Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Q2 2026 Earnings Presentation
31 slides from Norwegian Cruise Line's earnings presentation, Jul 30, 2026
Slide 1: Q2 2026 Earnings Conference Call
Q2 2026 Earnings Conference Call - July 30, 2026
Slide 2: Forward Looking Statements
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
Slide 3: NCLH At A Glance
NCLH AT A GLANCE 21 Ships | ~63,300 Berths 8 Ships | ~7,600 Berths 6 Ships | ~4,100 Berths 7 Ships on order1 5 Ships on order1 4 Ships on order1 ~84% of Capacity Days ~10% of Capacity Days ~6% of Capacity Days ~$10B ~3.5M 35 16 2026 EXPECTED CURRENT SHIPS CURRENT SHIPS 2026 EXPECTED REVENUE GUESTS C
Slide 4: 2026 Strategic Milestones
2026 STRATEGIC MILESTONES FEBRUARY 2026 MAY 2026 JUNE 2026 Announced $125 million John W. Chidsey becomes Lee Applbaum named Chief of expected annualized CEO Marketing Officer of NCL run-rate savings MARCH 2026 MAY 2026 JULY 2026 Announced grand opening Announced additional ~$100 Board of Directors
Slide 5: Revenue Recovery Pathway
REVENUE RECOVERY PATHWAY 1 2 3 4 Build the Sharpen Rebuild Optimize Team Positioning Demand Revenue Leadership, talent, Brand, message and Top-of-funnel demand Pricing and Net Yield culture and capabilities target customer and booking curve Put the right leaders Refocus brand Generate stronger Calib
Slide 6: Product Continues To Resonate With Guests
PRODUCT CONTINUES TO RESONATE WITH GUESTS GUEST SATISFACTION PERCENTAGE OF CRUISENEXT SCORES RETURNING GUESTS SALES +7pp +3pp 17% CAGR 2023 2024 2025 1H26 2023 2024 2025 1H26 1H23 1H24 1H25 1H26 6
Slide 7: Great Tides Waterpark
GREAT TIDES WATERPARK LATE MAY Waterpark Open for Sale EARLY AUGUST Waterpark Preview Period Pier Completion for Two Berths SEPTEMBER 4 WATERPARK GRAND OPENING 7
Slide 8: Evolving Our Revenue Management Strategy
EVOLVING OUR REVENUE MANAGEMENT STRATEGY PAST GO-FORWARD REVENUE MANAGEMENT Starting at more competitive price points, which Held pricing too high too far out, resulting in PROGRESS we expect will build demand early and support significant discounting closer to sail date stronger close-in yield New
Slide 9: Driving Improvements On Our Luxury Brands
DRIVING IMPROVEMENTS ON OUR LUXURY BRANDS BRAND & POSITIONING PRODUCT & GUEST COMMERCIAL AT OCEANIA EXPERIENCE STRATEGY & VALUE Positioning Oceania Cruises Reimagining Oceania Nautica Launched new seasons as a luxury brand as Oceania Aurelia through Summer 2028 / Winter 2028-2029 Entered into a memo
Slide 10: Q2 2026 Results Overview
Q2 2026 RESULTS OVERVIEW Q2 2026 ACTUALS VS GUIDANCE GUIDANCE Occupancy ~102.5% 102.4% ✓ Net Yield1 Change ~(3.6%) (2.6%) ✓ Adjusted Net Cruise Cost ex. Fuel Change1 ~1.0% (0.5%) ✓ Adjusted EBITDA ~$632 million $666 million ✓ Adjusted Net Income ~$178 million $222 million ✓ Adjusted EPS2 ~$0.38 $0.4
Slide 11: Q3 & FY 2026 Guidance Overview
Q3 & FY 2026 GUIDANCE OVERVIEW Q3 2026 Q4 2026 FULL YEAR 2026 GUIDANCE IMPLIED GUIDANCE GUIDANCE Occupancy 104.0% ~99% ~102.3% Net Yield1 Change (8.9%) ~(6.5%) ~(5.0%) Adjusted Net Cruise Cost ~1.1% ~(0.25%) (0.9%) ex. Fuel1 Change Adjusted EBITDA $874M ~$2.5B Adjusted Net Income $414M ~$700M Adjust
Slide 12: Executing On Cost And Capex Savings
EXECUTING ON COST AND CAPEX SAVINGS ~$100 >$525 ~$125 New Savings1 >$300 2023-2026 SG&A Savings Technology Vendor Total Shipboard Announced Consolidation and Run-rate Cost Savings in Q1 ‘26 Outsourcing + Other SG&A Savings Over $500 million in run-rate savings identified with more expected to come 1
Slide 13: Delivering Sub-Inflationary Cost Growth
DELIVERING SUB-INFLATIONARY COST GROWTH FOR A THIRD CONSECUTIVE YEAR Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2 Initial FY26 guidance +1.0% of +~1% $163 +~0.8% $1603 $162 $161 $154 $155 ~(0.25)% 2023 2024 2025 2026E Accomplishing sub-inflationary cost growth 1. Historical Adjusted Net Cru
Slide 14: Outlining The Fleet
OUTLINING THE FLEET Current Fleet 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 7 Added through Norwegian Norwegian New New New New New 2037 Aura2 Prima Class2 Class 1 Class 2 Class 33 Class 43 Class 53 21 ships Norwegian Norwegian 2 Sky1 Sun1 Leaving the fleet Oceania Oceania Sonata
Slide 15: Normalized Newbuild And Growth Capex Levels
NORMALIZED NEWBUILD AND GROWTH CAPEX LEVELS EXPECTED BY 2028 $2.9B $2.9B $2.6B $2.6B $1.8B $0.7B 2023 2024 2025 2026 2027 2028 2029 We Expect Improvements in Cash Flow by 2028, Reinforcing our Priority to Deleverage Note: The Company took delivery of Norwegian Luna in March 2026 and expects to take
