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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 ~~November~~March ~~2025~~ 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 ☐

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

~~TABLE~~On OFMarch ~~CONTENTS~~3, 2026, Viking Holdings Ltd issued a press release reporting its financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and incorporated by reference herein.

		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		30
Item 3. Quantitative and Qualitative Disclosures about Market Risk		48
PART II - OTHER INFORMATION
Item 1. Legal Proceedings		49
Item 1A. Risk Factors		49
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		49
Item 3. Defaults Upon Senior Securities		49
Item 5. Other Information		49
Item 6. Exhibits		49
Signatures		50

The information in this Report on Form 6-K (including Exhibit 99.1 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.

This 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.

~~Table~~Exhibit ~~of Contents~~Index

PART I - FINANCIAL INFORMATION


Exhibit Number		Description
99.1		Press Release of Viking Holdings Ltd, dated March 3, 2026

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						Nine Months Ended
		September 30,						September 30,
	Notes	2025			2024			2025			2024
Revenue
Cruise and land		$	1,858,420		$	1,564,842		$	4,448,582		$	3,710,665
Onboard and other			141,218			113,895			328,479			273,488
Total revenue	4		1,999,638			1,678,737			4,777,061			3,984,153
Cruise operating expenses
Commissions and transportation costs			(402,833	)		(366,616	)		(979,513	)		(850,104	)
Direct costs of cruise, land and onboard			(263,090	)		(213,254	)		(613,567	)		(502,204	)
Vessel operating			(392,245	)		(329,249	)		(1,079,851	)		(939,337	)
Total cruise operating expenses			(1,058,168	)		(909,119	)		(2,672,931	)		(2,291,645	)
Other operating expenses
Selling and administration			(267,042	)		(218,978	)		(759,197	)		(659,389	)
Depreciation and amortization	8		(69,716	)		(61,684	)		(203,956	)		(188,999	)
Total other operating expenses			(336,758	)		(280,662	)		(963,153	)		(848,388	)
Operating income			604,712			488,956			1,140,977			844,120
Non-operating income (expense)
Interest income			17,607			16,758			57,504			49,965
Interest expense			(106,956	)		(84,434	)		(277,638	)		(294,090	)
Currency gain (loss)			4,545			(18,313	)		(58,307	)		(8,133	)
Private Placement derivative loss	11		—			—			—			(364,214	)
Other financial income (loss)			1,007			(18,359	)		(73	)		(164,882	)
Income before income taxes			520,915			384,608			862,463			62,766
Income tax expense			(6,906	)		(4,872	)		(14,669	)		(13,964	)
Net income		$	514,009		$	379,736		$	847,794		$	48,802
Net income attributable to Viking Holdings Ltd		$	514,089		$	380,030		$	847,664		$	48,651
Net (loss) income attributable to non-controlling interests		$	(80	)	$	(294	)	$	130		$	151
Weighted-average ordinary and special shares outstanding (in thousands)
Basic	13		443,520			431,604			443,221			339,779
Diluted	13		446,638			435,521			445,964			341,922
Net income per share attributable to ordinary and special shares
Basic	13	$	1.16		$	0.88		$	1.91		$	0.12
Diluted	13	$	1.15		$	0.87		$	1.90		$	0.12

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 OTHER COMPREHENSIVE INCOME (LOSS)

(in USD and thousands, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
	Notes	2025			2024			2025		2024
Net income		$	514,009		$	379,736		$	847,794	$	48,802
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			(1,452	)		(4,434	)		1,479		(584	)
Net change in cash flow hedges	16		(20,064	)		23,386			90,982		4,369
Net other comprehensive (loss) income to be reclassified to net income (loss) in subsequent periods			(21,516	)		18,952			92,461		3,785
Other comprehensive (loss) income, net of tax			(21,516	)		18,952			92,461		3,785
Total comprehensive income		$	492,493		$	398,688		$	940,255	$	52,587
Total comprehensive income attributable to Viking Holdings Ltd		$	492,572		$	398,970		$	940,119	$	52,435
Total comprehensive (loss) income attributable to non-controlling interests		$	(79	)	$	(282	)	$	136	$	152

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 FINANCIAL POSITION

(in USD and thousands, unaudited)

	Notes	September 30, 2025		December 31, 2024
				(audited)
Assets
Non-current assets
Property, plant and equipment and intangible assets	8	$	7,163,561	$	6,457,104
Right-of-use assets			283,442		263,424
Deferred tax assets			54,308		55,428
Other non-current assets			166,945		128,190
Total non-current assets			7,668,256		6,904,146
Current assets
Cash and cash equivalents	5		3,037,345		2,489,672
Accounts and other receivables	6		130,173		239,018
Inventories			98,605		91,473
Prepaid expenses and other current assets	7		587,750		396,376
Total current assets			3,853,873		3,216,539
Total assets		$	11,522,129	$	10,120,685
Shareholders’ equity and liabilities
Shareholders’ equity		$	803,536	$	(218,977	)
Non-current liabilities
Long-term portion of bank loans and financial liabilities	10		1,291,281		1,823,657
Secured Notes	10		1,018,953		1,017,501
Long-term portion of Unsecured Notes	10		2,031,703		2,025,001
Long-term portion of lease liabilities			218,854		207,594
Other non-current liabilities			46,014		45,344
Total non-current liabilities			4,606,805		5,119,097
Current liabilities
Accounts payables			263,266		236,382
Short-term portion of bank loans and financial liabilities	10		1,058,408		220,116
Short-term portion of Unsecured Notes	10		—		249,650
Short-term portion of lease liabilities			27,179		28,944
Deferred revenue			4,320,447		4,061,344
Accrued expenses and other current liabilities	9		442,488		424,129
Total current liabilities			6,111,788		5,220,565
Total shareholders’ equity and liabilities		$	11,522,129	$	10,120,685

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 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 adjustment			Pensionmeasurementadjustment			Cash flow hedge			Retained losses			Non-controlling interests			Total shareholders’ equity
Balance at January 1, 2024		$	2,253	$	(44,565	)	$	—		$	178,492		$	4,203		$	(83	)	$	9,315		$	(5,422,822	)	$	3,724		$	(5,269,483	)
Net income			—		—			—			—			—			—			—			48,651			151			48,802
Other comprehensive income	16		—		—			—			—			(585	)		—			4,369			—			1			3,785
Total comprehensive income			—		—			—			—			(585	)		—			4,369			48,651			152			52,587
Proceeds from initial public offering, net of underwriting discounts and commissions, and offering expenses	11		110		243,817			—			—			—			—			—			—			—			243,927
Conversion of Series C Preference Shares to ordinary shares	11		1,843		4,401,090			—			—			—			—			—			—			—			4,402,933
Issuance of ordinary shares for vesting of restricted share units			163		—			—			(163	)		—			—			—			—			—			—
Ordinary shares withheld related to restricted share units	11		—		—			(124,109	)		—			—			—			—			—			—			(124,109	)
Dividend distribution	11		—		—			—			—			—			—			—			(18,229	)		—			(18,229	)
Dividend distribution by subsidiary to non-controlling interests			—		—			—			—			—			—			—			(113	)		(607	)		(720	)
Stock based compensation	12		—		—			—			10,534			—			—			—			—			—			10,534
Income tax impact due to stock based compensation	12		—		—			—			13,677			—			—			—			—			—			13,677
Balance at September 30, 2024		$	4,369	$	4,600,342		$	(124,109	)	$	202,540		$	3,618		$	(83	)	$	13,684		$	(5,392,513	)	$	3,269		$	(688,883	)
Balance at January 1, 2025		$	4,479	$	5,008,513		$	(124,109	)	$	213,329		$	5,296		$	(1,607	)	$	(39,797	)	$	(5,288,833	)	$	3,752		$	(218,977	)
Net income			—		—			—			—			—			—			—			847,664			130			847,794
Other comprehensive income	16		—		—			—			—			1,473			—			90,982			—			6			92,461
Total comprehensive income			—		—			—			—			1,473			—			90,982			847,664			136			940,255
Issuance of ordinary shares upon exercise of stock options	12		9		12,284			—			—			—			—			—			—			—			12,293
Dividend distribution by subsidiary to non-controlling interests			—		—			—			—			—			—			—			(95	)		(772	)		(867	)
Stock based compensation	12		—		—			—			64,468			—			—			—			—			—			64,468
Income tax impact due to stock based compensation	12		—		—			—			6,364			—			—			—			—			—			6,364
Balance at September 30, 2025		$	4,488	$	5,020,797		$	(124,109	)	$	284,161		$	6,769		$	(1,607	)	$	51,185		$	(4,441,264	)	$	3,116		$	803,536

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)

		Nine Months Ended
		September 30,
	Notes	2025			2024
Cash flows from operating activities
Net income		$	847,794		$	48,802
Adjustments to reconcile net income to net cash flows
Depreciation and amortization	8		203,956			188,999
Amortization of debt transaction costs			22,405			22,713
Loss on prepayment of loans and financial liabilities	10		19,712			—
Private Placement derivative loss	11		—			364,214
Foreign currency loss on loans	10		73,382			6,027
Non-cash financial loss			—			162,562
Stock based compensation expense	12		64,468			10,534
Interest income			(57,504	)		(49,965	)
Interest expense			235,521			271,377
Other			(1	)		(443	)
Changes in working capital:
Increase in deferred revenue			259,103			549,497
Changes in other liabilities and assets			64,007			156,904
Increase in inventories			(7,132	)		(4,532	)
Changes in deferred tax assets and liabilities			7,937			7,728
Changes in other non-current assets and other non-current liabilities			(5,385	)		(16,322	)
Income taxes paid			(5,760	)		(6,606	)
Net cash flow from operating activities			1,722,503			1,711,489
Cash flows from investing activities
Investments in property, plant and equipment and intangible assets	8		(868,929	)		(367,021	)
Capital contribution to associated company	18		(6,500	)		(6,500	)
Interest received			55,767			52,361
Other			245			443
Net cash flow used in investing activities			(819,417	)		(320,717	)
Cash flows from financing activities
Repayment of borrowings	10		(438,373	)		(256,530	)
Proceeds from borrowings	10		430,507			—
Transaction costs incurred for borrowings			(41,912	)		(4,698	)
Proceeds from initial public offering, net of underwriting discounts and commissions, and offering expenses	11		—			243,927
Taxes paid related to net share settlement of equity awards	11		—			(124,109	)
Dividend distribution	11		—			(18,229	)
Dividend distribution by subsidiary to non-controlling interests			(867	)		(720	)
Proceeds from exercise of stock options	12		12,293			—
Principal payments for lease liabilities			(29,934	)		(23,102	)
Interest payments for lease liabilities			(14,307	)		(15,761	)
Interest paid			(281,094	)		(322,912	)
Net cash flow used in financing activities			(363,687	)		(522,134	)
Change in cash and cash equivalents			539,399			868,638
Effect of exchange rate changes on cash and cash equivalents			8,274			3,107
Net increase in cash and cash equivalents		$	547,673		$	871,745
Cash and cash equivalents
Cash and cash equivalents at January 1	5	$	2,489,672		$	1,513,713
Cash and cash equivalents at September 30	5		3,037,345			2,385,458
Net increase in cash and cash equivalents		$	547,673		$	871,745

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

SEPTEMBER 30, 2025

(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 to engage in passenger shipping and other forms of passenger transport and as a tour entrepreneur for passengers and related activities in tourism.

The interim condensed consolidated financial statements of the Group (“interim financial statements”) for the three and nine months ended September 30, 2025 were authorized for issuance by the Company’s Board of Directors on November 19, 2025.

BASIS OF PREPARATION AND ACCOUNTING POLICIES

Basis of preparation

The interim financial statements for the three and nine months ended September 30, 2025 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (the “IASB”). 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, 2024 (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, 2024 filed with the SEC on March 11, 2025.

The interim financial statements have been prepared on a historical cost basis, except for forward foreign currency contracts, financial assets and liabilities at fair value through profit or loss, the warrant liability and the Private Placement derivative, 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).

As described in the Group’s annual consolidated financial statements, the Group identified an error, which was not material, individually or in the aggregate, to the Group’s previously issued interim and annual consolidated financial statements, related to the capitalization of interest in the cost of its ships and revised its prior period interim financial statements to correct this error, including all impacted footnote disclosures. See Notes 2 and 28 to the Group’s annual consolidated financial statements for additional information.

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.

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 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

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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 14) for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
(in USD and thousands)
River	$	967,428	$	880,111	$	2,203,230	$	1,937,289
Ocean		876,017		663,601		2,147,886		1,684,506
Other		156,193		135,025		425,945		362,358
Total revenue	$	1,999,638	$	1,678,737	$	4,777,061	$	3,984,153

Total revenue for the three months ended September 30, 2025 increased by $320.9 million to $1,999.6 million from $1,678.7 million for the same period in 2024. Total revenue for the nine months ended September 30, 2025 increased by $792.9 million to $4,777.1 million from $3,984.2 million for the same period in 2024. These increases were primarily due to an increase in passenger cruise days and higher revenue per passenger cruise day. For the three and nine months ended September 30, 2025, passenger cruise days increased compared to the same periods in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days related to the Zhao Shang Yi Dun (“Viking Yi Dun”) accommodation agreement, which commenced in September 2024.

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 and nine months ended September 30, 2025 and 2024:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
North America		88.2	%		89.2	%		88.7	%		89.6	%
Australia		5.7	%		5.8	%		5.1	%		5.3	%
Other		6.1	%		5.0	%		6.2	%		5.1	%
		100.0	%		100.0	%		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 September 30, 2025 and December 31, 2024 is outlined below:

	September 30, 2025		December 31, 2024
(in USD and thousands)
Cash at bank and in hand	$	2,859,799	$	2,467,824
Credit card receivables		177,546		21,848
Total	$	3,037,345	$	2,489,672

As of September 30, 2025 and December 31, 2024, cash at bank and in hand included $159.1 million and $147.3 million, respectively, subject to restrictions on use arising from contracts with third parties.

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ACCOUNTS AND OTHER RECEIVABLES

A summary of the Group’s accounts and other receivables as of September 30, 2025 and December 31, 2024 is outlined below:

	September 30, 2025		December 31, 2024
(in USD and thousands)
Accounts receivable	$	68,219	$	102,816
Indirect tax receivables		34,285		32,815
Credit card receivables		3,361		87,791
Other		24,308		15,596
Total	$	130,173	$	239,018

Accounts receivable includes vendor receivables, yard receivables, airline receivables, insurance receivables and passenger receivables.

Credit card receivables that are not classified as cash and cash equivalents are included in accounts and other receivables. Credit card receivables, which represent amounts subject to a priority claim from credit card processors, decreased as of September 30, 2025, compared to December 31, 2024, due to a decrease in required balances from credit card processors.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

A summary of the Group’s prepaid expenses and other current assets as of September 30, 2025 and December 31, 2024 is outlined below:

	September 30, 2025		December 31, 2024
(in USD and thousands)
Air	$	299,000	$	202,837
Operating, product and administration costs		80,686		59,198
Commissions		71,256		49,371
Credit card fees		44,330		39,985
Forward foreign currency contracts		42,022		—
Debt transaction costs		23,723		14,419
Advertising		12,427		10,623
Cash deposits		10,134		10,456
Other		4,172		9,487
Total	$	587,750	$	396,376

Air increased as of September 30, 2025, compared to December 31, 2024, 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 16.

