Viking Reports 5.3% Passive Stake in Primo Brands (PRMB)

Viking-affiliated investment vehicles have disclosed a collective passive stake in Primo Brands Corp. (Class A common stock, CUSIP 741623102) via Schedule 13G dated 11 June 2025.

Accepted by SEC EDGAR 06/18/2025 - 06:47 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Viking-affiliated investment vehicles have disclosed a collective passive stake in Primo Brands Corp. (Class A common stock, CUSIP 741623102) via Schedule 13G dated 11 June 2025. The lead filer, Viking Global Investors LP, reports shared voting and dispositive power over 19,602,116 shares, equal to 5.3 % of the outstanding class. Subsidiary entities—including Viking Global Performance LLC (3.5 %), Viking Global Equities Master Ltd. (3.4 %), Viking Long Fund Master Ltd. (1.2 %) and several opportunity funds—each detail their proportional holdings, all held with shared, not sole, control. No single entity holds sole voting or dispositive authority, indicating a coordinated—but passive—ownership structure. The filing is made under Rule 13d-1(c), confirming that the group is not seeking active control. No purchase prices, transaction dates or additional strategic intentions are provided.

Positive

• Institutional ownership surpasses 5 %, which can be interpreted as confidence in Primo Brands Corp. by well-resourced investment managers.

Negative

• None.

Insights

Securities Analyst

TL;DR: Viking entities reveal 5.3 % passive stake in Primo Brands; supportive but non-activist, limited immediate impact on governance.

The Schedule 13G signals that multiple Viking-managed vehicles collectively own about one-twentieth of Primo Brands’s outstanding Class A shares. Because the filing is on Form 13G (not 13D) and cites Rule 13d-1(c), the investors certify a passive intent without plans to influence control. Institutional accumulation of 5 %+ can boost float liquidity and may be viewed as an endorsement of the issuer’s prospects, yet it imposes no direct operational changes. The absence of sole voting power underscores that decisions will be made jointly across Viking funds, reducing the likelihood of concentrated activist action. Overall, this disclosure is informational rather than transformative.

Corporate Governance Expert

TL;DR: Passive filing; governance repercussions minimal unless holding rises or switches to Schedule 13D.

From a governance lens, a 5.3 % aggregate holding sits below most poison-pill triggers and board-nomination thresholds. The shared-power structure spreads authority among several Delaware and Cayman entities, limiting unilateral influence. Stakeholders should monitor future filings: a conversion to Schedule 13D or a material increase in ownership could herald activist intentions. For now, disclosure compliance rather than strategic realignment is the key takeaway.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Primo Brands (PRMB) shares do Viking entities own according to the Schedule 13G?

They report 19,602,116 Class A shares under shared voting and dispositive power.

What percentage of Primo Brands’ outstanding Class A stock is represented by the Viking stake?

The filing lists an aggregate holding of 5.3 % of the class.

Is the Viking position passive or activist?

Filed under Rule 13d-1(c) on Schedule 13G, it is declared passive with no intent to control.

Do any Viking entities have sole voting power over PRMB shares?

No. All listed entities disclose 0 shares with sole voting or dispositive power; authority is shared.

Why might investors care about a 5 % ownership disclosure?

Crossing the 5 % threshold triggers SEC reporting, offering insight into significant institutional interest that can influence liquidity and sentiment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Primo Brands Corp

(Name of Issuer)

Class A common stock, $0.01 par value per share

(Title of Class of Securities)

741623102

(CUSIP Number)

06/11/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

VIKING GLOBAL INVESTORS LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 19,602,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 19,602,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,602,116.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

VIKING GLOBAL PERFORMANCE LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,094,266.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,094,266.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,094,266.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Global Equities II LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 261,887.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 261,887.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

261,887.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Global Equities Master Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,832,379.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,832,379.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,832,379.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Long Fund GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,556,803.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,556,803.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,556,803.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Long Fund Master Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,556,803.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,556,803.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,556,803.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Global Opportunities Parent GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,951,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,951,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,951,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Global Opportunities GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,951,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,951,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,951,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Global Opportunities Portfolio GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,951,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,951,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,951,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Viking Global Opportunities Liquid Portfolio Sub-Master LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,951,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,951,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,951,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

