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Norwegian's past-month decline traces back to sector-wide fuel pressure, not a company-specific stumble. Fuel is a shared variable cost across the cruise industry, and crude oil climbed sharply over the same month that every major cruise operator lost ground.

Download high-resolution images here. (Credit: Oceania Cruises®)

, /PRNewswire/ -- Oceania Cruises® has marked a major milestone in the construction of its newest ship, Oceania Sonata™, as the vessel was floated out at the Fincantieri shipyard in Marghera, Italy. Featuring 695 rooms and suites, the ship now moves from dry dock to the fitting-out berth, where work will continue on her interiors ahead of her highly anticipated debut in August 2027.

Oceania Sonata being floated out in Italy. Oceania Sonata is the first of five ships planned for the line's new Sonata Class and will be followed by sister ship Oceania Arietta™ in 2029, with three additional ships scheduled for delivery in 2032, 2035 and 2037. The Sonata Class represents the next generation of Oceania Cruises' small-ship luxury philosophy, combining more space, elevated suite accommodations and enhanced culinary experiences with the line's signature destination- and-culinary-focused itineraries.

Representing Oceania Cruises at the ceremony was Paolo Novarino, Senior Director, Project Owner, who joined Fincantieri leadership and team members to celebrate the landmark moment and longstanding partnership between the two companies. For nearly two decades, Oceania Cruises and Fincantieri have worked together to bring the line's purpose-built ships to life, beginning with Oceania Marina™, delivered in 2011, followed by Oceania Riviera™ in 2012, Oceania Vista® in 2023, Oceania Allura™ in 2025, and now Oceania Sonata.

"The float out of Oceania Sonata is an incredibly exciting moment as we move one step closer to welcoming our first guests aboard next August," said Jason Montague, Chief Luxury Officer of Oceania Cruises. "We are tremendously grateful to our partners at Fincantieri whose expertise and craftsmanship are bringing Oceania Sonata to life. As the first ship in our new Sonata Class, she represents the beginning of an exciting new chapter for the brand and a defining milestone in the continued evolution of Oceania Cruises."

With her exterior structure now complete, work will turn toward bringing Oceania Sonata's interiors and onboard experiences to life. At approximately 86,000 gross tons, Oceania Sonata will be nearly 30% larger than Oceania Allura, yet will feature only 90 additional guest accommodations, creating an exceptional sense of space and comfort throughout her elegant interiors. The ship will offer a serene adults-only environment, with expansive public spaces, including bars and lounges, plus thoughtfully designed guest suites and rooms.

One-third of accommodations will be suites, including four Owner's Suites featuring two bedrooms – a first for Oceania Cruises. Oceania Sonata will also introduce two new suite categories: Horizon Suites, offering more than 600 square feet of refined residential comfort, with separate living and bedroom areas, a walk-through closet and an oversized veranda; and the 488-square-foot Penthouse Deluxe Suite, featuring an expanded layout and floor-to-ceiling sliding doors that frame the ocean views.

Reflecting Oceania Cruises' commitment to The Finest Cuisine at Sea®, dining on board Oceania Sonata will feature 13 venues, including two new culinary concepts: La Table par Maîtres Cuisiniers de France and Nikkei Kitchen, as well as The Grand Dining Room and beloved Oceania Cruises specialty restaurants Jacques, Red Ginger, Polo Grill and Toscana.

Oceania Sonata will embark on a wide-ranging inaugural season from August 2027 through April 2028, visiting more than 90 destinations across Europe, the Caribbean, Panama Canal, Mexico, and Central and South America.

Highlighted Voyages:

Mediterranean Collage: 14-day voyage from Rome to Trieste, departing August 7, 2027. Oceania Sonata's maiden voyage will trace the Mediterranean from Italy to the Adriatic, visiting Malta, Greece, Montenegro and Croatia during the journey. Highlights include a seven-port exploration of Greece; Bar, Montenegro; and Split and Zadar, Croatia before arriving in Trieste. Greeks & Byzantines: 7-day voyage from Athens to Istanbul, departing October 14, 2027. This Eastern Mediterranean voyage showcases the history and beauty of Greece and Turkey, with calls in Paros, Heraklion, Rhodes and Patmos before continuing to Izmir. Oceania Sonata then arrives in Istanbul for an overnight stay, giving guests additional time to discover the city before disembarking the following morning. Panama Canal Coastlines: 16-day voyage from Los Angeles to Miami, departing January 6, 2028. Linking the Pacific and Atlantic coasts, this itinerary features calls in Mexico, Guatemala and Costa Rica before making a daylight transit of the Panama Canal. The journey continues to Cartagena, Colombia, and George Town, Grand Cayman before arriving in Miami. Tropical Coves: 10-day voyage roundtrip from Miami, departing March 1, 2028. Designed for a warm-weather escape, this Caribbean voyage balances island-hopping with time to unwind at sea. Oceania Sonata will sail from Miami to Puerto Plata, Dominican Republic; San Juan, Puerto Rico; Charlotte Amalie, St. Thomas; Basseterre, St. Kitts; St. John's, Antigua; and Tortola, British Virgin Islands, with three days at sea woven throughout the journey before returning to Miami. For more information on Oceania Cruises' collection of small, luxurious ships and curated global itineraries, visit OceaniaCruises.com or call 855-OCEANIA.

About Oceania Cruises®

Oceania Cruises® is the world's leading destination- and culinary-focused luxury cruise line, celebrated for its port-rich voyages and authentic cultural and culinary experiences. The line's intimate, luxurious ships feature an adults-only environment, with a high proportion of spacious rooms and suites, calling on more than 600 marquee and boutique ports in more than 100 countries across seven continents, with destination-intensive itineraries ranging from seven to 180 days. Aboard the designer-inspired ships, guests enjoy personalized service supported by a strong crew-to-guest ratio, alongside The Finest Cuisine at Sea®, prepared by one of the highest chef-to-guest ratios at sea. Oceania Cruises® is also recognized as one of the world's most awarded cruise lines, with accolades spanning luxury, dining, service and destination experiences. Oceania Cruises® has five Sonata Class ships on order scheduled for delivery in 2027, 2029, 2032, 2035 and 2037. Oceania Cruises® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH).

SOURCE Oceania Cruises

Key Takeaways NCLH sees capacity growth slowing to a 2.5% CAGR from 2026-2029 as fewer new ships enter service.Norwegian Cruise expects newbuild and growth capex to decline by nearly $1B annually as deliveries ease.NCLH's cost savings and lower capital needs are expected to support free cash flow and deleveraging. Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) is moving toward a less capital-intensive phase of fleet expansion after several years of elevated newbuild activity. Capacity days are expected to increase 7% in 2026, but growth is projected to moderate to a 2.5% CAGR over the 2026-2029 period as the pace of ship deliveries slows. The shift is likely to support a more favorable backdrop for free-cash-flow generation over the next several years.

