Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Q1 2026 Earnings Presentation
27 slides from Norwegian Cruise Line's earnings presentation, May 4, 2026
Slide 1: Q1 2026 Earnings Conference Call
Q1 2026 Earnings Conference Call - May 4, 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 | ~63,210 Berths 8 Ships | ~7,500 Berths 6 Ships | ~4,100 Berths 7 Ships on order1 5 Ships on order1 4 Ships on order1 ~84% of Capacity Days ~10% Capacity Days ~6% of Capacity Days ~$10B ~3.5M 35 16 2026 EXPECTED CURRENT SHIPS CURRENT SHIPS 2026 EXPECTED REVENUE GUESTS CARR
Slide 4: Focused on Fixing the Fundamentals
FOCUSED ON FIXING THE FUNDAMENTALS TOPIC ACTION • Recently completed search for new Chief People Officer CULTURE & ACCOUNTABILITY • Build urgency, accountability, and a one-team mentality • Expected SG&A savings from organizational optimization and marketing spend reduction of $125 million COST & OR
Slide 5: GSC Waterpark Construction Progress
GSC WATERPARK CONSTRUCTION PROGRESS MARCH 2026 APRIL 2026 For GSC construction updates, please visit: RENDERING ncl.com/great-stirrup-cay 5
Slide 6: Q1 2026 Results Overview
Q1 2026 RESULTS OVERVIEW Q1 2026 ACTUALS VS GUIDANCE GUIDANCE Occupancy ~104.2% 103.8% Net Yield1 Change ~(1.6%) (1.0%) ✓ Adjusted Net Cruise Cost ex. Fuel Change1 ~(0.8%) (1.0%) ✓ Adjusted EBITDA ~$515 million $533 million ✓ Adjusted Net Income ~$77 million $108 million ✓ Adjusted EPS2 ~$0.16 $0.23
Slide 7: 2026 Net Income Guidance Bridge
2 0 2 6 N E T I N C OGM UEI D BAR IND C GEE -A D MJAURSGT U EID D AENPCSE B v sRCI D U RGREE N T G U I D A N C E ~$2.38 ~$0.07 ~$0.18 ~$0.04 ~$1.45 - $1.79 ~($0.08) ~($0.55) - ($0.89) ~($0.25) Adj EPS Guidance Q1 Beat Adj. Gross Margin Adj. NCCx Fuel Adj. NCCx D&A, FX, Adj. EPS Guidance 3/2 (War Ris
Slide 8: Q2 & FY 2026 Guidance Overview
Q2 & FY 2026 GUIDANCE OVERVIEW Q2 2026 H2 2026 FULL YEAR 2026 GUIDANCE IMPLIED GUIDANCE GUIDANCE Occupancy ~102.5% ~105.2% ~104.2% Net Yield1 Change ~(3.6%) (3.4%) – (7.2%) (3.0%) – (5.0%) Adjusted Net Cruise Cost ~(0.2%) ~(0.0%) ~1.0% ex. Fuel1 Change Adjusted EBITDA $632M $2.48B to $2.64B Adjusted
Slide 9: Expecting Flat Adjusted NCC Ex. Fuel Growth in 2026
EXPECTING FLAT ADJUSTED NCC EX. FUEL GROWTH IN 2026 FY 2026 ADJUSTED NCC EX. FUEL GROWTH GUIDANCE 1 0.9% ~1% ~0% 0% ~(2%) PRIOR GUIDANCE SG&A SAVINGS ~ (2%) WAR HEADWINDS CURRENT ADJUSTED NCC EX FUEL GUIDE 1 Adjusted Net Cruise Cost Excluding Fuel per Capacity Day expressed in Constant Currency. We
Slide 10: Delivering Sub-Inflationary Cost Growth for Third Year
DELIVERING SUB-INFLATIONARY COST GROWTH FOR THIRD YEAR Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2 Accomplishing Sub-Inflationary Cost Growth +1.0% +~0.0% $162 +~0.8% $1603 $162 War impact $162 Adj. NCC ex fuel $154 $155 excluding impact of war would be ~(1%) 2023 2024 2025 2026E Approachi
Slide 11: Expected Improvements in Cash Flow by 2028
NORMALIZED NEWBUILD AND GROWTH CAPEX LEVELS EXPECTED BY 2028 $2.9B $2.9B $2.6B $2.6B $1.8B $0.7B 2023 2024 2025 2026 2027 2028 2029 We Expect Improvements in Cash Flow by 2028, Reinforcing our Priority to Deleverage Note: The Company expects to take delivery of 2 ships in 2026, inclusive of Norwegia
