Track market-moving stories before they get noisy

The market expects Norwegian Cruise Line (NCLH - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 29. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis cruise operator is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of -24.2%.

Revenues are expected to be $2.88 billion, down 2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.02% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Norwegian Cruise Line?For Norwegian Cruise Line, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.73%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Norwegian Cruise Line will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Norwegian Cruise Line would post earnings of $0.39 per share when it actually produced earnings of $0.48, delivering a surprise of +23.08%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Norwegian Cruise Line appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerRoyal Caribbean (RCL - Free Report) , another stock in the Zacks Leisure and Recreation Services industry, is expected to report earnings per share of $6.38 for the quarter ended September 2026. This estimate points to a year-over-year change of +11%. Revenues for the quarter are expected to be $5.59 billion, up 8.7% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Royal Caribbean has been revised 0.9% down to the current level. Nevertheless, the company now has an Earnings ESP of +0.13%, reflecting a higher Most Accurate Estimate.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that Royal Caribbean will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

– Itineraries Include Seven-Day, Bucket-List Worthy Voyages to the Mediterranean from Barcelona, Spain –

– Norwegian Bella™ to be the Grand Finale in NCL's Groundbreaking Prima Class –

, /PRNewswire/ -- Norwegian Cruise Line (NCL), the industry leader in delivering freedom and choice in experiences with uncompromising hospitality, today opened for sale its next cutting-edge vessel, Norwegian Bella™, which will offer seven-day round-trip Mediterranean itineraries from Barcelona, Spain beginning in May 2028.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/norwegian_cruise_line/9361354-en-norwegian-cruise-lines-norwegian-bella-sailing-from-europe-may-2028 

Norwegian Cruise Line® opens for sale Norwegian Bella™, which will be the newest ship to sail from Europe beginning in May 2028.

Norwegian Bella™ is the sixth and final ship in the groundbreaking Prima Class, offering seven-day Mediterranean voyages from Barcelona starting in May 2028.

Norwegian Bella™ features original hull art, designed by Australian contemporary artist George Rose, that uses vibrant colors and the feeling of movement to reflect the excitement of travel.

Norwegian Bella™ will feature Ocean Heights™, a multi-level, open-air activity complex that is an innovative, multi-generational hub of entertainment featuring a variety of slides and activities from day to night.

Ocean Heights™, Norwegian Bella’s multi-generational, open-air activity complex, will provide an outdoor bar perfect for guests to enjoy their favorite beverages while overlooking all the action at the pool deck.

Norwegian Bella’s top-deck attraction, Ocean Heights™, will offer thrilling activities including the 82-foot Bella Ropes Course.

On Ocean Boulevard, NCL’s signature wrap around promenade, the all-new Norwegian Bella™ features a kid’s area, Little Explorer’s Cay, equipped with a playground and slides.

On board Norwegian Bella™, guests can soak up the sun at the expansive pool deck with ample seating and lounging space as well as infinity hot tubs.

Norwegian Bella™ will feature the popular Vibe Beach Club, the signature NCL adults-only outdoor lounge area, equipped with sun loungers, daybeds, a bar and infinity hot tubs.

Norwegian Bella™ will offer Infinity Beach, where guests can relax in daybeds by infinity pools, away from the upbeat main pool deck.

Norwegian Bella’s inaugural season will sail seven-day Mediterranean voyages from Barcelona, Spain with visits to bucket list destinations across Europe including Rome, Florence and Salerno, Italy; Marseille, France; and Palma de Mallorca, Spain.

Norwegian Bella™ will boast 159 suites within the keycard access-only complex, The Haven by Norwegian®, including the Haven Two-Bedroom Duplex Suite with Large Balcony. Amenities include a 24-hour butler and concierge service, priority embarkation and disembarkation and much more.

The all-new Norwegian Bella™ will feature an array of balcony staterooms that will accommodate up to four guests with select connecting rooms to allow families to travel together in comfort and ease.

At approximately 1,129 feet long and 170,000 gross tons, Norwegian Bella will accommodate 3,921 guests at double occupancy and will join Norwegian Aura as the largest ships in the NCL fleet. Her inaugural season of voyages will include an unparalleled way for guests to experience Europe's most captivating destinations, including Rome, Florence and Salerno, Italy; Marseille, France; and Palma de Mallorca, Spain.

On board, Norwegian Bella will offer similar experiences to Norwegian Aura, the Company's latest vessel due for delivery in May 2027. With Norwegian Bella sailing in Europe and Norwegian Aura in the Caribbean, NCL will bring its newest guest experiences to two of the world's top cruise destinations. Both vessels are currently being built by renowned Italian shipbuilder Fincantieri, with interior designs created by world-class architects AD Associates, Piero Lissoni, Rockwell Group, SMC Design, and Studio Dado.

"Norwegian Bella marks a milestone moment in our fleet as the culmination of our award-winning Prima Class," said Marc Kazlauskas, president of Norwegian Cruise Line. "Drawing on the innovations and guest feedback that have shaped the class from the very beginning, Norwegian Bella brings together our most sought-after experiences in one extraordinary ship. From enhanced outdoor spaces and family-friendly attractions to elevated venues for relaxation and connection, every detail has been thoughtfully designed to give guests the freedom and flexibility to vacation exactly how they want to, without anyone having to compromise. We look forward to welcoming guests to discover the Mediterranean with us aboard Norwegian Bella."

Norwegian Bella showcases a collection of elevated experiences, including:

OCEAN HEIGHTS: OPEN-AIR ACTIVITIES FROM DAY TO NIGHT
Spanning decks 18 through 21, Ocean Heights™ is the multi-level, open-air complex that transforms throughout the day, serving as a sun-soaked playground by afternoon that evolves into a vibrant social hub under the stars with immersive lighting and LED projections at night.

From friendly competition to heart-pounding thrills, Norwegian Bella delivers unforgettable experiences for guests of all ages. Adventure seekers can race side-by-side on Eclipse Racers, take the plunge on the Bella Free Fall waterslide or experience The Wave, a pendulum-style raft slide accommodating up to four riders. For the ultimate adrenaline rush, travelers can brave The Drop, the signature Prima Class dry slide that sends guests speeding down 10 decks in a matter of seconds. The excitement continues with the Bella Ropes Course; the Bella Midway, which brings classic carnival-inspired fun to sea and on deck 20, guests can perfect their putt on the nine-hole mini golf course or discover Moon Climber, a vibrant, multi-level harness-free adventure course.

OCEAN BOULEVARD: OCEAN VIEWS, FAMILY SPACES AND INFINITY BEACH
Wrapping the entire ship on deck eight, Norwegian Bella's Ocean Boulevard is the signature Prima Class promenade, now enhanced with additional seating compared to Norwegian Aqua and Norwegian Luna, featuring hot tubs and an outdoor bar. At the heart of the experience is Infinity Beach, where guests can enjoy stunning infinity pools, upscale daybeds, hot tubs and a full-service outdoor bar.

