Viking Names Leah Talactac CEO as Hagen Becomes Executive Chairman
Founded in 1997, Viking operates more than one hundred river, ocean and expedition ships and says its 2024 initial public offering was the New York Stock Exchange's largest that year.
Viking Holdings has appointed Leah Talactac as chief executive officer, moving founder Torstein Hagen from chairman and CEO to executive chairman as the company reported first-quarter 2026 revenue of $1.05 billion, up 17.5% year over year. Linh Banh, previously executive vice president of finance, has been named chief financial officer.
The transition gives day-to-day leadership to an executive who joined Viking in 2006, helped lead its 2024 initial public offering and became president in January 2025 while continuing as CFO. Hagen will remain chairman of the board and focus on long-term strategy, while Talactac will report to the board and continue leading Viking’s executive committee.
Talactac takes CEO role after two decades at Viking
Hagen said the appointment follows years of succession planning at the company, whose ordinary shares trade on the New York Stock Exchange under the symbol VIK.
“Leah’s appointment as CEO is a natural next step, and the Board and I have full confidence in her ability to lead Viking with the same continuity, discipline and vision that have guided us since Viking was founded,” Hagen said.
Talactac said she was “honored by this appointment” and thanked both the board and Hagen. She also congratulated Banh, saying the new CFO’s financial stewardship would support a smooth transition.
Viking was founded in 1997 and operates more than 100 ships across river, ocean and expedition products. Its 2024 IPO was the largest offering on the NYSE that year, according to the company.
Quarterly revenue and EBITDA increase
For the quarter ended March 31, Viking reported total revenue of $1.05 billion, an increase of $156.6 million from the same period in 2025. Capacity passenger cruise days rose 6.6%, mainly from fleet growth that included one additional ocean ship, while occupancy reached 94.7%.
Gross margin increased to $297.6 million, up 21.2%, and adjusted gross margin rose to $717.2 million, up 16.9%. Net yield was $596, a 9.5% increase from the prior-year quarter.
Adjusted EBITDA rose 43.9% to $104.8 million. Viking’s net loss narrowed to $54.2 million from $105.5 million a year earlier, while diluted EPS improved to negative $0.12 from negative $0.24. Net leverage improved to 1.0x at March 31 from 1.1x at the end of 2025.
Vessel operating expenses were $357.5 million, including $316.1 million excluding fuel. The company attributed the increase from last year to maintenance and repair timing and the larger fleet.
“Increasing capacity together with Net Yield improves our profitability,” Banh said, adding that Viking remains focused on revenue optimization and cost control.
Viking noted that first-quarter results show the seasonality of its business. Ocean, expedition and Mississippi products operate year-round, while the main river cruise season runs from April through October.
Bookings shift attention to 2027
For core products, Viking said 2026 operating capacity is 7% higher than last year, and 2027 capacity is expected to be 15% higher than 2026. As of May 3, the company had sold 92% of its 2026 capacity passenger cruise days and 38% of its 2027 capacity.
Advance bookings for 2026 stood at $6.23 billion, 13% ahead of the same point last year. For 2027, advance bookings were $3.40 billion, 31% above the comparable 2026 position, with advance bookings per passenger cruise day up 11% to $986.
The 2027 ocean program is pacing ahead of the broader portfolio, with 46% of capacity sold against an 18% capacity increase. That growth is tied to two ships delivered in 2026 and one more scheduled for 2027. Average booked ocean rates for 2027 were $882, compared with $786 for 2026 at the same point.
River bookings for 2027 were 26% sold, with $1.2 billion in advance revenue, 21% ahead of the prior comparable position. Average river rates were $1,108 for 2027, up from $992, influenced by earlier sales of higher-yielding Egypt and India itineraries.
Talactac said Viking’s long booking window remains an advantage in the current macroeconomic environment. “With 2026 mostly sold out and 2027 already off to a strong start, we have a high degree of confidence in our forward outlook,” she said, citing cancellation rates within historical averages.
Management reaffirmed its long-term target of mid-single-digit yield growth across core products, assuming stable macroeconomic conditions.