HALVORSEN OLE ANDREAS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NORWAY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 19,602,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 19,602,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,602,116.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Ott David C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 19,602,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 19,602,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,602,116.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

CUSIP No. 741623102

1

Names of Reporting Persons

Shabet Rose Sharon

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 19,602,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 19,602,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,602,116.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See Item 4

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Primo Brands Corp
(b)	Address of issuer's principal executive offices: 1150 Assembly Drive, Suite 800, Tampa, Florida, 33607
Item 2.
(a)	Name of person filing: Viking Global Investors LP ("VGI"), Viking Global Performance LLC ("VGP"), Viking Global Equities II LP ("VGEII"), Viking Global Equities Master Ltd. ("VGEM"), Viking Long Fund GP LLC ("VLFGP"), Viking Long Fund Master Ltd. ("VLFM"), Viking Global Opportunities Parent GP LLC ("Opportunities Parent"), Viking Global Opportunities GP LLC ("Opportunities GP"), Viking Global Opportunities Portfolio GP LLC ("Opportunities Portfolio GP"), Viking Global Opportunities Liquid Portfolio Sub-Master LP ("VGOL"), O. Andreas Halvorsen, David C. Ott and Rose S. Shabet (collectively, the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: The business address of each of the Reporting Persons is: 600 Washington Boulevard, Floor 11, Stamford, Connecticut 06901.
(c)	Citizenship: VGI and VGEII are Delaware limited partnerships; VGP, VLFGP, Opportunities Parent, Opportunities GP and Opportunities Portfolio GP are Delaware limited liability companies; VGEM and VLFM are Cayman Islands exempted companies; VGOL is a Cayman Islands exempted limited partnership; O. Andreas Halvorsen is a citizen of Norway; and David C. Ott and Rose S. Shabet are citizens of the United States.
(d)	Title of class of securities: Class A common stock, $0.01 par value per share
(e)	CUSIP No.: 741623102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: VGI: 19,602,116 VGI provides managerial services to VGEII, VGEM, VLFM and VGOL. VGI has the authority to dispose of and vote the shares of Class A Common Stock directly owned by VGEII, VGEM, VLFM and VGOL. VGI does not directly own any shares of Class A Common Stock. Based on Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Act"), VGI may be deemed to beneficially own the shares of Class A Common Stock directly held by VGEII, VGEM, VLFM and VGOL. VGP: 13,094,266 VGP, as the general partner of VGEII, has the authority to dispose of and vote the shares of Class A Common Stock directly owned by VGEII. VGP serves as investment manager to VGEM and has the authority to dispose of and vote the shares of Class A Common Stock directly owned by VGEM. VGP does not directly own any shares of Class A Common Stock. Based on Rule 13d-3 under the Act, VGP may be deemed to beneficially own the shares of Class A Common Stock directly held by VGEII and VGEM. VGEII: 261,887 VGEII has the authority to dispose of and vote the shares of Class A Common Stock directly owned by it, which power may be exercised by its general partner, VGP, and by VGI, an affiliate of VGP, which provides managerial services to VGEII. VGEM: 12,832,379 VGEM has the authority to dispose of and vote the shares of Class A Common Stock directly owned by it, which power may be exercised by its investment manager, VGP, and by VGI, an affiliate of VGP, which provides managerial services to VGEM. Viking Global Equities LP (a Delaware limited partnership) and Viking Global Equities III Ltd. (a Cayman Islands exempted company), through its investment in VGE III Portfolio Ltd. (a Cayman Islands exempted company), invest substantially all of their assets through VGEM. VLFGP: 4,556,803 VLFGP serves as the investment manager of VLFM and has the authority to dispose of and vote the shares of Class A Common Stock directly owned by VLFM. VLFGP does not directly own any shares of Class A Common Stock. Based on Rule 13d-3 under the Act, VLFGP may be deemed to beneficially own the shares of Class A Common Stock directly held by VLFM. VLFM: 4,556,803 VLFM has the authority to dispose of and vote the shares of Class A Common Stock directly owned by it, which power may be exercised by its investment manager, VLFGP, and by VGI, an affiliate of VLFGP, which provides managerial services to VLFM. Viking Long Fund LP (a Delaware limited partnership) and Viking Long Fund III Ltd. (a Cayman Islands exempted company), through its investment in Viking Long Fund Intermediate L.P. (a Cayman Islands limited partnership), invest substantially all of their assets through VLFM. Opportunities Parent: 1,951,047 Opportunities Parent is the