer.

而且在這 30 年間，我們確實累積了營運專業，能透過經驗證的解決方案將干擾降到最低，包括在必要時進行換船，讓旅客仍能享受我們提供的行程。

This year was exceptionally low water. We understand that it was not ideal conditions. But nevertheless, we continue to operate without any cancellations. I think our booking curves for the River segment speak for themselves. You have not seen any particular impact in terms of booking cadence, but I'll let Linh expand on that.

今年的水位特別低。我們理解這並非理想條件。但即便如此，我們仍持續營運且沒有任何取消。我認為我們河輪分部的訂單曲線已足以說明一切。在訂單節奏方面，您並未看到任何特別的影響，但我會讓 Linh 再補充說明。

Thanks, Leah. I mean, I think I completely agree with what Leah said. If you look at our 27 curves as of August 9, we are already over 40% booked for Rivers, and that is a great position to be in. So based on that, we don't believe low water is impacting our bookings, and we're pleased with how the curve is tracking.

謝謝，Leah。我的意思是，我完全同意 Leah 所說的。如果您看我們截至 8 月 9 日的 2027 年曲線，我們河輪已經預訂超過 40%，這是非常好的位置。因此基於此，我們不認為低水位正在影響我們的訂單，我們也對曲線的走勢感到滿意。

Maybe I could add a point. It's Tor here, I'm in Europe. I mean, also as a matter of fact, and my daughter, Karina, was on board of Vitera here in Oslo and guests there, I mean, 100 guests there have been on river cruises -- on the combined river cruise down the Rhine and then on to the And of course, we all are a little bit concerned of how I guess, reactions. As you know, we try to go a bit of a board to treat, I guess, well. She said that the people she has spoke to said that they were very pleased with the way Viking handled the whole situation.

也許我可以補充一點。我是 Tor，我人在歐洲。事實上，我女兒 Karina 也在奧斯陸登上 Vitera，船上的旅客——我的意思是，那裡有 100 位旅客曾參加過河輪行程——包含萊茵河的組合河輪行程，之後再繼續到……當然，我們都會有點擔心大家的反應。如您所知，我們會盡力多做一些來妥善照顧大家。她說她交談過的人都表示，他們對 Viking 處理整個情況的方式非常滿意。

And worse, we have the benefits that we can do the ship swaps and all that. So of course, it's not ideal, but I think we've been able to hand it very well. We were a little bit slow initially, but I think we have handled it very well.

而且更重要的是，我們有能力進行換船等等。所以當然，這並不理想，但我認為我們已經能把它處理得很好。一開始我們反應稍慢一些，但我認為我們已經處理得非常好。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通（JPMorgan）。

Congrats on another nice quarter. So Leah, with your 27 advanced bookings for PCD, up 10%, more or less unchanged relative to a quarter ago. Can you touch on recent pricing trends across River relative to cruises? Or just any constraints to delivering at least the mid-single-digit historical yields in 2027 despite the impact that you cited from vouchers?

恭喜再交出一個亮眼的季度。Leah，關於你們PCD的27年提前預訂量成長10%，相較上一季大致持平。你能談談近期河輪相對於海輪的定價趨勢嗎？或者，儘管你提到禮券帶來的影響，2027年要達成至少歷史中段個位數的收益率（yield）是否有任何限制？

And Linh, on expenses, any transitory impact to expect in costs, excluding fuel for this year? Or just any constraints to your ability to manage costs below yields for this year and next year as we think about the impact from the water levels?

另外，Linh，關於費用，今年（不含燃油）成本是否有任何一次性/短暫性的影響需要預期？或者，考量水位影響，今年與明年你們在將成本增幅控制在低於收益率增幅方面，是否有任何限制？

Matt, so I think our booking curves show that our rates are actually pretty good. And also the pacing is also good with 40% of the River capacity and more than 60% of Ocean capacity for 2027 already being booked as of this point in time. We don't see an impact on demand and in what the bookings that are coming in based on recent events, we've seen our guests kind of proved to be resilient and are continuing to book 2027 in future seasons.

Matt，我想我們的預訂曲線顯示，我們的價格其實相當不錯。而且預訂進度也很好，截至目前，2027年河輪運能已有40%被預訂，海輪運能則超過60%已被預訂。我們沒有看到需求受到影響；從近期事件後進來的預訂來看，我們的旅客似乎證明了其韌性，並持續預訂2027年及未來季節。

Linh, do you want to add additional color?

Linh，你要補充一些說明嗎？

Sure. Thanks, Leah. So for 2027, as Leah noted, our net yields are quite nice, about 10% higher compared to the same point in time prior season. And so I think this goes to the same -- our curve reflects some favorable product mix. And so we see that 10%. I think our goal remains mid-single-digit yield growth for 2027.

當然。謝謝你，Leah。關於2027年，如Leah所提，我們的淨收益率（net yields）相當不錯，較上一季在同一時間點高出約10%。我認為這也回到同一點——我們的曲線反映出一些有利的產品組合。因此我們看到這10%的提升。我們的目標仍是2027年達成中段個位數的收益率成長。

As it relates to expenses, as you know, we don't guide. But the first half has shown where expenses have been. Cadence of expenses may differ from one period to the next. It's not always like-for-like. So we wouldn't say we should extrapolate, but our goal is always obviously to be prudent and diligent with cost management.

至於費用方面，如你所知，我們不提供指引。但上半年已顯示費用的水準。費用發生的節奏可能會因期間而異。並不總是可直接逐期對比。因此我們不會說應該據此推算，但我們的目標一向是以審慎、嚴謹的方式進行成本管理。

We noted earlier that there may be some impact from low water. We will possibly see that in the third quarter and then also from the voucher issuances. So as vouchers are issued and utilized for future periods, those future periods will reflect the voucher value.