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PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

Movements in property, plant and equipment and intangible assets during the nine months ended September 30, 2025 are outlined below:

(in USD and thousands)	RiverVessels &Equipment			Ocean andExpeditionShips &Equipment			RiverVesselsunderConstruction			OceanShips underConstruction			OfficeEquipment			Land &Buildings			OtherFixedAssets			IntangibleAssets,includingGoodwill			Total
Cost as of January 1, 2025	$	2,713,263		$	4,573,867		$	314,717		$	407,998		$	19,311		$	24,013		$	53,621		$	165,470		$	8,272,260
Additions		30,485			4,209			256,503			557,536			1,432			7,594			1,473			25,604			884,836
Disposals		(2,016	)		—			—			—			(510	)		(483	)		—			(11,483	)		(14,492	)
Reclassified from right-of-use-assets		—			1,267			—			—			22			—			—			—			1,289
Reclassified between assets		97,379			505,771			(97,386	)		(505,771	)		64			—			(64	)		7			—
Effect of currency translation		8,911			—			3,004			—			364			2,856			120			380			15,635
Cost as of September 30, 2025	$	2,848,022		$	5,085,114		$	476,838		$	459,763		$	20,683		$	33,980		$	55,150		$	179,978		$	9,159,528
Accumulated depreciation, amortization and impairment as of January 1, 2025		(1,062,027	)		(588,074	)		—			—			(14,899	)		(8,726	)		(37,019	)		(104,411	)	$	(1,815,156	)
Depreciation and amortization		(57,883	)		(105,860	)		—			—			(2,111	)		(677	)		(1,594	)		(17,571	)		(185,696	)
Depreciation and amortization of disposals		476			—			—			—			510			29			—			10,759			11,774
Reclassified from right-of-use-assets		—			(1,267	)		—			—			(22	)		—			—			—			(1,289	)
Effect of currency translation		(3,815	)		—			—			—			(261	)		(1,150	)		(39	)		(335	)		(5,600	)
Accumulated depreciation, amortization and impairment as of September 30, 2025	$	(1,123,249	)	$	(695,201	)	$	—		$	—		$	(16,783	)	$	(10,524	)	$	(38,652	)	$	(111,558	)	$	(1,995,967	)
Net book value
As of January 1, 2025	$	1,651,236		$	3,985,793		$	314,717		$	407,998		$	4,412		$	15,287		$	16,602		$	61,059		$	6,457,104
As of September 30, 2025	$	1,724,773		$	4,389,913		$	476,838		$	459,763		$	3,900		$	23,456		$	16,498		$	68,420		$	7,163,561

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 September 30, 2025, the Group’s river fleet consisted of 87 river vessels, of which 58 are Longships, 12 are small classes based on the Longship design, 14 are other river vessels and three are river vessel charters, including the Viking Mississippi.

During the nine months ended September 30, 2025, additions to river vessels and equipment included $30.5 million in improvements to river vessels.

During the nine months ended September 30, 2025, there were $256.5 million in additions to river vessels under construction primarily related to progress payments for vessels scheduled for delivery between 2025 and 2028. See Note 15. During the nine months ended September 30, 2025, the Group reclassified $97.4 million from river vessels under construction to river vessels and equipment in conjunction with the delivery of three river vessels.

See Note 19 for events taking place subsequent to September 30, 2025.

Ocean and expedition ships

In 2015, the Group took delivery of its first ocean ship and as of September 30, 2025, the Group had a fleet of 12 ocean ships, including the Viking Vesta, which was delivered in June 2025, and the Viking Yi Dun, which is owned and operated by China Merchants Viking Cruises Limited (“CMV”), a related party.

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 September 30, 2025, the Group had a fleet of two expedition ships.

During the nine months ended September 30, 2025, the Group capitalized $557.5 million in ocean ships under construction primarily related to progress payments for ships scheduled for delivery between 2025 and 2030 and capitalized interest of $15.9 million. The Group reclassified $505.8 million from ocean ships under construction to ocean and expedition ships and equipment in conjunction with the delivery of the Viking Vesta in June 2025.

The Group did not identify any impairment indicators related to property, plant and equipment and intangible assets as of September 30, 2025 and December 31, 2024. The Group’s conclusions regarding the valuation of its property, plant and equipment and intangible assets 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.

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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

A summary of the Group’s accrued expenses and other current liabilities as of September 30, 2025 and December 31, 2024 is outlined below:

	September 30, 2025		December 31, 2024
(in USD and thousands)
Payroll and employee costs	$	98,093	$	55,131
Operating costs		61,566		57,957
Product and commission costs		50,859		35,309
Interest payable		46,369		90,570
Indirect taxes payable		45,177		27,869
Air costs		30,459		29,929
Marketing expenses		27,473		23,991
Overhead costs		26,427		21,656
Travel protection cancellation reserve		16,184		15,047
Forward foreign currency contracts		—		24,802
Other		39,881		41,868
Total	$	442,488	$	424,129

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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LOANS AND FINANCIAL LIABILITIES

A summary of the Group’s loans and financial liabilities recorded at amortized cost as of September 30, 2025 and December 31, 2024 is outlined below:

Loans and financial liabilities

		September 30, 2025			December 31, 2024
Loans and Financial Liabilities	Vessels and Ships Financed and Mortgaged	(in USD and thousands)
€54.2 million loan, variable base rate plus 2.4%, due 2025	Viking Baldur, Viking Magni	$	—		$	17,096
€20.3 million loan, variable base rate plus 2.4%, due 2026	Viking Kvasir		10,668			12,343
€225.8 million loan, fixed at 4.73% or variable at SOFR plus CAS and 2.0%, due through 2027	Viking Herja, Viking Hild, Viking Sigrun, Viking Einar		—			23,087
$53.5 million loan, fixed at 5.12%, due 2025	Viking Idi refinancing, Viking Astrild, Viking Beyla		—			14,384
$40.0 million loan, fixed at 5.43%, due 2027	Viking Hemming, Viking Osfrid and Viking Torgil refinancing		11,250			15,000
$102.0 million loan, fixed at 5.22% - 5.26%, due 2028	Viking Vali, Viking Tir, Viking Ullur, Viking Sigyn		42,104			51,113
$15.1 million loan, variable base rate plus 2.35%, due 2029	Viking Helgrim		7,894			9,307
€153.2 million loan, variable at SOFR plus CAS and 1.30%, due through 2029	Viking Hervor, Viking Gersemi, Viking Kari, Viking Radgrid, Viking Skaga, Viking Fjorgyn		64,832			85,251
€53.6 million loan, variable at SOFR plus CAS and 1.30%, due through 2029	Viking Gymir, Viking Egdir		29,915			37,394
$291.2 million financial liability, due 2030	Viking Orion		200,387			209,608
$290.2 million financial liability, due 2031	Viking Jupiter		212,537			221,153
$255.7 million financial liability, variable at SOFR plus CAS and 3.0%, due 2033	Viking Octantis		207,770			217,359
$299.5 million financial liability, due 2034	Viking Mars		262,595			271,709
€316.6 million loan, fixed at 1.81%, due 2034	Viking Neptune		294,218			274,091
€316.6 million loan, fixed at 1.87%, due 2035	Viking Saturn		309,703			287,795
$401.0 million loan, fixed at 3.64%, due 2036	Viking Vela		384,280			400,988
$430.5 million loan, fixed at 3.70%, due 2037	Viking Vesta		430,507			—
€6.2 million loan, fixed at 0.3%, due 2026			1,464			2,265
20.0 million CHF loan, fixed at 0.25% - 2.0%, due 2027			10,461			11,050
Gross bank loans and financial liabilities		$	2,480,585		$	2,160,993
Less: Unamortized loan and financial liability fees			(130,896	)		(117,220	)
Total bank loans and financial liabilities		$	2,349,689		$	2,043,773
Less: Short-term portion of bank loans and financial liabilities			(1,058,408	)		(220,116	)
Long-term portion of bank loans and financial liabilities		$	1,291,281		$	1,823,657

River vessel financing

Hermes Financing

Euler Hermes Aktiengesellschaft (“Hermes”) manages the official export credit guarantee scheme on behalf and for the account of the German Federal Government. Subsidiaries of the Group have loan agreements with lender groups for which Hermes has provided guarantees equal to 95% of the loan amounts (the “Hermes Financing”). As of September 30, 2025, the Hermes Financing includes the €153.2 million loan and the €53.6 million loan. All loans that are part of the Hermes Financing are denominated in euros (“EUR” or “€”) and are converted to USD based on the prevailing exchange rates two days before drawdown and have a term of eight and a half years from the drawdown dates with semi-annual payments. The Group selected fixed or variable rate financing for each of the drawdowns. Viking River Cruises Ltd (“VRC”), a subsidiary of the Group, has issued a corporate guarantee for the obligations related to these loans. The variable rate is based on Term Secured Overnight Financing Rate (“SOFR”) plus the Credit Adjustment Spread (“CAS”) and a margin. 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 transactions, asset sales, prepayment of indebtedness, dividends and other distributions.

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The Hermes Financing also has financial maintenance covenants that require VRC, as guarantor, and Viking River Cruises AG (“VRC AG”), as borrower, to maintain at all times following the first drawdown, an aggregate amount of consolidated free liquidity, which includes cash and cash equivalents, marketable securities and receivables from credit card processors, equal to or greater than $75.0 million. As of September 30, 2025, VRC and VRC AG were in compliance with these financial maintenance covenants.

In the third quarter of 2025, the Group repaid the remaining balance of the €225.8 million loan.

€54.2 Million Loan

In January 2013, the Group entered into a loan agreement for €54.2 million to finance the Viking Baldur and Viking Magni. The €54.2 million loan was converted to USD based on the prevailing exchange rates two days prior to the dates of drawdown and had a term of 10 years from drawdown dates with monthly payments and a balloon payment due upon maturity of the loan. The loan had variable rate financing. The loan also included customary insurance requirements. VRC has issued a corporate guarantee for this arrangement.

In 2020 and 2021, the Group deferred principal payments for the €54.2 million loan for principal payments due from April 2020 through March 2022 and extended the maturity date of the loan by a total of 25 months. In the third quarter of 2025, the Group made the final principal payments due upon the maturity of the €54.2 million loan.

€20.3 Million Loan

In April 2014, the Group entered into a loan agreement for €20.3 million to finance the Viking Kvasir. The €20.3 million loan was converted to USD based on the prevailing exchange rates two days prior to the date of drawdown and has a term of 10 years from the drawdown date with monthly payments and a balloon payment due upon maturity of the loan. The loan has variable rate financing. The loan also includes customary insurance requirements. VRC has issued a corporate guarantee for this arrangement.

In 2020 and 2021, the Group deferred principal payments for the €20.3 million loan for principal payments due from April 2020 through March 2022 and extended the maturity date of the loan by a total of two years.

$53.5 Million Loan

In March 2015, the Group entered into a loan agreement for $53.5 million to finance the Viking Astrild and the Viking Beyla and to refinance the Viking Idi. The $53.5 million loan had a term of 10 years from drawdown dates with quarterly installments and a balloon payment due upon maturity of the loan. The loan had fixed rate financing. The loan also included customary insurance requirements. VRC has issued a corporate guarantee for this arrangement. In the first quarter of 2025, the Group made the final principal payments due upon the maturity of the $53.5 million loan.

$40.0 Million Loan

In December 2017, the Group entered into a loan agreement for $40.0 million to refinance three vessels operating in Portugal, the Viking Hemming, Viking Osfrid and Viking Torgil. The $40.0 million loan has a term of eight years from drawdown date with quarterly payments. The loan has fixed rate financing. The loan also includes customary insurance requirements. Viking Cruises Ltd (“VCL”), a wholly owned subsidiary of the Company, has issued a corporate guarantee for this arrangement.

In 2020 and 2021, the Group amended the $40.0 million loan to defer principal payments due from June 2020 through March 2022 and extended the maturity date of the loan by a total of two years.

$102.0 Million Loan

In December 2017, the Group entered into a loan agreement for $102.0 million to finance the Viking Vali, Viking Tir, Viking Sigyn and Viking Ullur. The $102.0 million loan has a term of eight and half years from drawdown date with monthly payments. The loan has fixed rate financing. The loan also includes customary insurance requirements. VRC has issued a corporate guarantee for this arrangement.

In 2020 and 2021, the Group amended the $102.0 million loan to defer principal payments due from June 2020 through May 2022. As a result of the deferrals in 2020 and 2021, the maturity date of the loan was extended by a total of one year and the remaining monthly principal payment amounts increased.

$15.1 Million Loan

In April 2019, the Group entered into a loan agreement for $15.1 million to refinance the Viking Helgrim. The $15.1 million loan has a term of 10 years from the drawdown date with monthly payments. The loan has variable rate financing. The loan also includes customary insurance requirements. VRC has issued a corporate guarantee for this arrangement.

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Other loans

€6.2 Million Loan

In July 2020, the Group entered into a loan agreement for €6.2 million and drew down the full amount, of which 90% is guaranteed by the French government. The loan has a fixed interest rate and is denominated in euros. In March 2021, the Group selected a five year repayment term, with quarterly payments from the selection date.

20.0 Million CHF Loan

In the third quarter of 2020, the Group obtained a credit facility for 20.0 million Swiss Francs (“CHF”), of which 85% is guaranteed by the Swiss government, initially due December 2024, denominated in CHF with semi-annual payments beginning in 2021. In 2021, the Group amended the credit facility, which extended the due date to 2027 and reduced the amount of each semi-annual payment beginning in the first quarter of 2022. The credit facility contains customary requirements including, without limitation, covenants restricting indebtedness.

Ocean and Expedition Ship Financing

Charter Financing

The Group previously entered into charter agreements to finance the Viking Orion, Viking Jupiter, Viking Octantis and Viking Mars. The charter agreements are accounted for as financial liabilities. The charter rates for the Viking Orion, Viking Jupiter and Viking Mars are designated as fixed rate charters. The charter rate for the Viking Octantis is designated as a variable rate charter, which is based on SOFR plus the CAS and a margin. The charter periods are 144 months beginning from the delivery date of each ship and include 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. VCL has issued a corporate guarantee for these arrangements. Additionally, the Company has issued a corporate guarantee for the Viking Orion charter agreement. The Group took delivery of the Viking Orion in June 2018, Viking Jupiter in February 2019, Viking Octantis in December 2021 and Viking Mars in May 2022. The charter agreements contain certain covenants which are generally in line with the covenants of the Secured Notes and Unsecured Notes, described further below.

In September 2025, the Group initiated the exercise of its purchase options for the Viking Orion, Viking Jupiter, Viking Octantis and Viking Mars. In connection with the exercise of the purchase options, all outstanding amounts due under the charter agreements were recognized as short-term portion of bank loans and financial liabilities on the interim condensed consolidated statement of financial position as of September 30, 2025 due to the acceleration of the repayment dates. For the three and nine months ended September 30, 2025, the Group recognized $15.6 million in interest expense in connection with the exercise of the purchase options and updated repayment dates for these financial liabilities.

See Note 19 for events taking place subsequent to September 30, 2025.

SACE Financing

SACE SpA (“SACE”), which manages the official export credit guarantee scheme on behalf and for account of the Italian Government, provides an insurance policy to the lenders covering 100% of the principal and interest of a facility amount. The Group has entered into loan agreements for 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 will be, or has been, drawn down upon delivery of the related ocean ship. 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 “Facility”). 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, the first of which is generally due six months after the drawdown at delivery. In June 2025, the Group drew down $430.5 million on the SACE Financing upon delivery of the Viking Vesta. As of September 30, 2025, the SACE Financing includes outstanding loan balances related to the €316.6 million Neptune loan, the €316.6 million Saturn loan, the $401.0 million Vela loan and the $430.5 million Vesta loan. The Group took delivery of the Viking Neptune, Viking Saturn and Viking Vela in November 2022, April 2023 and December 2024, respectively. The SACE Financing will be available for drawdown in USD upon the delivery of the Viking Mira, Viking Libra, Viking Astrea, Viking Lyra, Ship XVII, Ship XVIII, Ship XIX and Ship XX. VCL and Viking Ocean Cruises II Ltd (“VOC II”), a subsidiary of the Group, have jointly and severally guaranteed the SACE Financing. Additionally, the Company has also jointly and severally guaranteed the loans (which are as yet undrawn) for Ship XVII, Ship XVIII, Ship XIX and Ship XX. The SACE Financing agreements contain certain covenants which are generally in line with the covenants of the Secured Notes and Unsecured Notes, described further below.

