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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 6-K

____________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of ~~March~~May 2026

Commission File Number: 001-42039

____________________________

Viking Holdings Ltd

(Translation of registrant’s name into English)

____________________________

94 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive office)

____________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

~~Explanatory~~Table ~~Note~~of Contents

OnTABLE ~~March~~OF 31, 2026, Viking Holdings Ltd announced its 2026 Annual General Meeting of the Shareholders to be held on May 13, 2026. A copy of the notice to shareholders is furnished as Exhibit 99.1 and a copy of the proxy card is furnished as Exhibit 99.2 to this Report on Form 6-K and incorporated by reference herein. CONTENTS

The information in this Report on Form 6-K (including Exhibit 99.1 and Exhibit 99.2 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.


		Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements		3
Interim condensed consolidated statements of operations		3
Interim condensed consolidated statements of comprehensive income (loss)		4
Interim condensed consolidated statements of financial position		5
Interim condensed consolidated statements of changes in shareholders’ equity		6
Interim condensed consolidated statements of cash flows		7
Notes to the interim condensed consolidated financial statements		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		25
Item 3. Quantitative and Qualitative Disclosures about Market Risk		40

PART II - OTHER INFORMATION
Item 1. Legal Proceedings		41
Item 1A. Risk Factors		41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		41
Item 3. Defaults Upon Senior Securities		41
Item 5. Other Information		41
Item 6. Exhibits		41
Signatures		42

~~Exhibit~~This ~~Index~~report on Form 6-K shall be incorporated by reference into any registration statement filed by Viking Holdings Ltd (“VHL” or the “Company”) with the United States Securities and Exchange Commission (the “SEC”) that by its terms automatically incorporates the Company’s filings and submissions with the SEC under Sections 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934.

Exhibit Number		Description
99.1		Notice to Shareholders dated March 31, 2026
99.2		Proxy Card for the Viking Holdings Ltd 2026 Annual General Meeting

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in USD and thousands, except per share data, unaudited)


		Three Months Ended
		March 31,
	Notes	2026			2025
Revenue
Cruise and land		$	971,762		$	834,965
Onboard and other			81,979			62,091
Total revenue	4		1,053,741			897,056

Cruise operating expenses
Commissions and transportation costs			(204,209	)		(175,684	)
Direct costs of cruise, land and onboard			(132,380	)		(108,029	)
Vessel operating			(357,468	)		(309,948	)
Total cruise operating expenses			(694,057	)		(593,661	)

Other operating expenses
Selling and administration			(272,214	)		(243,862	)
Depreciation and amortization	7		(75,409	)		(68,800	)
Total other operating expenses			(347,623	)		(312,662	)
Operating income (loss)			12,061			(9,267	)

Non-operating income (expense)
Interest income			23,389			20,189
Interest expense			(76,876	)		(86,704	)
Currency loss			(1,310	)		(25,607	)
Other financial loss			(6,380	)		(896	)
Loss before income taxes			(49,116	)		(102,285	)
Income tax expense			(5,121	)		(3,167	)
Net loss		$	(54,237	)	$	(105,452	)

Net loss attributable to Viking Holdings Ltd		$	(54,380	)	$	(105,473	)
Net income attributable to non-controlling interests		$	143		$	21

Weighted-average ordinary and special shares outstanding (in thousands)
Basic	12		445,883			442,910
Diluted	12		445,883			442,910
Net loss per share attributable to ordinary and special shares
Basic	12	$	(0.12	)	$	(0.24	)
Diluted	12	$	(0.12	)	$	(0.24	)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Table of Contents

VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)

(in USD and thousands, unaudited)


		Three Months Ended
		March 31,
	Notes	2026			2025
Net loss		$	(54,237	)	$	(105,452	)
Other comprehensive income (loss)
Other comprehensive income (loss) to be reclassified to net income (loss) in subsequent periods:
Exchange differences on translation of foreign operations			(5,318	)		624
Net change in cash flow hedges	15		(18,954	)		38,428
Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods			(24,272	)		39,052

Other comprehensive (loss) income, net of tax			(24,272	)		39,052
Total comprehensive loss		$	(78,509	)	$	(66,400	)

Total comprehensive loss attributable to Viking Holdings Ltd		$	(78,652	)	$	(66,422	)
Total comprehensive income attributable to non-controlling interests		$	143		$	22

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Table of Contents

VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in USD and thousands, unaudited)


	Notes	March 31, 2026		December 31, 2025
				(audited)
Assets
Non-current assets
Property, plant and equipment and intangible assets	7	$	7,714,388	$	7,255,084
Right-of-use assets			273,442		278,814
Deferred tax assets			54,100		55,183
Other non-current assets			148,287		140,633
Total non-current assets			8,190,217		7,729,714
Current assets
Cash and cash equivalents	5		4,046,703		3,803,944
Accounts and other receivables			154,700		142,043
Inventories			118,073		95,780
Prepaid expenses and other current assets	6		690,643		461,226
Total current assets			5,010,119		4,502,993
Total assets		$	13,200,336	$	12,232,707
Shareholders’ equity and liabilities
Shareholders’ equity		$	1,066,775	$	1,121,342
Non-current liabilities
Long-term debt	9		5,418,261		5,127,368
Long-term portion of lease liabilities			205,607		212,437
Other non-current liabilities			74,497		54,295
Total non-current liabilities			5,698,365		5,394,100
Current liabilities
Accounts payables			342,545		259,013
Current portion of long-term debt	9		176,994		374,607
Short-term portion of lease liabilities			27,940		26,484
Deferred revenue			5,420,291		4,605,161
Accrued expenses and other current liabilities	8		467,426		452,000
Total current liabilities			6,435,196		5,717,265
Total shareholders’ equity and liabilities		$	13,200,336	$	12,232,707

