Schedule 13G/A: Select Equity holds 15,320,648 VIK shares (4.9%)

Rhea-AI Filing Summary

Select Equity Group, L.P. and George S. Loening filed an amended Schedule 13G disclosing beneficial ownership of 15,320,648 Viking Holdings Ltd ordinary shares, representing 4.9% of the class. The filing is dated as of the event on 09/30/2025.

The reporting persons have shared voting and dispositive power over these shares and no sole power. The percentage is based on 315,646,491 shares outstanding as of June 30, 2025, as referenced from an issuer Form 6-K. They certify the securities were acquired and are held in the ordinary course of business, not to change or influence control.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Viking Holdings Ltd

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G93A5A101

(CUSIP Number)

09/30/2025

(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

Select Equity Group, L.P.

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 15,320,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,320,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,320,648.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Beneficial ownership based on 315,646,491 shares of Ordinary Shares outstanding as of June 30, 2025, as reported on the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 19, 2025.

SCHEDULE 13G

CUSIP No. G93A5A101

1

Names of Reporting Persons

George S. Loening

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 15,320,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,320,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,320,648.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Beneficial ownership based on 315,646,491 shares of Ordinary Shares outstanding as of June 30, 2025, as reported on the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 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, HM08
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed jointly by Select Equity Group, L.P., a Delaware limited partnership ("Select LP"), and George S. Loening ("Loening"), who is the majority owner of Select LP and managing member of its general partner. Select LP and Loening are sometimes collectively referred to herein as the "Select Reporting Persons."
(b)	Address or principal business office or, if none, residence: The business address of each of Select LP and Loening is 380 Lafayette Street, New York, New York 10003.
(c)	Citizenship: George S. Loening is a United States citizen.
(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: (i) 15,320,648 (ii)15,320,648
(b)	Percent of class: (i) 4.9% (ii) 4.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: (i) 15,320,648 (ii) 15,320,648
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: (i)15,320,648 (ii) 15,320,648
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.1
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 acquired and are held in the ordinary course of business and 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.

Select Equity Group, L.P.

Signature:	By: Select Equity GP, LLC, its General Partner, By: /s/ George S. Loening
Name/Title:	George S. Loening, Managing Member
Date:	11/14/2025

George S. Loening

Signature:	/s/ George S. Loening
Name/Title:	George S. Loening, an individual
Date:	11/14/2025

Exhibit Information

EXHIBIT 99.1 The identity and the Item 3 classification of the relevant subsidiary are: Select Equity Group, L.P., which is an Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E).

FAQ

What stake in Viking Holdings (VIK) did Select Equity report?

They reported beneficial ownership of 15,320,648 ordinary shares, equal to 4.9% of the class.

Who are the reporting persons in this Schedule 13G/A for VIK?

The filing was made jointly by Select Equity Group, L.P. and George S. Loening.

What voting and dispositive powers were disclosed?

They reported shared voting power and shared dispositive power over 15,320,648 shares, with 0 sole power.

What is the date of the event requiring this filing for VIK?

The date of event is 09/30/2025.

What share count was used to calculate the 4.9% ownership?

The calculation is based on 315,646,491 ordinary shares outstanding as of June 30, 2025 per an issuer Form 6-K.

Under which rule is Select Equity classified in this filing?

Select Equity Group, L.P. is an Investment Adviser under Rule 13d-1(b)(1)(ii)(E) (see Exhibit 99.1).

What does the Item 10 certification state?

The securities were acquired and are held in the ordinary course of business, not to change or influence control.