Dedicated spaces for younger guests include Little Explorers' Cay complete with a playhouse and slides for ages two to six; Adventure Alley offering ages six to 10 an immersive playground filled with crawl spaces, winding tunnels and imaginative ocean-inspired adventures; and teens can claim their own hangout at Surf's Bay, a contemporary retreat with a striking surf wall photo installation for the best selfies at sea.

EXPANDED POOL DECK, FAMILY WATER PLAY AND AN ADULTS-ONLY ESCAPE
Over 15% larger than Norwegian Aqua's and Norwegian Luna's pool decks, Norwegian Bella's expansive pool deck features more space and seating, an infinity hot tub and a large LED entertainment screen, creating the perfect backdrop for relaxing days at sea.

The top deck action continues with the Kids' Aqua Park, featuring a reimagined splash pad design and interactive water features for young cruisers. Nearby are two family-fun waterslides – The Party Slide, a wide and shallow slide perfect for families and friends to enjoy together, and Infinity Loop, a figure-eight slide. Guests looking for more sun-soaked fun with beautiful views of the ocean can enjoy ample lounging and outdoor lawn games at Horizon Park on deck 19.

For cruisers seeking a more elevated escape, Vibe Beach Club delivers NCL's signature adults-only experience in a sophisticated atmosphere, complete with infinity hot tubs, a central oceanfront bar, enhanced relaxation areas, sun loungers and luxurious daybeds.

WELL-APPOINTED ACCOMMODATIONS AND UNPARALLELED LUXURY IN THE HAVEN BY NORWEGIAN®
Norwegian Bella offers nearly 2,000 staterooms with a variety of thoughtfully designed accommodations, ranging from inside staterooms and studios to spacious balcony staterooms. With the diverse range of staterooms, every type of traveler, including families and multigenerational groups, can feel comfortable at sea while experiencing NCL's uncompromising hospitality and genuine service.

The ship will include 159 suites within The Haven by Norwegian, NCL's exclusive, keycard-access ship-within-a-ship experience. Designed by Piero Lissoni, The Haven will be located aft and offer private elevators, a sundeck with an infinity pool, two hot tubs, an outdoor sauna and cold room, and separate family-friendly and adults-only areas. Haven guests will also have access to a private restaurant and bar with exclusive menu offerings, as well as a lounge. Additional benefits include 24-hour butler and concierge service, as well as priority embarkation, disembarkation and reservations.

DAZZLING, EYE-CATCHING NEW HULL ART
Continuing NCL's tradition of partnering with renowned artists to create iconic hull artwork across its fleet, Norwegian Bella will feature a striking original design by acclaimed Australian contemporary artist George Rose. Known for her bold murals and vibrant botanical compositions, Rose creates immersive works that blend fine art and design through vivid color, fluid gradients and graphic natural forms. With a career spanning more than 15 years, Rose has worked across cultural, public and commercial contexts internationally including work with STRAAT Museum Amsterdam, the Australian Embassy in Indonesia, Colab Gallery Germany, and brands such as Instagram, Nike and TikTok.

Reflecting on the collaboration, Rose said, "Designing the hull art for Norwegian Bella was an opportunity to capture the sense of wonder that travel inspires. Through vibrant color, organic forms and a feeling of movement, I wanted to create a piece that reflects the excitement of exploration and discovery. I'm looking forward to seeing my artwork come to life on a ship that will visit some of Europe's most remarkable destinations, and I hope it becomes part of the memories guests create throughout their journey."

For images and b-roll of Norwegian Bella, visit the press kit here.

For more information about the Company's award-winning fleet and worldwide itineraries, or to book a cruise, please contact a travel professional, call 888-NCL-CRUISE (625-2784) or visit www.ncl.com.

About Norwegian Cruise Line
As the innovator in global cruise travel, Norwegian Cruise Line® has been breaking the boundaries of traditional cruising for 59 years. Its tagline, "It's Different Out Here®" reflects the emotional connection guests experience aboard and pays tribute to the company's history of pioneering the cruise experience. Most notably, NCL revolutionized the industry by offering guests the freedom and flexibility to design their ideal vacation on their preferred schedule with no assigned dining and entertainment times and no formal dress codes. Today, the company continues to deliver on that freedom, choice and uncompromising hospitality, so no one has to settle on their ideal vacation. With award-winning entertainment, globally inspired dining and thoughtfully designed accommodations, including solo staterooms, Club Balcony Suites and The Haven by Norwegian®, the company's exclusive ship-within-a-ship concept, NCL ensures every guest enjoys a seamless and personalized journey that allows them to enjoy the moment and connect with those who matter most. To further deliver guests with more value, the company's signature Free at Sea™ package provides added benefits and inclusions such as unlimited open bar; specialty dining credits; high-speed Wi-Fi; and shore excursion credits; and on select sailings third and fourth guests sail free (terms and conditions apply). NCL guests sailing to the Caribbean can also enjoy exclusive experiences at Harvest Caye, the company's resort destination in Belize, along with new and enhanced experiences at Great Stirrup Cay, NCL's expanded private island in the Bahamas. NCL sails to nearly 350 of the world's most desirable destinations with its fleet of 20 contemporary ships.

For additional information or to book a cruise, contact a travel professional, call 888-NCL-CRUISE (625-2784) or visit www.ncl.com. For the latest news and exclusive content, visit the NCL Newsroom and follow Norwegian Cruise Line on Facebook, Instagram, TikTok and YouTube @NorwegianCruiseLine; and Twitter @CruiseNorwegian.

Norwegian Cruise Line is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. To learn more, visit www.nclhltd.com.

SOURCE Norwegian Cruise Line

 | Source: Norwegian Cruise Line Holdings Ltd.

MIAMI, Sept. 30, 2026 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (“NCLH”), announced today that it is proposing to sell $750.0 million aggregate principal amount of its senior notes due 2031 (the “Notes”) in a private offering (the “Offering”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

NCLC intends to use the net proceeds from the Offering, together with cash on hand, (i) to redeem all of the outstanding 6.125% Senior Notes due 2028 issued by NCL Finance, Ltd., a subsidiary of NCLC (the “2028 Notes”), (ii) to repay approximately $176.3 million of outstanding borrowings under NCLC’s existing senior secured revolving loan facility and (iii) to prepay approximately $42.2 million of outstanding borrowings under our export-credit backed financing facilities, in each case, together with any accrued and unpaid interest thereon, and to pay any related transaction premiums, fees and expenses. The redemption of the 2028 Notes will be conditioned upon the consummation of the Offering.