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Table of Contents

VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(in USD and thousands, unaudited)


		Attributable to the equity holders of the parent
	Notes	Share capital		Share premium		Treasury shares			Other paid-in equity			Translation and pension adjustments			Cash flow hedge			Retained losses			Non-controlling interests			Total shareholders’ equity
Balance at January 1, 2025		$	4,479	$	5,008,513	$	(124,109	)	$	213,329		$	3,689		$	(39,797	)	$	(5,288,833	)	$	3,752		$	(218,977	)

Net loss			—		—		—			—			—			—			(105,473	)		21			(105,452	)

Other comprehensive income	15		—		—		—			—			623			38,428			—			1			39,052

Total comprehensive loss			—		—		—			—			623			38,428			(105,473	)		22			(66,400	)

Issuance of ordinary shares from equity plans	11		4		5,453		—			—			—			—			—			—			5,457

Share based compensation	11		—		—		—			14,208			—			—			—			—			14,208

Income tax impact due to share based compensation	11		—		—		—			(895	)		—			—			—			—			(895	)

Other			—		—		—			—			—			—			(95	)		(772	)		(867	)

Balance at March 31, 2025		$	4,483	$	5,013,966	$	(124,109	)	$	226,642		$	4,312		$	(1,369	)	$	(5,394,401	)	$	3,002		$	(267,474	)
Balance at January 1, 2026		$	4,509	$	5,030,762	$	(124,109	)	$	311,222		$	(4,540	)	$	40,615		$	(4,164,681	)	$	27,564		$	1,121,342
Net loss			—		—		—			—			—			—			(54,380	)		143			(54,237	)
Other comprehensive loss	15		—		—		—			—			(5,318	)		(18,954	)		—			—			(24,272	)
Total comprehensive loss			—		—		—			—			(5,318	)		(18,954	)		(54,380	)		143			(78,509	)
Issuance of ordinary shares from equity plans	11		5		5,112		—			(2	)		—			—			—			—			5,115
Share based compensation	11		—		—		—			18,536			—			—			—			—			18,536
Income tax impact due to share based compensation	11		—		—		—			850			—			—			—			—			850
Other			—		—		—			—			—			—			(61	)		(498	)		(559	)

Balance at March 31, 2026		$	4,514	$	5,035,874	$	(124,109	)	$	330,606		$	(9,858	)	$	21,661		$	(4,219,122	)	$	27,209		$	1,066,775

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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VIKING HOLDINGS LTD

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in USD and thousands, unaudited)


		Three Months Ended
		March 31,
	Notes	2026			2025
Cash flows from operating activities
Net loss		$	(54,237	)	$	(105,452	)
Adjustments to reconcile net loss to net cash flows
Depreciation and amortization	7		75,409			68,800
Amortization of debt transaction costs			7,707			7,069
Foreign currency (gain) loss on debt	9		(11,595	)		23,845
Share based compensation expense	11		18,536			14,208
Interest income			(23,389	)		(20,189	)
Interest expense			69,169			79,635
Other			5,212			—
Changes in working capital:
Increase in deferred revenue			815,130			703,005
Changes in other liabilities and assets			(153,351	)		(166,125	)
Increase in inventories			(22,293	)		(273	)
Changes in deferred tax assets and liabilities			2,335			1,257
Changes in other non-current assets and other non-current liabilities			16,362			(16,202	)
Income taxes paid			(2,829	)		(1,693	)
Net cash flow from operating activities			742,166			587,885
Cash flows from investing activities
Investments in property, plant and equipment and intangible assets	7		(530,931	)		(146,294	)
Loan to related party	17		(36,882	)		—
Proceeds from repayment of related party loan	17		31,251			—
Interest received			23,532			16,198
Net cash flow used in investing activities			(513,030	)		(130,096	)
Cash flows from financing activities
Repayments of long-term debt	9		(234,909	)		(54,054	)
Proceeds from long-term debt	9		336,073			—
Transaction costs incurred for long-term debt			(3,662	)		—
Proceeds from issuance of ordinary shares from equity plans	11		5,115			5,457
Principal payments for lease liabilities			(6,854	)		(7,346	)
Interest payments for lease liabilities			(4,570	)		(4,885	)
Interest paid			(83,183	)		(122,815	)
Other			(559	)		(867	)
Net cash flow from (used in) financing activities			7,451			(184,510	)
Change in cash and cash equivalents			236,587			273,279
Effect of exchange rate changes on cash and cash equivalents			837			2,604
Net increase in cash and cash equivalents		$	237,424		$	275,883
Cash and cash equivalents
Cash and cash equivalents at January 1	2	$	3,809,279		$	2,489,672
Cash and cash equivalents at March 31	5		4,046,703			2,765,555
Net increase in cash and cash equivalents		$	237,424		$	275,883

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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VIKING HOLDINGS LTD

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

(unaudited)

CORPORATE INFORMATION

Viking Holdings Ltd (“VHL” or the “Company”) is a Bermuda company, incorporated on July 21, 2010, whose registered address is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is registered in Bermuda as an exempted company and, pursuant to Section 14(3) of the Companies Act 1981, has perpetual succession. The Company’s majority shareholder is Viking Capital Limited (“VCAP”), which is registered in the Cayman Islands as an exempted company.

The principal business activity of the Company and its subsidiaries (the “Group”) is a travel company primarily focused on providing passenger cruises.