As the principal amounts of both the €316.6 million Neptune and the €316.6 million Saturn loans are outstanding in euros, the loan balances at each period end are translated to USD with changes recognized through currency gain (loss) in the interim condensed consolidated statements of operations. For the three months ended September 30, 2025 and 2024, the translation resulted in a currency gain of $0.3 million and a currency loss of $25.2 million, respectively, and a decrease to the loan balances of $0.3 million and an increase to the loan balances of $25.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the translation resulted in currency losses of $71.9 million and $6.2 million, respectively, and increases to the loan balances of $71.9 million and $6.2 million, respectively.

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Secured Notes

		September 30, 2025			December 31, 2024
Notes	Collateral	(in USD and thousands)
$675.0 million Secured Notes, fixed 5.000% due 2028	Viking Star, Viking Sea and Viking Sky	$	675,000		$	675,000
$350.0 million Secured Notes, fixed 5.625% due 2029	Viking Venus		350,000			350,000
Gross Secured Notes		$	1,025,000		$	1,025,000
Less: Secured Notes fees and discounts			(6,047	)		(7,499	)
Total Secured Notes		$	1,018,953		$	1,017,501

$675.0 Million 2028 Secured Notes

In February 2018, VOC Escrow Ltd, a wholly owned subsidiary that was subsequently merged into Viking Ocean Cruises Ltd, issued $675.0 million in principal amount of its 5.000% Senior Secured Notes due 2028 (the “2028 Secured Notes”) with semi-annual interest payments. The 2028 Secured Notes are guaranteed on a senior unsecured basis by the Company and VCL and on a senior secured basis by Viking Ocean Cruises Ship I Ltd, Viking Ocean Cruises Ship II Ltd and Viking Sea Ltd. The 2028 Secured Notes are secured on a first priority basis by mortgages granted by Viking Ocean Cruises Ship I Ltd, Viking Ocean Cruises Ship II Ltd and Viking Sea Ltd over the Viking Star, Viking Sky and Viking Sea, respectively, and certain of their other ship related assets.

$350.0 Million 2029 Secured Notes

In February 2021, Viking Ocean Cruises Ship VII Ltd (“Ship VII”), a wholly owned subsidiary, issued $350.0 million in principal amount of its 5.625% Senior Secured Notes due 2029 (the “2029 Secured Notes” and collectively with the 2028 Secured Notes, the “Secured Notes”) with semi-annual interest payments. The net proceeds from the 2029 Secured Notes were used to pay the remaining contract price for the Viking Venus. The 2029 Secured Notes are secured on a first priority basis by a mortgage granted by Ship VII over the Viking Venus and certain of its other ship related assets. The 2029 Secured Notes are guaranteed on a senior unsecured basis by the Company and VCL.

The indentures governing the Secured Notes contain customary negative covenants applicable to VCL and its restricted subsidiaries, subject to a number of important exceptions and qualifications, including, without limitation, covenants restricting indebtedness, liens, investments, mergers, affiliate transactions, asset sales, prepayment of indebtedness and dividends and other distributions. VCL and its restricted subsidiaries are generally permitted to incur secured vessel financings for up to 80% of a vessel’s value.

In addition, the indentures governing the Secured Notes contain a cross-acceleration provision whereby the failure by VCL or any of its restricted 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 Secured Notes. Pursuant to the indentures governing the Secured Notes, the issuers or the guarantors also entered into security documents containing customary insurance requirements.

The Secured Notes do not contain any financial maintenance covenants.

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Unsecured Notes

		September 30, 2025			December 31, 2024
Notes	Purpose	(in USD and thousands)
$250.0 million VCL Notes, fixed 6.250% due 2025	General corporate purposes, including without limitation working capital, capital expenditures, repayment of outstanding indebtedness and the acquisition of river vessels or ocean ships	$	—		$	250,000
$825.0 million VCL Notes, fixed 5.875% due 2027	To fund the tender offer and redemption of the 2022 VCL Notes and general corporate purposes		825,000			825,000
$500.0 million VCL Notes, fixed 7.000% due 2029	General corporate purposes		500,000			500,000
$720.0 million VCL Notes, fixed 9.125% due 2031	To fund the redemption of the 13.000% Senior Secured Notes due 2025		720,000			720,000
Gross Unsecured Notes		$	2,045,000		$	2,295,000
Less: Unsecured Notes fees and discounts, net of premiums			(13,297	)		(20,349	)
Total Unsecured Notes		$	2,031,703		$	2,274,651
Less: Short-term portion of Unsecured Notes			—			(249,650	)
Long-term portion of Unsecured Notes		$	2,031,703		$	2,025,001

$250.0 Million 2025 VCL Notes

In May 2015, VCL issued $250.0 million in principal amount of the 6.250% Senior Notes due 2025 (the “2025 VCL Notes”) with semi-annual interest payments. The Company and certain of the Group’s subsidiaries jointly and severally guaranteed the 2025 VCL Notes on a senior basis. In May 2025, the Group repaid the 2025 VCL Notes at their maturity.

$825.0 Million 2027 VCL Notes

In September 2017, VCL issued $550.0 million in principal amount of the 5.875% Senior Notes due 2027 (the “2027 VCL Notes”) with semi-annual interest payments. In February 2018, VCL issued $275.0 million in principal amount of additional 2027 VCL Notes. The Company and certain of the Group’s subsidiaries jointly and severally guarantee the 2027 VCL Notes on a senior basis. In September 2025, VCL issued a notice of redemption to redeem all outstanding 2027 VCL Notes conditioned upon the closing of VCL’s offering of $1,700.0 million in principal amount of 5.875% Senior Notes due 2033 (the “2033 VCL Notes”), which closed in October 2025. For the three and nine months ended September 30, 2025, the Group recognized $3.6 million in interest expense in connection with the notice of redemption of the 2027 VCL Notes. As the redemption of the 2027 VCL Notes was contingent on the closing of the offering of the 2033 VCL Notes, which occurred in October 2025, the 2027 VCL Notes continued to be outstanding as of September 30, 2025 and were included in long-term portion of Unsecured Notes on the interim condensed consolidated statement of financial position.

See Note 19 for events taking place subsequent to September 30, 2025.

$500.0 Million 2029 VCL Notes

In 2021, VCL issued $500.0 million in principal amount of its 7.000% Senior Notes due 2029 (the “2029 VCL Notes”) with semi-annual interest payments. The 2029 VCL Notes are guaranteed by the Company and the same subsidiaries that guarantee the 2027 VCL Notes, except for Viking Catering AG.

$720.0 Million 2031 VCL Notes

In June 2023, VCL issued $720.0 million in principal amount of its 9.125% Senior Notes due 2031 (the “2031 VCL Notes” and, together with the 2027 VCL Notes and the 2029 VCL Notes, the “Unsecured Notes”) with semi-annual interest payments. The 2031 VCL Notes are guaranteed by the Company and the same subsidiaries that guarantee the 2027 VCL Notes, except for Viking Catering AG and Passenger Fleet LLC.

The indentures governing the Unsecured Notes contain customary negative covenants applicable to VCL and its restricted subsidiaries, subject to a number of important exceptions and qualifications, including, without limitation, covenants restricting indebtedness, liens, investments, mergers, affiliate transactions, asset sales, prepayment of indebtedness and dividends and other distributions. VCL and its restricted subsidiaries are generally permitted to incur secured vessel financings for up to 80% of a vessel’s value.

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In addition, the indentures governing the Unsecured Notes contain a cross-acceleration provision whereby the failure by VCL or any of its restricted 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 Unsecured Notes.

The Unsecured Notes do not contain any financial maintenance covenants.

The indentures governing the Secured Notes and Unsecured Notes include covenants that 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.

Revolving Credit Facility

In June 2024, VCL entered into a credit agreement for a five-year revolving credit facility in an aggregate principal amount of $375.0 million (the “Revolving Credit Facility”). 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 of 1.50% to 2.50% for SOFR loans and from a base rate plus a margin of 0.50% to 1.50% for base rate loans. VCL will also pay a commitment fee between 0.30% to 0.35%, payable quarterly, on the average daily unused amount of the Revolving Credit Facility. Proceeds from the Revolving Credit Facility will be used to make revolving loans to VRC AG, an indirect wholly-owned subsidiary of VCL, pursuant to an intercompany revolving loan agreement, the proceeds of which will be used by VRC AG to finance ongoing working capital requirements and for other general corporate purposes. The obligations of VCL under the Revolving Credit Facility are guaranteed by the Company and certain of VCL’s direct and indirect wholly-owned subsidiaries and are secured by VCL’s rights under the intercompany loan agreement with VRC AG, which is secured by mortgages over the following river vessels: Viking Odin, Viking Idun, Viking Freya, Viking Njord, Viking Eistla, Viking Bestla, Viking Embla, Viking Aegir, Viking Skadi, Viking Bragi, Viking Tor, Viking Var, Viking Forseti, Viking Rinda, Viking Jarl, Viking Atla, Viking Gullveig, Viking Ingvi and Viking Alsvin. As of September 30, 2025, the Group had no amounts 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 restricted subsidiaries are generally permitted to incur secured vessel financings for up to 80% of a vessel’s value.

See Note 19 for events taking place subsequent to September 30, 2025.

Undrawn borrowing facilities

As of September 30, 2025, the Group had signed SACE Financing agreements for the Viking Mira, Viking Libra, Viking Astrea, Viking Lyra, Ship XVII, Ship XVIII, Ship XIX and Ship XX, which will be drawn down upon the delivery of each such ship. See Note 15. As of September 30, 2025, the Group also had a loan agreement for €167.5 million to finance four Longships and one Longship-Seine scheduled for delivery in 2026. In October 2025, the Group cancelled the €167.5 million loan agreement prior to any amounts being drawn down.

SHARE CAPITAL

Share Capital Structure

As of September 30, 2025 and December 31, 2024, the authorized, issued and outstanding share capital was as follows:

	As of September 30, 2025						As of December 31, 2024
	Shares Authorized		Shares Issued		SharesOutstanding		Shares Authorized		Shares Issued		SharesOutstanding
Ordinary Shares		1,329,120,000		321,010,406		315,839,182		1,329,120,000		320,121,800		314,950,576
Special Shares		156,000,000		127,771,124		127,771,124		156,000,000		127,771,124		127,771,124

IPO and Warrants

On May 3, 2024, the Company closed its initial public offering (the “IPO”) of its ordinary shares. The Company issued 11,000,000 ordinary shares at a public offering price of $24.00 per share. The Company received net proceeds of $243.9 million after deducting underwriting discounts and commissions of $13.2 million and other offering expenses of $6.9 million. In connection with the Company’s IPO, all outstanding preference shares and Series C Preference Shares converted into ordinary shares on a one-for-one basis (the “Conversion Event”). All authorized Series C Preference Shares, preference shares and non-voting ordinary shares were also redesignated into authorized ordinary shares.

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Additionally, upon the consummation of the IPO, the liquidity condition of the restricted share units (“RSUs”) granted prior to the IPO was satisfied, resulting in the vesting of 16,251,664 outstanding RSUs. To satisfy the tax withholding requirements related to the vesting of 16,251,664 outstanding RSUs, the Company withheld 5,171,224 ordinary shares (the “RSU Net Settlement”). Based on the IPO price of $24.00 per ordinary share, the RSU Net Settlement resulted in a $124.1 million increase in treasury shares.

Series C Private Placement Derivative

The Company’s previously issued Series C Preference Shares were accounted for at fair value as a financial liability as certain conversion features under the Company’s bye laws in effect prior to the IPO were not within the control of the Company and could have been cash settled. The equity conversion features were bifurcated from the liability as an embedded derivative (the “Private Placement derivative”). For the nine months ended September 30, 2024, the Company recognized Private Placement derivative losses of $364.2 million related to the remeasurement of the Private Placement derivative prior to the conversion of the Series C Preference Shares to ordinary shares. As of the Conversion Event, the fair values of the Private Placement derivative and the Private Placement liability were $3,005.0 million and $1,398.0 million, respectively. The Private Placement liability and the Private Placement derivative were derecognized as of the Conversion Event, which resulted in a $1.8 million increase in share capital and a $4,401.1 million increase in share premium. Upon conversion to ordinary shares, the Private Placement liability and derivative were no longer outstanding.

Additionally, prior to the IPO, in preference to the holders of the ordinary shares, non-voting ordinary shares, special shares and preference shares, the Series C Preference Shares were entitled to receive dividends on a periodic basis (“Series C Preferential Dividend”). For the nine months ended September 30, 2024, the Company recognized $28.6 million in interest expense related to the Series C Preferential Dividend, which was paid prior to the IPO in the second quarter of 2024.

Warrants

The Company previously issued two warrants for 8,733,400 ordinary shares to VCAP, which were accounted for at fair value as a financial liability because the terms required the Company to potentially issue a variable number of ordinary shares in the future. For the three and nine months ended September 30, 2024, the Company recognized losses of $18.6 million and $165.3 million, respectively, on the remeasurement of the warrant liability through other financial income (loss) in the interim condensed consolidated statements of operations. In November 2024, all of the warrants vested and were exercised, and the associated liability ceased to be outstanding.

Dividend Activity

For the nine months ended September 30, 2024, the Company declared and paid $7.2 million in dividends related to ordinary shares. For the nine months ended September 30, 2024, the Company declared and paid $11.0 million in dividends related to special shares and preference shares. All dividends for the nine months ended September 30, 2024 were declared and paid prior to the IPO.

STOCK BASED COMPENSATION

The Company maintains the Viking Holdings Ltd Second Amended and Restated 2018 Equity Incentive Plan (the “2018 Incentive Plan”). As of September 30, 2025, the Company had reserved 59,027,217 ordinary shares for issuance under the 2018 Incentive Plan, of which 20,929,115 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 September 30, 2025, the Company had reserved 9,107,217 ordinary shares for issuance pursuant to a series of purchase rights under the 2024 ESPP. 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) 4,680,000 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. As of September 30, 2025, no ordinary shares had been issued pursuant to the 2024 ESPP.

For the three months ended September 30, 2025, the Group recognized stock based compensation expense of $28.1 million, comprised of $22.4 million related to RSUs, $5.1 million related to Performance RSUs (the “PSUs”) and $0.6 million related to the 2024 ESPP. For the nine months ended September 30, 2025, the Group recognized stock based compensation expense of $64.5 million, comprised of $54.5 million related to RSUs , $9.4 million related to PSUs and $0.6 million related to the 2024 ESPP. For the three and nine months ended September 30, 2024, the Group recognized stock based compensation expense of $3.5 million and $10.5 million, respectively, all of which related to RSUs. Other paid-in equity also includes certain income tax effects related to the stock based awards.

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The terms of the Group’s stock based awards are described in the Group’s annual consolidated financial statements as of and for the year ended December 31, 2024.

RSUs

For the nine months ended September 30, 2025, RSU activity was as follows:

	Number of RSUs			Weighted-Average Grant-date Fair Value
Outstanding at January 1, 2025		1,343,777		$	21.87
Granted during the year		1,961,956			52.29
Forfeited during the year		(24,233	)		23.83
Outstanding at September 30, 2025		3,281,500		$	40.04

As of September 30, 2025, the Group had $68.0 million of total unrecognized compensation expense related to RSUs, which will be recognized over the weighted average period of 1.4 years.

PSUs

In February 2025, the Company granted 267,080 PSUs, reflected at target, 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, 2025 to December 31, 2027, 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. Each reporting period, the Group remeasures stock-based compensation expense for the PSUs based on the best estimate of the number of ordinary shares that will be issued upon vesting and the timing of such vesting. The aggregate fair value of the PSUs granted in February 2025 was $14.1 million, reflected at target.