The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release also shall not constitute an offer to purchase, a solicitation of an offer to sell, or a notice of redemption with respect to the 2028 Notes.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates Norwegian Cruise Line®, Oceania Cruises® and Regent Seven Seas Cruises®. NCLH has a combined fleet of 33 ships and approximately 72,000 berths, excluding two ships under long-term charter to third parties, and offers itineraries to nearly 700 destinations worldwide. NCLH expects to add 16 additional ships across its three brands through 2037, which will add approximately 43,000 berths to its fleet.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the Offering and the use of proceeds therefrom, may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. For a discussion of these risks, uncertainties and other factors, please refer to the factors set forth under the sections entitled “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. These factors are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contact

Sarah Inmon
(786) 812-3233
[email protected]

Key Takeaways NCLH trades below its historical and industry sales multiples despite a 27.9% one-year stock decline.NCLH's 2026 earnings estimate fell 6.8% in four weeks as net yields are expected to remain under pressure.NCLH's $15 billion debt load and rising leverage leave less room for execution errors during the recovery. Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) trades at a steep sales-multiple discount, but the lower valuation arrives as earnings estimates fall and leverage stays high. The key question is whether that discount already compensates investors for the depth and duration of the 2026 commercial reset.
Cost reductions and long-term fleet and destination investments offer support. Still, weaker yields, a heavy debt load and soft estimate trends leave limited room for execution errors as the recovery stretches into 2027.

NCLH's Valuation Discount Looks DeepNCLH's forward 12-month price-to-sales ratio is 0.78, below its five-year median of 0.87 and well below the Zacks sub-industry's 2.90. The gap leaves the stock looking inexpensive on sales.

That discount sits alongside weaker relative share performance. NCLH has declined 27.9% over the past year, while the Zacks sub-industry has gained 1.3% over the same period.

NCLH's 2026 Earnings Reset Limits the AppealThe Zacks Consensus Estimate for 2026 earnings is $1.50 per share, down from $2.11 in 2025, a 28.9% decline. The 2026 estimate has also fallen 6.8% over the past four weeks.

Management expects 2026 constant-currency net yield to decline about 5%. Net yield trends are also expected to remain negative in the first half of 2027, primarily because of the first quarter, before improving sequentially.

Norwegian Cruise's Leverage Narrows Its Margin for ErrorAt June 30, 2026, Norwegian Cruise had $15 billion of debt, $14.8 billion of net debt and $1.5 billion of liquidity. Net leverage stood at 5.3 times and is expected to exceed 6 times by year-end.

Debt repayments include $1.106 billion in 2027, $1.341 billion in 2028, $1.365 billion in 2029 and $3.950 billion in 2030. Gross newbuild and growth capital spending is projected at about $2.9 billion in 2026, or $1.4 billion net of financing.

NCLH's Cost Savings Can Cushion the ResetManagement announced $225 million of annualized savings during the first two quarters of 2026. Run-rate savings exceeded $525 million as of July, reflecting actions across technology vendors, salaries and benefits, selling, general and administrative expenses and capital efficiency.

For 2026, adjusted net cruise cost excluding fuel per capacity day is expected to decline about 0.25% on a constant-currency basis. The cost actions support margins, but current guidance indicates they will not fully offset weaker near-term revenue generation.

Norwegian Cruise Still Has Long-Term Demand LeversRegent Seven Seas Cruises and Oceania Cruises target higher-spend guests, supporting NCLH's premium mix. The company also has 16 ships on order through 2037 that are expected to add roughly 43,000 berths, while revenue-management upgrades and Great Stirrup Cay investments provide additional demand levers.

Cruise peers provide useful demand context. Carnival Corporation (CCL - Free Report) reported record second-quarter 2026 revenues of $6.7 billion and constant-currency net yields up 2.2%. Royal Caribbean Group (RCL - Free Report) reported $4.8 billion of second-quarter revenues and raised its 2026 adjusted EPS guidance to $17.73 to $17.87.

NCLH's Mixed Signals Support CautionThe bottom line is that NCLH's low sales multiple offers a value case, but the 2026 earnings reset and elevated leverage leave less cushion if the commercial recovery takes longer than planned. The setup favors patience rather than treating the discount alone as a buy signal.

NCLH currently carries a Zacks Rank #5 (Strong Sell), reflecting unfavorable earnings estimate revision trends over the short term. Its Value Score of A highlights valuation appeal, but the Growth Score of D, Momentum Score of C and VGM Score of C keep the broader profile mixed. Under the Zacks framework, Style Scores complement the Zacks Rank rather than override it.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MIAMI, July 30, 2026 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together with NCL Corporation Ltd. (“NCLC”), “Norwegian Cruise Line Holdings”, “Norwegian”, “NCLH” or the “Company”) today reported financial results for the second quarter ended June 30, 2026 and provided guidance for the third quarter and full year 2026.

Highlights

Second quarter total revenue grew 4.9% to $2.6 billion. GAAP net income was $223 million with EPS of $0.48.Delivered better-than-expected second quarter profitability, with Adjusted EBITDA1 of $666 million, Adjusted Net Income of $222 million and Adjusted EPS of $0.48, each exceeding guidance.Company now expects full year 2026 Adjusted EPS to be approximately $1.50.Advanced the Company’s global business sourcing strategy through the consolidation of technology vendors as well as other salary and benefit savings, generating an additional ~$100 million of expected annualized run-rate savings, primarily from capital expenditures and SG&A.Announced the grand opening of Great Tides Waterpark on September 4, 2026, at the Company’s private island, Great Stirrup Cay. Spanning nearly six acres, Great Tides Waterpark will deliver a bold, family-friendly adventure across immersive attractions for all ages.Entered into a memorandum of agreement in July 2026 for the sale of Oceania Sirena. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. The transactions are expected to close during the third quarter of 2026.
Prior to quarter-end, the Company elected to settle the 1.125% Exchangeable Senior Notes due 2027, and the 2.50% Exchangeable Senior Notes due 2027, in cash. The elections are expected to reduce the diluted weighted-average shares outstanding in full year 2026 by 4 million shares, relative to guidance previously issued on May 4, 2026. “Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. “We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.”

___________________

1 See “Terminology”, “Non-GAAP Financial Measures” and “Outlook and Guidance” below for additional information about Adjusted EPS, Adjusted EBITDA, Adjusted Net Income, Net Leverage and other non-GAAP financial measures.