The interim condensed consolidated financial statements of the Group (“interim financial statements”) for the three months ended March 31, 2026 were authorized for issuance by the Company’s Board of Directors on May 14, 2026.

BASIS OF PREPARATION AND ACCOUNTING POLICIES

Basis of preparation

The interim financial statements for the three months ended March 31, 2026 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (the “IASB”). Other than as described below related to newly adopted amendments, the interim financial statements are prepared based on the same accounting policies used in the Group’s annual consolidated financial statements as of and for the year ended December 31, 2025 (the “annual consolidated financial statements”).

The interim financial statements are unaudited and do not include all the information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group’s audited annual consolidated financial statements and notes included in its Form 20-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission (the “SEC”) on March 3, 2026.

The interim financial statements have been prepared on a historical cost basis, except for forward foreign currency contracts and financial assets and liabilities at fair value through profit or loss, which are carried at fair value and are re-measured through the interim condensed consolidated statements of operations and the interim condensed consolidated statements of other comprehensive income (loss).

Except as otherwise noted, all amounts in the interim financial statements are presented in United States (“U.S.”) Dollars (“USD” or “$”) and all values are rounded to the nearest thousand ($000). The interim condensed consolidated statements of cash flows are prepared using the indirect method. The interim financial statements are based on the assumption of continuing as a going concern.

New and amended standards and interpretations

The Group intends to adopt relevant new and amended accounting standards and interpretations when they become effective. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.

There are no IFRS® Accounting Standards as issued by the IASB or IFRIC® Interpretations that are expected to have a material impact on the Group in the current or future reporting periods, other than those included in the annual consolidated financial statements.

Effective January 1, 2026, the Group adopted the IASB Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), which clarified that financial liabilities are derecognized on their settlement date. The impact of the amendments resulted in a $5.3 million increase in cash and cash equivalents and accounts payables on the interim consolidated statement of financial position as of January 1, 2026.

SEASONALITY OF OPERATIONS

The Group’s results are seasonal because while the ocean, expedition and Mississippi products operate year-round, the primary cruising season for the river product is from April to October, although some of the river cruises run longer seasons. Additionally, the Group’s highest occupancy occurs during the Northern Hemisphere’s summer months. The Group recognizes cruise-related revenue over the duration of the

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cruise and expenses its marketing and employee costs when the related costs are incurred. As a result, the majority of the Group’s revenue and profits have historically been earned in the second and third quarters of each year, while the first and fourth quarters of each year have been closer to break even or a loss, as the Group’s selling and administration expenses are consistent throughout the year. Though the growth of the Group’s fleet of year-round products will continue to reduce the seasonality in future periods, the Group expects the seasonality trend of its revenue and profits to continue.

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of revenue

The table below disaggregates total revenue by reportable segment (see Note 13) for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026		2025
(in USD and thousands)
Ocean	$	663,582	$	558,978
River		249,479		214,083
Other		140,680		123,995
Total revenue	$	1,053,741	$	897,056

Total revenue for the three months ended March 31, 2026 increased by $156.6 million to $1,053.7 million from $897.1 million for the same period in 2025. The increase was primarily due to higher revenue per passenger cruise day and an increase in passenger cruise days.

Regional economic trends affect the Group’s revenue and cash flows. The table below disaggregates percentage of passengers by source market, which is the passenger’s home country or region, for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026			2025
North America		90.6	%		91.5	%
Other		9.4	%		8.5	%
		100.0	%		100.0	%

The disaggregation by source market is similar across all reportable segments.

The Group’s vessels and ships primarily operate in Europe.

CASH AND CASH EQUIVALENTS

A summary of the Group’s cash and cash equivalents as of March 31, 2026 and December 31, 2025 is outlined below:


	March 31, 2026		December 31, 2025
(in USD and thousands)
Cash at bank and in hand	$	3,921,842	$	3,778,480
Credit card receivables		124,861		25,464
Total	$	4,046,703	$	3,803,944

As of March 31, 2026 and December 31, 2025, cash at bank and in hand included $179.8 million and $156.1 million, respectively, subject to restrictions on use arising from contracts with third parties.

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PREPAID EXPENSES AND OTHER CURRENT ASSETS

A summary of the Group’s prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 is outlined below:


	March 31, 2026		December 31, 2025
(in USD and thousands)
Air	$	340,949	$	183,326
Operating, product and administration costs		90,529		66,665
Commissions		80,578		53,863
Credit card fees		60,697		47,458
Debt transaction costs		30,568		29,073
Forward foreign currency contracts		26,484		40,615
Advertising		19,092		15,040
Cash deposits		11,019		20,000
Other		30,727		5,186
Total	$	690,643	$	461,226

Air increased as of March 31, 2026, compared to December 31, 2025, primarily due to the timing of air ticket purchases and seasonality of the Group’s operations.

For details on forward foreign currency contracts, see Note 15.

PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

Movements in property, plant and equipment and intangible assets during the three months ended March 31, 2026 are outlined below:


(in USD and thousands)	River Vessels & Equipment			Ocean and Expedition Ships & Equipment			River Vessels under Construction			Ocean Ships under Construction		Land and Other Fixed Assets			Intangible Assets, including Goodwill			Total
Cost as of January 1, 2026	$	2,927,062		$	5,099,693		$	441,516		$	522,851	$	114,064		$	184,744		$	9,289,930
Additions		22,290			408,628			75,737			6,189		3,363			13,360			529,567
Disposals		(972	)		—			—			—		(229	)		(5,357	)		(6,558	)
Reclassified between assets		41,535			—			(41,535	)		—		—			—			—
Reclassification and other		—			537			—			—		—			—			537
Effect of currency translation		(2,074	)		—			(283	)		—		(719	)		(15	)		(3,091	)
Cost as of March 31, 2026	$	2,987,841		$	5,508,858		$	475,435		$	529,040	$	116,479		$	192,732		$	9,810,385
Accumulated depreciation, amortization and impairment as of January 1, 2026	$	(1,143,408	)	$	(726,116	)	$	—		$	—	$	(67,323	)	$	(97,999	)	$	(2,034,846	)
Depreciation and amortization		(20,094	)		(38,661	)		—			—		(1,219	)		(7,473	)		(67,447	)
Depreciation and amortization of disposals		249			—			—			—		224			5,357			5,830
Reclassification and other		—			(537	)		—			—		—			—			(537	)
Effect of currency translation		733			—			—			—		255			15			1,003
Accumulated depreciation, amortization and impairment as of March 31, 2026	$	(1,162,520	)	$	(765,314	)	$	—		$	—	$	(68,063	)	$	(100,100	)	$	(2,095,997	)
Net book value
As of January 1, 2026	$	1,783,654		$	4,373,577		$	441,516		$	522,851	$	46,741		$	86,745		$	7,255,084
As of March 31, 2026	$	1,825,321		$	4,743,544		$	475,435		$	529,040	$	48,416		$	92,632		$	7,714,388

River vessels

River vessels and equipment and river vessels under construction include amounts attributable to the Group’s river fleet, including vessel improvements and equipment for the Viking Mississippi. In 2012, the Group launched the Longship (“Longship”) series of vessels. As of March 31, 2026, the Group’s river fleet consisted of 90 river vessels, of which 60 are Longships, 12 are small classes based on the Longship design, 15 are other river vessels and three are river vessel charters, including the Viking Mississippi.

During the three months ended March 31, 2026, additions to river vessels and equipment included $22.3 million in improvements to river vessels.

During the three months ended March 31, 2026, there were $75.7 million in additions to river vessels under construction primarily related to progress payments for vessels scheduled for delivery between 2026 and 2028. See Note 14. During the three months ended March 31, 2026, the Group reclassified $41.5 million from river vessels under construction to river vessels and equipment in conjunction with the delivery of one river vessel.

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Ocean and expedition ships

In 2015, the Group took delivery of its first ocean ship and as of March 31, 2026, the Group had a fleet of 12 ocean ships.

In 2021, the Group took delivery of its first expedition ship, which is designed for sailings in the polar regions and the Great Lakes of North America. As of March 31, 2026, the Group had a fleet of two expedition ships.

In the first quarter of 2026, the Group acquired the Viking Yidun from China Merchants Viking Cruises Limited (“CMV”), a related party. See Note 17. During the three months ended March 31, 2026, the Group capitalized $408.6 million in ocean and expedition ships and equipment primarily related to the acquisition of the Viking Yidun.

The Group did not identify any impairment indicators related to property, plant and equipment and intangible assets as of March 31, 2026 and December 31, 2025. The Group’s conclusions regarding the valuation of its property, plant and equipment and intangible assets (including goodwill) may change in future periods if factors or circumstances cause the Group to revise its assumptions in future periods, such as inflation or increased interest rates. The Group’s future cash flows may be impacted by climate related risks, including environmental changes or more stringent environmental regulations. Such changes may impact accounting estimates in future periods, which incorporate forecasted financial performance.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

A summary of the Group’s accrued expenses and other current liabilities as of March 31, 2026 and December 31, 2025 is outlined below:


	March 31, 2026		December 31, 2025
(in USD and thousands)
Interest payable	$	88,725	$	95,130
Payroll and employee costs		68,210		64,230
Operating costs		63,493		68,001
Indirect taxes payable		40,655		46,276
Air costs		37,434		17,132
Overhead costs		33,381		29,537
Product and commission costs		30,956		49,043
Marketing expenses		27,212		27,438
Travel protection cancellation reserve		12,723		15,653
Other		64,637		39,560
Total	$	467,426	$	452,000

The changes in accrued expenses and other current liabilities are based on the timing of accruals for goods and services and payments.

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DEBT

A summary of the Group’s debt, recognized at amortized cost, as of March 31, 2026 and December 31, 2025 is outlined below:


		March 31, 2026			December 31, 2025
Debt (1)	Security (if applicable)	(in USD and thousands)
River Vessel Financing
€20.3 million loan(2), variable base rate plus 2.4%, due 2026	Viking Kvasir	$	—		$	10,089
$102.0 million loan, fixed at 5.22% - 5.26%, due 2028	Viking Vali, Viking Tir, Viking Ullur, Viking Sigyn		35,538			38,842
$15.1 million loan, variable base rate plus 2.35%, due 2029	Viking Helgrim		6,906			7,404
€153.2 million loan(2), (3), variable at SOFR plus CAS and 1.30%, due through 2029	Viking Hervor, Viking Gersemi, Viking Kari, Viking Radgrid, Viking Skaga, Viking Fjorgyn		54,623			64,832
€53.6 million loan(2), (3), variable at SOFR plus CAS and 1.30%, due through 2029	Viking Gymir, Viking Egdir		26,175			29,915
Ocean Ship Financing
$290.2 million financial liability, due 2031	Viking Jupiter		—			206,702
€316.6 million loan(4), fixed at 1.81%, due 2034	Viking Neptune		273,214			278,811
€316.6 million loan(4), fixed at 1.87%, due 2035	Viking Saturn		288,392			294,301
$401.0 million loan(4), fixed at 3.64%, due 2036	Viking Vela		367,572			367,572
$430.5 million loan(4), fixed at 3.70%, due 2037	Viking Vesta		412,570			412,570
¥2.3 billion financial liability, due 2040	Viking Yidun		336,073			—
Notes
$675.0 million 5.000% Senior Secured Notes due 2028	Viking Star, Viking Sea and Viking Sky		675,000			675,000
$350.0 million 5.625% Senior Secured Notes due 2029	Viking Venus		350,000			350,000
$500.0 million 7.000% Senior Notes due 2029			500,000			500,000
$720.0 million 9.125% Senior Notes due 2031			720,000			720,000
$1.7 billion 5.875% Senior Notes due 2033			1,700,000			1,700,000
Other Loans
€6.2 million loan, fixed at 0.3%, due 2026			718			1,099
20.0 million CHF loan, fixed at 0.25% - 2.0%, due 2027			8,336			8,410
Total debt		$	5,755,117		$	5,665,547
Less: Unamortized debt fees and discounts, net of premiums			(159,862	)		(163,572	)
Total debt, net of fees		$	5,595,255		$	5,501,975
Less: Current portion of long-term debt			(176,994	)		(374,607	)
Long-term debt		$	5,418,261		$	5,127,368

