CPP Investment Board Discloses Sole Control of 31.3M Viking Holdings Shares

Rhea-AI Filing Summary

Canada Pension Plan Investment Board reported beneficial ownership of 31,344,744 ordinary shares of Viking Holdings Ltd, representing 9.9% of the outstanding class based on 315,371,680 shares. The filing is an Amendment to a Schedule 13G covering the event date 06/30/2025 and shows the reporting person holds sole voting and sole dispositive power over all 31,344,744 shares. The issuer named is Viking Holdings Ltd with principal offices at 94 Pitts Bay Road, Pembroke. The Schedule 13G/A identifies the reporting person as a Canadian entity organized at the federal level and classifies the filer as type FI. The filing includes a referenced Power of Attorney as Exhibit 99.1 and is signed by Kathryn Daniels, Managing Director, Head of Compliance, dated 08/13/2025.

Positive

• Significant institutional stake: 31,344,744 shares representing 9.9% of the class based on issuer disclosure
• Sole voting and dispositive power: the filer reports exclusive control over voting and disposition of the shares
• Compliance and documentation: Amendment filed with referenced Exhibit 99.1 Power of Attorney and signed certification

Negative

• None.

Insights

Financial Analyst

TL;DR Large passive stake disclosed: 31.3 million shares (9.9%) with sole voting and dispositive power.

The Schedule 13G/A shows a significant equity position by a major institutional investor equal to 9.9% of Viking Holdings Ltd's ordinary shares based on the issuer's disclosed outstanding share count. The filing documents clear sole voting and dispositive authority for the full position, and references an existing Power of Attorney. From a capital-structure perspective, a 9.9% holding by a large pension-plan investor is material to ownership concentration and could affect shareholder dynamics, though the form indicates a passive reporting posture rather than an active 13D control claim.

Corporate Governance Expert

TL;DR Institutional investor discloses near-double-digit stake with sole control over voting and disposition.

The disclosure establishes that the Canada Pension Plan Investment Board holds sole voting and dispositive power over 31,344,744 ordinary shares (9.9% of the class) of Viking Holdings Ltd. The Schedule 13G/A structure and incorporated Power of Attorney show formal compliance with ownership reporting requirements. For governance, this increases an institutional presence among shareholders and should be monitored in proxy contexts, but the filing itself does not assert a change in intent or control beyond the reported ownership.

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

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Accepted by SEC EDGAR 08/14/2025 - 05:08 PM Learn about SEC filing dates

FAQ

How many shares of VIK does Canada Pension Plan Investment Board report owning?

The filing reports 31,344,744 ordinary shares beneficially owned.

What percentage of Viking Holdings Ltd does the reported stake represent?

The reported ownership represents 9.9% of the outstanding ordinary shares based on 315,371,680 shares.

Does the filer have voting control over the reported shares?

Yes; the filer reports sole voting power and sole dispositive power for all 31,344,744 shares.

What document was filed to disclose this ownership?

An Amendment to Schedule 13G under the Securities Exchange Act was filed (Schedule 13G/A).

Who signed the Schedule 13G/A for the reporting person?

The filing is signed by Kathryn Daniels, Managing Director, Head of Compliance, dated 08/13/2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Viking Holdings Ltd

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G93A5A101

(CUSIP Number)

06/30/2025

(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

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 31,344,744.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 31,344,744.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,344,744.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Item 11 is calculated based on a total of 315,371,680 ordinary shares of the issuer outstanding as of May 1, 2025, as disclosed in the issuer's Rule 424(b)(7) prospectus supplement filed with the Securities and Exchange Commission on May 28, 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.
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/ Kathryn Daniels
Name/Title:	Kathryn Daniels, Managing Director, Head of Compliance
Date:	08/13/2025

Comments accompanying signature: 99.1 Power of Attorney (incorporated by reference to Exhibit 99.1 of the Schedule 13G/A filed by the reporting person in respect of the issuer on February 13, 2025)

Exhibit Information

99.1 Power of Attorney (incorporated by reference to Exhibit 99.1 of the Schedule 13G/A filed by the reporting person in respect of the issuer on February 13, 2025)