Stock options

For the nine months ended September 30, 2025, stock option activity was as follows:

	Number of Options			Weighted-Average Exercise Price			Weighted Average Share Price on Exercise Date		Weighted-Average Remaining Contractual Term (in years)
Outstanding at January 1, 2025		2,128,724		$	15.81					2.2
Exercised during the year		(888,606	)	$	13.83		$	48.80
Outstanding at September 30, 2025		1,240,118		$	17.22	(1)				1.6
Exercisable at September 30, 2025		1,240,118		$	17.22	(1)				1.6

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

NET INCOME PER SHARE

The rights, including dividend rights, of the ordinary shares and special shares are substantially identical, other than voting rights.

Basic net income per share (“Basic EPS”) is computed by dividing net income attributable to ordinary shares and special shares by the weighted-average number of ordinary shares and special shares outstanding during each period. Net income attributable to ordinary shares and special shares is determined in accordance with their rights to income and losses, as described in the Group’s annual consolidated financial statements.

To compute diluted net income per share (“Diluted EPS”), the Group adjusts the numerator and the denominator of Basic EPS. The Group adjusts net income attributable to ordinary shares and special shares for the changes in net income (loss) that would result from the conversion of dilutive potential ordinary shares to ordinary shares. Prior to the IPO, the adjustments to net income (loss) attributable to ordinary shares and special shares could also include changes in how the net income (loss) would be allocated to ordinary shares and special shares if dilutive potential ordinary shares converted to ordinary shares. 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.

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For the three and nine months ended September 30, 2025, potential ordinary shares included stock based awards. For the three months ended September 30, 2024, potential ordinary shares included stock based awards and the warrants. For the nine months ended September 30, 2024, potential ordinary shares included preference shares prior to the Conversion Event, Series C Preference Shares prior to the Conversion Event, stock based awards beginning from the Conversion Event and the warrants. See Note 11.

Prior to the IPO, stock based awards were not potential ordinary shares because the underlying shares of the stock based awards were non-voting ordinary shares. While non-voting ordinary shares were considered a class of ordinary shares, because non-voting ordinary shares were not entitled to dividends, they were allocated no earnings or losses when calculating Basic EPS and Diluted EPS. As a result, Basic EPS and Diluted EPS for non-voting ordinary shares were zero in all periods when non-voting ordinary shares were outstanding. In connection with the consummation of the IPO, the Company’s share capital no longer includes non-voting ordinary shares.

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

	Three Months Ended				Nine Months Ended
(in USD and thousands, except per share data)	September 30,				September 30,
Basic EPS	2025		2024		2025		2024
Numerator
Net income attributable to Viking Holdings Ltd	$	514,089	$	380,030	$	847,664	$	48,651
Net income allocated to shares other than ordinary shares and special shares		—		—		—		7,091
Net income allocated to ordinary shares and special shares	$	514,089	$	380,030	$	847,664	$	41,560
Denominator
Weighted-average ordinary shares and special shares		443,520		431,604		443,221		339,779
Basic EPS	$	1.16	$	0.88	$	1.91	$	0.12
	Three Months Ended				Nine Months Ended
(in USD and thousands, except per share data)	September 30,				September 30,
Diluted EPS	2025		2024		2025		2024
Numerator
Net income allocated to ordinary shares and special shares - Basic	$	514,089	$	380,030	$	847,664	$	41,560
Reallocation of income		—		—		—		212
Net income allocated to ordinary shares and special shares - Diluted	$	514,089	$	380,030	$	847,664	$	41,772
Denominator
Weighted-average ordinary shares and special shares - Basic		443,520		431,604		443,221		339,779
Dilutive effect of stock based awards		3,118		3,917		2,743		2,143
Weighted-average ordinary shares and special shares - Diluted		446,638		435,521		445,964		341,922
Diluted EPS	$	1.15	$	0.87	$	1.90	$	0.12

For the three and nine months ended September 30, 2025 and 2024, the weighted-average number of potential ordinary shares that were not included in the Diluted EPS calculations because they would be anti-dilutive were as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands)	2025	2024	2025	2024
Series C Preference Shares	N/A	N/A	N/A	80,701
Warrants	N/A	8,731	N/A	8,731
Preference Shares	N/A	N/A	N/A	1,454
Stock based awards	123	—	331	—

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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 18). 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, such as the Viking Yi Dun, 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 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. Ocean and expedition ships include ships for both Ocean and Expedition. See Note 8. River vessel charters and ocean ship accommodation agreements are recognized as right-of-use assets.

The Group typically finances its vessels and ships with loans or financial liabilities that are secured by the related vessels and ships. See Note 10.

Set forth below are results for the Group’s segments for the nine months ended September 30, 2025 and 2024:

	Nine Months Ended September 30, 2025
(in USD and thousands)	River			Ocean			Other			Total
Total revenue	$	2,203,230		$	2,147,886		$	425,945		$	4,777,061
Total cruise operating expenses		(1,280,195	)		(1,133,676	)		(259,060	)		(2,672,931	)
Other operating expenses
Selling and administration		(343,747	)		(285,712	)		(129,738	)		(759,197	)
Depreciation and amortization		(69,794	)		(103,927	)		(30,235	)		(203,956	)
Total other operating expenses		(413,541	)		(389,639	)		(159,973	)		(963,153	)
Operating income	$	509,494		$	624,571		$	6,912		$	1,140,977

	Nine Months Ended September 30, 2024
(in USD and thousands)	River			Ocean			Other			Total
Total revenue	$	1,937,289		$	1,684,506		$	362,358		$	3,984,153
Total cruise operating expenses		(1,146,990	)		(922,988	)		(221,667	)		(2,291,645	)
Other operating expenses
Selling and administration		(326,763	)		(221,946	)		(110,680	)		(659,389	)
Depreciation and amortization		(72,387	)		(84,056	)		(32,556	)		(188,999	)
Total other operating expenses		(399,150	)		(306,002	)		(143,236	)		(848,388	)
Operating income (loss)	$	391,149		$	455,516		$	(2,545	)	$	844,120

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COMMITMENTS AND CONTINGENCIES

Viking newbuilding program

River Newbuilds and Charters

A summary of the river newbuilding program as of September 30, 2025 is outlined below, assuming a euro to USD exchange rate of 1.15. In the first quarter of 2025, the Group entered into shipbuilding contracts for four Longships for delivery in 2027, one Longship-Douro for delivery in 2027 and four Longships for delivery in 2028. In the second and third quarters of 2025, the Group agreed to updated delivery dates for certain river vessels, which are reflected below.

River Vessels	Number of Vessels	Aggregate Price(in USD andthousands)		Delivery Date
Longships	3	$	121,269	2025
Longship-Seine	1		40,566	2026
Longships	5		210,623	2026
Longships	4		220,572	2027
Longship-Douro	1		29,141	2027
Longships	4		223,792	2028
Total	18	$	845,963

In the first quarter of 2025, the Group secured the following options for additional river vessels:

River Vessels - Options	Number of Vessels	Delivery Date	Option Exercise Date
Longships	4	2029	September 30, 2026
Longships	4	2030	September 30, 2027

The Group has entered into raw materials agreements for five river vessels that will operate in Egypt. The Group expects these vessels to be delivered between 2025 and 2027.

See Note 19 for events taking place subsequent to September 30, 2025.

Ocean Newbuilds

A summary of the ocean newbuilding program as of September 30, 2025 is outlined below, assuming a euro to USD exchange rate of 1.15. Each new ocean ship will have 998 berths. The Group has obtained financing for all ships, as described below.

Ocean Ships	Price(in USD and thousands)		Delivery Date
Viking Mira	$	524,320	2026
Viking Libra		524,320	2026
Viking Astrea		540,500	2027
Viking Lyra		540,500	2028
Ship XVII		593,400	2028
Ship XVIII		593,400	2029
Ship XIX		593,400	2030
Ship XX		593,400	2030
Total	$	4,503,240

In 2021 and 2022, the Group entered into SACE Financing for the Viking Mira, Viking Libra, Viking Astrea and Viking Lyra. In the first quarter of 2025, the Group entered into SACE Financing for Ship XVII, Ship XVIII, Ship XIX and Ship XX. 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. VCL and VOC II have jointly and severally guaranteed all of the Group’s SACE Financing. In addition, the Company jointly and severally guaranteed the loans for Ship XVII, Ship XVIII, Ship XIX and Ship XX.

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In the second quarter of 2025, the Group entered into shipbuilding contracts for the ships outlined below, assuming a euro to U.S. dollar exchange rate of 1.15. These shipbuilding contracts will not become effective until certain financing conditions are met. If the financing conditions for Ship XXI and Ship XXII have not been met by January 31, 2026, these contracts can be terminated by the Group or the shipyard.

Ocean Ships	Price(in USD and thousands)		Delivery Date
Ship XXI	$	643,885	2031
Ship XXII		643,885	2031
Total	$	1,287,770

In 2024 and 2025, the Group secured the following options for additional ocean ships:

Ocean Ships - Options	DeliveryDate	Option ExerciseDate
Ship XXIII	2032	July 31, 2026
Ship XXIV	2032	July 31, 2026
Ship XXV	2033	July 30, 2027
Ship XXVI	2033	July 30, 2027

Leases

In 2023, the Group entered into a charter agreement for the Viking Tonle, an 80-berth river vessel traveling through Vietnam and Cambodia. The lease has a term of 10 years, including estimated renewal periods. Upon commencement of the lease in September 2025, the Group recognized a $16.3 million right-of-use (“ROU”) asset and a $12.1 million lease liability related to the Viking Tonle. The ROU asset and lease liability include the amounts attributable to the use of the vessel asset, while amounts attributable to non-lease components for services are expensed as incurred and included in vessel operating in the interim condensed consolidated statements of operations.

The table below summarizes the timing of future cash payments of the Group’s lease liabilities based on contractual undiscounted cash flows as of September 30, 2025:

	September 30, 2025
(in USD and thousands)
3 months or less	$	10,325
4 to 12 months		33,584
1 to 5 years		153,823
Over 5 years		226,396
Total	$	424,128

The vessel charters and accommodation agreement 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, including certain payments related to the Viking Yi Dun accommodation agreement which are based on the number of passengers sailed. See Note 18.

The table above excludes amounts for executed lease agreements not yet commenced as of September 30, 2025 for underlying assets of which the Group has not yet obtained the right to control the use.

In 2024, the Group entered into a lease agreement for docking locations in Germany, which has an initial term of 12 years with renewal options to extend the term an additional 10 years. The contractual payments for the initial term are $15.0 million, assuming a euro to USD exchange rate of 1.15. The lease agreement for docking locations had not commenced as of September 30, 2025.

In the second quarter of 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 terms of nine seasons for each vessel are $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 2025 and 2026 seasons. As of September 30, 2025, the remaining portion of the contracts for the 2025 and 2026 seasons was 39,400 cubic meters. The contract prices are fixed for specified volumes and periods and depend on the place of delivery ranging from $60.30 to $81.30 per 100 liters, excluding taxes. The Group may incur fees for

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unused fuel amounts in the period of the contracts, which may be for non-usage or to roll over unused amounts into the following year. See Note 19 for events taking place subsequent to September 30, 2025.

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 associated with its deemed exposure 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.

HEDGING INSTRUMENTS

The Group is exposed to foreign currency fluctuations, primarily related to changes in USD/EUR exchange rates, related to its operations.

In 2023, the Group entered into forward foreign currency contracts to purchase €470.0 million at an average euro to USD exchange rate of 1.09. The forward foreign currency contracts matured at various dates in 2024 and were designated as cash flow hedges for the majority of the Group’s highly probable forecasted expenditures denominated in euros for direct costs of cruise, land and onboard and vessel operating expenses in 2024.

In 2024, the Group entered into forward foreign currency contracts to purchase €970.0 million at an average euro to USD exchange rate of 1.10. The forward foreign currency contracts mature at various dates in 2025 and 2026, and were designated as cash flow hedges for the majority of the Group’s highly probable forecasted expenditures denominated in euros for direct costs of cruise, land and onboard and vessel operating expenses in 2025 and 2026.

An economic relationship exists between the hedged items and the hedging instruments as the terms of the forward foreign currency contracts match the terms of the highly probable forecast transactions.

As of September 30, 2025 and December 31, 2024, the Group held the following forward foreign currency contracts:

	Maturity
	Less than 12 months		Greater than 12 months		Total
(in EUR and thousands)
Forward foreign currency contracts
As of September 30, 2025
Notional amount	€	492,750	€	107,650	€	600,400
Weighted-average forward price (EUR/USD)		1.10		1.11		1.10
As of December 31, 2024
Notional amount	€	470,000	$	500,000	€	970,000
Weighted-average forward price (EUR/USD)		1.10		1.10		1.10

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The impact of the hedging instruments on the interim condensed consolidated statements of financial position as of September 30, 2025 and December 31, 2024 was as follows:

	Notional amount		Carrying amount		Financial statement line item	Changes in fair value (gain/(loss)) used for calculating hedge ineffectiveness
(in USD and thousands except notional amount in EUR and thousands)
Forward foreign currency contracts
As of September 30, 2025	€	600,400	$	42,022	Prepaid expenses and other current assets	$	107,739
			$	9,163	Other non-current assets
As of December 31, 2024	€	970,000	$	24,802	Accrued expenses and other current liabilities	$	(53,886	)
			$	14,995	Other non-current liabilities

For the three and nine months ended September 30, 2025 and 2024, the effect of the cash flow hedges in the interim condensed consolidated statements of operations and the interim condensed consolidated statements of other comprehensive income (loss) was as follows:

	Amount of total hedging gain/(loss) recognized in the interim condensed consolidated statement of other comprehensive income (loss)			Amount of gain/(loss) reclassified from the interim condensed consolidated statement of other comprehensive income (loss) to the interim condensed consolidated statement of operations			Interim condensed consolidated statement of operations line item
(in USD and thousands)
Highly probable forecasted expenditures
Three months ended September 30, 2025	$	(8,252	)	$	11,812		$5,019 Direct costs of cruise, land and onboard $6,793 Vessel operating
Three months ended September 30, 2024	$	24,279		$	893		$382 Direct costs of cruise, land and onboard $511 Vessel operating
Nine months ended September 30, 2025	$	107,739		$	16,757		$7,378 Direct costs of cruise, land and onboard $9,379 Vessel operating
Nine months ended September 30, 2024	$	2,989		$	(1,380	)	$(641) Direct costs of cruise, land and onboard $(739) Vessel operating

No hedge ineffectiveness was recognized in the interim condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024.

Set out below is a reconciliation of the cash flow hedge component of equity for the nine months ended September 30, 2025 and 2024:

	Cash flow hedge
	2025			2024
(in USD and thousands)
As of January 1	$	(39,797	)	$	9,315
Effective portion of changes in fair value arising from:
Forward foreign currency contracts - forecasted expenditures		107,739			2,989
Amount reclassified to the interim condensed consolidated statements of operations
Maturity of effective hedges		(16,757	)		1,380
As of September 30	$	51,185		$	13,684

The same reconciliation items presented above for components of equity apply to the components of other comprehensive income (loss) for the nine months ended September 30, 2025 and 2024.