(1) SOFR is Term Secured Overnight Financing Rate and CAS is Credit Adjustment Spread

(2) USD denominated

(3) Euler Hermes Aktiengesellschaft (“Hermes”) provides a guarantee equal to 95% of the loan amounts

(4) SACE SpA (“SACE”) provides an insurance policy to the lenders covering 100% of the principal and interest of facility amounts

River vessel financing

When the Group finances river vessels, amounts drawn down are typically repaid in installments over eight to ten years, with monthly, quarterly or semi-annual payments. Generally, the Group has obtained financing of up to 80% of the newbuild contract prices.

Certain of the Group’s loan agreements also have a guarantee from Hermes (the “Hermes Financing”), as indicated in the table above. Additionally, certain subsidiaries of the Group have issued corporate guarantees for the obligations related to the Hermes Financing, the $102.0 million loan and the $15.1 million loan.

In the first quarter of 2026, the Group repaid the remaining balance of the €20.3 million loan.

The Hermes Financing contains customary insurance and loan to value requirements and negative covenants subject to a number of important exceptions and qualifications, including, without limitation, covenants restricting indebtedness, liens, investments, mergers, affiliate

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transactions, asset sales, prepayment of indebtedness, dividends and other distributions. All other river loans include customary insurance and loan to value requirements.

Ocean and expedition ship financing

SACE financing

The Group has entered into loan agreements to finance 12 ocean ships, for which SACE has provided insurance policies to the lenders covering 100% of the principal and interest of the facility amount (the “SACE Financing”). Each loan is drawn down upon delivery of the related ocean ship, with four loans being drawn down on as of March 31, 2026. All loans that are part of the SACE Financing are for up to 80% of the newbuild’s contract price, including certain change orders, plus 100% of the export credit agency premium. The interest rate for each of these loans is fixed and the loans have a term of 12 years from the drawdown date with semi-annual payments. Each of the undrawn loans will be available for drawdown in USD upon delivery of the related ship. The Company and certain subsidiaries of the Group have jointly and severally guaranteed the SACE Financing. The SACE Financing agreements contain certain covenants which are generally in line with the covenants of the Notes described further below.

As the principal amounts of both the Neptune and the Saturn loans are outstanding in euros (“EUR” or “€”), the loan balances at each period end are translated to USD with changes recognized through currency loss in the interim condensed consolidated statements of operations. For the three months ended March 31, 2026, the translation resulted in a currency gain and a decrease to the loan balances of $11.5 million. For the three months ended March 31, 2025, the translation resulted in a currency loss and an increase to the loan balances of $23.5 million.

Charter financing

The Group previously entered into a charter agreement to finance the Viking Jupiter. The charter agreement was accounted for as financial liability and included a purchase obligation at the end of the charter term, with an option to purchase the ship beginning on the third anniversary of the charter commencement date. Additionally, the Company had issued a corporate guarantee for this charter. In 2025, the Group exercised its purchase option for the Viking Jupiter, and in the first quarter of 2026, repaid the remaining balance of the Viking Jupiter charter.

In March 2026, the Group entered into a fixed rate charter agreement to finance the Viking Yidun, which was accounted for as a financial liability. The charter has a term of 14 years beginning from the delivery date of the ship, with quarterly payments and includes a purchase obligation at the end of the charter term with an option to purchase the ship beginning on the third anniversary of the charter commencement date. The Company and certain of its subsidiaries issued a corporate guarantee for this arrangement. Upon delivery of the Viking Yidun in March 2026, the Group recognized a financial liability of Chinese yuan (“CNY” or “¥”) 2.3 billion ($336.1 million). As the principal amount of the financial liability is outstanding in CNY, the balance at each period end is translated to USD with changes recognized through exchange differences on translation of foreign operations in the interim condensed consolidated statements of other comprehensive income (loss). The charter agreement contains certain covenants which are generally in line with the covenants of the Notes described below.

Secured notes and unsecured notes (the “Notes”)

The Notes are guaranteed by the Company and certain of its subsidiaries.

The indentures governing the Notes contain negative covenants applicable to VCL and certain of its subsidiaries restricting liens, sale and leaseback transactions and mergers, subject to a number of important exceptions and qualifications. Certain of the indentures also contain covenants restricting indebtedness, investments, affiliate transactions, asset sales, prepayment of indebtedness and dividends and other distributions. VCL and its subsidiaries are generally permitted to incur secured vessel financings for up to 80% of a vessel’s value. The covenants restricting dividends and other distributions generally restrict the amount of funds that can be transferred from VCL and its restricted subsidiaries to the Company to a basket, which is calculated based on a cumulative earnings metric.

