Viking Holdings 1Q26 First Take

Viking Holdings delivered 1Q26 EBITDA in line with estimates, but significantly surprised the market with robust 2027 booking data and a transition in its executive leadership.

Key Takeaways

• 1.The 2027 booking curve is exceptionally strong, with 38% of capacity sold and pricing tracking at +11% y/y.
• 2.VIK reported 1Q26 adjusted EBITDA of $105mn, which was broadly in line with expectations.
• 3.The company announced a major leadership transition, including a new CEO and CFO.

Table of Contents

• Key Takeaways from 1Q26 Earnings
• Valuation and Risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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