Viking Holdings Ltd. delivered the Viking Eldir on March 11, 2026. The 190‑guest ship was built at Meyer’s Neptun Werft in Rostock‑Warnemünde, Germany, and will join the company’s Longship fleet on Rhine, Main and Danube itineraries.
The Eldir adds 190 staterooms and 95 suites, expanding Viking’s river‑segment capacity and enabling new itineraries such as the Rhine Getaway, Grand European Tour, Passage to Eastern Europe, European Sojourn and Christmas on the Rhine. The addition is part of Viking’s plan to deliver 22 more river ships by 2028, reinforcing its standardization strategy and operational leverage.
Viking’s recent financial performance underpins the expansion. In Q4 2025, revenue rose 27.8% YoY to $1.72 billion, and full‑year 2025 revenue reached $6.5 billion, up 21.9% YoY. Adjusted EBITDA grew 51.3% YoY to $462.8 million in Q4 and 38.8% YoY to $1.87 billion for the year. Adjusted net income increased 49.1% YoY to $297.7 million in Q4 and 43.9% YoY to $1.165 billion for the year. These results demonstrate strong demand, high occupancy (95.0% in Q4), and pricing power that support the fleet expansion.
The company’s advance bookings for the 2026 season were 86% of core capacity as of February 15, 2026, and bookings grew 13% YoY, indicating robust demand that justifies the new vessel. Viking’s management highlighted the Eldir’s role in bringing guests closer to destinations and maintaining the company’s high‑margin profile.
Viking’s market position remains dominant, with a 52% share of the North American river cruise market and 27% share of the luxury ocean market. The company’s focus on “curious travelers” and its strong liquidity—$3.8 billion in cash and an undrawn $1 billion revolver—provide the financial flexibility to pursue the planned expansion and invest in sustainability initiatives such as the hydrogen‑powered cruise ship.
The delivery of the Eldir signals Viking’s continued execution of its growth strategy and reinforces investor confidence in its ability to capture premium river‑cruise demand while maintaining a high‑margin profile.
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