sole member of Opportunities GP, which has the authority to dispose of and vote the shares of Class A Common Stock controlled by Opportunities Portfolio GP, which consists of the shares of Class A Common Stock directly held by VGOL. Opportunities Parent does not directly own any shares of Class A Common Stock. Based on Rule 13d-3 under the Act, Opportunities Parent may be deemed to beneficially own the shares of Class A Common Stock directly held by VGOL. Opportunities GP: 1,951,047 Opportunities GP serves as the sole member of Opportunities Portfolio GP and has the authority to dispose of and vote the shares of Class A Common Stock controlled by Opportunities Portfolio GP, which consists of the shares of Class A Common Stock directly held by VGOL. Opportunities GP does not directly own any shares of Class A Common Stock. Based on Rule 13d-3 under the Act, Opportunities GP may be deemed to beneficially own the shares of Class A Common Stock directly held by VGOL. Opportunities Portfolio GP: 1,951,047 Opportunities Portfolio GP serves as the general partner of VGOL and has the authority to dispose of and vote the shares of Class A Common Stock directly owned by VGOL. Opportunities Portfolio GP does not directly own any shares of Class A Common Stock. Based on Rule 13d-3 under the Act, Opportunities Portfolio GP may be deemed to beneficially own the shares of Class A Common Stock directly held by VGOL. VGOL: 1,951,047 VGOL has the authority to dispose of and vote the shares of Class A Common Stock directly owned by it, which power may be exercised by its general partner, Opportunities Portfolio GP, and by VGI, an affiliate of Opportunities Portfolio GP, which provides managerial services to VGOL. Viking Global Opportunities LP (a Delaware limited partnership) and Viking Global Opportunities III LP (a Cayman Islands exempted limited partnership), through its investment in Viking Global Opportunities Intermediate LP (a Cayman Islands exempted limited partnership), invest substantially all of their assets in Viking Global Opportunities Master LP (a Cayman Islands exempted limited partnership), which in turn invests through VGOL. O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 19,602,116 Mr. Halvorsen, Mr. Ott and Ms. Shabet, as Executive Committee Members of Viking Global Partners LLC (general partner of VGI), VGP, VLFGP and Opportunities Parent, have shared authority to dispose of and vote the shares of Class A Common Stock beneficially owned by VGI, VGP, VLFGP and Opportunities Parent. None of Mr. Halvorsen, Mr. Ott and Ms. Shabet directly owns any shares of Class A Common Stock. Based on Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Class A Common Stock directly held by VGEII, VGEM, VLFM and VGOL. Mr. Halvorsen, Mr. Ott and Ms. Shabet each beneficially own 19,602,116 shares of Class A Common Stock consisting of (i) 261,887 shares of Class A Common Stock directly and beneficially owned by VGEII, (ii) 12,832,379 shares of Class A Common Stock directly and beneficially owned by VGEM, (iii) 4,556,803 shares of Class A Common Stock directly and beneficially owned by VLFM and (iv) 1,951,047 shares of Class A Common Stock directly and beneficially owned by VGOL.
(b)	Percent of class: The percentages set forth herein are based on 373,265,367 shares of Class A Common Stock outstanding following the Issuer's underwritten secondary offering and repurchase that each closed on May 12, 2025, as reported by the Issuer in its prospectus on Form 424B3, filed with the U.S. Securities and Exchange Commission (the "Commission") on May 9, 2025. VGI: 5.3% VGP: 3.5% VGEII: 0.1% VGEM: 3.4% VLFGP: 1.2% VLFM: 1.2% Opportunities Parent: 0.5% Opportunities GP: 0.5% Opportunities Portfolio GP: 0.5% VGOL: 0.5% O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 5.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: VGI: 0 VGP: 0 VGEII: 0 VGEM: 0 VLFGP: 0 VLFM: 0 Opportunities Parent: 0 Opportunities GP: 0 Opportunities Portfolio GP: 0 VGOL: 0 O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 0
	(ii) Shared power to vote or to direct the vote: VGI: 19,602,116 VGP: 13,094,266 VGEII: 261,887 VGEM: 12,832,379 VLFGP: 4,556,803 VLFM: 4,556,803 Opportunities Parent: 1,951,047 Opportunities GP: 1,951,047 Opportunities Portfolio GP: 1,951,047 VGOL: 1,951,047 O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 19,602,116
	(iii) Sole power to dispose or to direct the disposition of: VGI: 0 VGP: 0 VGEII: 0 VGEM: 0 VLFGP: 0 VLFM: 0 Opportunities Parent: 0 Opportunities GP: 0 Opportunities Portfolio GP: 0 VGOL: 0 O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 0
	(iv) Shared power to dispose or to direct the disposition of: VGI: 19,602,116 VGP: 13,094,266 VGEII: 261,887 VGEM: 12,832,379 VLFGP: 4,556,803 VLFM: 4,556,803 Opportunities Parent: 1,951,047 Opportunities GP: 1,951,047 Opportunities Portfolio GP: 1,951,047 VGOL: 1,951,047 O. Andreas Halvorsen, David C. Ott and Rose S. Shabet: 19,602,116
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The response to Item 4 is incorporated by reference herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

