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Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) shares are trading lower after J.P. Morgan downgraded the stock to Underweight from Neutral and cut its price target by $2 to $11.

Norwegian Cruise Line stock is taking a hit today. What’s pressuring NCLH stock? J.P. Morgan Cuts Norwegian to Underweight on Flat Yield Growth and European Demand RisksAccording to Investing.com, J.P. Morgan cited expectations for flat annual constant-currency yield growth and risks to the recovery in European demand from prolonged geopolitical headwinds. The firm expects Norwegian to reaffirm its annual forecast when it reports third-quarter results Thursday. Investing.com said the downgrade follows a string of target cuts that have steadily eroded sentiment on the stock. TD Cowen lowered its target to $20 from $24 on Oct. 20, Bank of America cut its target to $17 from $21 on Oct. 13, and Citi reduced its target to $19 from $22 on Oct. 2. J.P. Morgan had cut its target to $13 from $17 in late September. All of those firms kept neutral or hold-equivalent ratings.

Norwegian to Report Q3 Results Thursday with Debt and Costs in FocusConsensus sits at Hold with an average price target near $20, according to Investing.com. Analysts have trimmed their third-quarter earnings per share estimate to roughly 91 cents, a decline of about 24% from a year earlier, while the company has guided to 90 cents. Investing.com pointed to structural concerns underlying the skepticism. Norwegian carries about $16 billion in total debt against a small cash cushion, and the stock is down about 32% this year, weighed down by elevated fuel costs tied to Middle East supply disruptions and what the company has described as execution gaps in its booking strategy.

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NCLH Price Action: At the time of publication, Norwegian shares are trading 3.77% lower at $14.95, according to data from Benzinga Pro.

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

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

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

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

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

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

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

Price, Consensus and EPS Surprise

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Norwegian Bella showcases a collection of elevated experiences, including:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SOURCE Norwegian Cruise Line

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Norwegian Cruise Line (NCLH - Free Report) , which belongs to the Zacks Leisure and Recreation Services industry.

This cruise operator has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 38.21%.

For the most recent quarter, Norwegian Cruise Line was expected to post earnings of $0.39 per share, but it reported $0.48 per share instead, representing a surprise of 23.08%. For the previous quarter, the consensus estimate was $0.15 per share, while it actually produced $0.23 per share, a surprise of 53.33%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for Norwegian Cruise Line. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

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

Norwegian Cruise Line currently has an Earnings ESP of +2.55%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 29, 2026.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Norwegian Cruise Line (NCLH - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this cruise operator have returned +2.3% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Leisure and Recreation Services industry, to which Norwegian Cruise Line belongs, has gained 1.2% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Norwegian Cruise Line is expected to post earnings of $0.89 per share for the current quarter, representing a year-over-year change of -25.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -8.8%.

The consensus earnings estimate of $1.55 for the current fiscal year indicates a year-over-year change of -26.5%. This estimate has changed -1% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $1.64 indicates a change of +5.3% from what Norwegian Cruise Line is expected to report a year ago. Over the past month, the estimate has changed -4.7%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #5 (Strong Sell) for Norwegian Cruise Line.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Norwegian Cruise Line, the consensus sales estimate of $2.88 billion for the current quarter points to a year-over-year change of -2.1%. The $10.05 billion and $10.59 billion estimates for the current and next fiscal years indicate changes of +2.3% and +5.4%, respectively.

Last Reported Results and Surprise HistoryNorwegian Cruise Line reported revenues of $2.64 billion in the last reported quarter, representing a year-over-year change of +4.9%. EPS of $0.48 for the same period compares with $0.51 a year ago.

Compared to the Zacks Consensus Estimate of $2.63 billion, the reported revenues represent a surprise of +0.52%. The EPS surprise was +23.08%.

Over the last four quarters, Norwegian Cruise Line surpassed consensus EPS estimates three times. The company topped consensus revenue estimates just once over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Norwegian Cruise Line is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Norwegian Cruise Line. However, its Zacks Rank #5 does suggest that it may underperform the broader market in the near term.

Record demand signals haven't rescued Norwegian Cruise Line Holdings (NYSE:NCLH | NCLH Price Prediction) stock, it seems. The stock trades at $15.21, down 32% this year.