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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Changes in Liabilities Arising from Financing Activities

	January 1, 2025		Principal payments			Proceeds from borrowings		Transaction costs incurred for borrowings			Reclassifications and other			September 30, 2025
(in USD and thousands)
Short-term portion of bank loans and financial liabilities	$	220,116	$	(188,373	)	$	—	$	—		$	1,026,665		$	1,058,408
Long-term portion of bank loans and financial liabilities		1,823,657		—			430,507		(41,912	)		(920,971	)		1,291,281
Secured Notes		1,017,501		—			—		—			1,452			1,018,953
Short-term portion of Unsecured Notes		249,650		(250,000	)		—		—			350			—
Long-term portion of Unsecured Notes		2,025,001		—			—		—			6,702			2,031,703
Short-term portion of lease liabilities		28,944		(23,325	)		—		—			21,560			27,179
Long-term portion of lease liabilities		207,594		—			—		—			11,260			218,854
Total liabilities from financing activities	$	5,572,463	$	(461,698	)	$	430,507	$	(41,912	)	$	147,018		$	5,646,378

	January 1, 2024		Principal payments			Series C Conversion to ordinary shares			Reclassifications and other			September 30, 2024
(in USD and thousands)
Short-term portion of bank loans and financial liabilities	$	253,020	$	(217,550	)	$	—		$	164,747		$	200,217
Long-term portion of bank loans and financial liabilities		1,757,372		(38,980	)		—			(144,225	)		1,574,167
Secured Notes		1,015,657		—			—			1,374			1,017,031
Short-term portion of Unsecured Notes		—		—			—			249,422			249,422
Long-term portion of Unsecured Notes		2,270,246		—			—			(246,229	)		2,024,017
Private Placement liability		1,394,552		—			(1,397,960	)		3,408			—
Short-term portion of lease liabilities		24,670		(20,535	)		—			24,882			29,017
Long-term portion of lease liabilities		227,956		—			—			(9,185	)		218,771
Total liabilities from financing activities	$	6,943,473	$	(277,065	)	$	(1,397,960	)	$	44,194		$	5,312,642

The ‘Reclassifications and other’ column primarily includes the effect of reclassification of long-term portion of bank loans and financial liabilities to short-term, amortization of debt issuance costs, foreign currency on loans and changes in lease liabilities other than principal payments.

Fair Value of Financial Assets and Liabilities

The carrying amounts of the Group’s financial assets and liabilities all approximate the fair values of those assets and liabilities as of September 30, 2025 and December 31, 2024, except for fixed interest bank loans and financial liabilities, and secured and unsecured notes, as outlined below:

	Carrying amount				Fair value
(in USD and thousands)	September 30,		December 31,		September 30,		December 31,
Financial assets	2025		2024		2025		2024
Forward foreign currency contracts	$	51,185	$	—	$	51,185	$	—
Accounts and other receivables and prepaid expenses and other current assets		10,134		11,122		10,134		11,122
Other non-current assets		44,941		41,987		44,941		41,987
Total financial assets	$	106,260	$	53,109	$	106,260	$	53,109
Total current	$	52,156	$	11,122	$	52,156	$	11,122
Total non-current	$	54,104	$	41,987	$	54,104	$	41,987
	Carrying amount				Fair value
(in USD and thousands)	September 30,		December 31,		September 30,		December 31,
Financial liabilities	2025		2024		2025		2024
Forward foreign currency contracts	$	—	$	39,797	$	—	$	39,797
Bank loans and financial liabilities		2,349,689		2,043,773		2,480,888		2,084,552
Secured Notes		1,018,953		1,017,501		1,023,020		1,001,756
Unsecured Notes		2,031,703		2,274,651		2,102,680		2,345,481
Other non-current liabilities		2,766		1,991		2,766		1,991
Total financial liabilities	$	5,403,111	$	5,377,713	$	5,609,354	$	5,473,577
Total current	$	1,058,408	$	494,568	$	1,117,506	$	499,237
Total non-current	$	4,344,703	$	4,883,145	$	4,491,848	$	4,974,340

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Fair Value Hierarchy

The following hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available:

Level 1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.

Level 2 – Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.

Level 3 – Significant unobservable inputs the Group believes market participants would use in pricing the asset or liability based on the best information available.

For assets and liabilities that are recognized in the interim financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group had no transfers between levels in the hierarchy during the three and nine months ended September 30, 2025 and 2024.

As of September 30, 2025 and December 31, 2024, designation within the fair value hierarchy for the Group’s financial assets and liabilities is outlined below:

	Carrying amount				Fair value
(in USD and thousands)	September 30,		December 31,		September 30,		December 31,
Financial assets	2025		2024		2025		2024
Level 1
Cash deposits	$	55,075	$	51,384	$	55,075	$	51,384
Level 2
Forward foreign currency contracts		51,185		—		51,185		—
Other		—		1,725		—		1,725
Total financial assets	$	106,260	$	53,109	$	106,260	$	53,109
	Carrying amount				Fair value
(in USD and thousands)	September 30,		December 31,		September 30,		December 31,
Financial liabilities	2025		2024		2025		2024
Level 2
Forward foreign currency contracts	$	—	$	39,797	$	—	$	39,797
Bank loans and financial liabilities		2,349,689		2,043,773		2,480,888		2,084,552
Secured Notes		1,018,953		1,017,501		1,023,020		1,001,756
Unsecured Notes		2,031,703		2,274,651		2,102,680		2,345,481
Level 3
Other		2,766		1,991		2,766		1,991
Total financial liabilities	$	5,403,111	$	5,377,713	$	5,609,354	$	5,473,577

Financial assets and liabilities measured at amortized cost

The fair value of the Group’s fixed interest bank loans and financial liabilities were calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The Unsecured Notes and the Secured Notes use pricing from secondary markets for the Group’s issued notes that are observable for the notes throughout the duration of the term. The Group designated these financial liabilities as Level 2 fair value instruments as valuation techniques contain observable inputs used by market participants.

Financial assets and liabilities measured at fair value

Forward foreign currency contracts are designated as Level 2 fair value instruments as the fair values are measured based on inputs that are readily available in public markets or can be derived from information in publicly quoted markets. The valuation is determined using present value calculations that incorporate inputs such as foreign exchange spot and forward rates and yield curves of the respective currencies.

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TRANSACTIONS WITH RELATED PARTIES

Transactions with the China JV Investment

In 2020, the Group entered into an agreement with a subsidiary of China Merchants Group to together build a cruise line targeting the Chinese-speaking populations in China (the “China JV Investment”). The China JV Investment is comprised of two primary entities, CMV and Shenzhen China Merchants Viking Cruises Tourism Limited.

For each of the nine months ended September 30, 2025 and 2024, the Group contributed capital of $6.5 million to CMV. At the time of each of the capital contributions, the carrying amount of the Group’s investment in CMV was zero and the Group had not previously recognized its entire portion of CMV’s losses. Accordingly, $2.4 million and $6.5 million were recognized as losses and included in other financial income (loss) in the interim condensed consolidated statements of operations for the nine months ended September 30, 2025 and 2024, respectively. The carrying amount of the Group’s investment in CMV, which is included in other non-current assets on the interim condensed consolidated statements of financial position, was $4.1 million and $0.6 million as of September 30, 2025 and December 31, 2024, respectively.

In 2021, the Group sold an ocean ship, the Viking Yi Dun, to CMV. CMV financed the purchase and pursuant to the terms of the Group’s investment in CMV, VCL guaranteed 10% of CMV’s obligations under the financing, up to a maximum of $45.0 million.

In 2024, the Group entered into an accommodation agreement with CMV for all cabins on the Viking Yi Dun from the third quarter of 2024 until the end of 2026. The accommodation agreement includes both fixed and variable lease payments. For the nine months ended September 30, 2025 and 2024, the Group recognized vessel operating expenses related to non-lease components and variable lease payments for the Viking Yi Dun of $9.7 million and $3.0 million, respectively. For the nine months ended September 30, 2025 and 2024, the Group recognized depreciation expense related to the lease of $2.7 million and $0.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the Group recognized interest expense related to the lease of $0.3 million and $0.1 million, respectively.

The Group recognized services revenue in 2024 related to services performed prior to the first sailings under the accommodation agreement discussed above. For the three and nine months ended September 30, 2024, the Group recognized services revenue of $3.3 million and $11.3 million, respectively, which is included in onboard and other in the interim condensed consolidated statements of operations.

SUBSEQUENT EVENTS

Subsequent to September 30, 2025, the Group had the following significant events:

In October 2025, VCL issued $1,700.0 million in principal amount of its 5.875% Senior Notes due 2033. The 2033 VCL Notes are guaranteed by the Company and by VCL’s subsidiaries that guarantee the 2031 VCL Notes. A portion of the net proceeds from the 2033 VCL Notes were used to fund the redemption of all outstanding 2027 VCL Notes, including accrued and unpaid interest, and to pay costs and expenses related to the offering and the redemption. In the fourth quarter of 2025, the Group used a portion of the remaining net proceeds, together with cash on hand, to repay the remaining balances of the Viking Orion, the Viking Mars and the Viking Octantis charters. The balance of the net proceeds, together with cash on hand, will be used to repay the Viking Jupiter charter.

The indenture governing the 2033 VCL Notes contains certain restrictive covenants applicable to VCL and its principal subsidiaries restricting liens, sale and leaseback transactions and mergers (in the case of VCL only), subject to a number of important exceptions and qualifications. The Company, in its capacity as parent guarantor, is not subject to any of these restrictive covenants. VCL and its principal subsidiaries are generally permitted to incur liens securing vessel financings for up to 80% of a vessel’s value. In addition, the indenture governing the 2033 VCL Notes contains a cross-acceleration provision whereby certain specified events of default may cause the 2033 VCL Notes to be immediately due and payable. The 2033 VCL Notes do not contain any financial maintenance covenants.

In October 2025, the Group took delivery of the Viking Honir, a Longship, and the Viking Thoth, a river vessel that will operate in Egypt.

In October 2025, the Group cancelled the €167.5 million loan agreement that was previously entered into to finance four Longships and one Longship-Seine scheduled for delivery in 2026 prior to any amounts being drawn down.

In October 2025, the Group entered into a contract for a portion of its river fuel usage in Europe for the 2026 season. The contract prices are fixed for 40,000 cubic meters and depend on the place of delivery ranging from $59.30 to $73.20 per 100 liters, excluding taxes.

In October 2025, the Group entered into option agreements for eight river vessels, four of which have an exercise date of September 30, 2028, scheduled for delivery in 2031 and four have an exercise date of September 30, 2029, scheduled for delivery in 2032.

In November 2025, the Group amended and upsized its revolving credit facility to a total of $1.0 billion, extending the maturity date to November 14, 2030.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited interim condensed consolidated financial statements and the related notes to those statements included in Item 1 of this Report on Form 6-K (the “Report”). Unless the context requires otherwise, references in this section to “we,” “our,” “us” and “Viking” are to Viking Holdings Ltd (“VHL”) and its consolidated subsidiaries. We encourage you to read the audited annual consolidated financial statements, the unaudited interim condensed consolidated financial statements and the related notes thereto, as well as the information presented under “Selected Operational and Financial Metrics, including Non-IFRS Accounting Standards Measures,” which should be read together with the information presented herein. As described in our annual consolidated financial statements included in our Form 20-F filed with the SEC on March 11, 2025 (our “Annual Report”), we identified an error related to the capitalization of interest in the cost of our ships and revised our prior period interim financial statements to correct this error, including all impacted footnote disclosures. See Notes 2 and 28 to our annual consolidated financial statements for additional information.

Special Note Regarding Forward-Looking Statements

The discussion under this caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contains “forward‑looking statements,” as that term is defined in the U.S. federal securities laws. These forward‑looking statements include, but are not limited to, statements other than statements of historical facts contained in this Report, including among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs, the industry in which we operate and other similar matters. In some cases, we have identified forward‑looking statements in this Report by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.” These forward‑looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict or which are beyond our control.

Forward‑looking statements speak only as of the date of this Report. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. You should not place undue reliance on the forward‑looking statements included in this Report or that may be made elsewhere from time to time by us, or on our behalf. All forward‑looking statements attributable to us are expressly qualified by these cautionary statements.

Although we believe that our expectations are based on reasonable assumptions, our actual results may differ materially from those expressed in, or implied by, the forward‑looking statements included in this Report as a result of various factors, including, among others:

changes in the general worldwide economic and political environment;

adverse weather conditions or other natural disasters;

adverse incidents involving cruise ships;

disease outbreaks or pandemics;

the existence or threat of terrorist attacks, wars, acts of piracy and other events affecting the safety and security of travel;

increased costs, including airfare and fuel prices, as a result of inflation, rising interest rates or labor shortages;

fluctuations in foreign currency exchange rates;

changes in cruise capacity, demand and infrastructure;

the continued service of our senior management;

our ability to compete effectively in the cruise industry;

our ability to expand into new markets;

the impact of seasonality on our business;

our ability to effectively manage our growth;

increases in the cost of, or delays in, ship construction or ship repairs, maintenance or refurbishments;

the availability of attractive, convenient and safe port destinations;

our reliance on travel agencies;

the availability of, or increases in the prices or delays for, the services and products provided by third parties;

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the availability and cost of commercial airline services for guests;

changes in credit card processing terms and requirements, guest payment policies, or consumer protection legislation or regulations;

our ability to maintain and develop our premium brand;

our ability to protect our intellectual property;

breaches in data security or other disturbances to our information technology networks and operations;

our ability to generate sufficient cash to service all of our indebtedness or to obtain additional financing if necessary;

the adverse impacts of compliance or legal matters, including litigation;

additional trade, financial or economic sanctions;

changes in trade policies;

the application of, or amendments to, existing tax laws, rules or regulations or enactment of new tax laws, rules or regulations; and

other risks and uncertainties discussed under “Risk Factors”, “Qualitative and Quantitative Disclosure about Market Risk” and elsewhere in our filings with the United States Securities and Exchange Commission (the “SEC”).

These risks are not exhaustive. Other sections of this Report describe additional factors that could adversely affect our results of operations, financial condition, liquidity and the development of the industries in which we operate. New risks can emerge from time to time, and it is not possible for us to predict all such risks, nor can we assess the impact of all such risks on our business or the extent to which any risks, or combination of risks and other factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results.

Overview

Viking was founded in 1997 with four river vessels and a simple vision that travel could be more destination-focused and culturally immersive. Today, we have grown into one of the world’s leading travel companies, with a fleet of 103 small, state-of-the-art ships, which we view as floating hotels. From our iconic journeys on the world’s great rivers, including our Mississippi River itineraries, to our ocean voyages around the globe and our extraordinary expeditions to the ends of the earth, we offer meaningful travel experiences on all seven continents in all three categories of the cruise industry—river, ocean and expedition cruising.

We launched Viking River in 1997. Seeing unaddressed demand for a destination-focused product in the ocean cruise market, we launched Viking Ocean in 2015, which has since become our fastest growing segment. Looking beyond our primary source markets, we launched Asia Outbound with river cruises for the Mandarin-speaking market in 2016. In 2022, we further expanded our platform with Viking Expedition and Viking Mississippi. Each new product creates additional travel opportunities for past guests and broadens our platform to attract new guests.

In this section, references to (1) “Viking River” are to our river cruise product marketed to English-speaking passengers, excluding Viking Mississippi, (2) “Viking Ocean” are to our ocean cruise product marketed to English-speaking passengers, (3) “Viking Expedition” are to our expedition cruise product for travel to the Antarctic and Great Lakes regions, (4) “Viking Mississippi” are to the river cruise product for cruising the Mississippi River and (5) “Viking Asia” are to both our river and ocean cruise product for cruises in languages other than English (“Asia Outbound”) and our joint venture between us and China Merchants Shekou, a subsidiary of China Merchants Group. For Asia Outbound, we operated four Longships in 2024 and 2025.

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Booking Environment

Advance Bookings reflects the aggregate ticketed amount for guest bookings for our voyages at a specific point in time, and include bookings for cruises, land extensions and air. Advance Bookings does not reflect changes to guest reservations after the applicable specific point in time. Advance Bookings are presented in U.S. dollars. As guests from Australia, Canada and the United Kingdom make reservations in local currencies, the ticketed amounts are converted based on the relevant exchange rate. Advance Bookings includes redemptions of vouchers.