VIKING GLOBAL INVESTORS LP

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Investors LP (1)(2)(3)
Date:	06/18/2025

VIKING GLOBAL PERFORMANCE LLC

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Performance LLC (1)(2)(3)
Date:	06/18/2025

Viking Global Equities II LP

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Equities II LP (1)(2)(3)
Date:	06/18/2025

Viking Global Equities Master Ltd.

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Equities Master Ltd. (1)(2)(3)
Date:	06/18/2025

Viking Long Fund GP LLC

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Long Fund GP LLC (1)(2)(3)
Date:	06/18/2025

Viking Long Fund Master Ltd.

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Long Fund Master Ltd. (1)(2)(3)
Date:	06/18/2025

Viking Global Opportunities Parent GP LLC

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Opportunities Parent GP LLC (1)(2)(3)
Date:	06/18/2025

Viking Global Opportunities GP LLC

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Opportunities GP LLC (1)(2)(3)
Date:	06/18/2025

Viking Global Opportunities Portfolio GP LLC

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Opportunities Portfolio GP LLC (1)(2)(3)
Date:	06/18/2025

Viking Global Opportunities Liquid Portfolio Sub-Master LP

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Viking Global Opportunities Liquid Portfolio Sub-Master LP (1)(2)(3)
Date:	06/18/2025

HALVORSEN OLE ANDREAS

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of O. Andreas Halvorsen (1)
Date:	06/18/2025

Ott David C.

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of David C. Ott (2)
Date:	06/18/2025

Shabet Rose Sharon

Signature:	/s/ Scott M. Hendler
Name/Title:	Scott M. Hendler on behalf of Rose S. Shabet (3)
Date:	06/18/2025

Comments accompanying signature: (1) Scott M. Hendler is signing on behalf of O. Andreas Halvorsen, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL PERFORMANCE LLC, on behalf of itself and VIKING GLOBAL EQUITIES II LP and VIKING GLOBAL EQUITIES MASTER LTD., and as an Executive Committee Member of VIKING LONG FUND GP LLC, on behalf of itself and VIKING LONG FUND MASTER LTD., and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES LIQUID PORTFOLIO SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Mr. Halvorsen on February 12, 2021 (SEC File No. 005-49737). (2) Scott M. Hendler is signing on behalf of David C. Ott, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL PERFORMANCE LLC, on behalf of itself and VIKING GLOBAL EQUITIES II LP and VIKING GLOBAL EQUITIES MASTER LTD., and as an Executive Committee Member of VIKING LONG FUND GP LLC, on behalf of itself and VIKING LONG FUND MASTER LTD., and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES LIQUID PORTFOLIO SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Mr. Ott on February 12, 2021 (SEC File No. 005-49737). (3) Scott M. Hendler is signing on behalf of Rose S. Shabet, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL PERFORMANCE LLC, on behalf of itself and VIKING GLOBAL EQUITIES II LP and VIKING GLOBAL EQUITIES MASTER LTD., and as an Executive Committee Member of VIKING LONG FUND GP LLC, on behalf of itself and VIKING LONG FUND MASTER LTD., and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES LIQUID PORTFOLIO SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Ms. Shabet on February 12, 2021 (SEC File No. 005-49737).

Exhibit Information

EXHIBIT A - JOINT FILING AGREEMENT