Berenberg Initiates Coverage, Names Rubrik as Top Pick for Direct Exposure to Data Explosion, AI Themes

Financial Performance - Viking Holdings reported Q3 2025 revenue of $2.00 billion, a 19.12% increase year-over-year, exceeding guidance by $5.53 million [2] - The company achieved its highest quarterly Adjusted EBITDA of $704 million, reflecting a 26.9% year-over-year increase and an adjusted EBITDA margin of 52.8% [2] - Net income for the quarter reached $514 million, an increase of $135 million compared to Q3 2024, resulting in an Adjusted EPS of $1.20, up 33.2% [2] Analyst Sentiment - Jefferies analyst David Katz raised the price target for Viking Holdings to $60 from $59, maintaining a Hold rating on the shares following the strong Q3 results [1] - Initial projections for 2026 indicate strong performance in both the Ocean and River segments for Viking Holdings [1] Company Overview - Viking Holdings Ltd. operates in the passenger shipping and other forms of passenger transport across North America, the UK, and internationally, with operations divided into River and Ocean segments [4]