In addition, the indentures governing the Notes contain a cross-acceleration provision whereby the failure by VCL or certain subsidiaries to make principal payments under other borrowing arrangements or the occurrence of certain events affecting those other borrowing arrangements could trigger an obligation to repay the notes.

The indentures governing the Notes do not contain any financial maintenance covenants.

Revolving Credit Facility

The Group has entered into a credit agreement for a revolving credit facility (the “Revolving Credit Facility”) for the borrowing of up to an aggregate principal amount of $1.0 billion. The Revolving Credit Facility matures on November 14, 2030. Loans under the Revolving Credit Facility will be based on either SOFR or a base rate, with such rate ranging from SOFR plus a margin or a base rate plus a margin. VCL also

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pays a commitment fee, payable quarterly, on the average daily unused amount of the Revolving Credit Facility. As of March 31, 2026 and December 31, 2025, no amounts were drawn on the Revolving Credit Facility.

The Revolving Credit Facility contains affirmative and negative covenants that are customary for a senior secured credit agreement. The negative covenants include, among other things, limitations on asset sales, mergers and consolidations, indebtedness, liens, dividends, investments and transactions with affiliates. The Revolving Credit Facility also contains financial covenants that require VCL to maintain a leverage ratio and interest coverage ratio as per the levels specified in the credit agreement if the aggregate amount of outstanding loans under the Revolving Credit Facility exceeds a certain threshold. VCL and its subsidiaries are generally permitted to incur secured vessel financings for up to 80% of a vessel’s value.

Undrawn debt facilities

As of March 31, 2026, the Group had signed SACE Financing agreements for eight ocean ships, for which amounts will be drawn down upon the delivery of each ship or vessel. See Note 14.

10.

SHARE CAPITAL

As of March 31, 2026 and December 31, 2025, the authorized, issued and outstanding share capital was as follows:


	As of March 31, 2026						As of December 31, 2025
(in thousands)	Shares Authorized		Shares Issued		Shares Outstanding		Shares Authorized		Shares Issued		Shares Outstanding
Ordinary Shares		1,329,120		323,558		318,386		1,329,120		323,079		317,907
Special Shares		156,000		127,771		127,771		156,000		127,771		127,771

As of March 31, 2026 and December 31, 2025, total issued shares were 451.3 million and 450.9 million, respectively, at $0.01 par value per share, for total share capital of $4.5 million.

11.

SHARE BASED COMPENSATION

The Company maintains the Viking Holdings Ltd Second Amended and Restated 2018 Equity Incentive Plan (the “2018 Incentive Plan”). As of March 31, 2026, the Company had reserved 63.5 million ordinary shares for issuance under the 2018 Incentive Plan, of which 25.0 million remained available for future issuance, plus any ordinary shares underlying outstanding share awards granted under the 2018 Incentive Plan that expire or are repurchased, forfeited, cancelled or withheld. The number of shares reserved for issuance under the 2018 Incentive Plan is subject to an annual increase on the first day of each calendar year, equal to the lesser of (1) 1.0% of the total number of ordinary shares and special shares outstanding on December 31 of the preceding calendar year and (2) such smaller number of ordinary shares as determined by the Company’s Board of Directors at any time prior to the first day of a given calendar year.

The Company also maintains the Viking Holdings Ltd 2024 Employee Share Purchase Plan (the “2024 ESPP”). As of March 31, 2026, the Company had reserved 13.6 million ordinary shares for issuance pursuant to a series of purchase rights under the 2024 ESPP, of which 13.5 million remained available for future issuance. In addition, the number of shares reserved for issuance under the 2024 ESPP is subject to an annual increase on the first day of each calendar year, equal to the lesser of (1) 1.0% of the total number of ordinary shares and special shares outstanding on December 31 of the preceding calendar year, (2) 4.7 million ordinary shares and (3) such smaller number of ordinary shares as determined by the Company’s Board of Directors at any time prior to the first day of a given calendar year.

For the three months ended March 31, 2026, the Group recognized share based compensation expense of $18.5 million, comprised of $12.8 million related to Restricted Share Units (“RSUs”), $5.2 million related to Performance RSUs (“PSUs”) and $0.5 million related to the 2024 ESPP. For the three months ended March 31, 2025, the Group recognized share based compensation expense of $14.2 million, comprised of $12.7 million related to RSUs and $1.5 million related to PSUs. Other paid-in equity also includes certain income tax effects related to the share based awards.

RSUs

The terms of the RSUs are described in the annual consolidated financial statements.

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For the three months ended March 31, 2026, RSU activity was as follows:


	Number of RSUs (in thousands)			Weighted Average Grant-date Fair Value Per Share
Outstanding at January 1, 2026		1,719		$	51.24
Granted during the year		177			77.04
Forfeited during the year		(7	)		54.36
Outstanding at March 31, 2026		1,889		$	53.64

As of March 31, 2026, the Group had $49.4 million of total unrecognized compensation expense related to RSUs, which is expected to be recognized over the weighted average period of 1.4 years.

PSUs

In the first quarter of 2026, the Company granted PSUs to its executive officers under the 2018 Incentive Plan. The PSUs are subject to service vesting conditions of one to three years. The PSUs are also subject to performance vesting conditions, which are based upon the Group’s achievement of certain adjusted net income-based performance targets for the years ending December 31, 2026 to December 31, 2028, on an annual and cumulative basis. Depending on the Group’s performance, the actual number of ordinary shares that could be issued upon vesting of the PSUs could range from 0% to 200% of the target number of shares.