The cash-flow opportunity is backed by a meaningful reduction in the newbuild cadence. NCLH expects to take delivery of two ships in both 2026 and 2027, followed by one ship in each of 2028 and 2029. Gross newbuild and growth capital expenditures are consequently expected to decline by nearly $1 billion annually. The company is also managing fleet composition, with five ships expected to leave the fleet over the next three years.

Cost initiatives provide additional support to free-cash-flow generation. NCLH has identified more than $500 million of savings over the past three years, including approximately $225 million of annualized savings and cash benefits announced during the past two quarters. The vast majority of the benefits from the latest $100 million initiative relate to capital expenditures, while additional efficiency opportunities remain across SG&A and shipboard operations. These measures are expected to support margins and cash generation.

The cash-flow case remains sensitive to operating performance. NCLH expects year-end 2026 net leverage to remain above six times, while near-term yields continue to face pressure from a below-optimal booked position.

As the newbuild cadence moderates, NCLH expects stronger free cash flow to support debt reduction and meaningful progress on deleveraging. Lower growth-related capital spending and continued cost discipline are likely to support cash generation and provide a more favorable financial framework for balance-sheet improvement over time.

NCLH’s Price Performance, Valuation & EstimatesShares of Norwegian Cruise have declined 28.3% in the past year compared with the industry’s 0.3% fall. In the same time frame, other industry players like Royal Caribbean Cruises Ltd. (RCL - Free Report) and Carnival Corporation & plc (CCL - Free Report) have declined 11.5% and 13.3%, respectively.

NCLH One-Year Price Performance
Image Source: Zacks Investment Research

NCLH stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 10.86, well below the industry average of 17.52. Industry players, such as Royal Caribbean and Carnival have P/E ratios of 14.92 and 10.18, respectively.

NCLH’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Norwegian Cruise’s 2026 earnings per share has declined in the past 30 days.

EPS Trend of NCLH Stock
Image Source: Zacks Investment Research

The company is likely to report dismal earnings, with projections indicating an 24.2% fall in 2026. Conversely, industry players like Royal Caribbean are likely to witness an increase of 13.7%, year over year, in 2026 earnings. Meanwhile, Carnival’s 2026 earnings are likely to witness a fall of 0.9% year over year.

NCLH’s Zacks RankNCLH stock currently has a Zacks Rank #5 (Strong Sell).

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

Key Takeaways NCLH expects Q3 net yield to fall 8.9% despite 104% occupancy, highlighting continued pricing pressure. NCLH remains below its optimal booked position as geopolitical challenges weigh on demand.NCLH's $525 million-plus savings run rate may cushion margins, but weaker yields remain a near-term hurdle. Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) posted a better-than-expected second quarter, but its latest guidance points to a steeper near-term revenue challenge. Constant-currency net yield is expected to fall 8.9% in the third quarter, while management projects a decline of about 5% for 2026.

That puts more weight on the company's commercial reset and its ability to rebuild demand and pricing as the booking curve moves into 2027.

NCLH's Q3 Yield Outlook Signals a Sharper ResetSecond-quarter constant-currency net yield declined 2.6%, better than management's prior expectation for a 3.6% decrease. Revenues of $2.64 billion and adjusted earnings of 48 cents per share also topped their respective consensus marks.

The third-quarter outlook is much weaker. NCLH expects roughly 104% occupancy and 6.8 million Capacity Days, yet constant-currency net yield is projected to decline 8.9% year over year. That suggests higher utilization alone will not resolve the pricing and revenue pressure.

Norwegian Cruise Booking Gaps Raise Execution RiskNCLH remains below its optimal booked position for the next 12 months. Management cited softer demand at the Norwegian Cruise Line brand tied to company-specific execution challenges and the continuing conflict in the Middle East.

Peer results highlight the contrast. Carnival Corporation (CCL - Free Report) said its booked position for the remainder of 2026 was ahead of the prior year at historically high prices. Royal Caribbean Group (RCL - Free Report) said it remained booked at record prices, with booking volumes above last year's levels despite some geopolitical pressure.

NCLH Cost Cuts Cushion but Cannot Offset Weak YieldsCost discipline is providing some support. NCLH expects adjusted net cruise costs excluding fuel per Capacity Day to decline 0.9% in the third quarter and about 0.25% for 2026 on a constant-currency basis.

Management announced $225 million of annualized savings during the first two quarters of 2026 and said run-rate savings exceeded $525 million as of July. Still, weaker revenue generation means those efficiencies are not expected to fully offset the yield reset in the near term.

Norwegian Cruise's 2027 Recovery Starts With PricingNorwegian Cruise is rolling out baseloading revenue management, which establishes more competitive price points earlier in the booking window. It is also launching marketing campaigns aimed at premium families and seasoned travelers to improve demand generation before late-cycle discounting becomes necessary.

The timing remains important because cruise bookings have long lead times. Management expects net yield to remain negative in the first half of 2027, mainly because of the first quarter, before improving sequentially. That makes early pricing discipline and stronger demand creation central to the recovery path.

NCLH's Mixed Style Scores Reinforce Near-Term CautionThe bottom line is that NCLH's reset has identifiable levers, but the revenue outlook still leaves limited room for execution errors. The stock currently carries a Zacks Rank #5 (Strong Sell), and the current-year earnings estimate has declined 6.8% over the past four weeks.

NCLH has a Value Score of A, indicating more favorable value characteristics, but its Growth Score of D and Momentum Score of C are less supportive. Its VGM Score of C combines those mixed signals. Because the Zacks Rank is driven by earnings estimate revisions, the #5 ranking remains the more important near-term caution signal while investors wait for evidence that the 2027 pricing reset is gaining traction.

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

On August 13, 2026, Norwegian Cruise Line Holdings Ltd (NCLH) shares rose 3.3%, bringing the current price to $19.55. This performance comes amid a challenging

Royal Caribbean’s Best Quarter Ever Still Leaves a Big QuestionNorwegian Cruise Line NYSE: NCLH reported second-quarter results that exceeded its guidance, while management outlined a turnaround plan centered on marketing, revenue management, cost controls and fleet optimization.

Chief Executive Officer John Chidsey said top-line performance grew 5% during the quarter, driven by higher Capacity Days, while unit costs declined 0.5%. The company said the combination resulted in profitability ahead of its prior outlook, though management acknowledged continued pressure on bookings and yields.