Norwegian Cruise Line (NCLH - Free Report) ended the recent trading session at $14.87, demonstrating a -1.78% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.66%. On the other hand, the Dow registered a gain of 0.18%, and the technology-centric Nasdaq increased by 1.05%.

The stock of cruise operator has fallen by 2.76% in the past month, leading the Consumer Discretionary sector's loss of 6.5% and undershooting the S&P 500's gain of 0.55%.

Investors will be eagerly watching for the performance of Norwegian Cruise Line in its upcoming earnings disclosure. On that day, Norwegian Cruise Line is projected to report earnings of $0.88 per share, which would represent a year-over-year decline of 26.67%. Meanwhile, the latest consensus estimate predicts the revenue to be $2.88 billion, indicating a 2.13% decrease compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.56 per share and a revenue of $10.05 billion, signifying shifts of -26.07% and +2.25%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Norwegian Cruise Line. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.04% decrease. Norwegian Cruise Line currently has a Zacks Rank of #5 (Strong Sell).

Digging into valuation, Norwegian Cruise Line currently has a Forward P/E ratio of 9.73. Its industry sports an average Forward P/E of 15.17, so one might conclude that Norwegian Cruise Line is trading at a discount comparatively.

It is also worth noting that NCLH currently has a PEG ratio of 0.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Leisure and Recreation Services industry had an average PEG ratio of 1.13.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 178, finds itself in the bottom 28% echelons of all 250+ industries.

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

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Destination-Rich Voyages Span Northern Europe, the Mediterranean, Adriatic and Aegean, Including the First-Ever Full Winter Season in the Mediterranean aboard Oceania Allura™

, /PRNewswire/ -- Oceania Cruises®, the world's leading destination- and culinary-focused luxury cruise line, has unveiled an expansive collection of 2027 and 2028 European voyages, offering guests more opportunities to explore Europe through thoughtfully crafted itineraries, local traditions and exceptional culinary experiences.

Credit: Oceania Cruises® The line will mark a milestone with its first-ever full winter season of voyages in the Mediterranean aboard Oceania Allura™, featuring 17 voyages spanning November 2027 through March 2028. Ranging from nine to 26 days and sailing between destinations including Barcelona, Rome, Athens and Istanbul, these shoulder-season voyages offer a fresh perspective on some of the region's most iconic cities, coastal towns and islands. Guests can experience a slower pace and cooler temperatures while exploring ashore, from quiet piazzas and artisan markets to leisurely afternoons immersed in local culture.

"Europe is one of the most beloved cruise regions, and we are thrilled to offer our guests year-round opportunities to sail with us," said Jason Montague, Chief Luxury Officer of Oceania Cruises. "With more ways to explore the continent, from weeklong escapes to longer, unhurried journeys across the seasons, we're giving guests the freedom to experience Europe entirely on their own terms."

Each itinerary is designed to offer guests the chance to explore new places and rediscover favorites through a new lens, with hundreds of shore excursion choices. Oceania Cruises is renowned for its imaginative itineraries which pair landmark capitals such as Rome, Paris, London, Barcelona and Istanbul with lesser-explored gems including Golfo Aranci in Sardinia, Gythion and Skiathos in Greece, Kotor in Montenegro, Taranto in Puglia, and Çanakkale, gateway to the ancient ruins of Troy. Overnight and extended stays in destinations such as Bordeaux, Hamburg and Florence/Pisa/Tuscany give guests more time to settle into each place and experience it more fully.

Across every voyage, guests can take advantage of small-group shore excursions and onboard experiences designed to bring the region's culture, history and traditions to life. From exploring the vineyards of the Iberian Peninsula and wandering medieval cobbled streets in Northern Europe to uncovering ancient sites across Greece and Turkey, guests can connect more deeply with each destination.

On board the line's small, luxurious ships, gastronomy sits at the heart of every voyage. Guests can experience The Finest Cuisine at Sea® not only on board but woven into each destination. In the Adriatic and Ionian, guests can join one of Oceania Cruises' signature Culinary Discovery Tours™, exploring local markets and family-run producers before sitting down to a chef-led lunch that showcases the region's finest ingredients. Throughout Europe, local flavors and culinary traditions enrich every journey, both ashore and on board.