我們先前也提到，低水位可能會帶來一些影響。我們可能會在第三季看到這點，另外也包括發放禮券的影響。因此，當禮券被發放並在未來期間使用時，那些未來期間將反映禮券的價值。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

Great. If you could help us quantify a little bit the vouchers issued. It's interesting that you're saying you've done that even though you haven't had any cancellations. Just thinking about assuming if all those vouchers were to be used in '27 kind of what the total impact would be. I would assume it's relatively small across the base of your fleet. But if you could help us quantify the value that you've issued.

很好。如果你們能協助我們稍微量化一下已發放的禮券。你們說即使沒有任何取消也發放禮券，這點很有意思。我在想，假設這些禮券都在27年使用，整體影響大概會是多少。我猜相對於你們整體船隊基礎應該算小。但如果你們能協助量化已發放的價值。

And then also on that 10% increase in '27 booked revenue per day. You mentioned there's favorable product mix in there. Is it fair to assume there's also some benefit that's gross revenue number that airfares are may be higher in '27 versus '26? And any color you could give us on how the cruise ticket price itself is trending if you didn't have that higher airfare in there, just even in whatever way you can help us quantify that?

另外，關於27年已預訂的每日收入成長10%。你提到其中有有利的產品組合。是否也可以合理假設，這個總收入（gross revenue）數字也受惠於27年的機票價格可能高於26年？以及，如果把較高的機票因素拿掉，單就郵輪票價本身的趨勢，你能否提供一些說明，或以任何方式協助我們量化？

Robin, this is Leah. So yes, we did proactively issue future cruise vouchers, as Tor mentioned earlier during the call. We want to be -- we want to make sure that the guests feel that we understand that the -- nobody wants disrupted cruise. We understand that this was not what they had hoped for when they first initially booked. And so really that future cruise voucher generates the goodwill and in the hopes that they will return for future seasons, so that they can experience the experience that Viking is known for.

Robin，我是Leah。是的，正如Tor稍早在電話會議中提到，我們確實主動發放了未來航程禮券（future cruise vouchers）。我們希望——我們希望確保旅客感受到我們理解——沒有人希望航程被打亂。我們理解這並非他們最初預訂時所期待的。因此，這些未來航程禮券是為了建立善意，並希望他們在未來季節回來，體驗Viking以此聞名的旅遊體驗。

Based on conditions, they continue to evolve week to week. So at this stage, our focus is on the direct impact to our third quarter. So as of mid-August, more than 50% of the River capacity cruise days reflected with about 10% to 12% ultimately canceling. So we have proactively started to issue vouchers for these guests to acknowledge that we understand what's going on. We understand that this is not what they had purchased.

依據情況，這些狀況仍在每週持續變化。因此在這個階段，我們的重點在於對第三季的直接影響。截至8月中旬，河輪運能的航程日中有超過50%受到影響，其中約有10%到12%最終取消。因此我們已開始主動向這些旅客發放禮券，以表達我們理解目前狀況。我們理解這並非他們所購買的內容。

And hopefully, to Linh's point, these vouchers would encourage them to really come back to Viking and experience the what we are known for, the experiences that we're known for. And with that, I'll turn it over to Linh for you had some cost questions about airfare.

並且希望，如Linh所說，這些禮券能鼓勵他們回到Viking，體驗我們所知名的——我們所知名的那些體驗。接下來我把問題交給Linh，你剛才也有一些關於機票成本的問題。

Thanks, Leah. So as it relates to 2027 and net yields, our curves show advanced bookings per PCD, which is revenue that we generate from our guests that have booked thus far. So it is favorable product mix. We price to demand is the reality, keeping in mind that we want to ensure that our pricing is -- we have good pricing for our guests to ensure that they come back.

謝謝你，Leah。關於2027年與淨收益率，我們的曲線顯示每PCD的提前預訂量，也就是截至目前已預訂旅客為我們帶來的收入。因此這反映了有利的產品組合。現實是我們會依需求定價，同時也要記得，我們希望確保定價——為旅客提供良好的價格，以確保他們願意回來。

What we would point to is net yields, if you want to look at airfare. So net yields will reflect costs and as many of us know, airfare is something that most companies are seeing pressure with. That being said, our goal remains mid-single-digit yield growth year over year. That remains the same for '26 and the same for 2027.

如果你想看機票的影響，我們會指向淨收益率（net yields）。因為淨收益率會反映成本；而眾所周知，機票是多數公司都感受到壓力的項目。即便如此，我們的目標仍是年對年中段個位數的收益率成長。這個目標在26年不變，在2027年也同樣不變。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行（Wells Fargo）。

Just want to confirm when we look at the booking curves. Is there any impact of that from the issued vouchers? Or is that a totally clean number? And then I guess as well, kind of unrelated. The sales and marketing spend was really solid this quarter.

我只是想確認一下，當我們看預訂曲線時。已發放的禮券是否對此有任何影響？還是那是一個完全乾淨的數字？另外我想也是，算是無關的問題。本季的銷售與行銷支出表現非常不錯。

It was down year over year. If you guys could just talk about any efficiencies you're seeing in kind of your marketing spend and where you see that heading over time?

它年對年下降。如果你們能談談在行銷支出方面看到的任何效率提升，以及你們認為隨時間推移會如何發展？

Sure. So the second quarter results do not include any impact for the low water. The low water really started in mid-July. The future cruise voucher is a credit that can be applied toward new future bookings, and they're used towards the cruise fare. So they're effectively providing a discount on the price of the future crews.

好的。第二季的結果不包含任何低水位的影響。低水位其實是在7月中旬才開始。未來航程禮券是一種可用於新的未來預訂的抵用額，並用於郵輪票價。因此它實際上是在未來航程的價格上提供折扣。

These can be applied for cruises later in '26 and into 27 and '28 in future years.