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Why These 2 Hotel Stocks Are Beating Travel Peers“Successful turnarounds are never linear,” Chidsey said. “They take time to demonstrate tangible performance improvements, which translates into financial success.”

Second-Quarter Results Beat Guidance Chief Financial Officer Mark Kempa said second-quarter Net Yield declined 2.6%, which was 100 basis points better than the company’s initial expectations. Adjusted Net Cruise Cost excluding fuel was $163 and declined 50 basis points, supported by cost controls.

MarketBeat Week in Review – 05/04 - 05/08Adjusted EBITDA reached $666 million, exceeding guidance by $34 million. Adjusted net income was $222 million, and adjusted earnings per share were $0.48, or $0.10 above the company’s guidance.

Despite the quarterly outperformance, the company lowered its full-year Net Yield outlook to the low end of its prior range. Norwegian Cruise Line now expects full-year Net Yield to decline about 5%, reflecting what Kempa described as a softer demand environment and the time required for changes in marketing and revenue management to affect results.

Third-quarter Net Yield is expected to decline approximately 8.9%, with a 104% load factor. Fourth-quarter Net Yield is expected to decline approximately 6.5%, with a 99% load factor. Full-year adjusted EBITDA is now expected to be approximately $2.5 billion. Full-year adjusted EPS is expected to be approximately $1.50. Adjusted net cruise cost excluding fuel is expected to decline approximately 25 basis points for the full year. Kempa said Europe will be a particular source of pressure in the third quarter, when the region represents about 39% of the company’s deployment. Approximately two-thirds of guests on those European sailings are sourced from North America, where elevated airfare and broader macroeconomic conditions have weighed on demand, he said.

Marketing and Pricing Changes Target Booking Curve Chidsey said the company’s principal challenges are largely execution-related rather than tied to the broader cruise industry. He said the Norwegian brand has the appropriate product and target consumer base, citing guest satisfaction, repeat rates and CruiseNext sales, but needs to improve how it reaches potential guests.

During the quarter, the company added leadership in marketing, revenue management, digital commerce, casino operations and itinerary planning. Heather Jacobs joined as chief people officer, while Lee Applbaum was named chief marketing officer for the Norwegian brand. Chidsey said half of his direct reports are new to their roles within the past year.

The company is also transitioning toward a “base-loading” revenue-management methodology at Norwegian Cruise Line. Chidsey said the prior approach in certain cases kept prices too high too far in advance of sailing, limiting early booking demand and increasing exposure to close-in discounting.

Under the new approach, Norwegian plans to establish more competitive pricing earlier in the booking curve to build demand sooner and preserve pricing closer to departure. The company has initiated pricing actions on select 2027 sailings and opened 2028 itineraries, which will be managed using the new methodology from the outset.

Management said it expects the first half of 2027 to remain pressured, particularly the first quarter, because the company is still rebuilding demand and is below its targeted booked position. However, executives said bookings appear to improve sequentially through the latter half of 2027, when the company expects its marketing, demand-generation and revenue-management actions to have more influence.

Chidsey told analysts that the company’s current booking issues are “mostly on us, not the macro,” describing them as addressable execution issues.

Great Stirrup Cay Investment and Luxury Portfolio Actions Norwegian Cruise Line is preparing to preview its Great Tides Water Park at Great Stirrup Cay beginning the week following the call, with an official grand opening scheduled for Sept. 4. The nearly six-acre attraction will include 19 water slides, a 170-foot tidal tower, an over-800-foot river attraction and cliffside jumps, according to the company.

The water park complements the recently opened Great Life Lagoon and existing offerings including Silver Cove, private villas and zip-lining. Chidsey said a pier is also expected to open shortly, which the company expects will make the private-island experience more reliable and accessible while expanding paid guest experiences.

Management said new marketing creative focused on premium families, Great Stirrup Cay and Norwegian’s broader value proposition would begin rolling out within weeks. The company did not provide revenue or yield estimates associated with the water park investment, saying it was too early to quantify the impact.

Within its luxury portfolio, the company announced a binding memorandum of agreement to sell Oceania Sirena. The transaction includes a leaseback arrangement, allowing Norwegian Cruise Line Holdings to operate the ship until it transfers to its new owner in spring 2028.

Oceania Nautica will be reimagined as Oceania Aurelia, a more intimate and suite-focused vessel, Chidsey said. Regent Seven Seas Cruises will also add and expand entry-level suite categories on its Seven Seas Explorer-class ships. The company said these changes are intended to better align the luxury fleet with each brand’s positioning and return profile.

Cost Savings, Fleet Growth and Leverage Norwegian Cruise Line identified another $100 million in annualized savings and cash benefits during the second quarter, primarily through technology-vendor consolidation and employee compensation actions. Those savings follow the $125 million in annualized savings announced in the prior quarter.

Combined with savings efforts identified from 2024 through 2026, Kempa said total identified savings over the past three years exceed $500 million. He said the newest savings largely relate to capital expenditures, with the remainder tied mainly to salary and benefit efficiencies. Management said the actions do not reduce the guest experience.

The company has 16 ships on order across its three brands, but expects five ships to leave the fleet over the next three years, including Oceania Sirena. Capacity Days are expected to rise 7% in 2026, though capacity growth is projected to moderate to a 2.5% compound annual growth rate from 2026 through 2029.

Kempa said gross new-build and growth capital expenditures are expected to decline by nearly $1 billion annually as delivery cadence moderates beginning in 2028. The company expects the lower capital spending to improve free cash flow and support debt reduction.

Norwegian Cruise Line now expects year-end net leverage to finish above six times because of its revised EBITDA outlook. Kempa said reducing leverage remains a top priority, while noting that the company has no significant debt maturities until 2030.

About Norwegian Cruise Line (NYSE:NCLH)Norwegian Cruise Line Holdings Ltd. NYSE: NCLH is a global cruise operator offering a portfolio of premium brands that includes Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. The company provides sea voyages and related onboard services such as dining, entertainment, shore excursions and destination experiences. Its fleet of modern vessels sails to more than 400 destinations across all seven continents, serving leisure travelers with itineraries ranging from short Caribbean getaways to extended world voyages.

Founded in 1966 by Knut Kloster and Ted Arison, the company pioneered the concept of “Freestyle Cruising,” which allows passengers greater flexibility in dining schedules, entertainment choices and onboard activities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Norwegian Cruise Line Holdings Ltd. reported weak results from Q2, which was already expected. Macroeconomic pressure and commercial execution weighed on earnings. A lowered 2026 guidance signals that NCLH's commercial turnaround isn't progressing. I estimate NCLH to have a -24% downside to $14.3.