For Viking River, Viking Ocean, Viking Expedition and Viking Mississippi collectively, operating capacity is 12% higher for the 2025 season in comparison to the 2024 season and 9% higher for the 2026 season in comparison to the 2025 season. As of November 2, 2025, for the 2025 and 2026 seasons, we had sold 96% and 70%, respectively, of our Capacity PCDs and had $5,613 million and $4,925 million, respectively, of Advance Bookings. Advance Bookings were 21% and 14% higher in comparison to the 2024 and 2025 seasons, respectively, at the same point in time. Advance Bookings per PCD for the 2025 season was $782, 8% higher than the 2024 season at the same point in time and Advance Bookings per PCD for the 2026 season was $861, 6% higher than the 2025 season at the same point in time.

The following bullets contain additional information about Advance Bookings for Viking Ocean and Viking River for the 2025 and 2026 seasons as of November 2, 2025, compared with the 2024 and 2025 seasons, respectively, at the same point in time:

Viking Ocean:

Operating capacity is 18% higher for the 2025 season in comparison to the 2024 season. We had sold 95% of our Capacity PCDs for the 2025 season, and had $2,496 million of Advance Bookings, an increase of 29% compared to the same point in time for the 2024 season. Advance Bookings per PCD for the 2025 season was $717, compared to $661 at the same point in time for the 2024 season.

Operating capacity is 9% higher for the 2026 season in comparison to the 2025 season. We had sold 77% of our Capacity PCDs for the 2026 season, and had $2,393 million of Advance Bookings, an increase of 19% compared to the same point in time for the 2025 season. Advance Bookings per PCD for the 2026 season was $783, compared to $749 at the same point in time for the 2025 season.

Viking River:

Operating capacity is 6% higher for the 2025 season in comparison to the 2024 season. We had sold 96% of our Capacity PCDs for the 2025 season, and had $2,703 million of Advance Bookings, an increase of 16% compared to the same point in time for the 2024 season. Advance Bookings per PCD for the 2025 season was $820, compared to $758 at the same point in time for the 2024 season.

Operating capacity is 10% higher for the 2026 season in comparison to the 2025 season. We had sold 62% of our Capacity PCDs for the 2026 season, and had $2,152 million of Advance Bookings, an increase of 9% compared to the same point in time for the 2025 season. Advance Bookings per PCD for the 2026 season was $920, compared to $853 at the same point in time for the 2025 season.

Key Factors Affecting Our Results of Operations

Key factors that have influenced our results of operations in the past and may also influence results in the future include:

Significant Early Bookings—We have historically been able to attain high levels of early bookings. Due to these bookings, we have insight into levels of guest demand, and can strategically allocate the ships in our fleet to optimize our revenue and Net Yield. For example, we may distribute a greater number of our Longships to regions with higher demand, or manage our capacity by consolidating passengers and taking one or more of our river ships out of service to reduce our operating costs. Additionally, the insights into guest demand inform our decisions for future ship commitments and allow us to coordinate our planned capacity growth with expected future demand. As cruise-related revenue is recognized over the duration of the cruise, our results of operations are affected by strategies we employed during prior periods. For instance, to obtain early bookings, a significant portion of the selling and administration expenses that we incur in a period supports revenues for future periods, including marketing and employee costs that support the growth of our fleet. We expect that our ability to attain high levels of early bookings for future seasons will impact our results for future periods.

Size of Our Fleet and Occupancy—Our operating results are highly correlated with the number of ships that we operate during a given period and our Occupancy. If we take delivery of additional ships, our potential Capacity PCDs increase, which may increase our revenue. In contrast, if we decide to take one or more of our ships out of service, our Capacity PCDs decrease, which we expect will lower our revenue. As of September 30, 2025, our fleet consisted of 87 river vessels, including the Viking Mississippi, 12 ocean ships, including the Viking Yi Dun, and two expedition ships.

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We strategically manage our fleet by adjusting the number of ships deployed to a particular region, or in total, to improve Occupancy and efficiently manage operating costs. Our early bookings enable us to best position our fleet to meet guest demand.

Seasonality—Our results are seasonal because while our ocean, expedition and Mississippi products operate year-round, the primary cruising season for our river product is from April to October, although some of our river cruises run longer seasons. Additionally, our highest Occupancy occurs during the Northern Hemisphere’s summer months. We recognize cruise-related revenue over the duration of the cruise and expense our marketing and employee costs when the related costs are incurred. As a result, the majority of our 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 our selling and administration expenses are consistent throughout the year. Though the growth of our fleet of year-round products will continue to reduce the seasonality in future periods, we expect the seasonality trend of our revenue and profits to continue.

Operating costs and expenses—Our operating costs and expenses are dependent on both macroeconomic factors and our strategic decisions. Inflation may increase our operating costs and expenses in future periods, including costs of labor, fuel and airfare. Inflation generally does not impact our ship commitments that are already under contract as a fixed price has already been agreed upon. Additionally, as a result of our early bookings, we may not be able to pass on increases in operating costs and expenses, including cost increases from our suppliers and changes in governmental fees and taxes, to our guests with existing bookings, though we are able to adjust pricing for future bookings. However, as a significant portion of our marketing expenses are discretionary, we are able to strategically deploy our resources based on current market conditions, our early bookings and other factors.

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Financial Presentation

Description of Certain Line Items

Revenue

Our revenue consists of:

Cruise and land, which includes revenue, net of discounts, earned primarily from cruises, air, land excursions, cancellation revenue and travel protection, net; and

Onboard and other, which primarily consists of revenue related to optional shore excursions, onboard bar revenue, shop revenue and other products offered during a cruise, and services revenue.

Expenses

Our operating costs and expenses consist of:

Commissions and transportation costs, which consists of commission payments made to third parties for selling our product and the cost of air and other transportation;

Direct costs of cruise, land and onboard, which primarily includes cost of land excursions shore excursions, credit card fees, transfer costs and onboard purchases;

Vessel operating, which primarily consists of costs to operate the vessels such as staff costs, fuel, emissions, food and hotel consumables, port charges, insurance, repair and maintenance, value added taxes, and charter costs for variable and non-lease components; and

Selling and administration, which primarily consists of costs associated with marketing costs, employee costs, office expenses, professional services and other administration costs.

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Selected Operational and Financial Metrics, including Non-IFRS Accounting Standards Financial Measures

We use certain non-IFRS Accounting Standards financial measures, such as Adjusted Gross Margin, Net Yield, Adjusted EBITDA, Adjusted Net Income (Loss) attributable to Viking Holdings Ltd, Adjusted EPS and vessel operating expenses excluding fuel to analyze our performance. We utilize Adjusted Gross Margin and Net Yield to manage our business because these measures reflect revenue earned net of certain direct variable costs. We also present certain non-IFRS Accounting Standards financial measures because we believe that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-IFRS Accounting Standards financial measures have limitations as analytical tools, may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS Accounting Standards.

Adjusted Earnings per Share or Adjusted EPS represents Adjusted Net Income (Loss) attributable to Viking Holdings Ltd divided by Adjusted Weighted-Average Shares Outstanding. We present Adjusted EPS because we believe it provides additional information to us and our investors about the earnings performance of our primary operating business.

Adjusted EBITDA represents EBITDA (consolidated net income (loss) adjusted for interest income, interest expense, income tax benefit (expense) and depreciation, amortization and impairment) as further adjusted for non-cash Private Placement derivative gains and losses, currency gains or losses, stock-based compensation expense, and other financial income (loss) (which includes forward gains and losses, gain or loss on disposition of assets, certain non-cash fair value adjustments, restructuring charges and non-recurring items). Adjusted EBITDA is a non-IFRS Accounting Standards financial measure and does not comply with IFRS Accounting Standards because it is adjusted to exclude certain cash and non-cash expenses. We present Adjusted EBITDA as a performance measure because we believe it facilitates a comparison of our consolidated operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business than measures under IFRS Accounting Standards can provide alone. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for an analysis of our results as reported under IFRS Accounting Standards. You should exercise caution in comparing our Adjusted EBITDA to Adjusted EBITDA of other companies.

Adjusted Gross Margin is gross margin adjusted for vessel operating and ship depreciation and impairment. Gross margin is calculated pursuant to IFRS Accounting Standards as total revenue less total cruise operating expenses and ship depreciation and impairment. Adjusted Gross Margin has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for an analysis of our results as reported under IFRS Accounting Standards.

Adjusted Net Income (Loss) attributable to Viking Holdings Ltd represents net income (loss) attributable to Viking Holdings Ltd excluding certain items that we believe are not part of our primary operating business and are not an indication of our future earnings performance. We believe that interest expense and Private Placement derivatives gain (loss) related to our Series C Preference Shares, warrants gain (loss), debt extinguishment and modification costs, gain (loss) on embedded derivatives associated with debt and financial liabilities, impairment charges and reversals and certain other gains and losses are not a part of our primary operating business and are not an indication of our future earnings performance.

Adjusted Weighted-Average Shares Outstanding represents the diluted weighted-average ordinary shares and special shares outstanding, adjusted for outstanding warrants and the impact of RSUs and stock options under the treasury stock method to the extent not included in diluted weighted-average ordinary shares outstanding, as further adjusted in 2024 to reflect the conversion of the Series C Preference Shares and preference shares as if it had occurred at the beginning of the year.

Capacity Passenger Cruise Days or Capacity PCDs with respect to any given period is a measurement of capacity that represents, for each ship operating during the relevant period, the number of berths multiplied by the number of Ship Operating Days, determined on an aggregated basis for all ships in operation during the relevant period.

Net Yield is Adjusted Gross Margin divided by Passenger Cruise Days. Due to early bookings by our passengers, our Net Yield for a given reporting period is affected by strategies we employed or events that occurred prior to the sailing year.

Occupancy is the ratio, expressed as a percentage, of Passenger Cruise Days to Capacity Passenger Cruise Days with respect to any given period. Contrary to many of our competitors, we do not allow more than two passengers to occupy a two berth stateroom. Additionally, we have guests who choose to travel alone and are willing to pay higher prices for single occupancy in a two berth stateroom. As a result, our Occupancy cannot exceed 100% and may be less than 100%, even if all our staterooms are booked.

Passenger Cruise Days or PCDs is the number of passengers carried for each cruise, with respect to any given period and for each ship operating during the relevant period, multiplied by the number of Ship Operating Days.

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Ship Operating Days is the number of days within any given period that a ship and vessel is in service and carrying cruise passengers, determined on an aggregated basis for all ships and vessels in operation during the relevant period.

Vessel operating expenses excluding fuel is vessel operating expenses less fuel expense. Management believes this is a relevant measure for evaluating our ability to control costs. Vessel operating expenses excluding fuel has limitations as an analytical tool because it excludes an expense necessary for conducting our operations, and should not be considered in isolation, or as a substitute for an analysis of our results as reported under IFRS Accounting Standards.

Results of Operations

Operating results for the three and nine months ended September 30, 2025 and 2024 are shown in the following table:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2025			2024			2025			2024
(in thousands, except per share data)
Consolidated Statements of Operations
Revenue
Cruise and land		$	1,858,420		$	1,564,842		$	4,448,582		$	3,710,665
Onboard and other			141,218			113,895			328,479			273,488
Total revenue			1,999,638			1,678,737			4,777,061			3,984,153
Cruise operating expenses
Commissions and transportation costs			(402,833	)		(366,616	)		(979,513	)		(850,104	)
Direct costs of cruise, land and onboard			(263,090	)		(213,254	)		(613,567	)		(502,204	)
Vessel operating			(392,245	)		(329,249	)		(1,079,851	)		(939,337	)
Total cruise operating expenses			(1,058,168	)		(909,119	)		(2,672,931	)		(2,291,645	)
Other operating expenses
Selling and administration			(267,042	)		(218,978	)		(759,197	)		(659,389	)
Depreciation and amortization			(69,716	)		(61,684	)		(203,956	)		(188,999	)
Total other operating expenses			(336,758	)		(280,662	)		(963,153	)		(848,388	)
	Operating income		604,712			488,956			1,140,977			844,120
Non-operating income (expense)
Interest income			17,607			16,758			57,504			49,965
Interest expense			(106,956	)		(84,434	)		(277,638	)		(294,090	)
Currency gain (loss)			4,545			(18,313	)		(58,307	)		(8,133	)
Private Placement derivative loss			—			—			—			(364,214	)
Other financial income (loss)			1,007			(18,359	)		(73	)		(164,882	)
Income before income taxes			520,915			384,608			862,463			62,766
Income tax expense			(6,906	)		(4,872	)		(14,669	)		(13,964	)
Net income		$	514,009		$	379,736		$	847,794		$	48,802
Net income attributable to Viking Holdings Ltd		$	514,089		$	380,030		$	847,664		$	48,651
Net (loss) income attributable to non-controlling interests		$	(80	)	$	(294	)	$	130		$	151
Weighted-average ordinary shares and special shares outstanding - Diluted			446,638			435,521			445,964			341,922
Net income per share attributable to ordinary and special shares - Diluted		$	1.15		$	0.87		$	1.90		$	0.12
Other Financial Data:
Adjusted EBITDA		$	703,538		$	554,299		$	1,409,328		$	1,042,439

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The following table reconciles net income, the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
(in thousands)
Net income	$	514,009		$	379,736		$	847,794		$	48,802
Interest income		(17,607	)		(16,758	)		(57,504	)		(49,965	)
Interest expense		106,956			84,434			277,638			294,090
Income tax expense		6,906			4,872			14,669			13,964
Depreciation and amortization		69,716			61,684			203,956			188,999
EBITDA		679,980			513,968			1,286,553			495,890
Private Placement derivative loss (a)		—			—			—			364,214
Warrants loss (b)		—			18,594			—			165,324
Other financial income		—			(52	)		—			(1,656	)
Currency (gain) loss		(4,545	)		18,313			58,307			8,133
Stock based compensation expense		28,103			3,476			64,468			10,534
Adjusted EBITDA	$	703,538		$	554,299		$	1,409,328		$	1,042,439

(a)	Private Placement derivative loss represented the non-cash loss on the remeasurement of the fair value of the derivatives associated with the Series C Preference Shares. The Series C Preference Shares automatically converted to ordinary shares immediately prior to the consummation of our IPO.
(b)	Warrants loss represented the non-cash loss on the remeasurement of the warrant liability and is included in other financial income (loss) on the interim condensed consolidated statements of operations. All warrants were exercised in November 2024, at which point the associated liability ceased to be outstanding.