For the three months ended March 31, 2026, PSU activity was as follows:


	Number of PSUs (in thousands)			Weighted Average Grant-date Fair Value Per Share		Weighted Average Share Price on Release Date Per Share
Outstanding at January 1, 2026		267		$	52.77
Granted during the year (reflected at target)		167			77.04
Achievement above target		89			52.77
Released during the year		(178	)		52.77	$	75.28
Outstanding at March 31, 2026		345		$	64.52

As of March 31, 2026, the Group had $30.3 million of unrecognized compensation expense related to the PSUs, which is expected to be recognized over the weighted-average period of 1.8 years.

Stock options

For the three months ended March 31, 2026, stock option activity was as follows:


	Number of Options (in thousands)			Weighted Average Exercise Price Per Share			Weighted Average Share Price on Exercise Date Per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding at January 1, 2026		769		$	17.43					1.4
Exercised during the year		(301	)	$	17.02		$	71.79
Outstanding at March 31, 2026		468		$	17.69	(1)				1.2
Exercisable at March 31, 2026		468		$	17.69	(1)				1.2

(1)

Stock options outstanding and exercisable include a range of exercise prices from $12.50 to $19.13.

12.

NET INCOME (LOSS) PER SHARE

The rights of the ordinary shares and special shares are substantially identical, other than voting rights. Basic net income (loss) per share (“Basic EPS”) is computed by dividing net income (loss) attributable to Viking Holdings Ltd by the weighted-average number of ordinary shares and special shares outstanding during each period. To compute diluted net income (loss) per share (“Diluted EPS”), the Group adjusts the weighted-average number of ordinary shares and special shares outstanding during each period by the weighted-average number of ordinary shares that would be issued upon the conversion of dilutive potential ordinary shares to ordinary shares. For the three months ended March 31, 2026 and 2025, potential ordinary shares included share based awards.

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The computation of Basic EPS and Diluted EPS is as follows:


	Three Months Ended
	March 31,
	2026			2025
(in USD and thousands, except per share data)
Net loss attributable to Viking Holdings Ltd	$	(54,380	)	$	(105,473	)
Weighted-average ordinary shares and special shares - Basic EPS and Diluted EPS		445,883			442,910
Basic EPS and Diluted EPS	$	(0.12	)	$	(0.24	)

For the three months ended March 31, 2026 and 2025, the weighted-average number of potential ordinary shares that were not included in the Diluted EPS calculations because they would be anti-dilutive were 1.9 million and 3.0 million, respectively.

13.

SEGMENTS

Operating segments are defined as components of an entity for which separate financial information is available and is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM, who is the Chief Executive Officer, evaluates the Group’s results in a number of ways, but the primary basis for allocating resources and assessing performance is based on product.

The Group’s reportable segments are River and Ocean. The Group defines its products based on the type of cruise offering and language of the cruise service. The River segment provides river cruises outside the United States to English-speaking passengers. The Ocean segment provides ocean cruises to English-speaking passengers. Other includes operating segments that are not individually reportable, consisting of expedition cruises for English-speaking passengers (“Expedition”), Mississippi River cruises for English-speaking passengers and Viking Asia, which includes cruises in languages other than English provided by the Group and the results of the China JV Investment (see Note 17). The Group typically designates the language of the cruise service by vessel for each cruise season, such that in any individual season, the vessel provides service in a single language for the entire season. In cases where a vessel changes its language service during the season, each individual sailing is designated for a specific language such that any single cruise is provided in a single language. See Note 4 for disaggregation of percentage of passengers by source market.

Operating income (loss) is the primary profitability metric the CODM uses to assess performance and allocate resources. Expenses attributable to multiple segments are allocated based on measures that are determined to relate most closely to the expenses, which are generally relative revenues, relative passengers booked, or relative passengers sailed for a particular period. The nature of cruise operating expenses is consistent across all operating segments.

Longship river vessels can be utilized in either River or Viking Asia, and may change between these products. River vessel charters are recognized as right-of-use assets. Ocean and expedition ships include ocean ships for both Ocean and Viking Asia and ships for Expedition. See Note 7.

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Set forth below are results for the Group’s segments for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
(in USD and thousands)	River			Ocean			Other			Total
Total revenue	$	249,479		$	663,582		$	140,680		$	1,053,741
Total cruise operating expenses		(230,416	)		(374,642	)		(88,999	)		(694,057	)
Other operating expenses
Selling and administration		(127,801	)		(99,662	)		(44,751	)		(272,214	)
Depreciation and amortization		(25,602	)		(38,740	)		(11,067	)		(75,409	)
Total other operating expenses		(153,403	)		(138,402	)		(55,818	)		(347,623	)
Operating (loss) income	$	(134,340	)	$	150,538		$	(4,137	)	$	12,061


	Three Months Ended March 31, 2025
(in USD and thousands)	River			Ocean			Other			Total
Total revenue	$	214,083		$	558,978		$	123,995		$	897,056
Total cruise operating expenses		(198,209	)		(316,548	)		(78,904	)		(593,661	)
Other operating expenses
Selling and administration		(111,009	)		(94,502	)		(38,351	)		(243,862	)
Depreciation and amortization		(25,151	)		(33,925	)		(9,724	)		(68,800	)
Total other operating expenses		(136,160	)		(128,427	)		(48,075	)		(312,662	)
Operating (loss) income	$	(120,286	)	$	114,003		$	(2,984	)	$	(9,267	)

14.

