Core Insights - Aida Cruises announced a change in its Q1 2026 itinerary, focusing on popular destinations in South Korea and Southeast Asia [1] Group 1: Itinerary Changes - Aida's first domestic large cruise ship, Aida·Modu, will continue to operate from Shanghai, offering multiple 5-day 4-night and 6-day 5-night international cruise routes, visiting destinations such as Jeju, Busan, and Seoul [1] - Aida·Mediterranean will operate from Guangzhou, providing several 5-day 4-night and 6-day 5-night cruise routes to Vietnamese tourist spots like Da Nang, Ha Long Bay, and Hue [1] - Aida·Mediterranean will also introduce medium to long-haul routes covering popular destinations in Vietnam, the Philippines, Malaysia, and Brunei, enhancing vacation options for visitors from the Greater Bay Area [1] Group 2: New Destinations - The updated January 2026 routes have been published on Aida Cruises' official website, with additional routes to be released gradually [1] - The announced routes will include first-time visits to destinations such as Busan, Seoul (Incheon), and Nha Trang (Cam Ranh) [1]

Core Insights - Havila Kystruten (HKY) demonstrated strong operational performance in Q3 2025, with a significant increase in earnings and a positive EBITDA of MNOK 283, up from MNOK 128 in Q3 2024 and MNOK 79 in Q2 2025 [1] Revenue Growth and Operational Performance - Operational revenues reached MNOK 416, reflecting a 13% year-over-year increase, and approximately 20% when adjusted for accounting effects [2] - The growth was driven by a 5% increase in passenger nights and a 17% rise in the average cabin rate (ACR) [2] - Fleet occupancy improved to 80%, up from 78%, with the cabin factor increasing from 1.86 to 1.89 [3] Government Contract Revenue - Government contract revenue increased due to a compensation adjustment of MNOK 146, with MNOK 103 related to prior years and MNOK 43 for the first three quarters of 2025 [4] - Projected contract revenue for 2026 has been revised to MNOK 426, reflecting a positive adjustment of MNOK 60 compared to earlier expectations [4] Cost Structure and Expense Drivers - Total operating expenses rose by 9% compared to Q3 2024, with the largest increase in Cost of Goods Sold (COGS) at 20% due to higher passenger numbers [5] - Payroll and personnel expenses increased by 5%, while other operating expenses also rose by 9% due to advisory fees and higher maintenance costs [6] Financing and Capital Structure - The Company amended its secured bond in July 2025, resulting in a new principal amount of MEUR 326, leading to a reported book equity of negative MNOK 1,232 [7] - The value-adjusted equity, considering the market value of vessels, is estimated at positive MNOK 2,783 [7] Sustainability and Efficiency - HKY reduced CO₂ emissions by 38% compared to the 2017 Coastal Route baseline and achieved a food waste reduction to 60 grams per guest per day [8] Employee Overview - As of September 30, 2025, HKY employed a total of 575 permanent employees, including 518 seafarers [9] Subsequent Events and Trading Outlook - A reverse stock split was completed on November 7, 2025, consolidating 50 shares into one share with a nominal value of NOK 50.00 [11] - The Company entered a comprehensive refinancing of its outstanding debt totaling MEUR 456, providing a 15-year financing structure [12] - As of now, 72% of the capacity for 2025 is booked, with 44% of capacity for 2026 already booked, indicating strong demand [13] Market Position and Strategy - The market for travel to Norway is growing, with HKY's modern fleet receiving multiple international awards, enhancing its competitive advantage [14] - The Company aims to increase direct bookings and optimize margins through targeted pricing strategies and product promotions [15][16] - Sales of shorter voyages increased by over 40% during the summer season, indicating strong market interest and potential for attracting a broader customer base [17]

Core Viewpoint - Several cruise companies have announced changes to their itineraries, shifting destinations from Japan to Southeast Asia or South Korea, reflecting a response to market conditions and customer demand [1][12]. Group 1: Company Responses - Aida Cruises announced a change in the itinerary for the Aida Mediterranean, with the original destination of Japan's Ishigaki Island now changed to Vietnam's Hue, with arrival on December 23, 2025, at 8:00 AM and departure at 7:00 PM [5][6]. - Star Cruises reported a change for the "Gulangyu" cruise, with the original destinations of Japan's Miyako Island and Naha now replaced by Vietnam's Nha Trang, effective January 25, 2026. The change was made based on market feedback and customer demand [12]. - Blue Dream International Cruises has shifted all its Japan-bound itineraries for March and April 2026 to South Korea, with further adjustments planned for future itineraries [16]. Group 2: Itinerary Changes - The updated itinerary for Aida Mediterranean includes a cruise from Guangzhou, with the following key dates: December 21, 2025, departure from Guangzhou; December 23, 2025, arrival in Hue at 8:00 AM [2][5]. - Star Cruises' new itinerary for January 27, 2026, includes a stop in Nha Trang at 3:00 PM, replacing the original stop in Naha [8][12]. - Blue Dream's itinerary changes for March and April 2026 involve all Japan routes being redirected to South Korea, with specific details pending further announcements [16].