The following tables show the calculation of Adjusted EPS for the three and nine months ended September 30, 2025 and 2024. Additionally, the following tables reconcile net income attributable to Viking Holdings Ltd, the most directly comparable IFRS Accounting Standards measure, to Adjusted Net Income (Loss) attributable to Viking Holdings Ltd and diluted weighted-average ordinary shares and special shares outstanding, the most directly comparable IFRS Accounting Standards measure, to Adjusted Weighted-Average Shares Outstanding for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
(in thousands, except Adjusted EPS)
Adjusted Net Income attributable to Viking Holdings Ltd	$	533,801	$	398,572	$	867,376	$	609,751
Adjusted Weighted-Average Shares Outstanding		446,638		444,254		445,964		432,810
Adjusted EPS	$	1.20	$	0.90	$	1.94	$	1.41

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025		2024			2025		2024
(in thousands)
Net income attributable to Viking Holdings Ltd	$	514,089	$	380,030		$	847,664	$	48,651
Interest expense and Private Placement derivatives loss related to Series C Preference Shares		—		—			—		396,207
Warrants loss		—		18,594			—		165,324
Loss (gain), net, for debt extinguishment and modification costs and embedded derivatives associated with debt and financial liabilities		19,712		(52	)		19,712		(431	)
Adjusted Net Income attributable to Viking Holdings Ltd	$	533,801	$	398,572		$	867,376	$	609,751

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
(in thousands)
Weighted average ordinary shares and special shares outstanding - Diluted		446,638		435,521		445,964		341,922
Outstanding warrants		—		8,733		—		8,733
Assumed conversion of Series C Preference Shares and preference shares at the beginning of 2024		—		—		—		82,155
Adjusted Weighted-Average Shares Outstanding		446,638		444,254		445,964		432,810

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The following table sets forth selected statistical and operating data on a consolidated basis:

Statistical and Operating Data	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Consolidated
Vessels operated (a)		93			87			93			87
Passengers		234,665			208,337			562,790			500,103
PCDs		2,161,872			1,908,364			5,327,502			4,730,050
Capacity PCDs		2,253,067			2,030,236			5,577,341			5,026,720
Occupancy		96.0	%		94.0	%		95.5	%		94.1	%
Adjusted Gross Margin (in thousands)	$	1,333,715		$	1,098,867		$	3,183,981		$	2,631,845
Net Yield	$	617		$	576		$	598		$	556
Vessel operating expenses (in thousands)	$	392,245		$	329,249		$	1,079,851		$	939,337
Vessel operating expenses excluding fuel (in thousands)	$	346,469		$	284,804		$	949,222		$	807,940
Vessel operating expenses per Capacity PCD	$	174		$	162		$	194		$	187
Vessel operating expenses excluding fuel per Capacity PCD	$	154		$	140		$	170		$	161

(a) Vessels operated includes chartered vessels and the Viking Yi Dun, which operated for select Viking Ocean itineraries and Asia Outbound sailings for the three and nine months ended September 30, 2025. The Viking Yi Dun also operated for select Viking Ocean itineraries for the three and nine months ended September 30, 2024.

The following table sets forth selected statistical and operating data for Viking River and for Viking Ocean:

Statistical and Operating Data	Nine Months Ended September 30,
	2025			2024
Viking River
Vessels operated (a)		75			70
Passengers		294,371			276,078
PCDs		2,323,743			2,192,888
Capacity PCDs		2,419,952			2,300,424
Occupancy		96.0	%		95.3	%
Adjusted Gross Margin (in thousands)	$	1,368,852		$	1,197,797
Net Yield	$	589		$	546
Viking Ocean
Vessels operated (b)		12			10
Passengers		219,687			188,764
PCDs		2,546,056			2,197,517
Capacity PCDs		2,667,812			2,312,910
Occupancy		95.4	%		95.0	%
Adjusted Gross Margin (in thousands)	$	1,504,509		$	1,171,083
Net Yield	$	591		$	533

(a) Vessels operated includes chartered vessels.

(b) Vessels operated includes the Viking Yi Dun, which operated for select Viking Ocean itineraries and Asia Outbound sailings for the nine months ended September 30, 2025. The Viking Yi Dun also operated for select Viking Ocean itineraries for the nine months ended September 30, 2024.

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The following table reconciles gross margin, the most directly comparable IFRS Accounting Standards measure, to Adjusted Gross Margin for the three and nine months ended September 30, 2025 and 2024 on a consolidated basis, for Viking River and for Viking Ocean:

Consolidated	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
(in thousands)
Total revenue	$	1,999,638		$	1,678,737		$	4,777,061		$	3,984,153
Total cruise operating expenses		(1,058,168	)		(909,119	)		(2,672,931	)		(2,291,645	)
Ship depreciation		(59,758	)		(52,449	)		(173,801	)		(159,437	)
Gross margin		881,712			717,169			1,930,329			1,533,071
Ship depreciation		59,758			52,449			173,801			159,437
Vessel operating		392,245			329,249			1,079,851			939,337
Adjusted Gross Margin	$	1,333,715		$	1,098,867		$	3,183,981		$	2,631,845

Viking River	Nine Months Ended
	September 30,
	2025			2024
(in thousands)
Total revenue	$	2,203,230		$	1,937,289
Total cruise operating expenses		(1,280,195	)		(1,146,990	)
Ship depreciation		(53,792	)		(57,045	)
Gross margin		869,243			733,254
Ship depreciation		53,792			57,045
Vessel operating		445,817			407,498
Adjusted Gross Margin	$	1,368,852		$	1,197,797

Viking Ocean	Nine Months Ended
	September 30,
	2025			2024
(in thousands)
Total revenue	$	2,147,886		$	1,684,506
Total cruise operating expenses		(1,133,676	)		(922,988	)
Ship depreciation		(94,365	)		(76,672	)
Gross margin		919,845			684,846
Ship depreciation		94,365			76,672
Vessel operating		490,299			409,565
Adjusted Gross Margin	$	1,504,509		$	1,171,083

The following table reconciles vessel operating expenses excluding fuel to vessel operating expenses, the most directly comparable IFRS Accounting Standards measure, for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
(in thousands)
Vessel operating expenses	$	392,245		$	329,249		$	1,079,851		$	939,337
Fuel expense		(45,776	)		(44,445	)		(130,629	)		(131,397	)
Vessel operating expenses excluding fuel	$	346,469		$	284,804		$	949,222		$	807,940

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Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

Revenues

Consolidated

Total revenue for the three months ended September 30, 2025 increased by $320.9 million, or 19.1%, to $1,999.6 million from $1,678.7 million for the same period in 2024.

Cruise and land increased by $293.6 million, or 18.8%, to $1,858.4 million for the three months ended September 30, 2025, from $1,564.8 million for the same period in 2024. Onboard and other increased by $27.3 million, or 24.0%, to $141.2 million for the three months ended September 30, 2025, from $113.9 million for the same period in 2024. These increases were primarily due to an increase in Capacity PCDs, higher Occupancy and higher revenue per PCD. During the three months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days related to the Viking Yi Dun accommodation agreement, which commenced in September 2024.

Viking River Segment

Total revenue for Viking River for the three months ended September 30, 2025 increased by $87.3 million, or 9.9%, to $967.4 million from $880.1 million for the same period in 2024. The increase was primarily due to higher revenue per PCD, an increase in Capacity PCDs and higher Occupancy. During the three months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 primarily due to the operation of four additional river vessels.

Viking Ocean Segment

Total revenue for our Viking Ocean segment for the three months ended September 30, 2025 increased by $212.4 million, or 32.0%, to $876.0 million from $663.6 million for the same period in 2024. The increase was primarily due to an increase in Capacity PCDs, higher Occupancy and higher revenue per PCD. During the three months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to the operation of two additional ocean ships.

Operating Costs and Expenses

Commissions and transportation costs increased by $36.2 million, or 9.9%, to $402.8 million for the three months ended September 30, 2025, from $366.6 million for the same period in 2024. The increase was primarily due to an increase in Capacity PCDs, higher Occupancy and higher revenue. During the three months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days for the Viking Yi Dun.

Direct costs of cruise, land and onboard increased by $49.8 million, or 23.3%, to $263.1 million for the three months ended September 30, 2025, from $213.3 million for the same period in 2024. The increase was primarily due to an increase in Capacity PCDs and higher Occupancy as well as an increase in our ancillary services. During the three months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days for the Viking Yi Dun.

Vessel operating increased by $63.0 million, or 19.1%, to $392.2 million for the three months ended September 30, 2025, from $329.2 million for the same period in 2024. During the three months ended September 30, 2025, vessels operated increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days for the Viking Yi Dun.

Selling and administration increased by $48.0 million, or 21.9%, to $267.0 million for the three months ended September 30, 2025, from $219.0 million for the same period in 2024. The increase was due to an increase in employee costs and an increase in selling costs, office and professional fees, primarily due to an increase in Capacity PCDs for future seasons.

Depreciation and amortization increased by $8.0 million, or 13.0%, to $69.7 million for the three months ended September 30, 2025, from $61.7 million for the same period in 2024.

The drivers of changes in operating costs and expenses for our Viking River and Viking Ocean segments are the same as those described for our consolidated results.

As a result of the foregoing, operating income was $604.7 million for the three months ended September 30, 2025, compared to $489.0 million for the same period in 2024.

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Non-operating Income (Expense)

Net interest expense increased by $21.6 million to $89.3 million for the three months ended September 30, 2025, from $67.7 million for the same period in 2024. The increase was primarily due to non-recurring charges of $19.3 million in connection with the exercise of the purchase option under the charter agreements for the Viking Orion, the Viking Jupiter, the Viking Octantis and the Viking Mars, and the notice of redemption of all outstanding 5.875% Senior Notes due 2027 (the “2027 VCL Notes”) in 2025. The increase was also due to a $10.6 million increase in interest expense related to the debt drawdown upon the delivery of the Viking Vela and the Viking Vesta in December 2024 and June 2025, respectively. These increases were partially offset by a net $8.3 million decrease in interest expense primarily due to the repayment of loans and financial liabilities.

Currency gain (loss) increased by $22.8 million to a gain of $4.5 million for the three months ended September 30, 2025, from a loss of $18.3 million for the same period in 2024. The gain was primarily due to unrealized gains related to cash and other financial assets held in euros and other non-U.S. dollar currencies, which create a natural offset with currency losses on non-U.S. dollar liabilities, partially offset by realized currency losses due to payments for operating costs and vendor payments incurred in non-U.S. dollar denominations.

Other financial income (loss) increased by $19.4 million to income of $1.0 million for the three months ended September 30, 2025, from a loss of $18.4 million for the same period in 2024. The increase was primarily due to an $18.6 million loss on the remeasurement of the warrant liability in 2024. All warrants were exercised in November 2024, at which point the associated liability ceased to be outstanding.

Income tax expense increased by $2.0 million to $6.9 million for the three months ended September 30, 2025, from $4.9 million for the same period in 2024.

Net Income

Net income increased by $134.3 million to $514.0 million for the three months ended September 30, 2025, from $379.7 million for the same period in 2024. The increase was primarily due to a $115.7 million increase in operating income due to the various factors described above and a $19.4 million increase in other financial income (loss) primarily due to the loss of the remeasurement of the warrant liability in 2024.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Revenues

Consolidated

Total revenue for the nine months ended September 30, 2025 increased by $792.9 million, or 19.9%, to $4,777.1 million from $3,984.2 million for the same period in 2024.

Cruise and land increased by $737.9 million, or 19.9%, to $4,448.6 million for the nine months ended September 30, 2025, from $3,710.7 million for the same period in 2024. Onboard and other increased by $55.0 million, or 20.1%, to $328.5 million for the nine months ended September 30, 2025, from $273.5 million for the same period in 2024. These increases were primarily due to an increase in Capacity PCDs, higher Occupancy and higher revenue per PCD. During the nine months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days related to the Viking Yi Dun accommodation agreement, which commenced in September 2024.

Viking River Segment

Total revenue for our Viking River segment for the nine months ended September 30, 2025 increased by $265.9 million, or 13.7%, to $2,203.2 million from $1,937.3 million for the same period in 2024. The increase was primarily due to higher revenue per PCD, an increase in Capacity PCDs and higher Occupancy. During the nine months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 primarily due to the operation of four additional river vessels.

Viking Ocean Segment

Total revenue for our Viking Ocean segment for the nine months ended September 30, 2025 increased by $463.4 million, or 27.5%, to $2,147.9 million from $1,684.5 million for the same period in 2024. The increase was primarily due to an increase in Capacity PCDs, higher Occupancy and higher revenue per PCD. During the nine months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to the operation of two additional ocean ships.

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Operating Costs and Expenses

Commissions and transportation costs increased by $129.4 million, or 15.2%, to $979.5 million for the nine months ended September 30, 2025, from $850.1 million for the same period in 2024. The increase was primarily due to an increase in Capacity PCDs, higher Occupancy and higher revenue. During the nine months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days for the Viking Yi Dun.

Direct costs of cruise, land and onboard increased by $111.4 million, or 22.2%, to $613.6 million for the nine months ended September 30, 2025, from $502.2 million for the same period in 2024. The increase was primarily due to an increase in Capacity PCDs and higher Occupancy as well as an increase in our ancillary services. During the nine months ended September 30, 2025, our Capacity PCDs increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days for the Viking Yi Dun.

Vessel operating increased by $140.6 million, or 15.0%, to $1,079.9 million for the nine months ended September 30, 2025, from $939.3 million for the same period in 2024. During the nine months ended September 30, 2025, vessels operated increased compared to the same period in 2024 due to growth in the fleet, including four additional river vessels and two additional ocean ships, and additional ship operating days for the Viking Yi Dun.

Selling and administration increased by $99.8 million, or 15.1%, to $759.2 million for the nine months ended September 30, 2025, from $659.4 million for the same period in 2024. The increase was due to an increase in employee costs and an increase in selling costs, office and professional fees, primarily due to an increase in Capacity PCDs for future seasons.

Depreciation and amortization increased by $15.0 million, or 7.9%, to $204.0 million for the nine months ended September 30, 2025, from $189.0 million for the same period in 2024. The increase was primarily due to growth in the fleet, including four additional river vessels, two additional ocean ships and the Viking Yi Dun accommodation agreement.

The drivers of changes in operating costs and expenses for our Viking River and Viking Ocean segments are the same as those described for our consolidated results.

As a result of the foregoing, operating income was $1,141.0 million for the nine months ended September 30, 2025, compared to $844.1 million for the same period in 2024.

Non-operating Income (Expense)

Net interest expense decreased by $24.0 million to $220.1 million for the nine months ended September 30, 2025, from $244.1 million for the same period in 2024. The decrease included $32.0 million in interest expense recognized in 2024 related to the Series C Preference Shares. Immediately prior to the consummation of our IPO, the Series C Preference Shares automatically converted to ordinary shares and upon conversion to ordinary shares, the Private Placement liability was no longer outstanding. Additionally, there was a net decrease in interest expense of $2.2 million related to repayment of loans, financial liabilities, net of drawdowns upon the delivery of new ships, and a $9.1 million net decrease in interest expense primarily related to an increase in interest income. These decreases were partially offset by non-recurring charges of $19.3 million in connection with the exercise of the purchase option under the charter agreements for the Viking Orion, the Viking Jupiter, the Viking Octantis and the Viking Mars, and the notice of redemption of all outstanding 2027 VCL Notes in 2025.

Currency loss increased by $50.2 million to $58.3 million for the nine months ended September 30, 2025, from $8.1 million for the same period in 2024. The loss was primarily due to unrealized losses for the €316.6 million Viking Neptune and €316.6 million Viking Saturn loans, which are both payable in euros and adjusted for currency translation, and realized currency losses due to payments for operating costs and vendor payments incurred in non-U.S. dollar denominations. These losses were partially reduced by currency gains related to cash and other financial assets held in euros and other non-U.S. dollar currencies, which create a natural offset with currency losses on non-U.S. dollar liabilities.

Private Placement derivative loss decreased by $364.2 million to nil for the nine months ended September 30, 2025, from $364.2 million for the same period in 2024. Immediately prior to the consummation of our IPO, the Series C Preference Shares automatically converted to ordinary shares and upon conversion to ordinary shares, the Private Placement derivative was no longer outstanding.

Other financial loss decreased by $164.8 million to $0.1 million for the nine months ended September 30, 2025, from $164.9 million for the same period in 2024. The decrease was primarily due to a $165.3 million loss on the remeasurement of the warrant liability in 2024. All warrants were exercised in November 2024, at which point the associated liability ceased to be outstanding.

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Income tax expense increased by $0.7 million to $14.7 million for the nine months ended September 30, 2025, from $14.0 million for the same period in 2024.

Net Income

Net income increased by $799.0 million to $847.8 million for the nine months ended September 30, 2025, from $48.8 million for the same period in 2024. The increase was primarily due to a $364.2 million loss on remeasurement of the Private Placement derivative, a $32.0 million in interest expense related to the Series C Preference Shares in 2024. Immediately prior to the consummation of our IPO, the Series C Preference Shares automatically converted to ordinary shares and upon conversion to ordinary shares, the Private Placement derivative and Private Placement liability were no longer outstanding. Additionally, there was a $164.8 million decrease in other financial loss primarily due to the loss of the remeasurement of the warrant liability in 2024. The increase was also due to a $296.9 million increase in operating income due to the various factors described above.