Slide 12: Debt Maturity Profile
DEBT MATURITY PROFILE As of 3/31/2026 ($ billions) (1) $3.8 $1.0 $2.8 $1.3 $1.4 $1.1 $0.7 2026 2027 2028 2029 2030 ECA Loans, Capital Leases & Other Exchangeable Notes Senior Unsecured Notes Revolving Credit Facility Drawn as of 3/31/26 Debt portfolio is 91% fixed rate, at a weighted average cost of
Slide 13: Appendix
APPENDIX 13
Slide 14: 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 ~33,000 Berths 4% CAGR 4% CAGR Gross 31.3 Gross 30.0 Gross 30.3 Gross 28.3 28.5 29.5 28.2 5 New Ships1 26.3 27.3 24.4 ~6,950 Berths 1 2025 2026E 2027E 2028E 2029E 2030E 2036E 4 New Ships ~3
Slide 15: Outlook
OUTLOOK $ Millions unless otherwise noted Q2 2026 FY 2026 Depreciation & Amortization ~$275M ~$1,085M Interest Expense, net1 ~$175M ~$695M Other Capital Expenditures ~$140M ~$540M Fuel Consumption (metric tons) ~251,000 ~1,020,000 Fuel Price Per Metric Ton (net of hedges) ~$860 ~$782 Fuel - Hedge pr
Slide 16: Illustrative Diluted Share Count Modeling
ILLUSTRATIVE DILUTED SHARE COUNT MODELING Q2 2026 FY 2026 Adjusted Diluted Share Count Net Adjusted Net Income/Loss ($m) Scenarios (m) 1,4 Income ($m) Up to $63 to Above Above Net Loss $63 $121 $121 $488 $26.21 or less 459 460 466 467 468 $28 459 461 467 468 469 Hypothetical Share Price3 $30 459 462
Slide 17: 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 18: Outlining The Fleet
OUTLINING THE FLEET1 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 Sky Sun Leaving the fleet Oceania Oceania Sonata
Slide 19: 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% 2% 10% 7% Asia/Africa/Pacific (7%) (4%) (5%) 1% (3%) Bermuda 1% 12% 10% 3% 7% Bermuda 0% 4% 2% 3% 2% Caribbean 67% 27% 18% 50%
Slide 20: Definitions and Non-GAAP Information and Reconciliation
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATION 20
Slide 21: Non-GAAP Financial Measures
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 22: 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 23: 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): March 31, 2026 March 31, 2025 Net income (loss) $104,666 ($40,295) Effect of dilutive securities - exchangeable notes $771 - Net
Slide 24: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EBITDA is calculated as follows Three Months Ended Three Months Ended (in thousands): March 31, 2026 March 31, 2025 Net income (loss) $104,666 ($40,295) Interest expense, net 165,987 217,872 Income tax expense (benefit) 2,993 (1,140) Depreciation
Slide 25: 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 March 31, 2026 compared to 2025 March 31, 2025 December 31, 2025 December 31, 202
Slide 26: 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 March Constant Currency compared Three Months Ended March Excluding Fuel were calculated as follows 31, 2026 to 2025 31, 2025 (in thousands,
Slide 27: 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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