VIKING HOLDINGS LTD (+) : 1Q26 pre-call takeaways

Research evidence excerpt

VIKING HOLDINGS LTD (+) : 1Q26 pre-call takeaways

EQUITIES

LEISURE & HOTELS

VIKING HOLDINGS LTD OUTPERFORMPRICE* USD82.2  TARGET PRICE USD91 (UPSIDE 11%)

FLASH NOTE

1Q26 pre-call takeaways

14 MAY 2026 Securities Research Report Production time: 13:02* (London time)

Research Analyst & Publishing Entities

Xian Siew, CFA BNP Paribas Securities Corp (1) (+1) 212 634 4975 Xian.Siew@us.bnpparibas.com

What happened?

VIK announced a CEO transition, reported 1Q26 results, and gave us an initial look at 2027 advance bookings. CEO

Tor Hagen is transitioning to Executive Chairman and will remain as Chairman of the Board. CFO Leah Talactac has

been appointed CEO. EVP of Finance of Linh Banh has been appointed CFO.

1Q26 results were strong on Net Yield which grew 9.5% (better than consensus of +5.4%) and revenue which ended

at $1.054bn (vs consensus $1.013bn). Bottom-line results were in-line with expectations. Adj. EBITDA of $104.8m and

adj. EPS of $(0.11) compared to consensus of $106.5m and $(0.12) respectively.

2027 advanced bookings are very impressive with pricing 11% ahead of 2026 advanced bookings at this time last year.

11% pricing for 2027 is well above expectations of closer to ~5% as flagged in our preview (see here) and highlights

the strong demand for Viking cruises.

BNPP View:

Viking’s business continues to execute at a high level, and the remarkable strength of 2027 bookings should be

enough to move the stock higher. There will be some questions around the CEO transition particularly as Tor is viewed

as an exceptional leader who has shaped the Viking business and brand into what it is today. That said, there had been

questions over succession for some time now considering his age (83). We think expectations were that Leah would