Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Q4 2025 Earnings Presentation
27 slides from Norwegian Cruise Line's earnings presentation, Mar 2, 2026
Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call - March 2, 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Some of the statements, estimates or projections contained in this presentation 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 R
Slide 3: NCLH at a Glance
NCLH AT A GLANCE 20 Ships | ~60,000 Berths 8 Ships | ~7,500 Berths 6 Ships | ~4,100 Berths 8 Ships on order1 5 Ships on order1 4 Ships on order1 ~84% of Capacity Days ~10% Capacity Days ~6% of Capacity Days ~$10B 3M 34 17 CURRENT SHIPS CURRENT SHIPS 2025 REVENUE 2025 GUESTS CARRIED IN FLEET ON ORDER
Slide 4: Proven Leadership Across Cruise, Travel & Global Brands
PROVEN LEADERSHIP ACROSS CRUISE, TRAVEL & GLOBAL BRANDS John W. Chidsey 30+ Global Consumer Brands & Multi-Unit Operations President & Chief Executive Officer YEARS 30+ Global Premium Travel & 20+ Global Luxury 25+ Cruise-industry Strategy Financial 25+ Global Fleet, Newbuild & YEARS Commercial Plat
Slide 5: Q4 2025 Results Overview
Q4 2025 RESULTS OVERVIEW Q4 2025 ACTUALS VS GUIDANCE GUIDANCE Occupancy ~101.9% 101.8% ✓ Net Yield1 Growth ~3.5-4.0% 3.8% ✓ Adjusted Net Cruise Cost ex. Fuel per Capacity Day1 ~0.5% 0.2% ✓ Adjusted EBITDA ~$555 million $564 million ✓ Adjusted Net Income ~$127 million $130 million ✓ Adjusted EPS2 ~$0
Slide 6: 2025 Results Overview
2025 RESULTS OVERVIEW 2025 ACTUALS VS GUIDANCE GUIDANCE Occupancy ~103.5% 103.5% ✓ Net Yield1 Growth ~2.4-2.5% 2.4% ✓ Adjusted Net Cruise Cost ex. Fuel per Capacity Day1 ~0.75% 0.7% ✓ Adjusted EBITDA ~$2.72 billion $2.73 billion ✓ Adjusted Net Income ~$1,045 million $1,045 million ✓ Adjusted EPS2 ~$
Slide 7: Advancing All Three of Our Leading Brands
ADVANCING ALL THREE OF OUR LEADING BRANDS LAUNCHING NEW OCEANIA SONATA LAUNCH BRANDING CAMPAIGN EXPANDING FLEET WITH NEW PRESTIGE-CLASS SHIP ORDERS ANNOUNCING ADULTS-ONLY POLICY NORWEGIAN AURA 7
Slide 8: Phase 1 Openings
PHASE 1 OPENINGS 8
Slide 9: Phase 2
PHASE 2 9
Slide 10: Q1 & FY 2026 Guidance Overview
Q1 & FY 2026 GUIDANCE OVERVIEW Q1 2026 Q2-Q4 2026 FULL YEAR 2026 GUIDANCE IMPLIED GUIDANCE GUIDANCE Occupancy ~104.2% ~106% ~105.7% Net Yield1 Growth ~(1.6%) ~0.6% ~0.0% ~(0.8%) Adjusted Net Cruise Cost ~1.4% ~0.9% ex. Fuel per Capacity Day1, ~$168 ~$162 ~$163 Adjusted EBITDA $515 million $2.95 bill
Slide 11: Delivering Sub-Inflationary Cost Growth
DELIVERING SUB-INFLATIONARY COST GROWTH Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2,3 Accomplishing Sub-Inflationary Cost Growth +1.0% +~0.9% +~0.8% $1603 $162 $163 $154 $155 2023 2024 2025 2026E Expect to Deliver Target of ~$300M+ in Cumulative Total Savings by End of 2026 with Work to Co
Slide 12: Appendix
APPENDIX 12
Slide 13: Debt Maturity Profile
DEBT MATURITY PROFILE As of 12/31/2025 ($ billions) $3.8 $1.3 $1.3 $1.0 $0.9 2026 2027 2028 2029 2030 ECA Loans, Capital Leases & Other Revolving Credit Facility Exchangeable Notes Senior Unsecured Notes Debt portfolio is 90% fixed rate, at a weighted average rate of ~4.1% Note: All future repayment
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 8 New Ships1 ~36,300 Berths 4% Net CAGR 4% Net CAGR Gross Gross 29.7 Gross 26.5 28.3 5 New Ships1 Net Net ~6,950 Berths Net 28.1 27.2 24.4 26.3 23.4 22.7 1 4 New Ships ~3,290 Berths 2023 2024 2025 2026E 2
Slide 15: Outlook
OUTLOOK $ Millions unless otherwise noted Q1 2026 FY 2026 Depreciation & Amortization ~$260M ~$1,085M Interest Expense, net1 ~$170M ~$708M Other Capital Expenditures ~$120M ~$540M Fuel Consumption (metric tons) ~264,000 ~1,020,000 Fuel Price Per Metric Ton (net of hedges) ~$650 ~$670 Fuel - Hedge pr
Slide 16: Illustrative Diluted Share Count Modeling
ILLUSTRATIVE DILUTED SHARE COUNT MODELING Q1 2026 FY 2026 Adjusted Diluted Share Count Net Adjusted Net Income/Loss ($m) Scenarios (m) 1,4 Income ($m) Up to $62 to Above Above Net Loss $62 $120 $120 $488 $26.21 or less 457 462 468 469 468 $28 457 463 469 470 469 Hypothetical Share Price3 $30 457 464
Slide 17: Fleet Expansion Details
FLEET EXPANSION DETAILS YEAR BRAND DETAIL GROSS TONS 1 BERTHS 1 Q1 2026 Norwegian Cruise Line Norwegian Luna ~156,000 ~3,565 Q4 2026 Regent Seven Seas Seven Seas Prestige ~77,000 ~822 2027 Norwegian Cruise Line Norwegian Aura2 ~169,000 ~3,880 2027 Oceania Cruises Oceania Sonata ~86,000 ~1,390 2028 N
Slide 18: 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% 26% 18% 50%
Slide 19: Definitions and Non-GAAP Information and Reconciliation
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATION 19
Slide 20: Non-GAAP financial measures should not be used as a substitute for GAAP
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 21: 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 22: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EPS was calculated as follows Three Months Ended Three Months Ended Twelve Months Ended December 31, Twelve Months Ended December 31, (in thousands, except share and per share data): December 31, 2025 December 31, 2024 2025 2024 Net income $14,25
Slide 23: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EBITDA is calculated as follows Three Months Ended Three Months Ended Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended (in thousands): December 31, 2025 December 31, 2024 2025 2024 December 31, 2023 Net income
Slide 24: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted Gross Margin, Net Per Diem, and Net Yield were calculated as follows Three Months Ended Constant Currency compared to Three Months Ended Twelve Months Ended Constant Currency compared to Twelve Months Ended (in thousands, except Passenger Cruise
Slide 25: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Three Months Ended Constant Currency Three Months Ended Net Cruise Cost Excluding Fuel were calculated as follows December 31, 2025 compared to 2024 December 31, 2024 (in thou
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 Excluding Fuel Twelve Months Ended Constant Currency Twelve Months Ended Constant Currency Twelve Months Ended were calculated as follows December 31, 2025 com
Slide 27: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) 27
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