這些可適用於日後在 26 年稍晚以及未來年度的 27 年與 28 年的郵輪行程。

James Hardiman, Citi.

James Hardiman，花旗。

I wanted to circle back to sort of the discussion about mix and ultimately, how that seems to benefit your advanced bookings per PCB number. We spent a lot of time on the last call sort of talking about that outsized 11% number and how it wasn't likely to stay where it is. Maybe speak to sort of how much of that mix being sort of released, so to speak, is responsible for going from the 11% to 10%. And how much as we think about what's left to be booked should impact that number or how much that 10% is likely to stay closer to where it is. And maybe as part of that, we did see River in particular, decelerate a couple of points versus the last advanced booking per PCB number, I think it went from about 12% to closer to 9%, whereas Ocean was pretty consistent.

我想回到先前關於組合（mix）的討論，以及最終看起來它如何讓你們每 PCB 的提前預訂受益。我們在上一通電話花了很多時間談到那個偏高的 11% 數字，以及它不太可能維持在目前水準。能否談談，所謂這個組合的「釋放」（release）在多大程度上，導致從 11% 走到 10%。以及當我們思考尚待預訂的部分時，應該如何影響該數字，或是這個 10% 有多大可能會更接近目前的水準。另外，作為其中一部分，我們確實看到特別是河輪（River）相較於上一個每 PCB 的提前預訂數字放緩了幾個百分點，我想它大約從 12% 降到更接近 9%，而海輪（Ocean）則相當一致。

What's the narrative there? Is that really just about mix? Or did River in fact, sort of slow more so than Ocean. Just help us understand those pieces.

這背後的敘事是什麼？這真的只是組合的問題嗎？還是河輪其實確實比海輪放緩得更多？請幫我們理解這些部分。

Sure. So we did speak about this in the last quarter call, which is that we do have a product mix benefit here for the year-to-date curves for 2027. So as we sell more, for example, Egypt, Vietnam, that does heavily weight the price so that year over year, it looks much stronger. I think as we continue to sell our bread and butter, which is Europe as most of you are aware, the average price will start to come to more a reasonable or natural number, and our goal remains mid-single-digit yields for both rivers and oceans.

當然。我們在上一季的電話會議中確實談過這點，也就是說，針對 2027 年年初至今的曲線（year-to-date curves），我們確實有產品組合帶來的利多。因此，當我們賣出更多例如埃及、越南等產品時，會大幅拉高價格權重，使得年對年看起來更強勁。我認為，隨著我們持續銷售我們的主力產品（bread and butter）——如各位所知主要是歐洲——平均價格會開始回到更合理或更自然的水準，而我們的目標仍是河輪與海輪皆達到中個位數的收益率（yield）。

As it relates to oceans, the price year over year for 2027 did stay around that 12% range. And while there may be upside, I think we need to let the booking season develop before we extrapolate trends as we noted, mid-single-digit is our goal for net yields, which includes costs such as transportation and air. And we still do have a good chunk of inventory left to sell. And so overall, I mean the current strength is driven by higher pricing and itinerary mix, but our goal remains mid-single-digit yield growth.

就海輪而言，2027 年的年對年價格仍維持在約 12% 的區間。雖然可能還有上行空間，但我認為在我們外推趨勢之前，需要讓預訂季節（booking season）先發展；如我們所提到的，我們對淨收益率（net yields）的目標是中個位數，其中包含交通與機票等成本。而我們仍有相當一部分庫存尚待銷售。因此整體而言，目前的強勢是由較高定價與行程組合所驅動，但我們的目標仍是中個位數的收益率成長。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

You talked a bit more about the offering of more land extensions, our extensions and things like that. Could you maybe share how you're thinking about that longer term? And whether from an acquisition perspective, that's something that might kind of fit into the overall portfolio? And especially within the context of I think you still got about $4 billion of cash, how do you think about the relative priorities of capital returns or just -- yes, capital allocation over time?

你們多談了一些提供更多陸上延伸行程（land extensions）、我們的延伸行程之類的內容。你們能否分享一下長期來看你們如何思考這件事？以及從併購的角度，這是否可能納入整體投資組合？特別是在我認為你們仍有約 40 億美元現金的背景下，你們如何看待資本回饋的相對優先順序，或是——對，隨時間推移的資本配置？

Lizzie, so yes, so -- we have been quite clear from the start that our focus is really about the destination and the experiences. So our teams have -- with that top of mind, when we think about our future itinerary planning as well as what offerings we have available for either optional shore excursions or pre and post excursions when they are in our app. Having said that, I think this one, I'll invite Tor into the call because he actually was quite keen on the Zeppelin that we announced. I think he went on it a couple of times. So Tor, do you kind of want to just give a little bit of color on that and also on how we see extensions and other experiences kind of enhancing our core products.

Lizzie，是的——我們從一開始就相當清楚，我們的重點其實是目的地與體驗。因此，我們的團隊——以此為首要考量——在思考未來行程規劃，以及在 App 上提供的可選岸上觀光（optional shore excursions）或行前與行後行程（pre and post excursions）時，都是以此為核心。話雖如此，這一題我想邀請 Tor 加入，因為他其實對我們宣布的齊柏林飛船（Zeppelin）體驗非常感興趣。我想他去搭過幾次。所以 Tor，你是否願意補充一些背景，也談談我們如何看待延伸行程與其他體驗如何強化我們的核心產品。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

I didn't know if Tor wanted to on there or not.

我不確定 Tor 是否想在那裡回答。

Yes. Tor, I think you might be on mute. Do you want to respond on the experiences. Anyway, so -- unmute. Well, Conor, hang on with -- let me just finish the second portion.

