Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Q3 2025 Earnings Presentation
36 slides from Norwegian Cruise Line's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call - November 4, 2025
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 7 Ships on order1 4 Ships on order1 2 Ships on order ~85% of Capacity Days ~10% Capacity Days ~5% of Capacity Days ~$10B 3M 34 13 2025 EXPECTED 2025 EXPECTED CURRENT SHIPS CURRENT SHIPS REVENUE GUESTS CARRIED
Slide 4: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS NET YIELD1 1.5% COMPARED TO 2024 IN-LINE WITH GUIDANCE ADJUSTED EBITDA MARGIN ADJUSTED NCC EX FUEL PER CAPACITY DAY 1 $1.019B 36.7% Net Leverage ended Above guidance of LTM Adjusted Operational the quarter at ~$1.015B EBITDA Margin, up 220bps vs Q3 2024 $155 5.4x Slight quarter-ov
Slide 5: Focused Strategy Across Entire Portfolio of Brands
FOCUSED STRATEGY ACROSS ENTIRE PORTFOLIO OF BRANDS FIRMLY MAINTAINING ENHANCING FAMILY POSITIONING LEADERSHIP APPEAL AND AS POSITION IN EXPERIENCE LUXURY ULTRA-LUXURY 5 5
Slide 6: Strategy Focused on Long-term Net Yield & Profitability at Norwegian Cruise Line Brand
STRATEGY FOCUSED ON LONG-TERM NET YIELD & PROFITABILITY AT NORWEGIAN CRUISE LINE BRAND FOCUSING ON FAMILY ELEVATE GUEST BRANDING & AS A CORE EXPERIENCE AWARENESS DEMOGRAPHIC Launching enhanced Driving awareness with core amenities, including Appealing to core demographic "seasoned travelers" and Gre
Slide 7: Short Sailing: Improving Load Factor Already Underway
IMPROVING LOAD FACTOR ALREADY UNDERWAY SHORT SAILING CAPACITY DAYS - OCCUPANCY PROGRESSION – CARIBBEAN DEPLOYMENT Optimizing Net Yield, Balancing Load Factor & Price Q4 PROGRE SSI O N Q1 PROGRE SSI O N SHORT SA ILING 1 CA PA CITY D A YS Strategic shift to Caribbean set to drive improvement in Load F
Slide 8: Load Factor Expected to Increase to ~105%+ in 2026
2026 LOAD FACTOR EXPECTED TO SHOW MEANINGFUL IMRPOVEMENT ANNUAL LOAD FACTOR PROGRESSION vs CARIBBEAN DEPLOYMENT ~105%+ ~103.5% 2025E 2026E Caribbean % of Total Deployment 30% 40% Load Factor Expected to Increase to ~105%+ in 2026 8
Slide 9: Global Luxury Spend Growth Fueled by Experiences
GLOBAL LUXURY SPEND GROWTH FUELED BY EXPERIENCES GLOBAL LUXURY SPEND BY SEGMENT 1 Experiences Experience-based goods Personal Goods 5% 5% 4% 2% (2%) (3%) 2019-24E 2023-24E Luxury Cruises Benefiting from Continued Secular Shift Towards Experiences 1. Growth shown at current exchange rates; E indicate
Slide 10: Luxury Strategy Update: Key Areas of Focus
LUXURY STRATEGY UPDATE Key Areas of Focus OPTIMIZING Achieved in the first 90 days of new ORG. STRUCTURE Chief Luxury Officer appointment Focusing on design and launch of newbuilds across both Oceania FLEET EVOLUTION Cruises and Regent Seven Seas Cruises and refurbishing existing fleet Improving bra
Slide 11: NCLH Tri-Brand Loyalty Program
NCLH TRI-BRAND LOYALTY PROGRAM NORWEGIAN CRUISE LINE OCEANIA CRUISES REGENT SEVEN SEAS CRUISES LATITUDES REWARDS OCEANIA CLUB SEVEN SEAS SOCIETY BRONZE BRONZE BRONZE SILVER SILVER SILVER GOLD GOLD GOLD PLATINUM PLATINUM PLATINUM SAPPHIRE PLATINUM TITANIUM DIAMOND DIAMOND DIAMOND AMBASSADOR PRESIDENT
Slide 12: Q3 2025 Results Overview