Slide 16: Debt Maturity Profile
DEBT MATURITY PROFILE As of 6/30/2026 ($ billions) $3.9 (1) $2.8 $1.3 $1.4 $1.1 $0.5 2026 2027 2028 2029 2030 ECA Loans, Capital Leases & Other Exchangeable Notes Senior Unsecured Notes Revolving Credit Facility Debt portfolio is 90% fixed rate, at a weighted average cost of debt of ~5.0% Note: All
Slide 17: Appendix
APPENDIX 17
Slide 18: Measured Growth To Top & Bottom-Line Results Expected
MEASURED GROWTH TO TOP & BOTTOM-LINE RESULTS EXPECTED SHIPS ON ORDER Gross Capacity Growth (M)1,2 7 New Ships1 4% CAGR ~33,000 Berths 4% CAGR Gross 31.2 Gross 29.8 Gross 30.3 Gross 28.3 28.3 29.2 27.9 24.4 26.2 27.2 5 New Ships1 ~6,950 Berths 4 New Ships1 2025 2026E 2027E 2028E 2029E 2030E 2036E ~3,
Slide 19: Outlook
OUTLOOK $ Millions unless otherwise noted Q3 2026 FY 2026 Depreciation & Amortization ~$275M ~$1,085M Interest Expense, net1 ~$180M ~$705M Other Capital Expenditures ~$100M ~$540M Fuel Consumption (metric tons) ~245,000 ~1,010,000 Fuel Price Per Metric Ton (net of hedges) ~$811 ~$780 Fuel - Hedge pr
Slide 20: Illustrative Diluted Share Count Modeling
ILLUSTRATIVE DILUTED SHARE COUNT MODELING Diluted Share Count Q3 2026 FY 2026 Scenarios (m) 1,2 $26.21 or less 461 464 $28 462 465 Hypothetical Share Price1 $30 463 465 $32 464 466 $34 464 467 $36 467 469 $38 470 472 $40 472 474 Interest Addback ($M)3 $0 $2 1. Estimates provided for a range of scena
Slide 21: Fleet Expansion Details
FLEET EXPANSION DETAILS YEAR BRAND DETAIL GROSS TONS 1 BERTHS 1 Q4 2026 Regent Seven Seas Seven Seas Prestige ~77,000 ~822 2027 Norwegian Cruise Line Norwegian Aura2 ~170,000 ~3,880 2027 Oceania Cruises Oceania Sonata ~86,000 ~1,390 2028 Norwegian Cruise Line Next Generation “Methanol-Ready” Norwegi
Slide 22: NCLH Deployment Mix – 2026
NCLH DEPLOYMENT MIX – 2026 2026 Deployment Mix Variance vs 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Alaska 0% 14% 23% 1% 10% Alaska 0% (5%) 0% (2%) (2%) Asia/Africa/Pacific 12% 7% 1% 10% 7% Asia/Africa/Pacific (7%) (4%) (5%) 1% (4%) Bermuda 1% 12% 10% 3% 6% Bermuda 0% 4% 2% 2% 2% Caribbean 67% 27% 18% 50%
Slide 23: NCLH Deployment Mix – 2027
NCLH DEPLOYMENT MIX – 2027 2027 Deployment Mix Variance vs 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Alaska 0% 13% 20% 1% 9% Alaska 0% (0%) (3%) 0% (1%) Asia/Africa/Pacific 11% 6% 4% 10% 8% Asia/Africa/Pacific (0%) (1%) 2% 0% 0% Bermuda 1% 12% 10% 3% 6% Bermuda 0% 0% (0%) (0%) 0% Caribbean 67% 25% 20% 50%
Slide 24: Definitions And Non-GAAP Information And Reconciliation
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATION 24
Slide 25: Non-GAAP Financial Measures Should Not Be Used
Non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing operating performance, financial position or cash flows. The Company does not provide certain estimated future results on a GAAP basis because the Comp
Slide 26: Definitions
DEFINITIONS Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other Constant Currency. A calculation whereby foreign currency-denominated revenues supplemental adjustments. and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to e
Slide 27: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EPS was calculated as follows Three Months Ended Three Months Ended (in thousands, except share and per share data): June 30, 2026 June 30, 2025 Net income (loss) $222,553 $29,992 Effect of dilutive securities - exchangeable notes $624 - Net inco
Slide 28: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EBITDA is calculated as follows Three Months Ended Three Months Ended (in thousands): June 30, 2026 June 30, 2025 Net income (loss) $222,553 $29,992 Interest expense, net 170,887 236,782 Income tax expense (benefit) 3,404 637 Depreciation and amo
Slide 29: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted Gross Margin, Net Per Diem, and Net Yield were calculated as Three Months Ended Constant Currency Three Months Ended Twelve Months Ended Twelve Months Ended follows June 30, 2026 compared to 2025 June 30, 2025 December 31, 2025 December 31, 2024
Slide 30: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Three Months Ended June Constant Currency compared Three Months Ended June Excluding Fuel were calculated as follows 30, 2026 to 2025 30, 2025 (in thousands, e
Slide 31: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Twelve Months Ended Constant Currency Twelve Months Ended Constant Currency Twelve Months Ended Cost Excluding Fuel were calculated as follows December 31, 2025 com
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