Norwegian Cruise Line Holdings Reports Third Quarter 2026 Financial Results
EXHIBIT 99.1 Norwegian Cruise Line Holdings Reports Third Quarter 2026 Financial Results MIAMI, Oct. 29, 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 third quarter ended September 30, 2026 and provided guidance for the fourth quarter and full year 2026.
“We delivered third quarter results that came in above guidance, all while continuing to strengthen our commercial capabilities, improve operating efficiency and enhance the guest experience,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. “As we implement the next phase of our turnaround, we are focused on sharpening Norwegian Cruise Line’s brand positioning, improving marketing effectiveness and taking a more disciplined approach to revenue management as well as a prudent base-loading strategy. We are seeing the early signs of progress and expect Net Yield growth of 1% to 2% in 2027, with a meaningful acceleration in the back half of the year.”
____________________ 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.
The Company delivered third quarter results above guidance, driven primarily by stronger-than-expected close-in demand and onboard spend. Continued cost discipline also contributed to lower-than-expected unit costs, further supporting the quarter’s profitability.
Reflecting its stronger-than-expected third quarter performance, the Company is raising its full year 2026 guidance. A summary of the updated full year guidance is provided below:
The Company’s booked position for the next 12 months has improved modestly since the last earnings release but remains below its optimal range. The expanded offering at Great Stirrup Cay, including the recently opened Great Tides Waterpark, together with the upcoming rollout of a new marketing platform and improvements to revenue management capabilities, including the implementation of the base-loading strategy across 2027 and 2028 sailings, is expected to support stronger demand and a healthier booking curve over time.
Looking ahead to 2027, the Company’s pricing for the first half is ahead of levels at the same time last year, while its booked position remains below the comparable prior-year position. For the second half, pricing is ahead with the booked position in line with the same time last year. These trends, together with the expected benefits of the Company’s commercial initiatives, support the Company’s expectation for full year Net Yield growth of 1% to 2%, with a meaningful acceleration in the second half.
The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of September 30, 2026, the Company had total debt of $15.1 billion and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.5x.
On a pro forma basis, considering the recent debt issuance and upsizing of the Revolving Loan Facility, liquidity as of September 30, 2026 would have been $2.1 billion, including approximately $257 million of cash and cash equivalents and $1.8 billion of availability under the Revolving Loan Facility.
“Subsequent to quarter-end, we completed the issuance of $950 million of 8.750% senior notes due 2031 and upsized our Revolving Loan Facility, strengthening our liquidity position. With no significant debt maturities until 2029, we believe our existing financial resources and ongoing cash generation provide a clear path to fund our turnaround strategy and strengthen our balance sheet over time,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “Reducing Net Leverage remains a top priority. We continue to center our focus on cost discipline and cash generation as we work to restore Net Yield growth, with stronger earnings and cash flow expected to drive further deleveraging.”
In addition to announcing the results for the third quarter of 2026, the Company also provided guidance for the fourth 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 Fourth Quarter 2026 Full Year 2026 As Reported Constant As Reported Constant Currency Currency Net Yield ~(6.5%) ~(6.5%) ~(4.0%) ~(4.4%) Adjusted Net Cruise Cost ~1.5% ~1.7% ~(0.1%) ~(0.4%) Excluding Fuel per Capacity Day Capacity Days ~6.43 million ~26.18 million Occupancy ~100.0% ~103.2% Adjusted EBITDA ~$414 million ~$2.55 billion Adjusted Net ~($55) million ~$789 million Income Adjusted EPS1 ~($0.12) ~$1.70 Diluted Weighted-Average ~459 million ~463 million Shares Outstanding2 Depreciation and ~$280 million ~$1,083 million Amortization3 Interest Expense, ~$188 million ~$695 million net4 Effect of a 1% change in Net ~$17 million ~$76 million Yield on ~$0.04 ~$0.16 Adjusted EBITDA / Adjusted EPS Effect of a 1% change in Adjusted Net Cruise Cost ~$10 million ~$42 million Excluding Fuel per ~$0.02 ~$0.09 Capacity Day on Adjusted EBITDA / Adjusted EPS Effect of a 1% change in Foreign Exchange rates on ~$1.5 million ~$1.5 million Adjusted Net ~$0.00 ~$0.00 Income / Adjusted EPS5
Based on guidance and using diluted weighted-average shares outstanding (1) of approximately 459 million for the fourth quarter of 2026 and 463 million for full year 2026. As of September 30, 2026, the price of NCLH’s ordinary shares did not exceed the conversion price related to the Company’s 2030 Exchangeable (2) Notes, and therefore, there was no impact to diluted weighted-average shares outstanding considered for the fourth quarter and full year 2026 guidance. (3) Excludes a loss on disposal related to the sale of Oceania Sirena. Interest expense excluding debt extinguishment and modification costs. Based on the Company’s outstanding variable rate debt balance, pro forma for the Company’s issuance of $950 million senior notes (4) subsequent to quarter-end, a one percentage point increase in annual secured overnight financing rate (“SOFR”) interest rates would increase the Company’s annual interest expense by approximately $14 million excluding the effects of the capitalization of interest. Impact from changes in foreign exchange rates only considers the impact (5) that foreign exchange rate movements could have on revenues and operating costs.
