STOCK TITAN

[6-K] Viking Holdings Ltd Current Report (Foreign Issuer)

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
6-K

Viking Holdings (VIK) reports higher operating capacity and stronger advance bookings for upcoming seasons. For 2025 versus 2024, operating capacity is reported between 6% and 18% higher across disclosures, with Capacity PCD sell-through ranging from 96% to 97% and Advance Bookings of $2,507m to $2,719m, increases of 30% and 16% versus the same prior-season points. Advance Bookings per PCD for 2025 rose to between $718 and $820 from prior-year levels.

For 2026 versus 2025, operating capacity is 9% higher with Capacity PCD sold at 54% to 72% and Advance Bookings of $1,886m to $2,230m, increases of 8% and 21%; Advance Bookings per PCD rose to between $782 and $929.

Viking Holdings (VIK) comunica una maggiore capacità operativa e prenotazioni anticipate più solide per le stagioni a venire. Per il 2025 rispetto al 2024, la capacità operativa risulta tra il 6% e il 18% superiore, secondo le披露, con il sell-through di Capacity PCD tra il 96% e il 97% e le Advance Bookings tra $2,507m e $2,719m, aumenti del 30% e del 16% rispetto agli stessi punti della stagione precedente. Le Advance Bookings per PCD per il 2025 sono salite tra $718 e $820 rispetto ai livelli dell’anno precedente. Per il 2026 rispetto al 2025, la capacità operativa è 9% superiore, con Capacity PCD venduto tra 54% e 72% e Advance Bookings di $1,886m a $2,230m, aumenti rispettivi dell’8% e del 21%; le Advance Bookings per PCD sono aumentate fino a tra $782 e $929.

Viking Holdings (VIK) informa de una mayor capacidad operativa y de reservas anticipadas más sólidas para las próximas temporadas. Para 2025 frente a 2024, la capacidad operativa se sitúa entre un aumento del 6% y del 18% superior en las divulgaciones, con el sell-through de Capacity PCD entre 96% y 97% y las Advance Bookings de $2,507m a $2,719m, incrementos del 30% y del 16% respecto a los mismos puntos de la temporada anterior. Las Advance Bookings por PCD para 2025 suben entre $718 y $820 respecto a los niveles del año anterior. Para 2026 frente a 2025, la capacidad operativa es un 9% más alta, con Capacity PCD vendido entre 54% y 72% y Advance Bookings de $1,886m a $2,230m, aumentos del 8% y del 21%; las Advance Bookings por PCD suben entre $782 y $929.

Viking Holdings (VIK)은 다가오는 시즌에 대한 가동 능력 확대와 선예약이 더 강하다고 공시했습니다. 2025년과 2024년 비교에서 가동 능력은 공시마다 6%에서 18% 더 높은 것으로 보고되며, Capacity PCD의 판매율은 96%에서 97% 사이이고 선예약은 $2,507m에서 $2,719m 사이이며 전년 동기 대비 각각 30%16% 증가했습니다. 2025년의 PCD당 선예약은 전년 대비 $718에서 $820로 올랐습니다. 2026년은 2025년 대비 가동 능력이 9% 높고, Capacity PCD 매출은 54%에서 72% 사이이며 선예약은 $1,886m에서 $2,230m로 증가했고, 각각 8%21% 증가했습니다. PCD당 선예약도 $782에서 $929로 상승했습니다.

Viking Holdings (VIK) affiche une capacité opérationnelle plus élevée et des réservations anticipées plus solides pour les saisons à venir. Pour 2025 par rapport à 2024, la capacité opérationnelle est rapportée entre 6% et 18% de hausse dans les divulgations, avec un taux de vente Capacity PCD entre 96% et 97% et des Advance Bookings de $2 507m à $2 719m, soit des augmentations de 30% et 16% par rapport aux mêmes points de la saison précédente. Les Advance Bookings par PCD pour 2025 ont augmenté entre $718 et $820 dollars par rapport aux niveaux de l’année précédente. Pour 2026 par rapport à 2025, la capacité opérationnelle est supérieure de 9%, avec Capacity PCD vendu entre 54% et 72% et des Advance Bookings de $1 886m à $2 230m, des hausses respectives de 8% et 21%; les Advance Bookings par PCD ont augmenté entre $782 et $929 dollars.

