• An early-stage Eli Lilly or Novo Nordisk for obesity and metabolic diseases.
• A specialized biotech company, like an early Amgen or Regeneron, focused on developing therapies for metabolic and endocrine disorders.

• VK2809: An investigational drug candidate in clinical trials for metabolic disorders such as non-alcoholic steatohepatitis (NASH) and dyslipidemia.
• VK2735: A novel dual agonist of GLP-1 and GIP receptors currently under investigation for the treatment of obesity and other metabolic disorders.
• VK0214: An experimental therapy targeting X-linked adrenoleukodystrophy (X-ALD), a rare genetic neurological disease.

For the public company Viking (symbol: VIK), identified as Viking Energy Group, Inc., the company operates in the oil and natural gas exploration and production sector.

Viking Energy Group, Inc. sells its products (crude oil and natural gas) primarily to other companies (B2B model).

While the company's SEC filings indicate a significant concentration of revenue from a few major customers (e.g., in 2022, approximately 77% of oil revenue came from two customers and 71% of natural gas revenue from one customer), the names of these specific customer companies are not disclosed in their public filings.

Based on its business model and industry, Viking Energy Group, Inc. typically sells to the following categories of customers:

• Midstream Companies: These companies specialize in the gathering, processing, and transportation of crude oil and natural gas from the wellhead to market hubs. They often purchase production directly from exploration and production companies.
• Energy Marketing and Trading Firms: These firms act as intermediaries, buying crude oil and natural gas from producers and selling it to a diverse range of end-users, refiners, utilities, or other traders.
• Refineries and Gas Processors: Companies that purchase crude oil for refining into various petroleum products (like gasoline, diesel) or natural gas for processing into pipeline-quality gas and natural gas liquids.

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Torstein Hagen
Chairman of the Board and Chief Executive Officer

Torstein Hagen founded Viking in 1997, establishing it with the purchase of four ships and a vision for destination-focused travel. He has extensive experience in the shipping and cruise industry, having previously served as Chief Executive Officer of Bergen Line from 1976 to 1983 and Royal Viking Line from 1981 to 1984. He was also a Partner at McKinsey & Company. Mr. Hagen holds a degree in physics from the Norwegian Institute of Technology and an M.B.A. from Harvard University.

Leah Talactac
President and Chief Financial Officer

Leah Talactac serves as President and Chief Financial Officer, leading Viking's executive committee and overseeing the company's financial functions, including accounting, audit, corporate finance, tax, and investor relations. She provides strategic direction to a global team to execute the company's growth strategy and also oversees corporate governance. Ms. Talactac's career spans more than 25 years of experience in financial management, business leadership, and corporate strategy.

Anton Hofmann
Executive Vice President, Group Operations

Anton Hofmann is the Executive Vice President responsible for Viking's worldwide river fleet operations, including strategic planning, new build planning, design, contracting, ship financing, and day-to-day operations. He possesses more than thirty years of experience in the cruise industry and has worked with Viking in various senior management functions since its inception in 1997.

Karine Hagen
Executive Vice President, Product

Karine Hagen serves as Executive Vice President, Product, and is also a Director. Prior to joining Viking, she held positions with Arthur Andersen, J. Walter Thompson, Genesys, and Telenor. Ms. Hagen holds degrees in Soviet Studies and Economics from Wellesley College, an M.A. in Russia and East European Studies from Stanford University, and an M.B.A. from BI Norwegian Business School. She is the daughter of Torstein Hagen.

Linh Banh
Executive Vice President, Finance

Linh Banh is the Executive Vice President, Finance for Viking Holdings Ltd.

The most significant risk to Viking Holdings Ltd is its vulnerability to **external shocks**, including pandemics, adverse weather, natural disasters, and geopolitical events. The cruise industry is highly susceptible to such global occurrences, which can severely restrict travel and negatively impact bookings, revenue, and overall profitability.

Secondly, Viking Holdings Ltd is exposed to **regulatory and environmental risks**. The implementation of stricter environmental regulations could lead to increased operating costs and compliance burdens. Additionally, shifts in consumer travel preferences, potentially driven by growing environmental concerns or demographic changes, could challenge the company's long-term profitability and demand stability.

Finally, the company faces risks associated with its **aggressive capacity expansion and intense competition**. Viking's strategy involves significant fleet growth, which, if not met with sustained or increased demand, could lead to overcapacity and exert pressure on pricing and profit margins. Furthermore, any failure to integrate new ships on schedule could prevent advance bookings from translating into expected revenue and earnings.

