Viking Holdings (VIK) CEO Torstein Hagen discloses large insider stake

Rhea-AI Filing Summary

Viking Holdings Ltd Chairman and CEO Torstein Hagen filed an initial statement of ownership showing a substantial stake in the company. He directly holds 357,702 ordinary shares, including 121,032 unvested restricted share units, and a stock option covering 94,276 ordinary shares at an exercise price of $19.13 per share, exercisable until August 23, 2027. Indirectly, through Viking Capital Limited, he is reported with 108,327,160 ordinary shares and 127,704,616 special shares, each special share being convertible into one ordinary share at any time at the holder’s option.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Hagen Torstein

(Last) (First) (Middle)

SCHAEFERWEG 18

(Street)

BASEL CH-4057

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Viking Holdings Ltd [ VIK ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	357,702(1)	D
Ordinary Shares	108,327,160	I	By Viking Capital Limited

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(2)	08/23/2027	Ordinary Shares	94,276	$19.13	D
Special Shares	(3)	(3)	Ordinary Shares	127,704,616	(3)	I	By Viking Capital Limited

Explanation of Responses:

1. Includes 121,032 unvested restricted share units ("RSUs"). Each RSU represents a contingent right to receive, at settlement, one ordinary share.

2. Each option became fully exercisable on April 30, 2024.

3. Each special share is convertible into one ordinary share at any time at the option of the holder.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Allison Becker, Attorney-in-Fact for Torstein Hagen	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Torstein Hagen’s Form 3 filing for Viking Holdings (VIK) show?

The Form 3 shows Torstein Hagen’s initial ownership in Viking Holdings. He reports direct and indirect holdings of ordinary shares, unvested RSUs, stock options, and special shares convertible into ordinary shares, establishing his starting insider position as Chairman and CEO.

How many ordinary shares does Torstein Hagen directly hold in Viking Holdings (VIK)?

Torstein Hagen directly holds 357,702 ordinary shares of Viking Holdings. This direct position includes 121,032 unvested restricted share units, each representing the right to receive one ordinary share upon settlement, highlighting a mix of current and contingent equity exposure.

What stock options are reported by Torstein Hagen in Viking Holdings (VIK)?

He holds a stock option for 94,276 ordinary shares at $19.13 per share. The option is fully exercisable and expires on August 23, 2027, providing additional potential equity exposure if exercised before the expiration date.

What are the special shares reported for Viking Holdings (VIK) and how do they convert?

The filing lists 127,704,616 special shares held indirectly. Each special share is convertible into one ordinary share at any time at the option of the holder, giving substantial potential ordinary share exposure linked to these special shares.

How much of Viking Holdings (VIK) does Torstein Hagen hold indirectly?

Indirectly, Torstein Hagen is associated with large holdings via Viking Capital Limited. The filing reports 108,327,160 ordinary shares and 127,704,616 special shares, all attributed as indirect ownership through this entity.

Do Torstein Hagen’s unvested RSUs in Viking Holdings (VIK) represent actual shares now?

The 121,032 unvested RSUs do not represent shares yet. Each restricted share unit is a contingent right to receive one ordinary share at settlement, so they indicate future potential ownership rather than currently issued shares.