Q3 2025 RESULTS OVERVIEW Q3 2025 ACTUALS VS GUIDANCE GUIDANCE Occupancy ~105.5% 106.4% Net Yield1 Growth ~1.5% 1.5% Adjusted Net Cruise Cost ex. Fuel per Capacity Day1 ~0.0% (0.1%) Adjusted EBITDA ~$1.015 billion $1.019 billion Adjusted Net Income ~$571 million $596 million Adjusted EPS2 ~
Slide 13: Q4 & FY 2025 Guidance Overview
Q4 & FY 2025 GUIDANCE OVERVIEW Q4 2025 FULL YEAR 2025 GUIDANCE GUIDANCE Occupancy ~101.9% ~103.5% Net Yield1 Growth ~3.5-4.0% ~2.4-2.5% Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2 ~0.5% ~0.75% Adjusted EBITDA ~$555 million ~$2.72 billion Adjusted Net Income ~$127 million ~$1,045 million Ad
Slide 14: Delivering Sub-Inflationary Cost Growth
DELIVERING SUB-INFLATIONARY COST GROWTH Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2 Targeting +~0.75% Sub-Inflationary Cost Growth $160 $161 2024 2025E 2026E Expect to Deliver ~$200M+ in Cumulative Total Savings by End of 2025; High Confidence in Delivering $300M+ Target Through 2026 1. Hi
Slide 15: Consistent Margin Improvement
CONSISTENT MARGIN1 IMPROVEMENT Adj. Operational EBITDA Margin1 + 600bps vs 2023 ~39% 36.7% ~37% Right- 35.5% Net sized Costs 34.5% Yield Growth 30.7% 2023 LTM 2024 LTM 2025E 2026E Q3 2024 Q3 2025 E Adj. Operational EBITDA Margin up 600 bps Since Year-end 2023 1. Adjusted Operational EBITDA Margin re
Slide 16: Debt Maturity Profile
DEBT MATURITY PROFILE As of 9/30/2025 ($ billions) $1.3 $1.3 $1.0 $0.9 $0.2 2025 2026 2027 2028 2029 ECA Loans, Capital Leases & Other Exchangeable Notes Senior Unsecured Notes Debt Portfolio is 92% Fixed Rate, at a Weighted Average Interest Rate of ~4.1% Note: All future repayments, total debt amou
Slide 17: Focused on De-risking and Reducing Leverage
FOCUSED ON DE-RISKING AND REDUCING LEVERAGE Net Leverage Reduction1 Q3 2025 Net Leverage increased slightly to 5.4x given delivery of Oceania Allura 7.3x Delivery of Norwegian Aqua Delivery of Excluding the Net Leverage expected to impact of FX 6.3x Oceania Allura on euro- end 2025 at ~5.3x denomina
Slide 18: Clear Path to Charting the Course Targets
CLEAR PATH TO CHARTING THE COURSE TARGETS ADJUSTED OPERATIONAL ADJUSTED EPS 1 NET LEVERAGE ADJUSTED ROIC EBITDA MARGIN +~830 ~52% ~3x +~430 bps CAGR 7.3x decline bps ~12% ~39% ~$2.45 ~$2.10 10.9% ~37% 5.3x ~5.3x 2 $1.77 Mid 4x 35.5% $0.70 7.7% 30.7% 2023 2024 2025E 2026E 2023 2024 2025E 2026E 2023 2
Slide 19: Appendix
APPENDIX 19
Slide 20: Measured Growth to Top & Bottom-Line Results Expected
MEASURED GROWTH TO TOP & BOTTOM-LINE RESULTS EXPECTED Ships on Order Gross Capacity Growth (M)1 7 New Ships1 ~31,250 Berths 4% Net CAGR 4% Net CAGR Gross Gross 29.8 Gross 26.5 28.2 4 New Ships1 Net ~5,560 Berths Net Net 27.8 27.0 24.5 26.2 23.4 22.7 2 New Ships ~1,650 Berths 2023 2024 2025E 2026E 20
Slide 21: Executing on Our Strategy
EXECUTING ON OUR STRATEGY PEOPLE GUEST-CENTRIC LONG-TERM EXCEPTIONAL EXCELLENCE PRODUCT OFFERING GROWTH PLATFORM PERFORMANCE STRONG 2026 FINANCIAL TARGETS Adj. Operational Adj. EPS Net Leverage Adj. ROIC EBITDA Margin ~39% ~$2.45 Mid 4x 12% Approaching >30% CAGR Strengthening the Record levels histo
Slide 22: Outlook
OUTLOOK $ Millions unless otherwise noted Q4 2025 FY 2025 Depreciation & Amortization ~$259M ~$985M Interest Expense, net1 ~$179M ~$690M Other Capital Expenditures ~$149M ~$590M Fuel Consumption (metric tons) ~263,000 ~993,000 Fuel Price Per Metric Ton (net of hedges) ~$672 ~$690 Fuel - Hedge progra