Second Quarter 2026 Highlights

Generated total revenue of $2.6 billion, a 4.9% increase compared to the second quarter of 2025, driven by increased Capacity Days. GAAP net income was $223 million compared to $30 million in the prior year, with EPS of $0.48.Gross margin per Capacity Day decreased 11.6% versus 2025 on an as reported basis and decreased 12.3% on a Constant Currency basis. Net Yield decreased approximately 2.1% on an as reported basis and 2.6% on a Constant Currency basis, better than guidance of a decline of 3.6%.Gross Cruise Costs per Capacity Day were approximately $304, compared to $306 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $164 on an as reported basis and $163 on a Constant Currency basis. Compared to 2025, this metric was essentially flat on an as reported basis and decreased 0.5% on a Constant Currency basis, 150 basis points better than guidance.Adjusted EBITDA declined 4.1% to $666 million, compared to $694 million in 2025, above guidance of $632 million. Adjusted EPS decreased 6.6% to $0.48, above guidance of $0.38. 2026 Full Year Outlook

The Company continues to execute on the cost front, identifying $100 million of annualized savings, in addition to the $125 million of annualized savings announced last quarter. The Company has also taken actions to strengthen its execution, including the addition of key leadership within marketing, revenue management and other key areas at Norwegian Cruise Line. The benefits of these changes are expected to be realized over time and will have a limited impact on 2026 financial results as the Company navigates through its execution challenges, which are impacting its demand generation and revenue outlook. As a result, the Company is updating its full year 2026 guidance. A summary of the updated full year guidance is provided below:

2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 5% versus 2025.2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings.2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion.Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 33.2%.Full year Adjusted Net Income is expected to be approximately $700 million. Adjusted EPS is expected to be approximately $1.50. Q3 2026 Outlook

Q3 2026 Net Yield on a Constant Currency basis is expected to decline 8.9% versus 2025.Q3 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline 0.9% on a Constant Currency basis versus 2025.Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%. Booking Environment Update

The Company remains below its optimal booked position for the next 12 months, as it continues to experience pressure from softer demand at its Norwegian Cruise Line brand related to Company-specific execution challenges, as well as the ongoing conflict in the Middle East. As we look ahead, the full amenities at the Company’s private island, Great Stirrup Cay, will be open to the public beginning September 4, including the pier and the new Great Tides Waterpark, the Great Life Lagoon, and the nearby Splash Harbor, which we expect will improve demand to Caribbean itineraries over time.

Liquidity and Financial Position

The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of June 30, 2026, the Company had total debt of $15.0 billion and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.3x.

As of June 30, 2026, liquidity was $1.5 billion, including approximately $218 million of cash and cash equivalents and $1.3 billion of availability under our Revolving Loan Facility.

“While the demand environment remains pressured at our Norwegian Cruise Line brand, we continue to execute on disciplined cost and sourcing initiatives, and have identified an additional $100 million of expected annualized run-rate savings primarily related to technology vendors,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “We remain disciplined in managing our cost structure and over the past three years we have identified over $500 million in savings. These actions will help support future margin expansion and strengthen our financial flexibility as we continue to position the Company for long-term profitable growth.”

Outlook and Guidance

In addition to announcing the results for the second quarter of 2026, the Company also provided guidance for the third quarter and full year 2026, along with accompanying sensitivities, subject to changes in the broad macroeconomic environment. The Company does not provide certain estimated future results on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2026 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.

      2026 Guidance

 Third Quarter 2026Full Year 2026 As ReportedConstant
CurrencyAs ReportedConstant
CurrencyNet Yield(8.8%)
(8.9%)~(4.7%)~(5.0%)Adjusted Net Cruise Cost
Excluding Fuel per Capacity Day(1.0%)
(0.9%)
~0.0%~(0.25%)Capacity Days6.8 million~26.25 millionOccupancy104.0%
~102.3%Adjusted EBITDA$874 million~$2.5 billionAdjusted Net Income$414 million~$700 millionAdjusted EPS1$0.90
~$1.50Diluted Weighted-Average Shares Outstanding2461 million~464 millionDepreciation and Amortization$275 million~$1,085 millionInterest Expense, net3$180 million~$705 millionEffect of a 1% change in Net Yield on Adjusted EBITDA / Adjusted EPS$21 million
~$0.05
~$75 million
~$0.16Effect of a 1% change in Adjusted Net Cruise Cost Excluding Fuel per Capacity Day on Adjusted EBITDA / Adjusted EPS~$10 million
~$0.02
~$42 million
~$0.09Effect of a 1% change in Foreign Exchange rates on Adjusted Net Income / Adjusted EPS4~$1.8 million
~$0.00
~$3.4 million
~$0.01
___________________

(1) Based on guidance and using diluted weighted-average shares outstanding of approximately 461 million for the third quarter of 2026 and 464 million for full year 2026.(2) As of June 30, 2026, the price of NCLH’s ordinary shares did not exceed the conversion price related to the Company’s 2030 Exchangeable Notes, and therefore, there was no impact to diluted weighted-average shares outstanding considered for the third quarter and full year 2026 guidance.(3) Interest expense excluding debt extinguishment and modification costs. Based on the Company’s June 30, 2026 outstanding variable rate debt balance, a one percentage point increase in annual SOFR interest rates would increase the Company’s annual interest expense by approximately $15 million excluding the effects of the capitalization of interest.(4) Impact from changes in foreign exchange rates only considers the impact that foreign exchange rate movements could have on our revenues and operating costs.    The following reflects the foreign currency exchange rates as of June 30, 2026 that the Company used in its third quarter and full year 2026 guidance.

 Current GuidanceEuro$1.14British pound$1.33Australian Dollar$0.69Canadian Dollar$0.70    Fuel

The Company reported fuel expense of $219 million in the quarter. Fuel price per metric ton, net of hedges increased to $888 from $659 in 2025. Fuel consumption of 247,000 metric tons was slightly below projections. The following reflects the Company’s expectations regarding fuel consumption and pricing, along with accompanying sensitivities:

 Third Quarter 2026 Full Year 2026Fuel consumption in metric tons1 245,000  1,010,000Fuel price per metric ton, net of hedges2$811 $780Effect on Adjusted EPS of a 10% change in fuel prices, net of hedges$0.02 $0.05       ___________________

(1) Total fuel consumption for the full year 2026 is expected to be comprised mainly of heavy fuel oil and marine gas oil, as well as other fuel types.(2) Fuel prices are based on spot rates as of July 28th.    As of June 30, 2026, the Company had hedged approximately 52% and 38% of its total projected metric tons of fuel consumption for 2026, and 2027, respectively. We primarily hedge heavy fuel oil (“HFO”) and marine gas oil (“MGO”). Other fuel types are unhedged. The following table provides amounts hedged and prices per metric ton:

 2026  2027 Blended HFO and MGO Hedge Price / Metric Ton$533  $549 Total % of Consumption Hedged 52%  38% ___________________

Hedged derivatives include accounting hedges as well as economic hedges.