Norwegian Cruise Line Holdings Ltd. (NCLH) Q2 2026 Earnings Call Transcript

For the quarter ended June 2026, Norwegian Cruise Line (NCLH - Free Report) reported revenue of $2.64 billion, up 4.9% over the same period last year. EPS came in at $0.48, compared to $0.51 in the year-ago quarter.

The reported revenue represents a surprise of +0.52% over the Zacks Consensus Estimate of $2.63 billion. With the consensus EPS estimate being $0.39, the EPS surprise was +23.08%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Norwegian Cruise Line performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Passenger Cruise Days: 6,745.95 KDays compared to the 6,762.12 KDays average estimate based on four analysts.Capacity Days: 6,589.74 KDays versus 6,595.85 KDays estimated by four analysts on average.Net Yield: $298.10 compared to the $294.79 average estimate based on four analysts.Occupancy percentage: 102.4% compared to the 102.5% average estimate based on four analysts.Fuel price per metric ton, net of hedges: $811.00 versus the three-analyst average estimate of $828.18.Net Cruise Cost per Capacity Day: $201.81 compared to the $202.77 average estimate based on two analysts.Gross Cruise Cost per Capacity Day: $304.41 versus $304.56 estimated by two analysts on average.Net Cruise Cost Excluding Fuel: $1,110.51 compared to the $1,120.84 average estimate based on two analysts.Total Passengers carried: 906,689 compared to the 836,229 average estimate based on two analysts.Adjusted Net Cruise Cost Excluding Fuel: $1.08 billion versus $1.1 billion estimated by two analysts on average.Revenue- Onboard and other: $910.71 million versus the four-analyst average estimate of $858.67 million. The reported number represents a year-over-year change of +12.6%.Revenue- Passenger ticket: $1.73 billion versus $1.77 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +1.2% change.View all Key Company Metrics for Norwegian Cruise Line here>>>

Shares of Norwegian Cruise Line have returned +0.4% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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

On July 27, 2026, Norwegian Cruise Line Holdings Ltd (NCLH) shares rose 3.4% to a current price of $20.03. Despite this increase, the stock has faced a challeng

In its upcoming report, Norwegian Cruise Line (NCLH - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.39 per share, reflecting a decline of 23.5% compared to the same period last year. Revenues are forecasted to be $2.63 billion, representing a year-over-year increase of 4.3%.

The current level reflects a downward revision of 0.8% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

With that in mind, let's delve into the average projections of some Norwegian Cruise Line metrics that are commonly tracked and projected by analysts on Wall Street.

It is projected by analysts that the 'Revenue- Onboard and other' will reach $858.67 million. The estimate points to a change of +6.2% from the year-ago quarter.

The average prediction of analysts places 'Revenue- Passenger ticket' at $1.77 billion. The estimate indicates a change of +3.8% from the prior-year quarter.

The consensus estimate for 'Passenger Cruise Days' stands at 6762 thousands of days. The estimate is in contrast to the year-ago figure of 6289 thousands of days.

Analysts forecast 'Capacity Days' to reach 6596 thousands of days. Compared to the present estimate, the company reported 6052 thousands of days in the same quarter last year.

The combined assessment of analysts suggests that 'Net Yield' will likely reach $294.79 . Compared to the current estimate, the company reported $304.34 in the same quarter of the previous year.

The collective assessment of analysts points to an estimated 'Occupancy percentage' of 102.5%. The estimate compares to the year-ago value of 103.9%.

The consensus among analysts is that 'Fuel price per metric ton, net of hedges' will reach $828.18 . The estimate is in contrast to the year-ago figure of $659.00 .

Analysts predict that the 'Net Cruise Cost per Capacity Day' will reach $202.77 . The estimate compares to the year-ago value of $194.04 .

Based on the collective assessment of analysts, 'Gross Cruise Cost per Capacity Day' should arrive at $304.56 . Compared to the current estimate, the company reported $305.65 in the same quarter of the previous year.

According to the collective judgment of analysts, 'Net Cruise Cost Excluding Fuel' should come in at $1120.84 . The estimate is in contrast to the year-ago figure of $1017.01 .

Analysts' assessment points toward 'Total Passengers carried' reaching 836,229 . Compared to the current estimate, the company reported 738,635 in the same quarter of the previous year.

Analysts expect 'Adjusted Net Cruise Cost Excluding Fuel' to come in at $1.10 billion. Compared to the current estimate, the company reported $990.55 million in the same quarter of the previous year.

View all Key Company Metrics for Norwegian Cruise Line here>>>

Shares of Norwegian Cruise Line have demonstrated returns of -8.8% over the past month compared to the Zacks S&P 500 composite's +0.8% change. With a Zacks Rank #3 (Hold), NCLH is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Luxury Travelers Embrace the Rejuvenating Power of Travel Through Wellness Experiences Rooted in Local Traditions

Oceania Vista® sailing in Santorini, Greece, and yoga and stretch classes aboard Oceania Cruises' ships. Download high-resolution images here. (Credit: Oceania Cruises®)

, /PRNewswire/ -- From practicing tai chi in Bangkok, to dance therapy in Colombo, to yoga and wine tasting in Santorini, Oceania Cruises®, the world's leading destination- and culinary-focused luxury cruise line, invites discerning travelers to embrace a new era of exploration through its acclaimed Wellness Discovery Tours.

Yoga classes offered on Oceania Cruises Responding to a growing interest in wellness experiences, Oceania Cruises offers more than 50 Wellness Discovery Tours in destinations throughout Asia, Europe and South America, as luxury travelers are increasingly seeking journeys that allow them to learn new skills and explore the world differently. This signature collection of tours offers opportunities to engage with centuries-old healing traditions, mindfulness practices and local cultures across the globe.

"Travel has become one of the most powerful ways people invest in their wellbeing. It's a means of stepping outside of their usual routine to slow down, explore different cultures and destinations, and return home with a renewed perspective," said Jason Montague, Chief Luxury Officer of Oceania Cruises. "Our Wellness Discovery Tours are designed for those seeking to nurture their wellbeing and discover the rejuvenating power of travel. For today's luxury guest, travel is much more than movement from place to place – it is a journey of discovery, with every voyage offering the chance to expand horizons, deepen understanding and return home transformed by new perspectives."

Intended to inspire connection and enrichment, Oceania Cruises' small-group, wellness-oriented tours bring guests together with local specialists and like-minded travelers. Experiences range from mineral-rich baths and yoga to dance, power walking and culinary classes.

