Viking Holdings: 1Q26 first take: CEO transition; double-digit yields to start 2027 bookings

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Viking Holdings: 1Q26 first take: CEO transition; double-digit yields to start 2027 bookings

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Viking Holdings

1Q26 first take: CEO transition; double-

digit yields to start 2027 bookings

Maintain Rating: BUY | PO: 90.00 USD | Price: 82.17 USD

CEO transition announced 14 May 2026

In conjunction with 1Q26 earnings, VIK announced that Tor Hagen, currently Chairman Equity

and CEO, will become Executive Chairman, while Leah Talactac, currently President and

Andrew G. Didora, CFA

CFO, will become CEO. This is not surprising, as Ms. Talactac has been a key part of the Research Analyst

VIK management team for 20 years, was promoted to President last year, and is well BofAS andrew.didora@bofa.com

known by investors. While the timing of the management change was a bit sooner than

John Gellene, CFA

we had expected, we believe there will be a seamless transition, with Mr. Hagen Research Analyst

continuing to focus on the long-term business strategy. BofAS john.gellene@bofa.com

Transition occurs when first look at 2027 is robust

The underlying fundamentals of VIK’s high-end product offering remain robust, with the

initial look at 2027 pricing up +11% (River +11.7%, Ocean +12.2%) compared to Visible Stock Data

Alpha yield forecasts of +3%. Granted, the pricing should come down from these initial Price 82.17 USD

levels (VIK is 38% booked), but these figures meaningfully exceeded expectations and Price Objective 90.00 USD

are more in line with 2025 pricing in May 2024 (+12%). As a comparison, 2025 pricing Date Established 4-Mar-2026

grew +7.4%. Clearly, VIK was able to navigate some of the geopolitical headwinds well Investment Opinion B-1-9

over the past couple of months, with 2026 pricing growing +5.5%, down just 50bps from 52-Week Range 42.20 USD - 87.00 USD