Viking Holdings (VIK) meldet eine höhere operative Kapazität und stärkere Vorausbuchungen für die kommenden Saisons. Für 2025 gegenüber 2024 liegt die operative Kapazität laut Mitteilungen zwischen 6% und 18% höher, während der Capacity PCD-Verkauf zwischen 96% und 97% liegt und Advance Bookings von $2,507m bis $2,719m USD gehen, das entspricht Zuwächsen von 30% bzw. 16% gegenüber denselben Vorjahrespunkten. Die Advance Bookings pro PCD für 2025 stiegen auf $718 bis $820 USD gegenüber dem Vorjahr. Für 2026 gegenüber 2025 ist die operative Kapazität um 9% höher, mit verkauftem Capacity PCD zwischen 54% und 72% und Advance Bookings von $1,886m bis $2,230m USD, Zuwächse von 8% bzw. 21%; Advance Bookings pro PCD stiegen auf zwischen $782 und $929 USD.

Viking Holdings (VIK) تعلن عن زيادة في الطاقة التشغيلية وحجوزات مقدمة أقوى للمواسم القادمة. بالنسبة لعام 2025 مقارنة بعام 2024، تُذكر الطاقة التشغيلية بين 6% و18% أعلى عبر الإفصاحات، بينما يتراوح معدل بيع Capacity PCD بين 96% و97% والحجوزات المسبقة من $2,507m إلى $2,719m، بزيادات قدرها 30% و16% مقارنة بنفس نقاط الموسم السابق. ارتفعت الحجوزات المسبقة لكل PCD لعام 2025 لتتراوح بين $718 و$820 مقارنة بمستويات العام السابق. وبالنسبة لعام 2026 مقارنة بعام 2025، تُزاد الطاقة التشغيلية بنسبة 9%، مع بيع Capacity PCD بين 54% و72% والحجوزات المسبقة بين $1,886m و$2,230m، بزيادات 8% و21% على التوالي؛ كما ارتفعت الحجوزات المسبقة لكل PCD لتتراوح بين $782 و$929 دولاراً.

Viking Holdings (VIK) 公布未来季度的运营能力提高和更强的提前预订。2025年与2024年相比,运营能力在披露中提高了约6%18%,Capacity PCD的售罄率在96%97%之间,提前预订额为$2,507m$2,719m,较同一前一季点位分别增加了30%16%。2025年的每个PCD的提前预订额从前一年水平上升到$718$820。至于2026年相较于2025年,运营能力提高了9%,Capacity PCD售出在54%72%之间,提前预订额为$1,886m$2,230m,分别增长8%21%;每个PCD的提前预订额上升到$782$929

Positive
  • None.
Negative
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Insights

TL;DR: Advance bookings and per-PCD pricing have increased materially year-over-year, supporting near-term revenue visibility.

The data shows meaningful growth in booked revenue metrics: Advance Bookings rose by double-digit percentages at several reporting points, and Advance Bookings per PCD increased versus prior-year comparatives, implying stronger pricing or mix. High sell-through for 2025 (96%–97%) suggests most 2025 capacity is monetized, while 2026 sell-through (54%–72%) is reasonable given timing. These figures improve short-term demand visibility but should be reconciled with the multiple, partially divergent data rows in the filing.

TL;DR: Capacity expansion paired with higher bookings per PCD points to healthier demand trends across the reported seasons.

Operating capacity increases of 6%–9% between seasons indicate fleet or itinerary expansion. Consistent increases in Advance Bookings and per-PCD metrics across reporting points reflect stronger booking momentum and potentially better yield management. The variability in sold percentages for 2026 across entries (54% versus 72%) highlights timing differences in booking curves rather than contradictory demand trends, but the filing does not explain the discrepancy.

