Viking Holdings' 2025 Nearly Sold Out, But Goldman Sachs Seeks More Pricing Clarity For 2026

Goldman Sachs analyst Lizzie Dove reiterated a Neutral rating on the shares of Viking Holdings Ltd VIK and raised the price forecast from $49.00 to $51.00.

VIK experienced a slight slowdown in bookings during February, following a strong fourth-quarter performance and record bookings in January.

Despite this, the company is 88% booked for 2025, with inventory for the year almost sold out. While February’s softness may reflect a pull-forward in spending during the holiday season, the luxury market exposure provides protection in case of a prolonged consumer slowdown.

Overall, VIK’s strong booking visibility and high-end clientele offer a buffer, and pricing is expected to align with projections for 2025/2026.

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As of now, 88% of 2025 capacity is sold with a 7% year-over-year pricing growth, maintaining the same pace as the previous quarter.

VIK’s fourth-quarter vessel operating costs, excluding fuel, increased by 0.4% year-over-year, driven by higher capacity days from an extended river season, which provided fixed cost leverage.

While similar cost management may not continue in 2025, some cost leverage from SG&A is expected, assuming the consumer environment doesn’t worsen, said the analyst.

Over 90% of VIK’s revenues come from ticket sales, reducing reliance on more volatile onboard spending and 2026 shows growth both in volume and pricing.

In short, VIK maintains strong visibility into future trends, and the extended booking curve offers more flexibility in navigating the uncertain macro conditions.

The analyst continues to favor VIK’s exposure but will remain cautious until more evidence of 2026 pricing surfaces, which is expected to come up in the next quarter.

Price Action: VIK shares are trading higher by 1.86% at $40.90 at last check Wednesday.

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