Liquidity and Capital Resources

Liquidity Management

Our liquidity requirements arise primarily from the need to fund working capital and capital expenditures for the expansion, refurbishment and maintenance of our fleet and to repay debt. Historically, we have obtained financing of up to 80% of our newbuild contract prices and issued debt and equity, when needed, to finance our cash needs and the growth of our business. Additionally, we collect significant deposits from bookings, which are recorded as deferred revenue and are recognized as revenue generally pro rata over the cruise period.

In June 2024, we entered into a credit agreement for a five-year Revolving Credit Facility (as defined below) in an aggregate principal amount of $375.0 million, and if drawn, the proceeds of which will be used by us to finance ongoing working capital requirements and for other general corporate purposes. As of September 30, 2025, we had no amounts drawn on the Revolving Credit Facility. In November 2025, we amended and upsized our revolving credit facility to a total of $1.0 billion, extending the maturity date to November 14, 2030.

In October 2025, Viking Cruises Ltd’s (“VCL”), a wholly owned subsidiary of the Company, issued $1,700.0 million in principal amount of 5.875 % Senior Notes due 2033 (the “2033 VCL Notes”). The net proceeds from the 2033 VCL Notes were used to fund the redemption of all outstanding 2027 VCL Notes, including accrued and unpaid interest, and to pay costs and expenses related to the offering of the 2033 VCL Notes (the “2033 Notes Offering”) and the redemption of the 2027 VCL Notes. The remaining net proceeds, together with cash on hand, were used to refinance the Viking Orion, the Viking Mars and the Viking Octantis charters in the fourth quarter of 2025, with any remaining balance of the proceeds, together with cash on hand, designated to refinance the Viking Jupiter charter.

As of September 30, 2025, we had $3,037.3 million in cash and cash equivalents and a working capital deficit of $2,257.9 million. The working capital deficit included $4,320.4 million of deferred revenue. We believe existing cash and cash equivalents and cash flows from operations and financing activities will continue to be sufficient to fund our operating activities and cash commitments for at least the next 12 months. Our liquidity requirements depend on several factors, many of which are beyond our control, as further described in our filings with the SEC.

Our liquidity requirements also include operating expenses, which have been impacted by elevated levels of inflation. We closely monitor costs and are cost conscious in managing our operations. We may work with multiple suppliers or source items from different markets to take advantage of cost competition. We may also look for opportunities to thoughtfully substitute lower cost alternatives, without compromising the quality of the guest experience. Where we anticipate elevated costs may be more sustained, we may enter into contracts with suppliers to lock in rates, such as for our river fuel. We are also strategic in the duration of our contracts to provide flexibility to take advantage of cost declines when they occur.

We collect a significant amount of deposits for cruise bookings from our customers well in advance of their cruise dates. Credit card and electronic transfer transactions that settle quickly are classified as cash and cash equivalents. Other credit card receivables are included in accounts and other receivables. We rely on multiple credit card processors for collection of customer funds for future cruises. Credit card processors can limit the funds they remit to us if they determine that they need to increase their reserve requirements on credit card processing activities, which could reduce our cash and cash equivalents and negatively impact our liquidity position.

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Sources and Uses of Cash

Set forth below is a summary of our cash flows for the nine months ended September 30, 2025 and 2024:

	Nine Months Ended
	September 30,
(in thousands)	2025			2024
Consolidated Statements of Cash Flows Data
Net cash flow from operating activities	$	1,722,503		$	1,711,489
Net cash flow used in investing activities		(819,417	)		(320,717	)
Net cash flow used in financing activities		(363,687	)		(522,134	)
Change in cash and cash equivalents		539,399			868,638
Effect of exchange rate changes on cash and cash equivalents		8,274			3,107
Net increase in cash and cash equivalents	$	547,673		$	871,745

Net Cash Flow from Operating Activities

Net cash flow from operating activities increased by $11.0 million to $1,722.5 million for the nine months ended September 30, 2025, compared to $1,711.5 million for the same period in 2024. The increase was primarily due to a $296.9 million increase in operating income partially offset by a $290.4 million lower increase in deferred revenue. Other changes primarily relate to timing differences in cash receipts and payments for various operating assets and liabilities.

Net Cash Flow used in Investing Activities

Net cash flow used in investing activities increased by $498.7 million to $819.4 million for the nine months ended September 30, 2025, compared to $320.7 million for the same period in 2024. The increase was primarily due to a $501.9 million increase in capital expenditures.

Net Cash Flow used in Financing Activities

Net cash flow used in financing activities decreased by $158.4 million to $363.7 million for the nine months ended September 30, 2025, compared to $522.1 million for the same period in 2024. The decrease was primarily due to an increase of $393.3 million in proceeds from borrowings related to the debt drawdown upon the delivery of the Viking Vesta in June 2025, $124.1 million in taxes paid related to net share settlement of equity awards in connection with the IPO in 2024, $41.8 million in lower interest paid and $18.1 million in lower dividends paid. These decreases were partially offset by $243.9 million in net proceeds from the IPO in 2024 and $181.8 million in higher loan repayments in 2025 primarily due to the repayment of $250.0 million in principal amount of VCL’s 6.250% Senior Notes due 2025 at their maturity.

Debt Obligations and Material Capital Commitments

The table below summarizes our significant short-term and long-term liquidity and capital resource needs, including principal and interest payments for debt and financial liabilities, shipbuilding obligations and vessel charter and accommodation agreement obligations, based on contractual undiscounted cash flows as of September 30, 2025. Shipbuilding obligations assume a euro to U.S. dollar exchange rate of 1.15:

	Total		Remainder of 2025		2026-2027		2028-2029		2030 - forward
(in thousands)
Debt obligations	$	5,550,585	$	956,943	$	1,204,741	$	1,840,737	$	1,548,164
Interest to be paid		1,033,979		28,828		491,561		292,050		221,540
Shipbuilding obligations		4,496,366		84,445		1,873,928		1,588,553		949,440
Vessel charter and accommodation agreement obligations		233,795		13,321		82,210		78,818		59,446
Total	$	11,314,725	$	1,083,537	$	3,652,440	$	3,800,158	$	2,778,590

The table above reflects obligations related to outstanding loan and contracted ship commitments as of September 30, 2025. Debt obligations are presented gross of loan costs of $150.2 million. Our debt obligations mature at various dates through 2037 and bear interest at fixed and variable rates. Future interest on variable rate debt as of September 30, 2025 is calculated based upon interest rates ranging from 5.57% to 7.26%. The table above does not reflect the 2033 Notes Offering or the related use of proceeds in connection with the 2033 Notes Offering. Shipbuilding obligations include purchase commitments for our newbuilds currently under contract as of September 30, 2025. As we make payments towards our newbuilds, our shipbuilding obligations are reduced. The table above only reflects ship commitments for shipyard

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newbuilding agreements or amendments that are effective as of September 30, 2025. Vessel charter and accommodation agreement obligations represent remaining amounts contractually committed for leased vessels and ships, excluding renewal options not yet exercised. Vessel charter and accommodation agreement obligations include payments for both asset and service components of the charters. The lease agreements for both the Viking Mississippi and the Viking Yi Dun include variable amounts, which are subject to change based on actual operating expenses or number of passengers.

The table above reflects our shipbuilding obligations at contract price before the impact of financing. See “— Newbuilding Program” for additional information about our shipbuilding obligations and any related financing. See Note 10 in the interim condensed consolidated financial statements for further information about our debt obligations.

We have financial maintenance covenants on certain of our river vessel financings that require Viking River Cruises Ltd (“VRC”), as guarantor, and Viking River Cruises AG (“VRC AG”), as borrower, to maintain at all times following the first drawdown, an aggregate amount of consolidated free liquidity, which includes cash and cash equivalents, marketable securities and receivables from credit card processors, equal to or greater than $75.0 million. As of September 30, 2025, VRC and VRC AG were in compliance with these financial maintenance covenants.

We also have covenants in our debt agreements that 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. See Note 10 in the interim condensed consolidated financial statements for further information about our debt agreements.

Newbuilding Program

Newbuilds increase our potential number of berths and Capacity PCDs. Each Longship has 190 berths and certain of our river vessels are Longship-like, but are designed to be able to navigate smaller rivers and have fewer berths. Longships for Asia Outbound have 182 berths. Each ocean ship has 930 or 998 berths and each new ocean ship will have 998 berths. Each expedition ship has 378 berths. The Viking Mississippi has 386 berths.

We generally have a variety of alternatives to finance our newbuilds. When we acquire options for newbuilds, we have no contractual or financial obligation to the shipyard until a contract for a newbuild is signed subject to certain conditions.

River Newbuilds and Charters

A summary of the river newbuilding program is outlined below, assuming a euro to U.S. dollar exchange rate of 1.15. In the first quarter of 2025, we entered into shipbuilding contracts for four Longships for delivery in 2027, one Longship-Douro for delivery in 2027 and four Longships for delivery in 2028. In the second and third quarter of 2025, we agreed to updated delivery dates for certain river vessels, which are reflected below.

River Vessels	Number of Vessels	Aggregate Price(in thousands)		Delivery Date
Longships	2	$	80,846	2025
Longship-Seine	1		40,566	2026
Longships	5		210,623	2026
Longships	4		220,572	2027
Longship-Douro	1		29,141	2027
Longships	4		223,792	2028
Total	17	$	805,540

In the first and fourth quarters of 2025, we secured the following options for additional river vessels:

River Vessels - Options	Number of Vessels	Delivery Date	Option Exercise Date
Longships	4	2029	September 30, 2026
Longships	4	2030	September 30, 2027
Longships	4	2031	September 30, 2028
Longships	4	2032	September 30, 2029

We have entered into raw materials agreements for four river vessels that will operate in Egypt. We expect these vessels to be delivered in 2026 and 2027.

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In the second quarter of 2025, we 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. We have options to extend the charters for three additional seasons.

Ocean Newbuilds

A summary of the ocean newbuilding program is outlined below, assuming a euro to U.S. dollar exchange rate of 1.15. Each new ocean ship will have 998 berths. The Viking Libra and the Viking Astrea will have a propulsion system based partially on liquefied hydrogen and fuel cells, capable of operating with zero emissions. We have obtained financing for all ships, as described below.

Ocean Ships	Price(in thousands)		Delivery Date
Viking Mira	$	524,320	2026
Viking Libra		524,320	2026
Viking Astrea		540,500	2027
Viking Lyra		540,500	2028
Ship XVII		593,400	2028
Ship XVIII		593,400	2029
Ship XIX		593,400	2030
Ship XX		593,400	2030
Total	$	4,503,240

In 2021 and 2022, we entered into SACE Financing for the Viking Mira, the Viking Libra, the Viking Astrea and the Viking Lyra. In the first quarter of 2025, we entered into SACE Financing for Ship XVII, Ship XVIII, Ship XIX and Ship XX. 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 U.S. dollars. SACE SpA, which manages the official export credit guarantee scheme on behalf and for account of the Italian Government, provided the lenders with an insurance policy covering 100% of the principal and interest of the facility amount. The interest rates for the loans are fixed. The loans are due in 12 years through 24 consecutive, semiannual, equal installments, the first of which is generally due six months after the drawdown at delivery. VCL and Viking Ocean Cruises II Ltd have jointly and severally guaranteed all of our SACE Financing. In addition, the Company jointly and severally guaranteed the loans for Ship XVII, Ship XVIII, Ship XIX and Ship XX.

In the second quarter of 2025, we entered into shipbuilding contracts for the ships outlined below, assuming a euro to U.S. dollar exchange rate of 1.15. These shipbuilding contracts will not become effective until certain financing conditions are met. If the financing conditions for Ship XXI and Ship XXII have not been met by January 31, 2026, these contracts can be terminated by us or the shipyard.

Ocean Ships	Price(in thousands)		Delivery Date
Ship XXI	$	643,885	2031
Ship XXII		643,885	2031
Total	$	1,287,770

In 2024 and 2025, we secured the following options for additional ocean ships:

Ocean Ships - Options	Delivery Date	Option Exercise Date
Ship XXIII	2032	July 31, 2026
Ship XXIV	2032	July 31, 2026
Ship XXV	2033	July 30, 2027
Ship XXVI	2033	July 30, 2027

Undrawn Borrowing Facilities

We have obtained SACE Financing for the Viking Mira, Viking Libra, Viking Astrea, Viking Lyra, Ship XVII, Ship XVIII, Ship XIX and Ship XX, which will be drawn down upon the delivery of each such ship.

Revolving Credit Facility

In 2024, we entered into a credit agreement for a five-year revolving credit facility in an aggregate principal amount of $375.0 million (the “Revolving Credit Facility”). The obligations of VCL under the Revolving Credit Facility are guaranteed by VHL and certain of VCL’s direct and indirect wholly-owned subsidiaries and are secured by VCL’s rights under the intercompany loan agreement with VRC AG, which is secured by mortgages over the following river vessels: Viking Odin, Viking Idun, Viking Freya, Viking Njord, Viking Eistla, Viking Bestla,

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Viking Embla, Viking Aegir, Viking Skadi, Viking Bragi, Viking Tor, Viking Var, Viking Forseti, Viking Rinda, Viking Jarl, Viking Atla, Viking Gullveig, Viking Ingvi and Viking Alsvin. As of September 30, 2025, we had no amounts drawn on the Revolving Credit Facility. In November 2025, we amended and upsized our revolving credit facility to a total of $1.0 billion, extending the maturity date to November 14, 2030.

Guarantors of the Unsecured Notes

So as long as VHL guarantees the financial obligations under the $500.0 million in principal amount of 7.000% Senior Notes due 2029 (the “2029 VCL Notes”), $720.0 million in principal amount of 9.125% Senior Notes due 2031 (the “2031 VCL Notes”) and the 2033 VCL Notes (collectively, the “Unsecured Notes”), our reporting obligations to bondholders are satisfied with financial information of VHL as long as we also provide the information that would be required by SEC Rule 13-01 of Regulation S-X. Our assets, liabilities, revenues, expenses and other comprehensive income either exist at or are primarily generated by the subsidiaries that issue or guarantee the Unsecured Notes (the “Guarantors”). Accordingly, we meet the criteria in Rule 13-01 of Regulation S-X to omit the summarized financial information for the assets and liabilities and operating results of the Guarantors from our disclosures.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and operating results require our management to make judgments, assumptions and estimates that affect the amounts reported. For a discussion of our significant accounting policies and estimates, refer to the 2024 audited annual consolidated financial statements included in our Annual Report and Note 2 of this Report.

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Item 3. Qualitative and Quantitative Disclosures about Market Risk

For a discussion of our market risks, refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations—Qualitative and Quantitative Disclosures about Market Risk section in our Annual Report. There have been no material changes to our exposure to market risks since the date of Form 20-F.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may be involved in various claims and legal proceedings related to claims arising out of our operations. We are not currently involved in any legal proceedings that, either individually or in the aggregate, are expected to have a material adverse effect on our business or financial position.

Item 1A. Risk Factors

There have been no material changes to our risk factors from those reported in our Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 5. Other Information

On November 14, 2025, Viking Cruises Ltd (“VCL”), a wholly owned subsidiary of the Company, entered into an amendment (the “Second Amendment”) to VCL’s Revolving Credit Agreement dated June 27, 2024, among VCL, the lenders party thereto, the guarantors party thereto and Wells Fargo Bank, National Association, a national banking association, as administrative and collateral agent. The Second Amendment, among other items, increased the total commitment amount from $375.0 million to $1.0 billion, extended the maturity date to November 14, 2030 and reduced pricing.

Item 6. Exhibits

None.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: ~~November~~March 193, ~~2025~~2026


	Viking Holdings Ltd

	By:	/s/ Leah Talactac
	Name:	Leah Talactac
	Title:	President and Chief Financial Officer

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