Capital Expenditures

The following table presents newbuild-and-growth capital expenditures, which mainly consists of capital expenditures related to the construction of new ships, private island developments and enhancements and other strategic growth initiatives:

             First Quarter 2026
(millions) Second Quarter 2026
(millions) Third Quarter 2026
(millions) Full Year 2026
(billions) Full Year 2027
(billions) Full Year 2028
(billions)Newbuild-and-Growth Capital Expenditures, Gross1$1,274 $328 $313 ~$2.9 ~$2.9 ~$1.8Export Credit Financing for Newbuild-and-Growth Capital Expenditures$883 - $111 ~$1.6 ~$2.0 ~$1.3Newbuild-and-Growth Capital Expenditures, Net of Financing$391 $328 $202 ~$1.4 ~$0.9 ~$0.5 ___________________

Includes all newbuild related capital expenditures including shipyard progress payments.
Note: Numbers may not add due to rounding. The following table presents other capital expenditures, which mainly consists of investments related to maintenance, Dry-dock renovations, technology and digital:

         First Quarter 2026
(millions) Second Quarter 2026
(millions) Third Quarter 2026
(millions) Full Year 2026
(millions)Other Capital Expenditures$137
 $172
 ~$100 ~$540         Fleet and Brand Updates

Norwegian Cruise Line named Lee Applbaum as Chief Marketing Officer. Mr. Applbaum brings more than 25 years of experience building iconic global brands and will lead the brand’s global marketing organization. Learn more here.Norwegian Cruise Line announced the grand opening date for Great Tides Waterpark at Great Stirrup Cay will be September 4th, 2026. Spanning nearly six acres, Great Tides Waterpark is set to deliver immersive attractions for all ages. Learn more here.Norwegian Cruise Line Holdings Ltd. released its 2025 Sail & Sustain Report, highlighting progress across the Company’s global sustainability strategy and its five foundational pillars: Caring for Nature, Sailing Safely, Empowering People, Strengthening Our Communities, and Operating with Integrity & Accountability. Learn more here. Conference Call

The Company has scheduled a conference call for Thursday, July 30th, 2026 at 8:30 a.m. Eastern Time to discuss second quarter 2026 results and provide a business update. A link to the live webcast along with a slide presentation can be found on the Company’s Investor Relations website at https://www.nclhltd.com/investors. A replay of the conference call will also be available on the website for 30 days after the call.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 35 ships and ~75,000 Berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 16 additional ships across its three brands through 2037, which will add ~43,000 Berths to its fleet. To learn more, visit www.nclhltd.com.

Terminology

Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other supplemental adjustments.

Adjusted EPS. Adjusted Net Income divided by the number of diluted weighted-average shares outstanding.

Adjusted Gross Margin. Gross margin adjusted for payroll and related, fuel, food, other and ship depreciation. Gross margin is calculated pursuant to GAAP as total revenue less total cruise operating expense and ship depreciation expenses.

Adjusted Net Cruise Cost Excluding Fuel. Net Cruise Cost Excluding Fuel adjusted for supplemental adjustments.

Adjusted Net Income. Net income (loss), adjusted for the effect of dilutive securities and other supplemental adjustments.

Adjusted Operational EBITDA Margin. Adjusted EBITDA divided by Adjusted Gross Margin.

Adjusted ROIC. An amount expressed as a percentage equal to (i) Adjusted EBITDA less depreciation and amortization plus other supplemental adjustments, divided by (ii) the sum of total long-term debt, including the short-term portion thereof, and shareholders’ equity as of the end of a respective quarter, averaged for the most recent five fiscal quarters ending with the last date of the applicable fiscal year.

Berths. Double occupancy capacity per cabin (single occupancy per studio cabin) even though many cabins can accommodate three or more passengers.

Capacity Days. Berths available for sale multiplied by the number of cruise days for the period for ships in service excluding announced ships with long-term bareboat charters once their charters begin.

Constant Currency. A calculation whereby foreign currency-denominated revenues and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of foreign exchange fluctuations.

Dry-dock. A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line.

EBITDA. Earnings before interest, taxes, and depreciation and amortization.

EPS. Earnings (loss) per share.

GAAP. Generally accepted accounting principles in the U.S.

Gross Cruise Cost. The sum of total cruise operating expense and marketing, general and administrative expense.

Net Cruise Cost. Gross Cruise Cost less commissions, transportation and other expense and onboard and other expense.

Net Cruise Cost Excluding Fuel. Net Cruise Cost less fuel expense.

Net Debt. Long-term debt, including current portion, less cash and cash equivalents.

Net Leverage. Net Debt divided by Adjusted EBITDA for the trailing twelve-months.

Net Per Diem. Adjusted Gross Margin divided by Passenger Cruise Days.

Net Yield. Adjusted Gross Margin per Capacity Day.

Occupancy, Occupancy Percentage or Load Factor. The ratio of Passenger Cruise Days to Capacity Days. A percentage greater than 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days. The number of passengers carried for the period, multiplied by the number of days in their respective cruises.

Revolving Loan Facility. Approximately $2.5 billion senior secured revolving credit facility.

Shipboard Retirement Plan. An unfunded defined benefit pension plan for certain crew members which computes benefits based on years of service, subject to certain requirements.

2027 Exchangeable Notes. On November 19, 2021, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank National Association, as trustee, NCLC issued $1,150.0 million aggregate principal amount of exchangeable senior notes due 2027. Additionally, on February 15, 2022, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank National Association, as trustee, NCLC issued $473.2 million aggregate principal amount of exchangeable senior notes due 2027.

2030 Exchangeable Notes. On April 7, 2025, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank Trust Company, National Association, as trustee, NCLC issued $353.9 million aggregate principal amount of exchangeable senior notes due 2030. Additionally, on September 11, 2025, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank Trust Company, National Association, as trustee, NCLC issued $1,407.0 million aggregate principal amount of exchangeable senior notes due 2030.

References to “dollar(s)” or “$” are to United States dollars and “euro(s)” or “€” are to the official currency of the Eurozone.

Non-GAAP Financial Measures

We use certain non-GAAP financial measures, such as Adjusted Gross Margin, Adjusted Operational EBITDA Margin, Net Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel, Adjusted EBITDA, Net Leverage, Net Debt, Adjusted Net Income, Adjusted EPS, Adjusted ROIC and Net Per Diem, to enable us to analyze our performance. See “Terminology” for the definitions of these and other non-GAAP financial measures. Our management believes the presentation of Adjusted ROIC provides a useful performance metric to both management and investors for evaluating our effective use of capital and has used it as a performance measure for our incentive compensation. We utilize Adjusted Gross Margin, Net Yield, and Net Per Diem to manage our business on a day-to-day basis because they reflect revenue earned net of certain direct variable costs. We utilize Adjusted Operational EBITDA Margin to assess operating performance. We also utilize Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to manage our business on a day-to-day basis. In measuring our ability to control costs in a manner that positively impacts net income (loss), we believe changes in Adjusted Gross Margin, Adjusted Operational EBITDA Margin, Net Yield, Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.