These shoreside encounters are complemented by a wealth of enriching experiences on board Oceania Cruises' intimate, luxurious ships. With culinary lectures, hands-on cooking classes and food and beverage pairing experiences, plus creative workshops in the Artist Loft, insightful guest speakers and performances by local musicians, guests can enjoy a diverse program designed to enhance their journey.

The enrichment options both ashore and on board are encompassed by the serenity of the adults-only environment aboard Oceania Cruises' boutique ships, allowing guests to explore an extraordinary array of destinations at their own pace and with like-minded travelers.

Highlights of Oceania Cruises Wellness Discovery Tours:

Ultimate Traditional Dance Therapy – Colombo, Sri Lanka: Release tension and lift your mood through Kandyan dance, learning the moves and rituals of Sri Lanka's national dance in an uplifting group setting. Saigonese Organic Food Tasting – Ho Chi Minh City, Vietnam: Savor organic teas and vegetarian cuisine, engaging with local experts and gaining insights into Vietnam's celebrated tea culture. Tai Chi at Viharn Sien Park – Bangkok, Thailand: Visit a serene urban park in the shadow of the temple Viharn Sien to practice the slow, fluid movements of tai chi, an ancient form of exercise improving strength, flexibility and balance. Healthy Stroll Along the Cliffs and Getxo – Bilbao, Spain: Traverse geologically rich cliff paths, pass 18th-century windmills and fortresses, and experience the Basque fishing village of Getxo – with time to enjoy local tapas and authentic culture. Thermal Baths of the Popes – Rome (Civitavecchia), Italy: Restore mind and body at Terme dei Papi, soaking in mineral-rich waters beloved by popes, artists and poets for centuries, set in the inspirational Italian countryside. Traditional Chinese Medicine Experience – Hong Kong, China: Consult with a traditional medicine doctor and try therapies such as acupuncture or cupping, learning ancient methods to promote relaxation and vitality. Yoga & Wine Tasting Overlooking Caldera – Santorini, Greece: Find tranquility with a meditative yoga session on a winery terrace, followed by tastings of Santorini's distinct vintages while admiring the breathtaking views. Tai Chi & Vegetarian Lunch at a Monastery – Hanoi, Vietnam: Experience mindful movement surrounded by spectacular natural beauty and spiritual heritage in a Buddhist monastery on Yen Tu Mountain. Volcanic Thermal Pools and Naples – Naples/Pompeii, Italy: Alternate between hot and cold pools, surrounded by ancient landscapes and timeless healing traditions. Patagonian Hot Springs & Fjord Cruise – Puerto Chacabuco, Chile: Invite relaxation and mindfulness with a journey through the Aysén Fjord by catamaran to the secluded Ensenada Perez Hot Springs, where Patagonian landscapes surround naturally heated pools. Oceania Cruises is celebrated for its personalized service, award-winning cuisine and a crew-to-guest ratio designed for exceptional comfort. With destination-intensive itineraries ranging from seven to 180 days, guests return home with renewed energy, inspiration and stories that last a lifetime.

For more information visit OceaniaCruises.com or call 855-OCEANIA.

About Oceania Cruises®

Oceania Cruises® is the world's leading destination- and culinary-focused luxury cruise line, celebrated for its port-rich voyages and authentic cultural and culinary experiences. The line's intimate, luxurious ships feature an adults-only environment, with a high proportion of spacious rooms and suites, calling on more than 600 marquee and boutique ports in more than 100 countries across seven continents, with destination-intensive itineraries ranging from seven to 180 days. Aboard the designer-inspired ships, guests enjoy personalized service supported by a strong crew-to-guest ratio, alongside The Finest Cuisine at Sea®, prepared by one of the highest chef-to-guest ratios at sea. Oceania Cruises® is also recognized as one of the world's most awarded cruise lines, with accolades spanning luxury, dining, service and destination experiences. Oceania Cruises® has five Sonata Class ships on order scheduled for delivery in 2027, 2029, 2032, 2035 and 2037. Oceania Cruises® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH).

SOURCE Oceania Cruises

Norwegian Cruise Line (NCLH - Free Report) closed at $18.71 in the latest trading session, marking a -3.21% move from the prior day. This move lagged the S&P 500's daily loss of 1.21%. At the same time, the Dow lost 0.97%, and the tech-heavy Nasdaq lost 2.15%.

The stock of cruise operator has fallen by 8% in the past month, lagging the Consumer Discretionary sector's loss of 0.92% and the S&P 500's gain of 0.42%.

The upcoming earnings release of Norwegian Cruise Line will be of great interest to investors. The company's earnings report is expected on July 30, 2026. The company's earnings per share (EPS) are projected to be $0.39, reflecting a 23.53% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.63 billion, up 4.35% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.71 per share and revenue of $10.13 billion, indicating changes of -18.96% and +3.07%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Norwegian Cruise Line. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 0.28% higher. Right now, Norwegian Cruise Line possesses a Zacks Rank of #3 (Hold).

In the context of valuation, Norwegian Cruise Line is at present trading with a Forward P/E ratio of 11.28. Its industry sports an average Forward P/E of 16.53, so one might conclude that Norwegian Cruise Line is trading at a discount comparatively.

It's also important to note that NCLH currently trades at a PEG ratio of 1.01. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Leisure and Recreation Services industry had an average PEG ratio of 1.4.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 83, positioning it in the top 34% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Norwegian Cruise Line (NCLH - Free Report) . NCLH is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock holds a P/E ratio of 10.27, while its industry has an average P/E of 16.63. Over the last 12 months, NCLH's Forward P/E has been as high as 15.63 and as low as 6.93, with a median of 10.77.

We also note that NCLH holds a PEG ratio of 0.84. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. NCLH's PEG compares to its industry's average PEG of 1.16. Over the last 12 months, NCLH's PEG has been as high as 0.93 and as low as 0.15, with a median of 0.24.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. NCLH has a P/S ratio of 0.89. This compares to its industry's average P/S of 2.17.

Finally, investors will want to recognize that NCLH has a P/CF ratio of 6.57. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 12.38. Within the past 12 months, NCLH's P/CF has been as high as 9.67 and as low as 3.73, with a median of 6.53.

Value investors will likely look at more than just these metrics, but the above data helps show that Norwegian Cruise Line is likely undervalued currently. And when considering the strength of its earnings outlook, NCLH sticks out as one of the market's strongest value stocks.

MIAMI, July 16, 2026 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Line Holdings” or the “Company”) announced today it will report second quarter 2026 financial results on Thursday, July 30, 2026 at 6:30 a.m. Eastern Time with a conference call and webcast to discuss results at 8:30 a.m. Eastern Time.