是的。Tor，我想你可能在靜音。你想回應一下關於體驗的部分嗎？不管怎樣——取消靜音。嗯，Conor，先等一下——讓我先把第二部分講完。

So on the capital allocation question, so we do have a healthy cash balance of $4 billion. Our priority, as you can see from our order book, is really to reinvest the cash in the business to generate strong returns. This we do have the framework in which we look at all acquisitions. So first, it has to be scalable. So it has to be able to move -- when we think about acquisitions, it's like you have to compare it to our organic growth.

關於資本配置的問題，我們確實有 40 億美元的健康現金餘額。我們的優先事項，如你從我們的訂單簿（order book）所見，是把現金再投資於業務，以創造強勁回報。我們確實有一套評估所有併購案的框架。首先，它必須具備可擴展性（scalable）。也就是說——當我們思考併購時，你必須把它與我們的有機成長（organic growth）做比較。

So it has to be able to generate the same, if not more, returns than our ships. So it has to be scalable, it has to be margin accretive and then, of course, complementary to the brand and fits within the brand ethos.

因此，它必須能產生與我們船舶相同、甚至更高的回報。所以它必須可擴展、能提升利潤率（margin accretive），當然也要與品牌互補，並符合品牌精神（brand ethos）。

So sorry to interrupt but go ahead in with your question.

抱歉打斷你，但請繼續提問。

Okay. Sorry. So maybe just a point of clarification and then piggyback and just on the excursion stuff. But can you -- so occupancy in the second quarter for River decelerated year over year, and you're saying there was no impact. So if you could just talk about that.

好的。抱歉。那我先釐清一點，然後再延伸到觀光行程（excursion）的部分。但你能否——所以河輪在第二季的載客率（occupancy）年對年放緩，而你們說沒有影響。所以如果可以的話，請談談這點。

I think it may just be in the context of the supply growth. So that's one maybe easy one. And then just on the excursion and shore product, can you just talk about what's actually resonating and where attach rates are today and where you see the opportunity for attach rates 5 years from now or so something like that.

我想這可能只是放在供給成長（supply growth）的脈絡下。所以那可能是一個比較容易的解釋。另外關於觀光與岸上產品（excursion and shore product），你能否談談目前到底是哪些內容最受歡迎、目前的附加購買率（attach rates）是多少，以及你們看到 5 年後附加購買率的機會在哪裡，或類似的看法。

David Katz, Jefferies.

David Katz，Jefferies。

Sorry, I need to answer the question. Thank you. Apologies for that. For the second quarter of 2026, as we can see from the numbers, we performed quite well in the second quarter for River occupancy. Occupancy was slightly lower than Q2 2025.

抱歉，我需要先回答這個問題。謝謝。為此致歉。就 2026 年第二季而言，從數據來看，我們在河輪載客率方面第二季表現相當不錯。載客率略低於 2025 年第二季。

There was some impact as it related to our Egypt crudes, but that itinerary sells very well for us, well priced and has done quite well and is doing quite well.

在與我們埃及航線（Egypt cruises）相關的部分確實有一些影響，但那個行程對我們來說賣得非常好、定價也好，表現一直很好，現在也仍然很好。

As it relates to excursions, we've mentioned this in the past, I think it was slightly a little lower than 40% of our guests up to take a pre or post land extension. And obviously, that helps from a margin perspective. But in addition to that, what we found is our guests take a pre or post or optional shore excursions with us, they tend to rate their experience better. And so from that perspective, that's really what we want. We want our guests to have a great time.

至於觀光行程，我們過去提過，我記得略低於 40% 的旅客會加購行前或行後的陸上延伸行程（pre or post land extension）。而這顯然從毛利角度（margin perspective）是有幫助的。但除此之外，我們發現旅客若向我們加購行前、行後或可選岸上觀光，他們往往會給予更高的體驗評分。因此從這個角度來看，這正是我們想要的。我們希望旅客玩得很開心。

And by adding additional different experiences that our guests can opt to purchase what we've seen as quality scores for those guests are actually higher. Apologies for some of this disconnect. But please go ahead with your question.

而透過增加更多不同的加值體驗，讓我們的賓客可以選擇加購，我們看到這些賓客的品質評分其實更高。對於其中一些落差，先跟各位致歉。不過請繼續提問。

No, we're going to -- Leah, we're going to take the cadence back right now, okay? I appreciate you taking my question. What I wanted to ask is, within some perspective on the portion of bookings that are repeat customers. And the reason I asked the question is the degree to which these customers have been on multiple Viking cruises in the past and are having a challenged experience at this time. And it may be quite a bit easier to take given that they've been a repeat customer.

不，我們要——Leah，我們現在要把節奏拉回來，好嗎？謝謝你讓我提問。我想問的是，能否從某個角度談談訂單中回頭客（重複客）所占的比例。我之所以問，是因為這些客戶過去可能搭乘過多次 Viking 郵輪，而目前的體驗可能比較具挑戰。而由於他們是回頭客，可能相對更容易接受一些。

So any qualitative sense around what the current book is of repeat customers that have been with you multiple times before would be helpful.

因此，如果能就目前預訂中、曾多次與你們同行的回頭客占比提供一些定性上的看法，會很有幫助。

Sure. So as of last year, so as of 2025 -- I'm going off memory now, also Linh, correct me if I'm wrong, but I believe 52% of the guests who traveled with us in the 2025 season were repeat guests. So that's a number that we publish every year. And that number is quite important to us as well as new to brand, of course. As you grow the fleet, a healthy mix of making sure that you're addressing your addressable market as well as making sure that your guests repeat like that mix is important to continue to grow the capacity.