As our business includes the sourcing of passengers and deployment of vessels outside of the U.S., a portion of our revenue and expenses are denominated in foreign currencies, particularly British pound, Canadian dollar, Euro and Australian dollar which are subject to fluctuations in currency exchange rates versus our reporting currency, the U.S. dollar. In order to monitor results excluding these fluctuations, we calculate certain non-GAAP measures on a Constant Currency basis, whereby current period revenue and expenses denominated in foreign currencies are converted to U.S. dollars using currency exchange rates of the comparable period. We believe that presenting these non-GAAP measures on both a reported and Constant Currency basis is useful in providing a more comprehensive view of trends in our business.

We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We also believe that Adjusted EBITDA is a useful measure in determining our performance as it reflects certain operating drivers of our business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. In addition, management uses Adjusted EBITDA as a performance measure for our incentive compensation. Adjusted EBITDA is not a defined term under GAAP nor is it intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income (loss) as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.

In addition, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures that exclude certain amounts and are used to supplement GAAP net income (loss) and EPS. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparison to our historical performance. In addition, management uses Adjusted EPS as a performance measure for our incentive compensation. The amounts excluded in the presentation of these non-GAAP financial measures may vary from period to period; accordingly, our presentation of Adjusted Net Income and Adjusted EPS may not be indicative of future adjustments or results. For example, for the six months ended June 30, 2026, we had an expense of $19.7 million related to restructuring costs. We included this as an adjustment in the reconciliation of Adjusted Net Income since the loss is not representative of our day-to-day operations, and this adjustment did not occur and is not included in the comparative period presented within this release.

Non-GAAP diluted weighted-average shares are calculated using the treasury stock method to calculate the effect of restricted share units and options and the if-converted method to calculate the effect of convertible instruments. This is the same methodology that is used when calculating GAAP diluted weighted-average shares. However, the determination of whether the shares are dilutive or anti-dilutive is made independently on a GAAP and non-GAAP net income or loss basis, and therefore, the number of diluted weighted-average shares outstanding for GAAP and non-GAAP may be different.

Net Leverage and Net Debt are performance measures that we believe provide management and investors a more complete understanding of our leverage position after factoring in cash and cash equivalents.

You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measures and the reasons we consider our non-GAAP financial measures appropriate for supplemental analysis. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of our non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our non-GAAP financial measures may not be comparable to other companies. Please see a historical reconciliation of these measures to the most comparable GAAP measure presented in our consolidated financial statements below.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this release, including, without limitation, our expectations regarding our results of operations, future financial position, including our liquidity requirements and future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, including with respect to refinancing, amending the terms of, or extending the maturity of our indebtedness, our ability to comply with covenants under our debt agreements, expectations regarding our exchangeable notes, valuation and appraisals of our assets, expectations regarding our deferred tax assets, and valuation allowances, expected fleet additions and deliveries, including expected timing thereof, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program, decarbonization efforts and alternative fuel sources and related regulation may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment, tariff increases and trade wars, the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild-related payments and other obligations and to work with credit card processors to satisfy potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; our ability to maintain and strengthen our brand; shareholder activism and/or proxy contests; the unavailability of ports of call and the impacts of port and destination fees and expenses; future increases in the price of, or major changes, disruptions or reductions in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new and existing regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, geopolitical conflict, armed conflict or threats thereof, acts of piracy, and other international events; public health crises, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our reliance on third parties to provide hotel management services for certain ships, technology services and certain other critical services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets, businesses and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we currently consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. You are cautioned not to place undue reliance on the forward-looking statements included in this release, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contacts

Sarah Inmon
(786) 812-3233
[email protected]