Slide 23: Illustrative Diluted Share Count Modeling
ILLUSTRATIVE DILUTED SHARE COUNT MODELING Q4 2025 FY 2025 FY 2026 Adjusted Adjusted Diluted Share Count Net Net Adjusted Net Income/Loss ($m) Scenarios (m) 1,4 Income Income ($m) ($m) Up to $64 to Above Above Above Net Loss $64 $122 $122 $525 $489 $26.21 or less 455 460 466 467 496 469 $28 455 461 4
Slide 24: 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 Next Generation “Methanol-Ready” Norwegian Prima Class2 ~169,000 ~3,840 2027 Oceania Crui
Slide 25: NCLH Deployment Mix - 2025
NCLH DEPLOYMENT MIX - 2025 2025 Deployment Mix Variance vs 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Alaska 0% 19% 23% 3% 11% Alaska 0% 2% 2% (1%) 1% Asia/Africa/Pacific 18% 11% 6% 9% 11% Asia/Africa/Pacific 2% 6% 3% (3%) 2% Bermuda 0% 8% 8% 0% 4% Bermuda (1%) (1%) 2% (3%) (1%) Caribbean1 53% 18% 9% 40% 30
Slide 26: 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% 8% 2% 10% 8% Asia/Africa/Pacific (6%) (3%) (5%) 1% (3%) Bermuda 1% 12% 10% 3% 6% Bermuda 0% 4% 2% 2% 2% Caribbean 66% 26% 18% 51%
Slide 27: Definitions and Non-GAAP Information and Reconciliation
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATION 27
Slide 28: 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 29: Definitions
DEFINITIONS Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other Capacity Days. Berths available for sale multiplied by the number of cruise days for the supplemental adjustments. period for ships in service excluding announced ships with long-term bareboat charters once their
Slide 30: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EPS was calculated as follows Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended (in thousands, except share and per share data): September 30, 2025 September 30, 2024 December 31, 2024 December 31, 2023 Net income $419
Slide 31: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EBITDA is calculated as follows Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended (in thousands): September 30, 2025 September 30, 2024 December 31, 2024 December 31, 2023 Net income (loss) $419,295 $474,932 $910,257 $
Slide 32: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, Adjusted EBITDA is calculated as follows December 31, 2023 September 30, 2024 December 31, 2024 September 30, 2025 (in thousands): Net income (loss) $166,178 $549,236 $910,257 $663,528 Interest expense, net 727,531 769,246 747,223 958
Slide 33: 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 follows September 30, 2025 compared to 2024 September 30, 2024 (in thousands, except Passenger Cruise Days and Net Per Diem Data)
Slide 34: 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 September 30, 2025 compared to 2024 September 30, 2024 (in th
Slide 35: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) 35
Slide 36: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, Net Debt and Net Leverage were calculated as December 31, 2023 March 31,2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 follows Long-term debt $12,314,147 $12,005,296 $11,913,073
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