VIK: 1Q26 Earnings First Take; Solid Start to 2027 Bookings Trends

Research evidence excerpt

VIK: 1Q26 Earnings First Take; Solid Start to 2027 Bookings Trends

Equity Research

Flash Comment — May 14, 2026

Leisure

Viking Holdings Ltd.

1Q26 Earnings First Take; Solid Start to 2027 Bookings Equal Weight

Trends Price Target: $79.00

Ticker VIK

Our Call Upside/(Downside) to Target (3.9)%

VIK reported 1Q26 results that were ahead of expectations. Net revenue of $1.054b Price (05/13/2026) $82.17

(+17.5% y/y) was ahead of our estimate of $1.015b and consensus of $1.013b, while EPS 52 Week Range $42.20 - 87.00

was -$0.11 above our estimate of -$0.13. Market Cap (MM) $36,740

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Yields Above Our Estimate. Consolidated 1Q net yield for VIK came in at $596 (+9.5% y/ Trey Bowers, CFA

y) vs. consensus at $571 and our estimate of $572. 1Q River net yield was $761 vs. our Equity Analyst | Wells Fargo Securities, LLC

Trey.Bowers@wellsfargo.com | 617-210-3724

estimate of $646, while Ocean net yield was $527 vs. our estimate of $527.

Nicholas Weichel

Associate Equity Analyst | Wells Fargo Securities, LLC

EBITDA Ahead of Our Estimate. EBITDA of $105m was ahead of our estimate of $93m Nicholas.Weichel@wellsfargo.com | 646-717-0343

and ~in line with consensus of $107m driven by higher River yields partially offset by Zachary Silverberg

higher NCC ex. fuel per CPCD growth. Equity Analyst | Wells Fargo Securities, LLC

Zachary.Silverberg@wellsfargo.com | 212-214-1152

Bookings Trends. '26 bookings trends were rather stable with 92% of the year now

booked and bookings per CPCD up 5.5% vs. 6% as of the 4Q25 update. '27 advanced

bookings are up 31% y/y with 15% capacity growth and 11% bookings per CPCD growth.

38% of '27 sailings are already booked vs.