Highlighted 2027-28 Europe Voyages:

Atlantic Wine Trails: 10-day voyage from Lisbon to London, departing April 24, 2027, aboard Oceania Insignia™. Tracing the wine regions and coastlines of the Iberian Peninsula and France, this voyage calls on Oporto, La Coruña, Bilbao, Biarritz and features an overnight stay in Bordeaux before visiting Saint-Malo and St. Peter Port in Guernsey. The itinerary pairs celebrated wine country with charming ports along the western coasts of Europe. Mysteries of History: 9-day voyage from Rome to Istanbul, departing May 24, 2027, aboard Oceania Sirena™. This in-depth journey through Italy, Greece and Turkey calls on Salerno, Messina and Syracuse before Katakolon, Gythion, Mykonos and Skiathos in Greece, and finally, Çanakkale, the gateway to ancient Troy. The voyage traces centuries of history across three countries before concluding in Istanbul. Glacial Adventure: 13-day voyage from Copenhagen to Reykjavik, departing July 26, 2027, aboard Oceania Marina™. This Northern Europe voyage calls at Gothenburg and Oslo before tracing Norway's coast through Kristiansand, Stavanger, Eidfjord and Måløy, continuing to Tórshavn and then exploring Djupivogur, Seydisfjordur and Akureyri in Iceland before concluding in Reykjavik. The itinerary brings together Scandinavian capitals, Norway's dramatic fjords and Iceland's remote coastal landscapes. Croissants & Cannoli: 10-day voyage from Barcelona to Rome, departing September 16, 2027, aboard Oceania Nautica™. A leisurely exploration of the Western Mediterranean, this voyage calls on Sète, Marseille and Monte Carlo before continuing to Florence/Pisa/Tuscany, Bastia, Olbia/Porto Cervo, Messina and Salerno. The itinerary pairs the French Riviera with Corsica, Sardinia and southern Italy before concluding in Rome. Warm Winter Wonderland: 12-day voyage from Athens to Barcelona, departing December 8, 2027, aboard Oceania Allura. This voyage journeys to Limassol, Rhodes and Ephesus before calling at Heraklion and Katakolon. From Valletta, cross to Trapani and Cagliari and then visit Mahón and Palma de Mallorca en route to Barcelona. Blending ancient sites and picturesque islands, this itinerary explores from Cyprus and the Aegean to the Balearic Islands. Iconic Art & Architecture: 9-day voyage roundtrip from Rome, departing January 31, 2028, aboard Oceania Allura. Set off from the Eternal City to Porto Torres and Palma de Mallorca before crossing to Tunis, then visiting Trapani, Valletta, Messina and Salerno before returning to Rome. The itinerary explores the Mediterranean's artistic and architectural legacy. For more information on Oceania Cruises' collection of small, luxurious ships and curated global itineraries, visit OceaniaCruises.com or call Oceania Cruises at 855-OCEANIA, or speak with a professional travel advisor.

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

 | Source: Norwegian Cruise Line Holdings Ltd.

MIAMI, Sept. 30, 2026 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (“NCLH”), announced today that it has priced $950.0 million aggregate principal amount of its 8.750% senior notes due 2031 (the “Notes”), which were offered in a private offering (the “Offering”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of Notes to be issued was increased to $950.0 million from the previously announced $750.0 million.

The Offering is expected to close on October 15, 2026, subject to customary closing conditions. NCLC intends to use the net proceeds from the Offering, together with cash on hand, (i) to redeem all of the outstanding 6.125% Senior Notes due 2028 issued by NCL Finance, Ltd., a subsidiary of NCLC (the “2028 Notes”), (ii) to repay approximately $376.3 million of outstanding borrowings under NCLC’s existing senior secured revolving loan facility and (iii) to prepay approximately $42.2 million of outstanding borrowings under our export-credit backed financing facilities, in each case, together with any accrued and unpaid interest thereon, and to pay any related transaction premiums, fees and expenses. The redemption of the 2028 Notes will be conditioned upon the consummation of the Offering.

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

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

About Norwegian Cruise Line Holdings Ltd.

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

Cautionary Statement Concerning Forward-Looking Statements

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

Investor Relations & Media Contact

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

 | Source: Norwegian Cruise Line Holdings Ltd.

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

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

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

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

About Norwegian Cruise Line Holdings Ltd.

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

Cautionary Statement Concerning Forward-Looking Statements

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

Investor Relations & Media Contact

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

In the latest close session, Norwegian Cruise Line (NCLH - Free Report) was down 1.88% at $14.12. The stock's performance was behind the S&P 500's daily gain of 0.17%. Meanwhile, the Dow lost 0.18%, and the Nasdaq, a tech-heavy index, added 0.4%.