The following reflects the foreign currency exchange rates as of September 30, 2026 that the Company used in its fourth quarter and full year 2026 guidance.
The Company reported fuel expense of $196 million in the quarter. Fuel price per metric ton, net of hedges increased to $819 from $744 in 2025. Fuel consumption of 239,000 metric tons was slightly below projections. The following reflects the Company’s expectations regarding fuel consumption and pricing, along with accompanying sensitivities:
Total fuel consumption for the full year 2026 is expected to consist (1) 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 October 26th, 2026.
As of October 15, 2026, the Company had hedged approximately 48% and 42% 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”). Most other fuel types are unhedged. The following table provides amounts hedged and prices per metric ton:
____________________ Hedged derivatives include accounting hedges as well as economic hedges.
The following table presents newbuild-and-growth capital expenditures, which mainly consist of capital expenditures related to the construction of new ships, private island developments and enhancements and other strategic growth initiatives:
Third Fourth Full Year Full Year Full Year Quarter Quarter 2026 2027 2028 2026 2026 (billion… (billions) (billion… (million… (millions) Newbuild… Capital $224 ~$1,094 ~$2.9 ~$3.1 ~$1.8 Expendit… Gross1 Export Credit Financing for $111 ~$594 ~$1.6 ~$2.0 ~$1.3 Newbuild… Capital Expendit… Newbuild… Capital Expendit… $113 ~$500 ~$1.3 ~$1.1 ~$0.5 Net of Financing
____________________ 1. 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 consist of investments related to maintenance, Dry-dock renovations, technology and digital:
Third Quarter Fourth Quarter Full Year 2026 2026 2026 (millions) (millions) (millions) Other Capital $134 ~$96 ~$540 Expenditures
The Company has scheduled a conference call for Thursday, October 29th, 2026 at 8:30 a.m. Eastern Time to discuss third 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.
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. To learn more, visit www.nclhltd.com.
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 inclusive of any loss on disposal of ships. Gross margin is calculated pursuant to GAAP as total revenue less total cruise operating expense and ship depreciation inclusive of any loss on disposal of ships.
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.
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 charters to third parties 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.
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 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.
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 excluding ships with long-term charters to third parties.
Revolving Loan Facility. Our senior secured revolving credit facility among NCLC, as borrower, the subsidiary guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. The revolving credit facility was increased from approximately $2.5 billion as of September 30, 2026 to approximately $2.8 billion in October 2026.
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.
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.
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 nine months ended September 30, 2026, we had an expense of $22.4 million related to restructuring costs. We included this as an adjustment in the reconciliation of Adjusted Net Income since these costs are 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.
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 and ship sales, including expected timing and impact 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.
NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) Assets Current September 30, December 31, assets: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 256,508 $ 209,893 equivalents Accounts receivable, 241,186 291,659 net Inventories 187,700 138,181 Prepaid expenses and 608,366 498,808 other assets Total current 1,293,760 1,138,541 assets Property and equipment, 20,364,242 19,068,807 net Goodwill 135,764 135,764 Trade names 500,525 500,525 Other long-term 1,718,818 1,697,764 assets Total assets $ 24,013,109 $ 22,541,401 Liabilities and shareholders’ equity Current liabilities: Current portion of $ 1,134,959 $ 875,899 long-term debt Accounts 177,965 169,655 payable Accrued expenses and 1,295,194 1,206,430 other liabilities Advance 3,141,976 3,200,593 ticket sales Total current 5,750,094 5,452,577 liabilities Long-term 13,951,544 13,730,277 debt Other long-term 1,162,523 1,148,659 liabilities Total 20,864,161 20,331,513 liabilities Commitments and contingencies Shareholders’ equity: Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 459,272,300 shares issued and 459 455 outstanding at September 30, 2026 and 455,257,489 shares issued and outstanding at December 31, 2025 Additional paid-in 8,263,732 8,227,432 capital Accumulated other comprehensive (367,293 ) (451,365 ) income (loss) Accumulated (4,747,950 ) (5,566,634 ) deficit Total shareholders’ 3,148,948 2,209,888 equity Total liabilities and $ 24,013,109 $ 22,541,401 shareholders’ equity
NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Cash flows from Nine Months Ended operating September 30, activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 818,684 $ 408,992 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 885,786 787,760 expense Loss on extinguishment of — 272,085 debt Share-based compensation 67,420 64,598 expense Net foreign currency adjustments on (90,113 ) 133,260 euro-denominated debt Other, net 6,780 (1,922 ) Changes in operating assets and liabilities: Accounts 42,669 (32,046 ) receivable, net Inventories (53,394 ) (6,322 ) Prepaid expenses (19,689 ) 13,360 and other assets Accounts payable 30,353 49,584 Accrued expenses and other 54,461 (72,590 ) liabilities Advance ticket (36,597 ) 13,877 sales Net cash provided by operating 1,706,360 1,630,636 activities Cash flows from investing activities Additions to property and (2,292,043 ) (2,821,959 ) equipment, net Proceeds from 104,995 — sale of ships Other (7,591 ) (9,587 ) Net cash used in investing (2,194,639 ) (2,831,546 ) activities Cash flows from financing activities Repayments of (1,894,036 ) (7,723,694 ) long-term debt Proceeds from 2,487,283 9,225,819 long-term debt Common share issuance — 145,272 proceeds, net Net share settlement of (31,105 ) (23,824 ) restricted share units Early redemption — (238,126 ) premium Deferred financing fees (27,248 ) (208,501 ) and other Net cash provided by financing 534,894 1,176,946 activities Net increase (decrease) in 46,615 (23,964 ) cash and cash equivalents Cash and cash equivalents at 209,893 190,765 beginning of the period Cash and cash equivalents at $ 256,508 $ 166,801 end of the period
NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION (Unaudited) The following table sets forth selected statistical informatio… Three Months Nine Months Ended Ended September September 30, 30, 2026 2025 2026 2025 Passengers 983,214 803,268 2,750,963 2,211,002 carried Passenger 7,204,938 6,828,243 20,585,418 18,904,286 Cruise Days Capacity 6,766,454 6,417,724 19,749,163 18,170,560 Days Occupancy 106.5 % 106.4 % 104.2 % 104.0 % Percentage
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):
(1) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense. Non-cash share-based compensation expenses related to equity awards, (2) which are included in marketing, general and administrative expense and payroll and related expense. Incremental expenses related to activist investor activities, which are (3) not associated with ongoing operations and are included in marketing, general and administrative expense. Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense (4) related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense.
NOR… CRU… LINE HOL… LTD. NON… REC… INF… (Un… Adj… Net Inc… and Adj… EPS were cal… as fol… (in tho… exc… sha… and per sha… dat…
Non-cash deferred compensation expenses related to the Shipboard (1) Retirement Plan, which are included in payroll and related expense and other income (expense), net. Non-cash share-based compensation expenses related to equity awards, (2) which are included in marketing, general and administrative expense and payroll and related expense. Incremental expenses related to activist investor activities, which are (3) not associated with ongoing operations and are included in marketing, general and administrative expense. Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense (4) 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. Net gains and losses for foreign currency remeasurements of our (6) euro-denominated debt principal included in other income (expense), net. (7) A loss on disposal related to the sale of Oceania Sirena, which is included in depreciation and amortization expense.
(1) Primarily consists of gains and losses, net for foreign currency remeasurements. (2) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense. Non-cash share-based compensation expenses related to equity awards, (3) which are included in marketing, general and administrative expense and payroll and related expense. Incremental expenses related to activist investor activities, which are (4) not associated with ongoing operations and are included in marketing, general and administrative expense. Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense (5) related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense.
Full text with the tables
EXHIBIT 99.1
Norwegian Cruise Line Holdings Reports Third Quarter 2026 Financial Results
MIAMI, Oct. 29, 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 third quarter ended September 30, 2026 and provided guidance for
the fourth quarter and full year 2026.
Highlights
“We delivered third quarter results that came in above guidance, all while
continuing to strengthen our commercial capabilities, improve operating
efficiency and enhance the guest experience,” said John W. Chidsey, Chairperson
and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. “As we
implement the next phase of our turnaround, we are focused on sharpening
Norwegian Cruise Line’s brand positioning, improving marketing effectiveness and
taking a more disciplined approach to revenue management as well as a prudent
base-loading strategy. We are seeing the early signs of progress and expect Net
Yield growth of 1% to 2% in 2027, with a meaningful acceleration in the back
half of the year.”
____________________
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.
Third Quarter 2026 Highlights
The Company delivered third quarter results above guidance, driven primarily by
stronger-than-expected close-in demand and onboard spend. Continued cost
discipline also contributed to lower-than-expected unit costs, further
supporting the quarter’s profitability.