Core Points - The "Aida Mediterranean" cruise ship departed from Xiamen International Cruise Home Port to the Philippines, marking the last cruise of the year from Xiamen [1][3] - Xiamen's cruise port has hosted a total of 43 cruise voyages this year, accommodating nearly 120,000 inbound and outbound passengers, reflecting a significant increase in activity [1][5] Group 1 - The "Aida Mediterranean" cruise is carrying over 2,400 passengers on a 13-day, 12-night journey to Manila, Philippines, visiting five Southeast Asian countries [3] - The new terminal at Xiamen International Cruise Center has been officially put into operation this year, enhancing passenger clearance efficiency [5] - The Xiamen Border Inspection Station has inspected 43 cruise voyages this year, with a year-on-year increase of 95% in voyages and over 40% in passenger numbers [5]

区域发展不能脱离资源禀赋。路选对了，步子才能迈得顺。 宝山滨江选择的路，是依托吴淞口的黄金水道，在国际邮轮产业东移之际建设吴淞口国际邮轮港。 2012年邮轮港正式运营以来，邮轮旅游便成了宝山特色。 数据显示，今年前三季度，吴淞口国际邮轮港靠泊邮轮177艘次，占全国市场六成；接待出入境旅 客132.9万人次，占全国市场七成。今年6月24日，吴淞口国际邮轮港迎来2023年复航后首次三船母港同 靠作业，出入境人员总数超2.2万人次，创复航以来新高。 取得这样的成绩，需要硬实力。吴淞口国际邮轮港"为大型邮轮而生"——其码头岸线总长度1600 米，拥有4个大型邮轮泊位，具备接靠世界最大邮轮的运营能力。今年首次靠泊的德国途易邮轮旗下"迈 希夫6号"，以及阿依达邮轮旗下"星辰号"，还有重返吴淞口运营首条多母港航线的歌诗达邮轮旗下"赛 琳娜号"，均是享誉世界的大型邮轮。 评价邮轮母港，也要看软实力。今年2月起，邮轮港在各驻区口岸单位的配合下，开展港区提前通 关试运行，满足皇家加勒比旗下的"海洋光谱号"及地中海邮轮旗下的"荣耀号"等邮轮需求，显著改善港 口通关效率和客流组织，提升了游客体验。如今，这项"新手势"已成常态化运作模 ...

Group 1: Film Industry Impact - The animated film "Demon Slayer: Infinity Castle Chapter One" has experienced a significant drop in box office performance, with a daily attendance rate of only 1.3% and a box office of 9.353 million yuan as of November 20 [1] - Following the release on November 14, the film initially had a strong performance with a peak daily box office of 140 million yuan and an attendance rate of 14.1% [1] - The film's box office decline began after controversial remarks made by Japanese Prime Minister Sanae Takaichi, leading to a drop in attendance from 8.6% to 3.1% and a decrease in daily box office from approximately 90 million yuan to around 25 million yuan [3] Group 2: Broader Industry Effects - Other Japanese films, such as "Crayon Shin-chan: Hot Spring Dance" and "Cells at Work," have also been affected, with their release being postponed due to the negative sentiment among Chinese audiences [3] - The tourism and seafood industries in Japan are experiencing repercussions from the Prime Minister's comments, with a reported cancellation of over 500,000 flight bookings to Japan since November 15 [4] - The cruise ship "Aida Mediterranean" canceled its planned docking in Miyako Island, indicating a broader impact on travel plans related to Japan [5][6] Group 3: Regulatory and Market Response - The Chinese government has indicated that it will not import Japanese seafood products until Japan fulfills its regulatory commitments regarding product safety [7] - The current political climate and public sentiment in China suggest that even if Japanese seafood is offered for export, there may be a lack of market demand [7]

据了解，"爱达･地中海号"邮轮规定载客2680人，于11月18日从中国福建省厦门港出发，原计划于20日 在日本平良港让乘客下船后，当天下午4点驶离港口返回中国福建省厦门港。 爱达邮轮还称，公司始终以乘客和船员的安全为第一要务。爱达邮轮正密切关注相关情况，将严格遵守 政府有关部门的相关政策，并根据客人的反馈和需求，综合评估运营条件，适时做出航线等调整。 北京商报讯（记者 吴其芸）11月20日，针对"'爱达･地中海号'放弃日本宫古岛靠岸计划"一事，爱达邮 轮回应称，该航次（"爱达·地中海号"11月18日从厦门出发前往宫古岛的航次）是旅行社包船航次，爱 达邮轮根据客户的要求，取消停靠宫古岛。 ...