Viking Holdings (VIK) comunica una maggiore capacità operativa e prenotazioni anticipate più solide per le stagioni a venire. Per il 2025 rispetto al 2024, la capacità operativa risulta tra il 6% e il 18% superiore, secondo le披露, con il sell-through di Capacity PCD tra il 96% e il 97% e le Advance Bookings tra $2,507m e $2,719m, aumenti del 30% e del 16% rispetto agli stessi punti della stagione precedente. Le Advance Bookings per PCD per il 2025 sono salite tra $718 e $820 rispetto ai livelli dell’anno precedente. Per il 2026 rispetto al 2025, la capacità operativa è 9% superiore, con Capacity PCD venduto tra 54% e 72% e Advance Bookings di $1,886m a $2,230m, aumenti rispettivi dell’8% e del 21%; le Advance Bookings per PCD sono aumentate fino a tra $782 e $929.

Viking Holdings (VIK) informa de una mayor capacidad operativa y de reservas anticipadas más sólidas para las próximas temporadas. Para 2025 frente a 2024, la capacidad operativa se sitúa entre un aumento del 6% y del 18% superior en las divulgaciones, con el sell-through de Capacity PCD entre 96% y 97% y las Advance Bookings de $2,507m a $2,719m, incrementos del 30% y del 16% respecto a los mismos puntos de la temporada anterior. Las Advance Bookings por PCD para 2025 suben entre $718 y $820 respecto a los niveles del año anterior. Para 2026 frente a 2025, la capacidad operativa es un 9% más alta, con Capacity PCD vendido entre 54% y 72% y Advance Bookings de $1,886m a $2,230m, aumentos del 8% y del 21%; las Advance Bookings por PCD suben entre $782 y $929.

Viking Holdings (VIK)은 다가오는 시즌에 대한 가동 능력 확대와 선예약이 더 강하다고 공시했습니다. 2025년과 2024년 비교에서 가동 능력은 공시마다 6%에서 18% 더 높은 것으로 보고되며, Capacity PCD의 판매율은 96%에서 97% 사이이고 선예약은 $2,507m에서 $2,719m 사이이며 전년 동기 대비 각각 30%16% 증가했습니다. 2025년의 PCD당 선예약은 전년 대비 $718에서 $820로 올랐습니다. 2026년은 2025년 대비 가동 능력이 9% 높고, Capacity PCD 매출은 54%에서 72% 사이이며 선예약은 $1,886m에서 $2,230m로 증가했고, 각각 8%21% 증가했습니다. PCD당 선예약도 $782에서 $929로 상승했습니다.

Viking Holdings (VIK) affiche une capacité opérationnelle plus élevée et des réservations anticipées plus solides pour les saisons à venir. Pour 2025 par rapport à 2024, la capacité opérationnelle est rapportée entre 6% et 18% de hausse dans les divulgations, avec un taux de vente Capacity PCD entre 96% et 97% et des Advance Bookings de $2 507m à $2 719m, soit des augmentations de 30% et 16% par rapport aux mêmes points de la saison précédente. Les Advance Bookings par PCD pour 2025 ont augmenté entre $718 et $820 dollars par rapport aux niveaux de l’année précédente. Pour 2026 par rapport à 2025, la capacité opérationnelle est supérieure de 9%, avec Capacity PCD vendu entre 54% et 72% et des Advance Bookings de $1 886m à $2 230m, des hausses respectives de 8% et 21%; les Advance Bookings par PCD ont augmenté entre $782 et $929 dollars.

Viking Holdings (VIK) meldet eine höhere operative Kapazität und stärkere Vorausbuchungen für die kommenden Saisons. Für 2025 gegenüber 2024 liegt die operative Kapazität laut Mitteilungen zwischen 6% und 18% höher, während der Capacity PCD-Verkauf zwischen 96% und 97% liegt und Advance Bookings von $2,507m bis $2,719m USD gehen, das entspricht Zuwächsen von 30% bzw. 16% gegenüber denselben Vorjahrespunkten. Die Advance Bookings pro PCD für 2025 stiegen auf $718 bis $820 USD gegenüber dem Vorjahr. Für 2026 gegenüber 2025 ist die operative Kapazität um 9% höher, mit verkauftem Capacity PCD zwischen 54% und 72% und Advance Bookings von $1,886m bis $2,230m USD, Zuwächse von 8% bzw. 21%; Advance Bookings pro PCD stiegen auf zwischen $782 und $929 USD.