NORWEGIAN CRUISE LINE HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)             Three Months Ended Six Months Ended June 30, June 30, 2026
 2025
 2026
 2025
Revenue           Passenger ticket$1,729,838  $1,708,985  $3,272,159  $3,127,669 Onboard and other 910,706   808,512   1,699,606   1,517,381 Total revenue 2,640,544   2,517,497   4,971,765   4,645,050 Cruise operating expense           Commissions, transportation and other 484,668   487,835   882,273   883,178 Onboard and other 191,446   187,684   343,314   326,542 Payroll and related 394,573   346,133   774,789   680,637 Fuel 219,384   157,377   388,310   332,391 Food 87,322   81,323   168,004   156,911 Other 209,415   196,495   407,999   381,126 Total cruise operating expense 1,586,808   1,456,847   2,964,689   2,760,785 Other operating expense           Marketing, general and administrative 419,204   393,054   878,885   784,430 Depreciation and amortization 271,205   243,760   531,921   475,057 Total other operating expense 690,409   636,814   1,410,806   1,259,487 Operating income 363,327   423,836   596,270   624,778 Non-operating income (expense)           Interest expense, net (170,887)  (236,782)  (336,874)  (454,654)Other income (expense), net 33,517   (156,425)  74,220   (180,930)Total non-operating income (expense) (137,370)  (393,207)  (262,654)  (635,584)Net income (loss) before income taxes 225,957   30,629   333,616   (10,806)Income tax benefit (expense) (3,404)  (637)  (6,397)  503 Net income (loss)$222,553  $29,992  $327,219  $(10,303)Weighted-average shares outstanding           Basic 459,133,954   446,586,784   457,901,116   443,882,011 Diluted 463,932,441   448,033,138   465,388,927   443,882,011 Earnings (loss) per share           Basic$0.48  $0.07  $0.71  $(0.02)Diluted$0.48  $0.07  $0.71  $(0.02) NORWEGIAN CRUISE LINE HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)              Three Months Ended  Six Months Ended June 30,  June 30, 2026
 2025  2026
 2025
Net income (loss)$222,553  $29,992  $327,219  $(10,303)Other comprehensive income (loss):            Shipboard Retirement Plan 42   16   85   32 Cash flow hedges:            Net unrealized gain (loss) (69,193)  22,076   55,946   52,901 Amount realized and reclassified into earnings (34,649)  11,044   (36,238)  15,117 Total other comprehensive income (loss) (103,800)  33,136   19,793   68,050 Total comprehensive income$118,753  $63,128  $347,012  $57,747  NORWEGIAN CRUISE LINE HOLDINGS LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)       June 30, December 31, 2026
 2025
Assets     Current assets:     Cash and cash equivalents$218,100  $209,893 Accounts receivable, net 276,958   291,659 Inventories 161,296   138,181 Prepaid expenses and other assets 609,704   498,808 Total current assets 1,266,058   1,138,541 Property and equipment, net 20,437,529   19,068,807 Goodwill 135,764   135,764 Trade names 500,525   500,525 Other long-term assets 1,671,834   1,697,764 Total assets$24,011,710  $22,541,401 Liabilities and shareholders’ equity     Current liabilities:     Current portion of long-term debt$1,141,370  $875,899 Accounts payable 233,063   169,655 Accrued expenses and other liabilities 1,295,295   1,206,430 Advance ticket sales 3,651,201   3,200,593 Total current liabilities 6,320,929   5,452,577 Long-term debt 13,893,415   13,730,277 Other long-term liabilities 1,224,500   1,148,659 Total liabilities 21,438,844   20,331,513 Commitments and contingencies     Shareholders’ equity:     Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 459,158,514 shares issued and outstanding at June 30, 2026 and 455,257,489 shares issued and outstanding at December 31, 2025 459   455 Additional paid-in capital 8,243,394   8,227,432 Accumulated other comprehensive income (loss) (431,572)  (451,365)Accumulated deficit (5,239,415)  (5,566,634)Total shareholders’ equity 2,572,866   2,209,888 Total liabilities and shareholders’ equity$24,011,710  $22,541,401  NORWEGIAN CRUISE LINE HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
       Six Months Ended June 30, 2026
 2025
Cash flows from operating activities     Net income (loss)$327,219  $(10,303)Adjustments to reconcile net income (loss) to net cash provided by operating activities:     Depreciation and amortization expense 575,435   514,972 Loss on extinguishment of debt —   117,938 Share-based compensation expense 46,099   46,180 Net foreign currency adjustments on euro-denominated debt (70,298)  137,922 Other, net 13,600   254 Changes in operating assets and liabilities:     Accounts receivable, net 9,550   (46,754)Inventories (26,749)  (11,319)Prepaid expenses and other assets (83,481)  (89,441)Accounts payable 50,741   12,415 Accrued expenses and other liabilities 89,925   14,073 Advance ticket sales 481,997   708,135 Net cash provided by operating activities 1,414,038   1,394,072 Cash flows from investing activities     Additions to property and equipment, net (1,894,361)  (1,858,861)Other (4,226)  (9,201)Net cash used in investing activities (1,898,587)  (1,868,062)Cash flows from financing activities     Repayments of long-term debt (1,212,597)  (3,866,296)Proceeds from long-term debt 1,755,848   4,452,990 Common share issuance proceeds, net —   63,996 Net share settlement of restricted share units (30,122)  (23,805)Early redemption premium —   (106,108)Deferred financing fees and other (20,373)  (53,537)Net cash provided by financing activities 492,756   467,240 Net increase (decrease) in cash and cash equivalents 8,207   (6,750)Cash and cash equivalents at beginning of the period 209,893   190,765 Cash and cash equivalents at end of the period$218,100  $184,015  NORWEGIAN CRUISE LINE HOLDINGS LTD.
NON-GAAP RECONCILING INFORMATION
(Unaudited)            The following table sets forth selected statistical information:             Three Months Ended  Six Months Ended  June 30,  June 30,  2026  2025  2026  2025 Passengers carried906,689  738,635  1,767,749  1,407,734 Passenger Cruise Days6,745,954  6,288,800  13,380,480  12,076,043 Capacity Days6,589,740  6,052,273  12,982,709  11,752,836 Occupancy Percentage102.4% 103.9% 103.1% 102.8% Adjusted Gross Margin, Net Per Diem, and Net Yield were calculated as follows (in thousands, except Net Yield, Net Per Diem, Capacity Days, Passenger Cruise Days, per Passenger Cruise Day and Capacity Day data):

 Three Months Ended Six Months Ended June 30, June 30,   2026     2026     Constant Currency     Constant Currency   2026 compared to 2025 2025 2026 compared to 2025 2025Total revenue$2,640,544 $2,627,093 $2,517,497 $4,971,765 $4,940,535 $4,645,050Less:                 Total cruise operating expense 1,586,808  1,578,996  1,456,847  2,964,689  2,948,633  2,760,785Ship depreciation 249,609  249,609  224,728  490,837  490,837  437,491Gross margin 804,127  798,488  835,922  1,516,239  1,501,065  1,446,774Ship depreciation 249,609  249,609  224,728  490,837  490,837  437,491Payroll and related 394,573  394,494  346,133  774,789  774,639  680,637Fuel 219,384  219,446  157,377  388,310  388,374  332,391Food 87,322  86,898  81,323  168,004  167,198  156,911Other 209,415  204,494  196,495  407,999  400,166  381,126Adjusted Gross Margin$1,964,430 $1,953,429 $1,841,978 $3,746,178 $3,722,279 $3,435,330                  Passenger Cruise Days 6,745,954  6,745,954  6,288,800  13,380,480  13,380,480  12,076,043Capacity Days 6,589,740  6,589,740  6,052,273  12,982,709  12,982,709  11,752,836                  Total revenue per Passenger Cruise Day$391.43 $389.43 $400.31 $371.57 $369.23 $384.65Gross margin per Passenger Cruise Day$119.20 $118.37 $132.92 $113.32 $112.18 $119.81Net Per Diem$291.20 $289.57 $292.90 $279.97 $278.19 $284.47                  Gross margin per Capacity Day$122.03 $121.17 $138.12 $116.79 $115.62 $123.10Net Yield$298.10 $296.43 $304.34 $288.55 $286.71 $292.30 NORWEGIAN CRUISE LINE HOLDINGS LTD.
NON-GAAP RECONCILING INFORMATION
(Unaudited) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data):                   Three Months Ended Six Months Ended June 30, June 30,   2026     2026     Constant Currency     Constant Currency   2026 compared to 2025 2025 2026 compared to 2025 2025Total cruise operating expense$1,586,808 $1,578,996 $1,456,847 $2,964,689 $2,948,633 $2,760,785Marketing, general and administrative expense 419,204  418,621  393,054  878,885  873,756  784,430Gross Cruise Cost 2,006,012  1,997,617  1,849,901  3,843,574  3,822,389  3,545,215Less:                 Commissions, transportation and other expense 484,668  482,218  487,835  882,273  874,942  883,178Onboard and other expense 191,446  191,446  187,684  343,314  343,314  326,542Net Cruise Cost 1,329,898  1,323,953  1,174,382  2,617,987  2,604,133  2,335,495Less: Fuel expense 219,384  219,446  157,377  388,310  388,374  332,391Net Cruise Cost Excluding Fuel 1,110,514  1,104,507  1,017,005  2,229,677  2,215,759  2,003,104Less Other Non-GAAP Adjustments:                 Non-cash deferred compensation (1) 614  614  552  1,228  1,228  1,105Non-cash share-based compensation (2) 22,734  22,734  25,899  44,074  44,074  46,180Professional advisory fees (3) 175  175  —  5,242  5,242  —Restructuring costs (4) 7,460  7,460  —  19,677  19,677  —Adjusted Net Cruise Cost Excluding Fuel$1,079,531 $1,073,524 $990,554 $2,159,456 $2,145,538 $1,955,819                  Capacity Days 6,589,740  6,589,740  6,052,273  12,982,709  12,982,709  11,752,836                  Gross Cruise Cost per Capacity Day$304.41 $303.14 $305.65 $296.05 $294.42 $301.65Net Cruise Cost per Capacity Day$201.81 $200.91 $194.04 $201.65 $200.58 $198.72Net Cruise Cost Excluding Fuel per Capacity Day$168.52 $167.61 $168.04 $171.74 $170.67 $170.44Adjusted Net Cruise Cost Excluding Fuel per Capacity Day$163.82 $162.91 $163.67 $166.33 $165.26 $166.41 ___________________