當然。截至去年，也就是截至 2025 年——我現在是憑記憶在說，Linh，如果我說錯請糾正我——但我相信在 2025 航季與我們同行的賓客中，有 52% 是回頭客。這個數字我們每年都會公布。這個數字對我們很重要，當然「新客」也同樣重要。當你擴張船隊時，確保既能觸及可服務市場、又能讓賓客持續回流，這種健康的組合對於持續擴充運能很重要。

So when we think about our product offerings, what would allow guests to repeat. So it's new itinerary. So it's itinerary mixes, new destinations, such as India. Egypt has proven very well for us in terms of repeat brand. And then also these excursions, some of our guests have already been on the itineraries and they already have the included excursions.

因此當我們思考產品供給時，什麼能讓賓客願意再來？例如新的航線。例如航線組合、新目的地，像是印度。埃及在回頭客方面對我們的表現也非常好。另外還有這些岸上行程（excursions），有些賓客已經走過這些航線，也已經參加過包含在內的行程。

And so when we have optional excursions that they can augment in their cruise, then that gives them something new to experience even though the itinerary is the same. And I think a combination of that, when we think about the 520 unique destinations to go to, when we think about the 21 major rivers were in 7 continents. We're in all oceans, that really that portfolio breadth really allows guests to go with us wherever they want to go in the world to travel with Viking wherever in the world they want to travel to.

因此當我們提供可選的自費行程，讓他們在航程中加購升級，就算航線相同，也能帶來新的體驗。我認為這些因素的組合，再加上我們有 520 個獨特目的地、21 條主要河流、橫跨 7 大洲。我們也涵蓋所有海洋；這樣的產品組合廣度，確實讓賓客無論想去世界哪裡，都能選擇與 Viking 一起旅行。

And that's also where we keep our focus on when we think about operationally, what other areas would it be difficult for an individual traveler to go to that our guests 55 with lots of time, they have -- they have the time, they have the opportunity and they have the means to travel. Where else can we reduce the travel friction so that they can essentially travel the world in comfort.

這也是我們在營運面持續聚焦的方向：對於個別旅客而言，還有哪些地方可能很難前往？而我們的賓客多為 55 歲以上、時間充裕，他們——他們有時間、有機會，也有能力去旅行。我們還能在哪些環節降低旅行摩擦，讓他們基本上能更舒適地走遍世界。

So that's what we think about when we think about our destinations and our expanded product offerings.

因此，這就是我們在思考目的地與擴充產品供給時的核心。

Andrew Didora, Bank of America.

Andrew Didora，美國銀行。

Maybe just going back to the European Rivers, again, a question for Linh. As when you look back historically at times like this, maybe 2022 or before that, what kind of impact did you see in future bookings? Just trying to frame your commentary about. We will be seeing an impact in '27 and '28. Just trying to get a sense of what that's looked like historically?

我想再回到歐洲河輪，這題同樣問 Linh。回顧歷史上類似的時期，例如 2022 年或更早，你們在未來預訂上看到什麼樣的影響？我想更好地理解你剛才的評論：我們會在 2027 與 2028 年看到影響。只是想了解歷史上大概長什麼樣子？

And then is the impact that you -- I think that you said that 50% of cruises are impacted. Is that a 3Q cruises? And just curious on how that compared to other times of low water levels. Is this the worst that you've seen? Just trying to put it all into perspective.

另外，你提到大約 50% 的航次受到影響。那是指第三季的航次嗎？也想請教這和其他低水位時期相比如何。這是你看過最嚴重的一次嗎？只是想把整體情況放到脈絡中理解。

Sure. Andrew, so as of mid-August, more than 50% of our River capacity PCDs during the third quarter. So July -- this really started in July and then into mid-August. So more than 50% of that has been impacted. And so for those impacted cruises, we have -- Leah mentioned, we want our guests to we understand where our guests are coming from.

好的。Andrew，截至 8 月中旬，我們第三季的河輪運能 PCDs 中，超過 50% 受到影響。也就是從 7 月開始，並延續到 8 月中旬。因此其中超過 50% 都受到影響。對於受影響的航次，我們——如 Leah 提到的——我們希望賓客能夠……我們理解賓客的感受與立場。

We understand that this is not the experience that they initially purchased. And so there were some disruptions to their cruise experience, so we are giving vouchers. And that voucher will impact the next booking that they choose to book. So whatever is available or open for sale, which is later in '26 and really mainly '27, '28. What we would say is this low water that's occurring right now is probably historically, I would say, compared to other seasons, this is probably more low water than what we've seen in the past.

我們理解這不是他們最初購買的體驗。因此他們的航程體驗確實出現一些中斷，所以我們提供抵用券（vouchers）。而這些抵用券會影響他們下一次選擇預訂時的金額。也就是任何仍可供預訂或對外銷售的航次，主要會落在 2026 年較後段，且以 2027、2028 年為主。我們會說，這次正在發生的低水位，若以歷史來看、與其他航季相比，可能是我們過去所見更嚴重的低水位。

And so we want to be proactive. We want to ensure our guests feel good, and we want to at least try to deliver the best experience we can with these conditions. And so there will be some impact to the third quarter of 2026 and some impact into future years.

因此我們希望更積極主動。我們希望確保賓客感受良好，也希望在這些條件下，盡可能交付我們能提供的最佳體驗。因此，2026 年第三季會有一些影響，未來年度也會有一些影響。

That being said, as you can see from our curves, pricing to date has been quite healthy. And with this in mind, we still will try to achieve our goal of mid-single-digit yield growth.

話雖如此，從我們的曲線來看，截至目前的定價仍相當健康。在此基礎上，我們仍會努力達成「中個位數」的收益率（yield）成長目標。

Richard Clarke, Bernstein.

Richard Clarke，Bernstein。

I guess just quickly on the booking curve. Obviously, you cut at the ninth of August. Would you expect that to look meaningfully different if you cut it today or yesterday? And as you're sort of planning going forward, are you happy to treat 2026 as a one-off year? Or are you going to sort of operationally change anything ship capacity ship in the in destinations going to more land-based excursions possible to mitigate if these conditions do repeat more often?