Coming into today, shares of the cruise operator had lost 14.09% in the past month. In that same time, the Consumer Discretionary sector lost 5.4%, while the S&P 500 lost 1.29%.

Market participants will be closely following the financial results of Norwegian Cruise Line in its upcoming release. The company's earnings per share (EPS) are projected to be $0.89, reflecting a 25.83% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $2.88 billion, showing a 2.13% drop compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $1.57 per share and a revenue of $10.05 billion, demonstrating changes of -25.59% and +2.25%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Norwegian Cruise Line. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 moved 2.54% lower. Norwegian Cruise Line is currently sporting a Zacks Rank of #4 (Sell).

Looking at its valuation, Norwegian Cruise Line is holding a Forward P/E ratio of 9.17. Its industry sports an average Forward P/E of 14.78, 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 0.72. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Leisure and Recreation Services stocks are, on average, holding a PEG ratio of 1.12 based on yesterday's closing prices.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 198, this industry ranks in the bottom 20% of all industries, numbering over 250.

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) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this cruise operator have returned -16.2% over the past month versus the Zacks S&P 500 composite's -2.9% change. The Zacks Leisure and Recreation Services industry, to which Norwegian Cruise Line belongs, has lost 12.7% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Norwegian Cruise Line is expected to post earnings of $0.89 per share for the current quarter, representing a year-over-year change of -25.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.6%.

For the current fiscal year, the consensus earnings estimate of $1.57 points to a change of -25.6% from the prior year. Over the last 30 days, this estimate has changed -2.5%.

For the next fiscal year, the consensus earnings estimate of $1.72 indicates a change of +9.6% from what Norwegian Cruise Line is expected to report a year ago. Over the past month, the estimate has changed -2.3%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Norwegian Cruise Line is rated Zacks Rank #4 (Sell).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Norwegian Cruise Line, the consensus sales estimate of $2.88 billion for the current quarter points to a year-over-year change of -2.1%. The $10.05 billion and $10.59 billion estimates for the current and next fiscal years indicate changes of +2.2% and +5.4%, respectively.

Last Reported Results and Surprise HistoryNorwegian Cruise Line reported revenues of $2.64 billion in the last reported quarter, representing a year-over-year change of +4.9%. EPS of $0.48 for the same period compares with $0.51 a year ago.

Compared to the Zacks Consensus Estimate of $2.63 billion, the reported revenues represent a surprise of +0.52%. The EPS surprise was +23.08%.

Over the last four quarters, Norwegian Cruise Line surpassed consensus EPS estimates three times. The company topped consensus revenue estimates just once over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Norwegian Cruise Line is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Norwegian Cruise Line. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

- The New Original Production, Developed with The Estate of Whitney E. Houston and Primary Wave Music, Celebrates the Unmistakable Voice, Music and Legacy of Whitney Houston, Delivering an Unforgettable Tribute Experience at Sea –

– Norwegian Aura™ Will Also Feature a Bold Mix of Immersive Theater, Live Music and Late-Night Entertainment with the Debut of "ILLUMINOX: Infinite Wonder Unboxed™," The Vinyl Republic™, and the Return of LunaTique: Pop Circus™–

 – Images and Show Logos are Available for Download HERE –

, /PRNewswire/ -- Norwegian Cruise Line® (NCL), the industry leader in delivering freedom and choice in experiences with uncompromising hospitality, today unveiled the entertainment lineup for the highly anticipated debut of Norwegian Aura™ in May 2027, including the headlining production "Whitney: A Celebration of Whitney Houston."

The all-new Norwegian Aura™, debuting May 2027, will feature “Whitney: A Celebration of Whitney Houston,” a headlining production created in partnership with The Estate of Whitney E. Houston and Primary Wave Music. Developed in partnership with The Estate of Whitney E. Houston and Primary Wave Music, the new original production celebrates one of the most acclaimed and bestselling artists of all time. With more than 220 million records sold worldwide, seven consecutive No. 1 Billboard Hot 100 hits, six Grammy Awards and a legacy that continues to inspire generations, Houston's music will come to life through a contemporary concert experience created exclusively for NCL.