The conference call will be webcast via the Company’s Investor Relations website, https://www.nclhltd.com/investors. A replay of the webcast will be available here on the Company’s website for 30 days following the call.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company that 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.

Investor Relations and Media Contacts
Sarah Inmon
(786) 812-3233
[email protected] 

Norwegian Cruise Line (NCLH - Free Report) closed at $19.73 in the latest trading session, marking a +1.39% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.38%. Elsewhere, the Dow saw an upswing of 0.29%, while the tech-heavy Nasdaq appreciated by 0.62%.

Coming into today, shares of the cruise operator had lost 4.28% in the past month. In that same time, the Consumer Discretionary sector lost 1.13%, while the S&P 500 gained 1.61%.

The investment community will be paying close attention to the earnings performance of Norwegian Cruise Line in its upcoming release. The company's earnings per share (EPS) are projected to be $0.39, reflecting a 23.53% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.63 billion, up 4.27% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.71 per share and revenue of $10.14 billion, indicating changes of -18.96% and +3.18%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for Norwegian Cruise Line. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.57% higher within the past month. At present, Norwegian Cruise Line boasts a Zacks Rank of #3 (Hold).

Investors should also note Norwegian Cruise Line's current valuation metrics, including its Forward P/E ratio of 11.39. This denotes a discount relative to the industry average Forward P/E of 16.36.

It is also worth noting that NCLH currently has a PEG ratio of 1.07. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Leisure and Recreation Services industry was having an average PEG ratio of 1.41.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

9.7.2026 22:03

Ke konci obchodní seance se mírně přelil kapitál z čipových společností do klasických technologických. Přesto společnosti jako AMD + 5,67 %, Micron +4,39 %, či Broadcom +3,2 % končí výrazně v zeleném a čipový sektor táhl celý trh. Společnosti SpaceX se podařilo dostat opět nad otevírací cenu po IPO a přidala dnes +2,65 %.

Sektor spotřebního zboží dnes táhly dolů akcie PepsiCo, která po ne příliš oslnivých výsledcích odepsala nakonec -3,26 %. V kladných hodnotách se udržely i kryptoměny, kdy Bitcoin přidal +1,8 %.

Na opačné straně stála cena ropy, kde WTI propadl o -2,22 %, a to z důvodu mírného uklidnění situace v Íránu.

Index Dow Jones +0,27 % na 52487,38 b.
S&P 500 +0,81 % na 7543,54 b.
Nasdaq Composite +1,3 % na 26206,89 b.

Index S&P 500 +0,81 % na 7543,54 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +1,6 % Nezbytná spotřeba -1,8 % Zbytná spotřeba +1,5 % Energie -1,6 % Finanční sektor +1 % Utility -0,5 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Lumentum Holdings (LITE) +11 % APA Corp (APA) -5,1 % Hewlett Packard Enterprise (HPE) +9,9 % Paramount Skydance Corp (PSKY) -4,3 % Fedex Freight Holding (FDXF) +7,6 % Costco Wholesale Corp (COST) -4,2 % Sandisk Corp (SNDK) +7,6 % Cincinnati Financial Corp (CINF) -3,4 % Norwegian Cruise Line Holdings (NCLH) +7,0 % PepsiCo (PEP) -3,3 %
Jan Pazourek, Fio banka, a.s.

Norwegian Cruise Line (NCLH - Free Report) closed at $18.83 in the latest trading session, marking a -2.23% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.45%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 1.16%.

The stock of cruise operator has risen by 3.83% in the past month, leading the Consumer Discretionary sector's gain of 0.37% and the S&P 500's gain of 2.14%.

Market participants will be closely following the financial results of Norwegian Cruise Line in its upcoming release. The company is expected to report EPS of $0.39, down 23.53% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $2.62 billion, indicating a 4.23% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.7 per share and revenue of $10.14 billion, which would represent changes of -19.43% and +3.17%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Norwegian Cruise Line. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Norwegian Cruise Line holds a Zacks Rank of #3 (Hold).

Investors should also note Norwegian Cruise Line's current valuation metrics, including its Forward P/E ratio of 11.32. This expresses a discount compared to the average Forward P/E of 16.66 of its industry.

We can additionally observe that NCLH currently boasts a PEG ratio of 1.07. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Leisure and Recreation Services industry had an average PEG ratio of 1.51 as trading concluded yesterday.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 197, placing it within the bottom 20% of over 250 industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Norwegian Cruise Line (NCLH - Free Report) ended the recent trading session at $21.11, demonstrating a -3.7% change from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.79%. On the other hand, the Dow registered a gain of 0.26%, and the technology-centric Nasdaq increased by 1.52%.

Coming into today, shares of the cruise operator had gained 21.37% in the past month. In that same time, the Consumer Discretionary sector lost 0.73%, while the S&P 500 lost 1.82%.

Investors will be eagerly watching for the performance of Norwegian Cruise Line in its upcoming earnings disclosure. In that report, analysts expect Norwegian Cruise Line to post earnings of $0.39 per share. This would mark a year-over-year decline of 23.53%. At the same time, our most recent consensus estimate is projecting a revenue of $2.62 billion, reflecting a 4.23% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $1.7 per share and a revenue of $10.14 billion, demonstrating changes of -19.43% and +3.17%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Norwegian Cruise Line. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Norwegian Cruise Line currently has a Zacks Rank of #4 (Sell).

Valuation is also important, so investors should note that Norwegian Cruise Line has a Forward P/E ratio of 12.89 right now. Its industry sports an average Forward P/E of 16.94, so one might conclude that Norwegian Cruise Line is trading at a discount comparatively.

Meanwhile, NCLH's PEG ratio is currently 1.21. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Leisure and Recreation Services industry was having an average PEG ratio of 1.52.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 188, positioning it in the bottom 23% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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

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The 2028 & 2029 Collection Includes More Than 230 Voyages and Over 60 Overnight Stays Aboard Oceania Cruises' Intimate, Luxurious Ships

, /PRNewswire/ -- Oceania Cruises® has unveiled its new 2028 & 2029 Collection of Voyages, featuring more than 230 itineraries across the globe. Sailings range from seven to 180 days and include more than 60 overnight port stays. Opening for bookings today, June 17, 2026, this double launch of two full future seasons gives guests and travel advisors greater time and flexibility to plan their journeys well ahead.