我想快速問一下預訂曲線。顯然你們是以 8 月 9 日作為截點。如果今天或昨天截點，你預期會有顯著不同嗎？另外在往前規劃時，你們是否把 2026 年視為一次性的特殊年度？還是你們會在營運上做一些調整——例如船舶運能、航線目的地，或增加更多可行的陸上行程——以便在這些情況更常重演時降低影響？

So I'll address the operational and I think, as I mentioned, river levels naturally fluctuate from year to year. So some seasons, there are high water, some seasons, there are low water. And for the 30 years that we've operated in this rivers, we know this. And so our fleet is specifically designed to navigate through these seasonal variations of water flow. That's where having nearly identical ships actually makes for a better experience in times of whether it's high or low water because the ships are able to meet in the middle and then the guests can then ship swap on a normal variation in terms of water levels.

我先回應營運面；而且如我提到的，河流水位本來就會逐年自然波動。有些航季是高水位，有些航季是低水位。我們在這些河流上營運 30 年了，我們了解這點。因此我們的船隊是專門設計來因應這些季節性的水流變化。這也是為什麼擁有幾乎相同的船型，在高水位或低水位時反而能帶來更好的體驗，因為船隻可以在中段會合，然後賓客就能在水位正常波動的情況下進行換船（ship swap）。

Now this year has been particularly low. We've also seen this, I believe, in 2018 and 2022. We also did not cancel cruises during those times. This is just a part of operating in the rivers. We know that this happens.

而今年的水位特別偏低。我們也在2018年和2022年看到過這種情況。在那些時期我們也沒有取消航次。這只是河輪營運的一部分。我們知道這種情況會發生。

This is a reality of operating in the rivers. So -- because of that, our team has been really -- they have it down to a science of having a combination of operational flexibility, contingency planning and itinerary adjustments to minimize disruption for our guests.

這就是在河流上營運的現實情況。所以——正因如此，我們的團隊真的——已經把它做到像科學一樣精準：結合營運彈性、應變規劃與行程調整，以將對賓客的干擾降到最低。

And maybe if I can add, I'm finely back online. Of course, we have seen this before. And I think as long as we inform our guess what they can expect then I think that solves most of the problem. And of course, we are in a unique position, as Leah said, by having our identical chips so that we can hopefully get away with only one ship swap. So I think we're in a very, very unique position.

另外如果我可以補充一下，我終於又連線回來了。當然，我們以前也遇過這種情況。我認為只要我們告知賓客他們可以期待什麼，我想大多數問題就能解決。而且如Leah所說，我們處於一個獨特的位置，因為我們有相同的船舶，因此我們希望最多只需要更換一次船。所以我認為我們確實處於非常、非常獨特的位置。

I see no reason whatsoever for lowering ambitions in terms of what volume on the river should be. As a matter of fact, one is a little contrarian, maybe such a situation as now can create some opportunity to do things that otherwise would have been difficult because of was we are in a very strong financial position. So we might be able to be contrarians too. But that may be wishful thinking.

我完全看不出有任何理由要在河輪的運量目標上降低企圖心。事實上，若採取稍微逆勢的思維，像現在這樣的情況反而可能創造一些機會，去做一些在其他情況下會比較困難的事，因為我們的財務狀況非常強健。所以我們也許能夠逆勢而為。但那也可能只是美好的想像。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，摩根士丹利。

Maybe two follow-ups. The first one is quick, which is just -- so that comment on the cancellations in 3Q, I think you said 10% to 12% cancellations. Was that on just the 50% impacted or of the total River? And then second on another follow-up on excursions and extensions. Just -- any sense for how the economics and operations of these extensions work as we try to think about incremental margins?

我有兩個追問。第一個很快：關於第三季的取消，我想你提到取消率是10%到12%。那是針對受影響的50%運能，還是針對整體河輪？第二個追問是關於岸上觀光與延伸行程。就——在我們思考增量毛利時，能否談談這些延伸行程在經濟性與營運上的運作方式？

And then just strategically, as we think about the opportunity to expand further that you mentioned, how do you balance that with staying true to the all-inclusive and no upsell associated with the brand?

另外從策略面來看，當我們思考你提到的進一步擴張機會時，你們如何在這與品牌「全包式」以及不做加價推銷之間取得平衡？

Thanks for the question. So the clarifying point, the cancellation of 10% to 12% is on the affected 50% of River capacity PCDs. And when we think about the all-inclusive nature of our products, it's still all inclusive. It's -- it is the guests discretion whether or not they want to augment their cruises, but if they don't want to open their wallet again when they come on board and they don't have to. So that -- we believe that, that still is a balance between the all-inclusive nature which it is with all of the amenities that we have and all of the included beer/wine included excursions, but it was also a balance of making sure that guests are able to experience what they want to experience beyond what is included.

謝謝你的提問。先釐清一下：10%到12%的取消率是針對受影響的那50%河輪運能的PCD。而當我們談到產品的全包式特性時，它仍然是全包式。賓客是否要加購以延伸其郵輪行程，取決於賓客自行決定；但如果他們不想在登船後再掏錢，他們也不必。所以——我們認為這仍然在全包式（也就是我們所提供的所有設施與包含的啤酒/葡萄酒、包含的岸上觀光）與確保賓客能夠體驗超出既有包含內容、他們想要體驗的事物之間，取得了平衡。

And as Linh mentioned, when we do have these additional things that guests can choose from, it does increase the quality scores. So we also see that the guests also want to have a choice. And then I'll turn it over to Linh on your question about extensions.

而且如Linh提到的，當我們提供這些賓客可選擇的額外項目時，確實會提高品質評分。所以我們也看到賓客希望有選擇。接著我把你關於延伸行程的問題交給Linh回答。

Sure. So I mean I think as mentioned earlier, plus or minus 40% of our guests do you opt to purchase our pre or post extension and a good amount of our guests do add an optional shore excursion. So that's already reflected in our net yields that you see today. I think over time, it will contribute, and we will continue to provide different options for our guests. But as you mentioned, we are all-inclusive.