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Viking (symbol: VIK) operates in three primary cruise segments: river, ocean, and expedition cruises. The addressable markets for these services are estimated as follows:

• River Cruise Market: The global river cruise market was valued between approximately USD 1.9 billion and USD 7.05 billion in 2024. It is projected to reach around USD 2.8 billion in 2025. Viking holds a significant position in this market, with 52% of the North American outbound river market and 51% of the overall river cruise market share in Europe in 2024.
• Luxury Ocean Cruise Market: The global luxury cruise tourism market was valued between approximately USD 9.11 billion and USD 9.73 billion in 2024. One source indicated a higher value of USD 52.29 billion for 2024. This market is expected to grow, potentially reaching around USD 23.08 billion by 2032. Viking holds a 24% share in the luxury ocean segment as of 2024.
• Expedition Cruise Market: The global cruise ship expedition market was valued between approximately USD 5.34 billion and USD 7.31 billion in 2024. It is projected to reach approximately USD 6.68 billion by the end of 2025.

• Increased Capacity and Fleet Expansion: Viking is actively expanding its fleet with new ocean and river vessel deliveries. This includes additions like two new ships for Egypt, additional European sailings, and the Viking Vela in December 2024, with further deliveries planned through 2033. This expansion directly boosts available passenger cruise days (PCDs) and, consequently, revenue-generating capacity.
• Strong Booking Momentum and High Occupancy Rates: The company consistently reports high occupancy across its segments, generally exceeding 95%. Furthermore, Viking demonstrates robust booking momentum, with 96% of its 2025 core capacity and 55% of its 2026 core capacity already sold as of August 2025. This strong demand and advanced bookings provide significant revenue visibility and a solid foundation for future growth.
• Higher Net Yields and Disciplined Pricing: Viking has shown an ability to increase its net yields and revenue per passenger cruise day (PCDs). Management emphasizes disciplined pricing strategies, which have contributed to an 8% net yield increase in Q2 2025 and higher rates for 2026 bookings compared to the previous year.
• Expansion into New Geographic Markets and Itineraries: Viking is expanding its geographic footprint and product offerings by launching new itineraries and markets. Notable examples include new river and ocean deliveries and the introduction of Nile and India launches, broadening its reach and appeal to new customer segments.
• Growth in the Luxury Travel Market: The broader luxury travel market is projected for significant growth, with a compound annual rate of 8.56% from 2025 to 2032. This expansion, driven by demographic shifts and evolving traveler preferences for sustainability and cultural immersion, provides a favorable environment for Viking's premium offerings.

Share Repurchases

• Viking's management has reiterated a conservative capital allocation stance, indicating no current plans for share buybacks.

Share Issuance

• Viking Holdings Ltd. completed its Initial Public Offering (IPO) on May 3, 2024, offering 11,000,000 ordinary shares at $24.00 per share, resulting in $264 million in proceeds to the company.
• Selling shareholders offered an additional 62,647,916 ordinary shares in the IPO, from which Viking did not receive any proceeds.
• A secondary offering of 30,531,917 ordinary shares was priced at $44.20 per share on May 27, 2025, with Viking not offering any shares or receiving any proceeds from this transaction.

Inbound Investments

• As of June 30, 2025, Capital Research Global Investors (CRGI) disclosed a 10.2% stake in Viking Holdings Ltd., beneficially owning 32,238,381 common shares.

Outbound Investments

• Viking's management remains open to mergers and acquisitions (M&A) opportunities, provided they meet criteria for scale, margin accretion, and brand fit.
• The company has made investments in the Asia Outbound market, including the resumption of European river cruise operations for Chinese travelers in June 2023.
• Viking holds a 10% interest in China Merchants Viking Cruises Limited (CMV), which is part of a joint venture, the China JV Investment.

Capital Expenditures

• Viking has committed ship capital expenditures of approximately $990 million for the full year 2025 ($560 million net of financing) and $1.2 billion for 2026 ($70 million net of financing).
• The primary focus of the 2026 capital expenditures is on the delivery of two new ocean ships, Viking Mira and Viking Libra.
• As of April 2024, Viking has 24 new ships on order, with options for an additional 12, as part of its fleet and geographic expansion efforts.