Vista Sailing in Malta Iconic cities such as Tokyo, New York and Amsterdam frame these journeys, weaving together sun-drenched islands, lesser-known gems and new favorites waiting to be discovered. The collection spans an extraordinary range of ports, from the ancient ruins of Ephesus to the remote Japanese harbor towns of Ishigaki and Miyazaki, the volcanic drama of Iceland's Húsavík and the pristine wilderness of Alaska's Icy Strait Point. Along the way, guests can drift through the Indonesian archipelago, follow the blaze of autumn foliage along the St. Lawrence River and explore the dramatic fjords of Milford Sound.

"This new, expansive collection reflects our passion for immersive travel opportunities and offers guests the chance to explore a little further with more depth thanks to more than 60 overnight stays. Launching sailings for 2028 and 2029 underscores our commitment to giving guests and travel advisors the confidence and time to plan the journeys that truly matter," said Jason Montague, Chief Luxury Officer of Oceania Cruises. "From the historic harbors of the Mediterranean to the remote fjords of New Zealand, each sailing reflects our belief that the world's greatest destinations deserve to be experienced, not simply visited."

HIGHLIGHTS OF THE 2028 & 2029 COLLECTION:

More than 60 Overnight Stays Across Two Seasons: Featured throughout the 2028 & 2029 Collection, these include extended time in well-loved cities such as Copenhagen, Lisbon, Bangkok and Bali, as well as smaller ports like Seville and Malé. Late-evening departures and overnight stays – hallmarks of Oceania Cruises – invite deeper discovery and connection to life ashore. From Alaska's Last Frontier to Japan's Hidden Ports on Oceania Riviera™: Oceania Riviera returns to Alaska in summer 2028 before transitioning to Asia-focused sailings, including a greater emphasis on Japan beyond the expected. Itineraries feature rarely visited ports including Kagoshima, Ishigaki and Miyazaki – destinations inaccessible to larger ships – alongside calls in Tokyo and Osaka. Oceania Aurelia™ Debuts her Inaugural World Cruises: Welcoming fewer than 500 guests, Oceania Aurelia will sail her inaugural 180-Day Around the World voyages in 2028 and 2029, sailing from Miami and Los Angeles, respectively, before concluding in New York. Oceania Allura™ Extends the Mediterranean Winter Season: Oceania Allura returns for a second Mediterranean winter season in 2028 and 2029, exploring Greece, Turkey, Italy and Spain from November through March during cooler, calmer months. With more than 80 Mediterranean itineraries, this marks Oceania Cruises' most diverse range of sailings in the region to date. REGIONS:

Europe
Oceania Cruises' extensive European seasons span from the Mediterranean to Northern Europe, including Oceania Aurelia's inaugural Baltic and Scandinavia sailings. From Greek island-hopping and Aegean shores to Norway's fjords, the royal capitals of Stockholm and Copenhagen, and Amsterdam's canals, these itineraries offer deeper exploration of Europe's most storied regions.

Caribbean, Panama Canal & Mexico
Oceania Sonata™ and Oceania Vista® anchor the collection's Caribbean sailings, with round-trip Miami departures and extended Panama Canal crossings ranging from seven-day island escapes to multi-week voyages through Central America and Mexico.

Asia
Oceania Marina™ and Oceania Riviera cover Asia across both seasons, with an emphasis on Japan's smaller coastal ports alongside its great cities. Sailings are complemented by overnight stays in Bangkok and Singapore and sailings through the Indonesian archipelago, including Komodo Island.

South Pacific, Australia & New Zealand
Oceania Marina explores Australia and New Zealand, with multiple 14-day voyages including scenic cruising through the striking fjords of Milford Sound and calls in Sydney, Melbourne, Hobart, Auckland and beyond.

Canada & New England
Autumn foliage, colonial history and the raw beauty of the Bay of Fundy define the Canada and New England season. Sailings include the 11-day Autumnal Allure & Maritimes, aboard Oceania Vista, with calls in Portland, Saint John, Halifax and Quebec City, and the Maritimes Harvest Passage sailing, which includes Charlottetown, Prince Edward Island.

Transoceanic
Seven repositioning crossings connect oceans as enticing journeys in their own right. Highlights include the 15-day Canary Isles Autumn Passage from Lisbon to Miami, aboard Oceania Sonata™, with calls in Madeira, Tenerife and San Juan.

The Best Value in Luxury Cruising
Guests can book with confidence through Oceania Cruises' Best Value Guarantee. Should a new offer become available before departure, guests may take advantage of it with no administrative fees – either by adjusting their reservation prior to final payment or receiving the added value as shipboard credit, stateroom upgrade or future cruise credit. This flexibility, combined with Your World Included™ amenities such as specialty dining, complimentary WiFi, and pre-paid shipboard gratuities, ensures exceptional value without compromise.

About Oceania Cruises®
Oceania Cruises® is the world's leading destination- and culinary-focused luxury cruise line, celebrated for its port-rich voyages and authentic cultural and culinary experiences. The line's intimate, luxurious ships feature an adults-only environment, with a high proportion of spacious rooms and suites, calling on more than 600 marquee and boutique ports in more than 100 countries across seven continents, with destination-intensive itineraries ranging from seven to 180 days. Aboard the designer-inspired ships, guests enjoy personalized service supported by a strong crew-to-guest ratio, alongside The Finest Cuisine at Sea®, prepared by one of the highest chef-to-guest ratios at sea. Oceania Cruises® is also recognized as one of the world's most awarded cruise lines, with accolades spanning luxury, dining, service and destination experiences. Oceania Cruises® has five Sonata Class ships on order scheduled for delivery in 2027, 2029, 2032, 2035 and 2037. Oceania Cruises® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH).

SOURCE Oceania Cruises

Norwegian Cruise Line Holdings (NCLH) remains the worst-performing cruise stock YTD, underperforming peers despite a brief recovery earlier in 2026. The quality of its earnings outlook downgrade as well as an elevated net debt-to-EBITDA ratio at a time of macroeconomic uncertainties work against the stock. However, the recent crash in oil price, positive market multiples and possibility of an upwards earnings surprise bode well for NCLH.

Destination-Focused Voyages Pair Small-Ship Access With Distinctive Shore Experiences Across Scandinavia, British Isles, Iceland, Greenland and Norway

Download high-resolution images here (Credit: Oceania Cruises)

, /PRNewswire/ -- Oceania Cruises® invites travelers to discover the dramatic landscapes, rich cultural traditions and lesser-explored coastal destinations of Northern Europe aboard its intimate, luxurious ships, offering a relaxing and elegant way to experience this captivating region.

Northern Europe Spotlight Sailing aboard Oceania Cruises' elegant, small ships, including Oceania Insignia™, Oceania Marina™ and Oceania Vista®, the 2027 Northern Europe season showcases the breadth and beauty of the region, featuring ports across the Baltic and Scandinavia, British Isles and Ireland, Greenland, Iceland and the Northern Fjords.