好的。我想如先前提到的，我們大約正負40%的賓客會選擇購買我們的行前或行後延伸行程，而且也有相當比例的賓客會加購可選的岸上觀光。所以這些已經反映在你今天看到的淨收益率之中。我認為隨著時間推移，它會有所貢獻，而我們也會持續為賓客提供不同的選項。但如你所提，我們是全包式。

So this is up to the guests, whether or not they would like to opt in for more. We're constantly looking at whether it's our deployment or itineraries and what it provides versus what we can also add incrementally. So overall, at the end of the day, what we want is our guests to have a great experience with Viking.

因此是否要選擇加購更多內容，取決於賓客。我們也持續檢視，不論是我們的部署或行程安排，既有內容能提供什麼，以及我們還能逐步增加哪些內容。總之，歸根結底，我們希望賓客在Viking能有很棒的體驗。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐。

I was hoping you might speak a little bit more about the other portion of revenues, which is obviously also performing very well. But maybe if you could just sort of unpack some of the drivers there. And including how the U.S. product, Mississippi and Ohio River are performing as well given everything going on in the world. It would be great to hear about that as well.

我希望你們能再多談一點其他收入那一部分，顯然表現也非常好。但如果可以的話，能否拆解一下其中的一些驅動因素。也包括在全球發生這麼多事情的背景下，美國產品——密西西比河與俄亥俄河——的表現如何。也很希望能聽聽這部分。

Meredith, I hope you're well. So in our other segment is a mix of a few things. As you noted, it is the Mississippi. It is our expedition product, and it is our China outbound efforts. So taking our Chinese-speaking guests to Europe.

Meredith，希望你一切都好。我們的其他事業部門包含幾個項目的組合。如你所指出的，包括密西西比河。也包括我們的探險產品，以及我們的中國出境業務。也就是帶中文賓客前往歐洲。

And so in the second quarter, we did bring on the Eden. And the Eden will start operating for our Chinese guests. And over the summer, we did take that ship to Europe. And so we are quite excited about that opportunity. So the growth that you see really is reflective of that. We have currently today four long ships operating in Europe for our Chinese-speaking guests and now the Eden for our ocean going itineraries.

因此在第二季，我們引進了Eden號。Eden號將開始為我們的中文賓客營運。而在夏季期間，我們也把這艘船開到歐洲。所以我們對這個機會感到相當興奮。因此你看到的成長，確實反映了這一點。目前我們有四艘長船在歐洲為中文賓客營運，現在又加上Eden號用於我們的海洋航線行程。

I don't know, Tor, if you would like to add anything on that effort.

Tor，不知道你是否想就這項業務補充一些內容。

Sure. I've been spending a fair amount of time on our China outbound business, which, of course, we operate very differently from anybody else. We have the benefit that we can start with our Chinese -- our river ships in Europe, where we have a Chinese staff and the same mobile as we did when we started American rivers, they then come and feel at home on the Chinese speaking and Chinese food ships in Europe. Ratings are very, very high. It has turned out, we took the Viking Eden and now deploy that in Europe, too.

當然。我在我們的中國出境業務上投入了相當多時間；當然，我們的營運方式與其他任何人都很不一樣。我們的優勢在於，可以先從我們在歐洲的中國——我們的河輪開始，那裡有中文員工；而且就像我們當初開始美國河輪時採用的同樣模式一樣，賓客上船後會在提供中文服務與中式餐飲的歐洲船上感到賓至如歸。評分非常、非常高。結果證明，我們把Viking Eden號也部署到歐洲。

So we fly the Chinese across there and then now see Europe. I think it's -- the reactions have been very positive. And I think that could be this ought to be a real opportunity for us in the medium term, I would say.

因此我們把中國賓客飛到那邊，現在就能在歐洲觀光。我認為——反應非常正面。我認為在中期來看，這應該會是我們一個真正的機會。

Alex Brignall, Rothschild & Company.

Alex Brignall，Rothschild & Company。

Maybe I'll try my luck into a follow on to the previous question and then one original one. So -- on China, also there was an opportunity for sort of domestic China business. Could you talk about any progress you've made on that, the opportunity? And then in terms of cruising domestic as to how the India itineraries have started, obviously, not for -- no domestic business, but how the demand for those is going and how the booking cabs -- looking for those? And then just in terms of Q3, it's obviously very hard to model, but it feels like we can do a job on occupancy because we just take the 10% to 12% of the 50% of the proportion, which is River.

我想我先試著延續上一題再問一個追問，然後再問一個新的問題。所以——關於中國，之前也有提到中國國內業務的機會。你能談談你們在那方面的進展與機會嗎？另外就國內航線而言，印度行程的推出情況如何——顯然不是針對——沒有國內業務，但這些行程的需求如何、相關的預訂曲線——看起來如何？最後就第三季而言，顯然非常難建模，但感覺我們可以在載客率上做一些推估，因為我們只要取河輪占比中那50%受影響部分的10%到12%。

But could you just help us to understand what happens with actual costs? Obviously, you've built an incredibly resilient business for ship swaps. But are there other costs that we should think about within just Q3 specifically outside of just the lower amount of people that would be on board if there's been a composition?

但你們能否協助我們理解一下實際成本會發生什麼變化？顯然，你們已為船舶調換建立了一個極具韌性的業務模式。但就第三季（Q3）而言，除了若因組合變動而導致船上人數較少之外，是否還有其他我們應該考量的成本？

Could I take the China follow-up first?

我可以先回答關於中國的追問嗎？

Sure.