(1) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense.(2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.(3) Incremental expenses related to activist investor activities, which are not associated with ongoing operations and are included in marketing, general and administrative expense.(4) Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense.    NORWEGIAN CRUISE LINE HOLDINGS LTD.
NON-GAAP RECONCILING INFORMATION
(Unaudited)             Adjusted Net Income and Adjusted EPS were calculated as follows (in thousands, except share and per share data):               Three Months Ended Six Months Ended  June 30, June 30,  2026
 2025 2026
 2025
Net income (loss) $222,553  $29,992 $327,219  $(10,303)Effect of dilutive securities - exchangeable notes  624   —  1,576   — Net income (loss) and assumed conversion of exchangeable notes  223,177   29,992  328,795   (10,303)Non-GAAP Adjustments:            Non-cash deferred compensation (1)  1,104   987  2,207   1,976 Non-cash share-based compensation (2)  22,734   25,899  44,074   46,180 Professional advisory fees (3)  175   —  5,242   — Restructuring costs (4)  7,460   —  19,677   — Extinguishment and modification of debt (5)  —   68,435  —   117,977 Net foreign currency adjustments on euro-denominated debt (6)  (32,660)  121,909  (70,298)  137,922 Effect of dilutive securities - exchangeable notes (7)  —   10,049  —   24,769 Adjusted Net Income $221,990  $257,271 $329,697  $318,521              Diluted weighted-average shares outstanding - Net income (loss)  463,932,441   448,033,138  465,388,927   443,882,011 Diluted weighted-average shares outstanding - Adjusted Net Income  463,932,441   502,251,714  465,388,927   510,196,923              Diluted EPS $0.48  $0.07 $0.71  $(0.02)Adjusted EPS $0.48  $0.51 $0.71  $0.62  ___________________

(1) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense and other income (expense), net.(2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.(3) Incremental expenses related to activist investor activities, which are not associated with ongoing operations and are included in marketing, general and administrative expense.(4) Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense.(5) Losses on extinguishment of debt and modification of debt are included in interest expense, net.(6) Net gains and losses for foreign currency remeasurements of our euro-denominated debt principal included in other income (expense), net.(7) The impact of the above non-GAAP adjustments results in an anti-dilutive effect on Adjusted EPS related to our exchangeable notes for which we are increasing the impact on GAAP net income (loss) and dilutive weighted average shares.    EBITDA and Adjusted EBITDA were calculated as follows (in thousands):

             Three Months Ended Six Months Ended June 30, June 30, 2026
 2025 2026
 2025
Net income (loss)$222,553  $29,992 $327,219  $(10,303)Interest expense, net 170,887   236,782  336,874   454,654 Income tax (benefit) expense 3,404   637  6,397   (503)Depreciation and amortization expense 271,205   243,760  531,921   475,057 EBITDA 668,049   511,171  1,202,411   918,905 Other (income) expense, net (1) (33,517)  156,425  (74,220)  180,930 Other Non-GAAP Adjustments:           Non-cash deferred compensation (2) 614   552  1,228   1,105 Non-cash share-based compensation (3) 22,734   25,899  44,074   46,180 Professional advisory fees (4) 175   —  5,242   — Restructuring costs (5) 7,460   —  19,677   — Adjusted EBITDA$665,515  $694,047 $1,198,412  $1,147,120  ________________

(1) Primarily consists of gains and losses, net for foreign currency remeasurements of our euro-denominated debt.(2) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense.(3) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.(4) Incremental expenses related to activist investor activities, which are not associated with ongoing operations and are included in marketing, general and administrative expense.(5) Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense.    Net Debt and Net Leverage were calculated as follows (in thousands):

    June 30, 2026Long-term debt$13,893,415Current portion of long-term debt 1,141,370Total Debt 15,034,785Less: Cash and cash equivalents 218,100Net Debt$14,816,685   Adjusted EBITDA for the twelve months ended$2,781,518   Net Leverage 5.3x

Following meetings with investor relations teams at both companies, BNP reiterated its Outperform rating on Royal Caribbean while maintaining a Neutral rating on Norwegian, arguing that Royal’s biggest overhang—a likely delay to its Perfect Day Mexico project—is manageable, while Norwegian continues to grapple with operational and pricing issues that could take much longer to resolve.

Royal Caribbean’s Mexico Project May Be DelayedThe biggest uncertainty surrounding Royal Caribbean remains Perfect Day Mexico after Mexican authorities declined to approve the project in its current form.

Even if Perfect Day Mexico slips, Royal will still have Royal Beach Club Cozumel opening in early 2028 and, if necessary, could eventually explore alternative destinations such as Belize or Honduras.

Norwegian’s Turnaround Still Has Hurdles To ClearSiew sees a more complicated road ahead for Norwegian. While management has acknowledged that improving yields will take time, the brokerage believes new issues continue to emerge, making a meaningful recovery before 2027 increasingly difficult.

Among the concerns Siew highlighted are pricing decisions that may have prioritized filling ships over maximizing yields, continued leadership changes, including the search for a chief marketing officer, “open jaw” European itineraries, and questions surrounding booking management.

The firm believes those execution issues could weigh on performance into next year, even as Norwegian’s Great Tides water park at Great Stirrup Cay is now expected to open on schedule in September.

Siew noted the attraction could boost both admission revenue and cruise ticket pricing over time, but argued it is unlikely to offset the broader operational challenges facing the company.

For investors choosing between the two cruise stocks, BNP’s takeaway was clear: Royal Caribbean appears to be managing through a temporary project delay, while Norwegian is still working toward a broader business turnaround that may not fully materialize until the second half of 2027.

Photo Courtesy: lia_mistral on Shutterstock.com

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.