The lineup of itineraries reflects Oceania Cruises' commitment to destination-rich voyages, thoughtfully planned around Northern Europe's long summer days, seasonal traditions and ports best explored by sea. Its boutique ships call on destinations not always accessible to larger vessels, such as Rosendal, Norway; Stornoway, Scotland; Seydisfjordur, Iceland; and Karlskrona, Sweden, alongside iconic cities including Copenhagen, Reykjavik and Stockholm.

Across all these itineraries, guests can choose from a range of shore excursions designed to bring the region's smaller ports to life through local cuisine, culture, history and outdoor exploration. In Eidfjord, Norway, travelers can experience the Hardanger region's apple-growing traditions with a cider tasting amid the area's scenic landscapes. When in Visby, Sweden, guests can join one of Oceania Cruises' signature Culinary Discovery Tours™, exploring Swedish farm-to-table traditions, visiting various local farms in the region, followed by a seasonal lunch highlighting the island's sustainable ingredients. In Seydisfjordur, guests can travel by 4x4 through eastern Iceland's remote countryside to Brekka, the country's smallest town, set along a narrow fjord surrounded by waterfalls, seabirds and striking mountain scenery.

"Our Northern Europe voyages offer travelers an extraordinary way to experience one of the world's most sought-after regions during the best time of year to visit," said Jason Montague, Chief Luxury Officer of Oceania Cruises. "From the fjords of Norway to the cultural capitals of Scandinavia and the remote coastlines of Iceland and Greenland, these itineraries are designed for guests who want to see more of the region in a seamless and refined way. Traveling aboard our intimate ships offers unparalleled convenience, allowing guests to reach destinations that can be more challenging to explore independently – while only unpacking once."

Oceania Cruises' 2027 Northern Europe itineraries are part of the line's expansive array of global voyages, which feature more than 600 ports and over 250 unique itineraries each year. On board its elegantly appointed ships, guests can experience the hallmarks of Oceania Cruises, including attentive, personalized hospitality, a relaxed yet refined adults-only environment and The Finest Cuisine at Sea®.

Highlighted Northern Europe Voyages:

Baltic Beauty: 11-day voyage from Stockholm to Copenhagen, departing June 10, 2027, aboard Oceania Insignia. Guests will explore the Baltic's historic port cities and design-forward capitals, with calls in Helsinki, Tallinn, Riga, Gdansk, Karlskrona, Szczecin, Berlin (Warnemünde), Kalundborg and Kiel. The itinerary offers a mix of medieval old towns, coastal culture and extended time in select ports, including Berlin (Warnemünde) and Kalundborg. Castles of Ice & Stone: 14-day voyage from London to Copenhagen, departing June 22, 2027, aboard Oceania Marina. Explore the British Isles and Northern Europe, with calls in Glasgow, Londonderry, Stornoway, Scrabster, Aberdeen, Edinburgh, Bergen, Stavanger, Kristiansand, Lysekil and Gothenburg. The voyage combines historic cities, rugged coastlines, Scottish island communities and Norway's coastal scenery before concluding in Denmark. Landscapes of a Lifetime: 10-day voyage roundtrip from Reykjavik, departing July 4, 2027, aboard Oceania Insignia. This Iceland-focused itinerary traces the country's dramatic coastline, with calls in Heimaey, Djupivogur, Seydisfjordur, Siglufjordur, Akureyri, Isafjordur and Grundarfjordur, plus Tórshavn in the Faroe Islands. The sailing showcases volcanic landscapes, dramatic fjords, fishing villages and the stark natural beauty of the North Atlantic. Charms of Northern Europe: 11-day voyage from Paris to Copenhagen, departing July 16, 2027, aboard Oceania Vista. Visit a mix of iconic cultural capitals and coastal ports, with calls in London (Dover), Bruges, Amsterdam, Kristiansand, Oslo, Aarhus, Kiel and Helsingborg before concluding with an overnight stay in Copenhagen. The itinerary offers a broad look at the region, from historic cities and maritime culture to Scandinavian design, coastal scenery and Northern Europe's summer atmosphere. Fjords to Icelandic Vistas: 14-day voyage from Stockholm to Reykjavik, departing August 7, 2027, aboard Oceania Vista. This sweeping Northern Europe itinerary connects Baltic cities, Scandinavian coastlines and Icelandic landscapes, with calls in Visby, Rønne, Copenhagen, Gothenburg, Haugesund, Flåm, Bergen, Ålesund, Djupivogur, Husavik and Isafjordur. The sailing features a mix of historic towns, fjord scenery, coastal culture and North Atlantic beauty. Fabulous Fjords: 11-day voyage roundtrip from Reykjavik, departing August 8, 2027, aboard Oceania Marina. Exploring Iceland and Greenland, this voyage calls on Heimaey, Grundarfjordur and Isafjordur before scenic cruising through Prince Christian Sound, an overnight stay in Nuuk and a call to Narsaq. The itinerary highlights remote fjords, rugged coastlines and dramatic natural scenery. Rugged to Rustic: 12-day voyage from Reykjavik to London, departing August 19, 2027, aboard Oceania Marina. Tracing a route from Iceland to the United Kingdom, this sailing calls on Isafjordur, Akureyri, Djupivogur, Tórshavn, Lerwick, Måløy, Vik, Bergen, Haugesund and Stavanger before concluding in London (Southampton). The itinerary brings together Iceland's remote coastal towns, the Faroe and Shetland Islands, Norway's fjord country and historic maritime cities along the North Atlantic. For more information on Oceania Cruises' collection of small, luxurious ships and curated global itineraries, visit OceaniaCruises.com or call 855-OCEANIA.

About Oceania Cruises®

Oceania Cruises® is the world's leading culinary- and destination-focused luxury cruise line. The line's intimate, luxurious ships feature The Finest Cuisine at Sea® and destination-rich itineraries that span the globe. Expertly curated travel experiences are available aboard the designer-inspired ships, which call on more than 600 marquee and boutique ports in more than 100 countries on seven continents, on voyages that range from seven to more than 200 days. Oceania Cruises® has five Sonata Class ships on order scheduled for delivery in 2027, 2029, 2032, 2035 and 2037. Oceania Cruises® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH).

SOURCE Oceania Cruises

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Norwegian Cruise Line Holdings Ltd. (“Norwegian” or the “Company”) (NYSE: NCLH).  Such investors are advised to contact Danielle Peyton at [email protected]  or 646-581-9980, ext. 7980.