當然。

Again, we did operate in China for Chinese were in Chinese water for Chinese. But unfortunately is that the people who operate there locally, not much in name, but it's a fiercely price competitive market. And they, to a large extent, have been selling the American style product to Chinese customers through wholesalers -- for the wholesalers or the price setters and the cruise lines really have to take whatever is left over. Our strategy has been very different and following what we did in the U.S. But what we do in China, it may not be new to.

再說一次，我們確實在中國營運，為中國人、在中國水域、服務中國人。但不幸的是，當地的營運者——名義上不算多，但那是一個競爭極其激烈、以價格為主的市場。而且在很大程度上，他們一直透過批發商把美式產品賣給中國客戶——因為批發商才是定價者，郵輪公司基本上只能接受剩下的條件。我們的策略非常不同，延續我們在美國所做的方式。但我們在中國做的，可能並不新鮮。

We market directly to the Chinese consumer. And that means that we own them, and we set the price and we're not subject to any of the tenants that tour operators implement.

我們直接向中國消費者行銷。這代表我們擁有客戶關係、由我們定價，也不會受制於旅行社所施行的任何條款。

It means it takes us a bit longer time to get there. But if we get -- I'd say if -- when we get there, then I think it will be a much more profitable business than competing and local waters with the big U.S. guys or for that matter, Chinese guys. So we'll be the European cruise line for Chinese tourists, I think that could be very, very interesting.

這意味著我們需要更長一點時間才能做到。但如果我們做到——我會說如果——當我們做到時，我認為這將會是一門比在當地水域與大型美國業者、甚至中國業者競爭更有利潤的生意。因此，我們會成為面向中國旅客的歐洲郵輪公司，我認為那會非常、非常有意思。

All right. And the other questions were India. So how is India itinerary tracking. So -- we announced India for the first time in 2025 to start sailing in 2027. So we are pleased to report that for the 2027 and 2028 seasons, the India itinerary is completely sold out, so they're full.

好的。另外的問題是印度。所以印度航線的銷售追蹤情況如何？我們在2025年首次宣布印度航線，預計於2027年開始航行。因此我們很高興報告，2027與2028航季的印度航線已完全售罄，也就是滿艙。

Yes. No, this sounds like summer to trying to get into the river cruise business. How quick they sold out their stuff. So --

是的。不，這聽起來就像當年夏天他們試著切入河輪業務時一樣。他們的產品賣光的速度有多快。所以--

It's per for the course for us for not for a press release on it.

這對我們來說是司空見慣的事，不值得為此發新聞稿。

Okay, sorry.

好的，抱歉。

And then 2029, well, we haven't received any figures on that. 2029 is also selling quite well. And as far as the expenses for low water, the situation is ongoing. So we are -- it started in mid-July, it's now mid-August. So I am happy to say and to verified it that it is raining in Europe, -- so we are optimistic that people turn the corner.

至於2029年，我們還沒有收到任何數據。2029年的銷售表現也相當不錯。至於低水位所帶來的費用，情況仍在持續。所以我們——它從7月中開始，現在是8月中。因此我很高興地說，而且也已核實，歐洲正在下雨——所以我們樂觀地認為情況會出現轉機。

But having said that, it is a bit premature to provide any figures. So we will see some incremental expenses from transportation, impacting adjusted gross margin. And then some operational expenses impacting vessel expenses, but we'll have an update for that in Q3.

但話雖如此，現在提供任何數字仍稍嫌過早。因此我們會看到一些因運輸而增加的額外費用，影響調整後毛利率。另外也會有一些營運費用影響船舶費用，但我們會在第三季（Q3）提供最新進展。

I'll now turn the conference back over to Leah Talactac, Viking's President and CEO, for closing remarks.

現在我把電話會議交回給Viking總裁兼執行長Leah Talactac，請她做結語。

Maybe, Leah, I could make a couple of comments before you close the books, because --

Leah，在你結束之前，也許我可以先補充幾點，因為--

Sure.

當然。

If you look in that presentation, we see -- or your presentation, rather, we see the phenomenal order book we have on slide 14, I think it is. And I think it's -- when we talk about water levels and all that, it's sometimes counterintuitive to talk about the value of having such an order book. But I'm so sure that this order book will be very good for us. And as long as we make sure we spend enough for marketing, treat our guests well, and we have very good contract prices with the arts, so I think this will be one of the main assets of working, if I may say so.

如果你看那份簡報——或者說你們的簡報——我們在第14頁左右看到我們驚人的訂單儲備（order book）。我認為當我們談到水位等等時，有時候談擁有這樣的訂單儲備的價值，直覺上似乎不太一致。但我非常確信，這份訂單儲備對我們會非常有利。只要我們確保在行銷上投入足夠資源、好好款待賓客，並且我們與船廠有非常好的合約價格，我認為這將會是我們營運中最主要的資產之一，如果我可以這麼說的話。

Yes. Thank you, Tor. That sums up our position. And again, these are historically low water levels, but this is something that we are experts at dealing with. It's something that we deal with from time to time, whether it's low or high water. And fortunately, our operations team is quite excellent at handling it.

是的。謝謝你，Tor。這總結了我們的立場。再說一次，這些是歷史性的低水位，但這是我們擅長處理的事情。這是我們不時會遇到的狀況，不論是低水位或高水位。而且幸運的是，我們的營運團隊在處理這些情況方面相當出色。

Having said that, thank you, everyone, for joining us today. We apologize for the various hiccups we've had throughout this call. We appreciate you bearing with us. And thank you, and we will speak to you next quarter. Thanks, and have a great day.

話雖如此，感謝各位今天加入我們。我們為本次電話會議過程中出現的各種小插曲致歉。感謝大家的包容與耐心。謝謝，我們下個季度再與各位交流。謝謝，祝各位有美好的一天。

Thank you.

謝謝。