 

 

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 September 2025

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 ☐

 

 


 

Information Contained in this Form 6-K Report

 

Notes Offering

On September 29, 2025, Viking Holdings Ltd (the “Company”) issued a press release announcing that its wholly owned subsidiary, Viking Cruises Ltd (“VCL”), commenced a private offering (the “Notes Offering”) of senior unsecured notes in an aggregate principal amount of $1.7 billion, expected to mature in 2033 (the “Notes”). The Notes will be guaranteed by the Company and certain of VCL’s subsidiaries. VCL expects to use the proceeds, together with cash on hand, to redeem all of its outstanding 5.875% Senior Notes due 2027 (the “2027 Unsecured Notes”) and refinance the finance leases that currently finance three ocean ships, the Viking Orion, the Viking Mars and the Viking Jupiter, and one expedition ship, the Viking Octantis. The redemption will be conditioned on the closing of the Notes Offering.

 

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The press release includes forward-looking statements. See “Cautionary Note Concerning Forward-Looking Statements” within the press release for additional information. Neither this current report nor the press release constitutes a notice of redemption with respect to the 2027 Unsecured Notes.

 

Regulation FD Disclosure

 

The information set forth below under “Revolving Credit Facility Upsize” and “Booking Environment” is excerpted from an offering memorandum being provided to potential purchasers in connection with the Notes Offering.

 

Unless otherwise indicated or the context otherwise requires, the terms “Viking,” “we,” “our,” “us,” “our business” and “the Company” are to Viking Holdings Ltd and its consolidated subsidiaries, including the issuer of the Notes, VCL. Capitalized terms used but not defined below under “Booking Environment” shall have the respective meanings given to them in the Company’s annual report on Form 20-F for the year ended December 31, 2024.

Revolving Credit Facility Upsize

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”). 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 indirectly secured by 19 longships and certain related assets.

Following the completion of the Notes Offering, we expect to meaningfully upsize the Revolving Credit Facility. Following the upsize, we expect the borrower, guarantors and security for the Revolving Credit Facility to remain the same. The proceeds of any borrowings under the Revolving Credit Facility are expected to be available to us for general corporate purposes, including funding working capital. We have not yet received commitments with respect to the upsize to the Revolving Credit Facility, and, accordingly, the terms remain under discussion and are subject to change, including as a function of market conditions.

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 September 21, 2025, for the 2025 and 2026 seasons, we had sold 96% and 64%, respectively, of our Capacity PCDs and had $5,640 million and $4,475 million, respectively, of Advance Bookings. Advance Bookings were 21% and 15% 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, 7% higher than the 2024 season at the same point in time and Advance Bookings per PCD for the 2026 season was $864, 5% 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 September 21, 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 96% of our Capacity PCDs for the 2025 season, and had $2,507 million of Advance Bookings, an increase of 30% compared to the same point in time for the

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2024 season. Advance Bookings per PCD for the 2025 season was $718, compared to $662 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 72% of our Capacity PCDs for the 2026 season, and had $2,230 million of Advance Bookings, an increase of 21% compared to the same point in time for the 2025 season. Advance Bookings per PCD for the 2026 season was $782, compared to $752 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 97% of our Capacity PCDs for the 2025 season, and had $2,719 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 9% higher for the 2026 season in comparison to the 2025 season. We had sold 54% of our Capacity PCDs for the 2026 season, and had $1,886 million of Advance Bookings, an increase of 8% compared to the same point in time for the 2025 season. Advance Bookings per PCD for the 2026 season was $929, compared to $868 at the same point in time for the 2025 season.

 

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Exhibit Index

 

Exhibit Number

 

Description

99.1

 

Press Release of Viking Holdings Ltd, dated September 29, 2025

 

 


 

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: September 29, 2025

 

 

Viking Holdings Ltd

 

 

 

 

By:

/s/ Leah Talactac

 

Name:

Leah Talactac

 

Title:

President and Chief Financial Officer

 

 


VIKING HOLDINGS LTD

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