Canada Pension Plan reports 6.4% Viking Holdings stake (VIK)

Rhea-AI Filing Summary

Canada Pension Plan Investment Board has filed an amended Schedule 13G reporting beneficial ownership of 20,144,744 ordinary shares of Viking Holdings Ltd., representing 6.4% of the outstanding class. The filing states sole voting and sole dispositive power over these shares.

The reported ownership percentage is based on 315,839,182 ordinary shares outstanding as of September 30, 2025, as disclosed in Viking’s Form 6-K. The amendment reflects CPPIB’s position as a non-U.S. institutional investor holding more than five percent of Viking’s ordinary shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Viking Holdings Ltd.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G93A5A101

(CUSIP Number)

12/31/2025

(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. G93A5A101

1

Names of Reporting Persons

Canada Pension Plan Investment Board

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 20,144,744.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 20,144,744.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,144,744.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Item 11 is calculated based on a total of 315,839,182 shares of ordinary shares of the issuer outstanding as of September 30, 2025, as disclosed in the issuer's Form 6-K filed with the Securities and Exchange Commission on November 19, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Viking Holdings Ltd.
(b)	Address of issuer's principal executive offices: 94 Pitts Bay Road Pembroke , D0, HM 08
Item 2.
(a)	Name of person filing: Canada Pension Plan Investment Board
(b)	Address or principal business office or, if none, residence: One Queen Street East, Suite 2500, Toronto, Ontario M5C 2W5 Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G93A5A101
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: See Item 9 on page 2.
(b)	Percent of class: See Item 11 on page 2.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on page 2.
	(ii) Shared power to vote or to direct the vote: See Item 6 on page 2.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on page 2.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on page 2.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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:
	Not Applicable

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.

Canada Pension Plan Investment Board

Signature:	/s/ Howard Rusak
Name/Title:	Managing Director, Legal
Date:	02/13/2026

Exhibit Information

99.1 Power of Attorney of Canada Pension Plan Investment Board

FAQ

What percentage of Viking Holdings Ltd. (VIK) does Canada Pension Plan Investment Board own?

Canada Pension Plan Investment Board reports owning 6.4% of Viking Holdings’ ordinary shares. This stake is based on 20,144,744 shares beneficially owned, compared with 315,839,182 ordinary shares outstanding as of September 30, 2025, as disclosed in Viking’s Form 6-K filing.

How many Viking Holdings Ltd. (VIK) shares are beneficially owned by Canada Pension Plan Investment Board?

Canada Pension Plan Investment Board beneficially owns 20,144,744 ordinary shares of Viking Holdings. The Schedule 13G/A states CPPIB has sole voting and sole dispositive power over these shares, giving it significant but minority influence relative to the disclosed total shares outstanding.

What filing did Canada Pension Plan Investment Board submit regarding Viking Holdings Ltd. (VIK)?

Canada Pension Plan Investment Board submitted an Amendment No. 4 to Schedule 13G for Viking Holdings Ltd. This filing updates its beneficial ownership disclosure as a holder of more than five percent of the company’s ordinary shares, under the passive ownership reporting framework.

On what share count is CPPIB’s 6.4% ownership of Viking Holdings Ltd. (VIK) based?

The 6.4% ownership is calculated using 315,839,182 ordinary shares of Viking Holdings outstanding as of September 30, 2025. This outstanding share figure comes from Viking’s Form 6-K filed with the SEC on November 19, 2025, as referenced in the Schedule 13G/A.

Does Canada Pension Plan Investment Board have sole voting power over its Viking Holdings Ltd. (VIK) shares?

Yes. The Schedule 13G/A states CPPIB has sole voting power and sole dispositive power over 20,144,744 Viking ordinary shares. It reports zero shared voting power and zero shared dispositive power, indicating control over how all reported shares are voted and disposed.

What is the date of the event requiring the Schedule 13G/A filing for Viking Holdings Ltd. (VIK)?

The date of the event triggering this Schedule 13G/A filing is December 31, 2025. That event date marks when the ownership information reported by Canada Pension Plan Investment Board met the criteria requiring updated beneficial ownership disclosure to the Securities and Exchange Commission.