Norwegian Aura's lineup will also feature "ILLUMINOX: Infinite Wonder Unboxed™," a new original illusion spectacular blending acrobatics and visual effects; "The Vinyl Republic™," NCL's newest live music collective that expands beyond the theater; and the return of the adults-only nightlife favorite "LunaTique: Pop Circus™," creating entertainment experiences for every guest from day to night.

"Every new ship is an opportunity for Norwegian Cruise Line to push the boundaries of what entertainment at sea can be, and with 'Whitney: A Celebration of Whitney Houston,' we're building on the incredible momentum we've seen from our Vegas residency-inspired productions celebrating some of music's most iconic artists," said Bryan White, vice president of entertainment production at Norwegian Cruise Line Holdings Ltd. "Following the success of our Prince and Elton John productions on Norwegian Aqua and Norwegian Luna, respectively, this new show reimagines Whitney's legendary catalog through contemporary arrangements, dynamic storytelling, stunning visuals and powerful live performances. Together with original experiences like 'ILLUMINOX' and 'The Vinyl Republic,' we've created a collection of entertainment that transforms every venue into a destination and every evening into something unforgettable."

Whitney: A Celebration of Whitney Houston – A New Original Production Honoring One of Music's Most Iconic Voices

Developed in partnership with The Estate of Whitney E. Houston and music publishing company Primary Wave Music, the production reimagines Houston's artistry through contemporary arrangements, dynamic storytelling and immersive stagecraft. Inspired by the glamour, confidence and star power that made Houston a global phenomenon, the show pays tribute to one of the most iconic voices ever recorded, transforming beloved songs into a vibrant concert experience that feels both timeless and entirely new. Guests will enjoy iconic hits including "It's Not Right, But It's OK," "I Will Always Love You," and "I Wanna Dance with Somebody (Who Loves Me)," the nine-times RIAA certified platinum dance-pop anthem, also named Best Pop Song of All Time by Billboard magazine in 2023.

Staged in the three-story Aura Theatre & Club, the 45-minute production combines live vocals, a live band, stunning visuals and performances extending beyond the main stage to create an immersive experience.

"We are thrilled to partner with Norwegian Cruise Line to present 'Whitney: A Celebration of Whitney Houston' for the debut of the Norwegian Aura in May 2027," said Pat Houston, executor of The Estate of Whitney E. Houston and president of the Whitney E. Houston Legacy Foundation. "Whitney enjoyed cruises. Her fans and supporters will have a nostalgic experience enjoying the extraordinary artistry and live music of Whitney Houston, performed by worldclass musicians while sailing on the high seas."

Breathtaking Acrobatics, Live Music That Spans Generations and Endless Nightlife

Beyond the headline production, Norwegian Aura will feature a collection of original entertainment designed exclusively for the ship to deliver multigenerational experiences.

"ILLUMINOX: Infinite Wonder Unboxed™" combines grand-scale illusions, acrobatics, original music and visual effects in a fast-paced theatrical production that invites audiences into a world where the impossible becomes reality. Inspired by the joy of curiosity and the thrill of the unexpected, the 45-minute production will take guests through a fast-moving journey full of surprise and wonder in the Aura Theater & Club.

Music comes alive aboard Norwegian Aura with "The Vinyl Republic™," NCL's newest live music collective inspired by the legacy of vinyl records. Spanning genres from country and rock to funk, blues and pop, the band delivers high-energy performances where no two shows are ever the same.

The collective headlines two signature experiences in the Aura Theatre & Club: "The Vinyl Republic's Journey Through Rock," celebrating Journey's greatest hits and the arena rock era, and "The Vinyl Republic's Kickin' It Country™," a lively, late-night country party featuring today's biggest hits and interactive line dancing.

Beyond the theater, The Vinyl Republic brings live music throughout the ship, from the Penrose Atrium to Improv at Sea, creating fresh, engaging performances that transform every venue into a unique concert experience.

Returning favorite "LunaTique: Pop Circus™" expands its adults-only blend of cabaret, circus artistry and immersive nightlife to the Aura Theatre & Club following its successful debut aboard Norwegian Luna™. This immersive theatrical experience, featuring new acts and new music, is available for an additional cost and includes tantalizing cocktails paired with each performance, offering a late-night alternative that is equal parts live entertainment and cocktail party.