COMMITMENTS AND CONTINGENCIES

Viking newbuilding program

River newbuilds

A summary of the river newbuilding program as of March 31, 2026 is outlined below. The aggregate contract price of the river vessels on order listed in the table below was $769.4 million, based on the EUR to USD exchange rate as of March 31, 2026, which was 1.15.


River Vessels	Number of Vessels	Expected Delivery
Longships	6	2026
Longship-Seine	1	2026
Longships	4	2027
Longship-Douro	1	2027
Longships	4	2028
Total	16

As of March 31, 2026, the Group secured the following options for additional river vessels:


River Vessels - Options	Number of Vessels	Expected Delivery	Option Exercise Date
Longships	4	2029	September 2026
Longships	4	2030	September 2027
Longships	4	2031	September 2028
Longships	4	2032	September 2029

The Group has entered into raw materials agreements for six river vessels that will operate in Egypt. The Group expects these vessels to be delivered between 2026 and 2028.

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Ocean newbuilds

A summary of the ocean newbuilding program as of March 31, 2026 is outlined below. The aggregate contract price of the ocean ships on order listed in the table below was $4,546.6 million, based on the EUR to USD exchange rate as of March 31, 2026, which was 1.15. The Group has obtained financing for all ships, as described below.


Ocean Ships	Expected Delivery
Viking Mira	2026
Viking Libra	2026
Viking Astrea	2027
Viking Lyra	2028
Ship XVII	2028
Ship XVIII	2029
Ship XIX	2029
Ship XX	2030

As described in Note 9, the Group has entered into SACE Financing for the eight ocean ships included in the table above. These loans are for up to 80% of each newbuild’s contract price, including certain change orders, and 100% of the Export Credit Agency premium, and will be available for drawdown in USD. The interest rates for the loans are fixed. The Company and certain of its subsidiaries have jointly and severally guaranteed all of the Group’s SACE Financing.

In 2025, the Group entered into shipbuilding contracts for the ships outlined below, subject to certain financing and other conditions. If the financing conditions are not met by May 29, 2026, these contracts can be terminated by the Group or the shipyard.


Ocean Ships	Expected Delivery
Ship XXI	2030
Ship XXII	2031

As of March 31, 2026, the Group secured the following options for additional ocean ships:


Ocean Ships - Options	Expected Delivery	Option Exercise Date
Ship XXIII	2032	July 2026
Ship XXIV	2032	July 2026
Ship XXV	2033	July 2027
Ship XXVI	2033	July 2027
Ship XXVII	2034	December 2027
Ship XXVIII	2034	December 2027

Expedition newbuilds

The Group entered into shipbuilding contracts for the ships outlined below subject to certain financing and other conditions. If the financing conditions are not met by September 30, 2026, these contracts can be terminated by the Group or the shipyard.


Expedition Ships	Expected Delivery
Expedition Ship III	2030
Expedition Ship IV	2031

As of March 31, 2026, the Group had aggregate future contractual commitments for river vessels and ocean ships on order, excluding any contracts that were not yet effective, of $4,418.4 million, based on the EUR to USD exchange rate as of March 31, 2026, which was 1.15.

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Leases

The table below summarizes the timing of future cash payments of the Group’s lease liabilities based on contractual undiscounted cash flows as of March 31, 2026. The table below excludes amounts for executed lease agreements not yet commenced as of March 31, 2026, for underlying assets which the Group had not yet obtained the right to control the use.


	March 31, 2026
(in USD and thousands)
3 months or less	$	8,045
4 to 12 months		35,501
1 to 5 years		141,265
Over 5 years		217,497
Total	$	402,308

The vessel charters also include future cash payments for non-lease components, which are not included in the table above. Payments for non-lease components include expenses for services, such as management fees and vessel operating expenses, of which certain costs are subject to change based on actual operating expenses. The table above also excludes variable lease payments.

In 2024, the Group entered into a lease agreement for docking locations in Germany, with an initial term of 12 years and renewal options to extend the term an additional 10 years. The contractual payments for the initial term are $15.0 million, based on the EUR to USD exchange rate as of March 31, 2026, which was 1.15. The lease agreement for docking locations had not commenced as of March 31, 2026.

See Note 18 for events taking place subsequent to March 31, 2026.

In 2025, the Group entered into charter agreements for two 80-berth river vessels traveling through India for the 2027 through 2035 seasons and the 2028 through 2036 seasons, respectively. The Group has options to extend the charters for three additional seasons. The contractual payments for the initial term of nine seasons is $29.2 million for the first vessel and $29.8 million for the second vessel, which include payments for both lease and non-lease components.

Fuel commitments

The Group entered into contracts for a portion of its river fuel usage in Europe for the 2026 season. As of March 31, 2026, the remaining portion of the contracts for the 2026 season was 58,300 cubic meters. The contract prices are fixed for specified volumes and periods and depend on the place of delivery ranging from $59.30 to $74.20 per 100 liters, excluding taxes. The Group may incur fees for unused fuel amounts, which may be for non-usage or to roll over unused amounts to the following year.

Contingencies

In the normal course of the Group’s business, various claims and lawsuits have been filed or are pending against the Group. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of the Group’s liability is typically limited to its insurance deductible. In addition, new legislation, regulations or treaties, or claims related to interpretations or implementations thereof, could affect the Group’s business.

The Group has evaluated its overall exposure with respect to all of its threatened and pending claims and lawsuits and, to the extent required, the Group has accrued amounts for all estimable probable losses that are not covered by insurance. The Group intends to vigorously defend its legal position on all claims and lawsuits and, to the extent necessary, seek recovery.

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