Core Viewpoint - The company, Aida Cruises, has decided to cancel its scheduled stop in Japan due to customer requests, indicating a shift in consumer preferences and potential impacts on the cruise industry [1] Group 1 - Aida Cruises is responding to customer demands by altering its itinerary, which reflects changing travel preferences among consumers [1] - The cancellation of the Japan stop may have implications for the cruise industry, particularly in terms of destination popularity and customer satisfaction [1] - This decision highlights the importance of customer feedback in shaping cruise itineraries and operational strategies [1]

Core Points - The cruise ship "Aida Mediterranean" has canceled its planned docking at Miyako Island on November 20, 2023, and will not allow passengers to disembark [1][3] - The decision to cancel the stop was made based on the requests from the travel agency that chartered the cruise [1] - Aida Cruises emphasizes that passenger and crew safety is their top priority and they are closely monitoring the situation while adhering to government policies [3] Company and Industry Summary - Aida Cruises operates the "Aida Mediterranean," which has a capacity of 2,680 passengers and had set sail from Xiamen, China, on November 18, 2023 [3] - The cruise was originally scheduled to allow passengers to disembark at Miyako Island before returning to Xiamen on the same day [3] - The Chinese Ministry of Foreign Affairs has issued travel warnings regarding safety concerns for Chinese citizens in Japan, citing an increase in criminal incidents against them [3] - The Ministry of Culture and Tourism of China has advised tourists to avoid traveling to Japan and to remain vigilant regarding local security conditions [3]

Financial Data and Key Metrics Changes - In Q3 2025, Viking Holdings reported a net yield increase of 7.1% year over year, reaching $617, the highest in the company's history [4][11] - Adjusted gross margin increased by 21.4% year over year, with the highest quarterly adjusted EBITDA recorded at $704 million, up 26.9% year over year [11][13] - Net income for Q3 2025 was $514 million, an improvement of almost $135 million compared to the same period in 2024 [13][14] Business Line Data and Key Metrics Changes - In the river segment, capacity PCDs increased by 5.2% year over year, with an adjusted gross margin of $1.4 billion, up 14.3% year over year [15] - For the ocean segment, capacity PCDs increased by 15.3% year over year, with an adjusted gross margin of $1.5 billion, up 28.5% year over year [15] Market Data and Key Metrics Changes - As of November 2, 2025, 96% of Viking's 2025 capacity was sold, with advanced bookings of $5.6 billion, a 21% increase compared to the same point in 2024 [4][18] - For 2026, 70% of capacity is already booked, with advanced bookings of $4.9 billion, 14% higher than the same point in 2024 [18][22] Company Strategy and Development Direction - Viking focuses on destination and cultural enrichment, aiming to create a new category of travel that emphasizes meaningful discovery rather than traditional tourism [8][10] - The company is committed to expanding its fleet and enhancing its product offerings, with a focus on maintaining high standards of service and customer experience [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong booking environment and the resilience of their target customers, indicating a positive outlook for future growth [4][5] - The company remains focused on disciplined cost management while investing in talent and capacity to support long-term growth [12][17] Other Important Information - Viking has been recognized as the number one cruise line for oceans and rivers by Condé Nast Traveler for five consecutive years, reflecting strong brand loyalty and customer satisfaction [9][10] - The company has a total cash and cash equivalents of $3 billion and a net debt of $2.8 billion, with a net leverage ratio improved to 1.6 times [16] Q&A Session Summary Question: What is driving the pricing increase for 2026? - Management indicated that strong consumer demand and a resilient customer base are driving the pricing increase, with a focus on engaging consumers rather than aggressive pricing actions [26][28] Question: What does pursuing long-term growth mean for Viking? - Long-term growth is focused on organic growth through fleet expansion and potential inorganic growth opportunities that align with the brand ethos [31][32] Question: Can you elaborate on demand trends globally? - Management noted that demand remains strong, with a significant portion of bookings coming from repeat customers who appreciate the Viking experience [36][39] Question: How do you view the competitive landscape with new entrants? - Management expressed confidence in Viking's unique position and advantages, emphasizing a focus on delivering outstanding products rather than worrying about competitors [49][59] Question: What are the trends in repeat visitation and new-to-brand customers? - Approximately 53% of guests for the 2024 season had traveled with Viking before, with many guests booking additional trips while on board [74][78]