Guests will also enjoy signature experiences including "Aura FIRST NIGHT™," a welcome showcase introducing the ship's entertainment lineup, and "Latin LIVE!™," an energetic poolside celebration featuring live percussionists, dynamic vocalists, vibrant dance performances and the biggest Latin dance hits to keep guests moving all night long.

Together, these experiences reflect NCL's continued commitment to delivering world-class entertainment at sea through innovative productions and unforgettable live performances.

Norwegian Aura Inaugural Season from Miami

Prior to homeporting in Miami for her inaugural season in June 2027, Norwegian Aura will sail a seven-day Mediterranean voyage from Trieste, Italy to Barcelona, Spain on May 21, 2027 with calls to Valletta, Malta; as well as Salerno and Rome (Civitavecchia), Italy. This will be followed by a 13-day transatlantic voyage from Barcelona to Miami, from which she will commence her season of Caribbean cruises from Miami. From June 2027 through October 2027, Norwegian Aura will sail seven-day Eastern Caribbean voyages with calls to quintessential island destinations, including Puerto Plata, Dominican Republic; St. Thomas, U.S. Virgin Islands; Tortola, British Virgin Islands; and the Brand's newly enhanced private island in the Bahamas, Great Stirrup Cay, featuring the all-new Great Tides Waterpark. In winter 2027/28, Norwegian Aura will offer seven-day Western Caribbean voyages taking guests to lush, tropical destinations like Roatan (Islas de la Bahia), Honduras; Costa Maya and Cozumel, Mexico; as well as Harvest Caye, NCL's resort-style private destination off the Belizean coast.

For more information about Norwegian Aura and NCL's award-winning fleet, visit www.ncl.com.

About Norwegian Cruise Line

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

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

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

SOURCE Norwegian Cruise Line

Norwegian Cruise Line (NCLH - Free Report) closed at $14.82 in the latest trading session, marking a +1.72% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.86% for the day. Meanwhile, the Dow experienced a rise of 0.98%, and the technology-dominated Nasdaq saw an increase of 0.96%.

Coming into today, shares of the cruise operator had lost 25.47% in the past month. In that same time, the Consumer Discretionary sector lost 5.09%, while the S&P 500 lost 1.96%.

Investors will be eagerly watching for the performance of Norwegian Cruise Line in its upcoming earnings disclosure. The company is expected to report EPS of $0.89, down 25.83% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.88 billion, down 2.13% from the prior-year quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.57 per share and a revenue of $10.05 billion, signifying shifts of -25.59% and +2.25%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Norwegian Cruise Line. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 last 30 days, the Zacks Consensus EPS estimate has moved 4.57% lower. Norwegian Cruise Line is currently sporting a Zacks Rank of #4 (Sell).

In terms of valuation, Norwegian Cruise Line is presently being traded at a Forward P/E ratio of 9.29. This represents a discount compared to its industry average Forward P/E of 15.49.

We can also see that NCLH currently has a PEG ratio of 0.73. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Leisure and Recreation Services industry currently had an average PEG ratio of 1.13 as of yesterday's close.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 210, finds itself in the bottom 15% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual 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.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Norwegian Cruise Line (NCLH - Free Report) closed the most recent trading day at $14.85, moving -3.51% from the previous trading session. This change lagged the S&P 500's daily loss of 0.48%. Elsewhere, the Dow saw a downswing of 0.77%, while the tech-heavy Nasdaq depreciated by 0.64%.

The cruise operator's shares have seen a decrease of 17.7% over the last month, not keeping up with the Consumer Discretionary sector's loss of 3.74% and the S&P 500's loss of 0.97%.

Analysts and investors alike will be keeping a close eye on the performance of Norwegian Cruise Line in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.89, signifying a 25.83% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $2.87 billion, indicating a 2.19% decline compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.57 per share and a revenue of $10.04 billion, indicating changes of -25.59% and +2.17%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Norwegian Cruise Line. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 4.57% lower. At present, Norwegian Cruise Line boasts a Zacks Rank of #4 (Sell).

Investors should also note Norwegian Cruise Line's current valuation metrics, including its Forward P/E ratio of 9.81. This denotes a discount relative to the industry average Forward P/E of 15.74.

Meanwhile, NCLH's PEG ratio is currently 0.77. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Leisure and Recreation Services industry was having an average PEG ratio of 1.14.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 199, positioning it in the bottom 20% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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