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    Record EBITDA And Strong 2025–26 Bookings Might Change The Case For Investing In Viking (VIK)

    Simply Wall St·12/04/2025 14:23:53
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    • Earlier in Q4 2025, Viking Holdings reported its highest-ever quarterly Adjusted EBITDA and highlighted exceptionally strong advanced bookings for 2025 and 2026, supported by high utilization across its fleet.
    • This combination of record profitability and forward bookings reinforces Viking’s focus on reinvesting in growth, rather than emphasizing near-term capital returns to shareholders.
    • We’ll now explore how record Adjusted EBITDA and robust multi-year bookings might reshape Viking Holdings’ existing investment narrative and risk profile.

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    Viking Holdings Investment Narrative Recap

    To own Viking Holdings, you need to believe that demand from affluent, experience‑seeking travelers can support sustained high occupancy and pricing across a growing fleet, even as costs and regulation evolve. The fresh Q3 record Adjusted EBITDA and very strong 2025–2026 bookings appear to strengthen the near term demand catalyst without meaningfully reducing key risks around cost inflation, environmental rules, or exposure to European river cruising.

    Among recent announcements, the October 2025 naming of nine new river ships, marking Viking’s 100th vessel across river, ocean, and expedition, looks especially relevant. It underlines how capacity growth across Europe and newer markets like the Mekong, Nile, and Douro is being layered onto today’s strong booking backdrop, amplifying both the upside from full ships and the downside if fuel, regulatory, or geopolitical pressures begin to bite.

    Yet even with strong bookings, investors should still weigh how rising environmental and fuel cost pressures could...

    Read the full narrative on Viking Holdings (it's free!)

    Viking Holdings' narrative projects $8.5 billion revenue and $2.0 billion earnings by 2028. This requires 13.6% yearly revenue growth and an earnings increase of about $1.3 billion from $694.2 million today.

    Uncover how Viking Holdings' forecasts yield a $68.32 fair value, in line with its current price.

    Exploring Other Perspectives

    VIK Community Fair Values as at Dec 2025
    VIK Community Fair Values as at Dec 2025

    Five private investors in the Simply Wall St Community currently see Viking’s fair value between US$34.20 and US$80.21, highlighting sharply different expectations. When you set this against today’s record Adjusted EBITDA and multi year booking strength, it underlines why examining several independent views on Viking’s future demand resilience and cost pressures really matters.

    Explore 5 other fair value estimates on Viking Holdings - why the stock might be worth 49% less than the current price!

    Build Your Own Viking Holdings Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.