2026 Full Year Outlook
Reflecting its stronger-than-expected third quarter performance, the Company is
raising its full year 2026 guidance. A summary of the updated full year guidance
is provided below:
Q4 2026 Outlook
Booking Environment Update
The Company’s booked position for the next 12 months has improved modestly since
the last earnings release but remains below its optimal range. The expanded
offering at Great Stirrup Cay, including the recently opened Great Tides
Waterpark, together with the upcoming rollout of a new marketing platform and
improvements to revenue management capabilities, including the implementation of
the base-loading strategy across 2027 and 2028 sailings, is expected to support
stronger demand and a healthier booking curve over time.
Looking ahead to 2027, the Company’s pricing for the first half is ahead of
levels at the same time last year, while its booked position remains below the
comparable prior-year position. For the second half, pricing is ahead with the
booked position in line with the same time last year. These trends, together
with the expected benefits of the Company’s commercial initiatives, support the
Company’s expectation for full year Net Yield growth of 1% to 2%, with a
meaningful acceleration in the second half.
Liquidity and Financial Position
The Company is committed to optimizing its balance sheet and reducing Net
Leverage. As of September 30, 2026, the Company had total debt of $15.1 billion
and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.5x.
On a pro forma basis, considering the recent debt issuance and upsizing of the
Revolving Loan Facility, liquidity as of September 30, 2026 would have been $2.1
billion, including approximately $257 million of cash and cash equivalents and
$1.8 billion of availability under the Revolving Loan Facility.
“Subsequent to quarter-end, we completed the issuance of $950 million of 8.750%
senior notes due 2031 and upsized our Revolving Loan Facility, strengthening our
liquidity position. With no significant debt maturities until 2029, we believe
our existing financial resources and ongoing cash generation provide a clear
path to fund our turnaround strategy and strengthen our balance sheet over
time,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer
of Norwegian Cruise Line Holdings Ltd. “Reducing Net Leverage remains a top
priority. We continue to center our focus on cost discipline and cash generation
as we work to restore Net Yield growth, with stronger earnings and cash flow
expected to drive further deleveraging.”
Outlook and Guidance
In addition to announcing the results for the third quarter of 2026, the Company
also provided guidance for the fourth 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
Fourth Quarter 2026 Full Year 2026
As Reported Constant As Reported Constant
Currency Currency
Net Yield ~(6.5%) ~(6.5%) ~(4.0%) ~(4.4%)
Adjusted Net
Cruise Cost ~1.5% ~1.7% ~(0.1%) ~(0.4%)
Excluding Fuel per
Capacity Day
Capacity Days ~6.43 million ~26.18 million
Occupancy ~100.0% ~103.2%
Adjusted EBITDA ~$414 million ~$2.55 billion
Adjusted Net ~($55) million ~$789 million
Income
Adjusted EPS1 ~($0.12) ~$1.70
Diluted
Weighted-Average ~459 million ~463 million
Shares
Outstanding2
Depreciation and ~$280 million ~$1,083 million
Amortization3
Interest Expense, ~$188 million ~$695 million
net4
Effect of a 1%
change in Net ~$17 million ~$76 million
Yield on ~$0.04 ~$0.16
Adjusted EBITDA /
Adjusted EPS
Effect of a 1%
change in Adjusted
Net
Cruise Cost ~$10 million ~$42 million
Excluding Fuel per ~$0.02 ~$0.09
Capacity
Day on Adjusted
EBITDA / Adjusted
EPS
Effect of a 1%
change in Foreign
Exchange rates on ~$1.5 million ~$1.5 million
Adjusted Net ~$0.00 ~$0.00
Income /
Adjusted EPS5
____________________
Based on guidance and using diluted weighted-average shares outstanding
(1) of approximately 459 million for the fourth quarter of 2026 and 463
million for full year 2026.
As of September 30, 2026, the price of NCLH’s ordinary shares did not
exceed the conversion price related to the Company’s 2030 Exchangeable
(2) Notes, and therefore, there was no impact to diluted weighted-average
shares outstanding considered for the fourth quarter and full year 2026
guidance.
(3) Excludes a loss on disposal related to the sale of Oceania Sirena.
Interest expense excluding debt extinguishment and modification costs.
Based on the Company’s outstanding variable rate debt balance, pro
forma for the Company’s issuance of $950 million senior notes
(4) subsequent to quarter-end, a one percentage point increase in annual
secured overnight financing rate (“SOFR”) interest rates would increase
the Company’s annual interest expense by approximately $14 million
excluding the effects of the capitalization of interest.
Impact from changes in foreign exchange rates only considers the impact
(5) that foreign exchange rate movements could have on revenues and
operating costs.
The following reflects the foreign currency exchange rates as of September 30,
2026 that the Company used in its fourth quarter and full year 2026 guidance.
Current Guidance
─────────────────────────────────────────────
Euro $ 1.13
British pound $ 1.33
Australian Dollar $ 0.69
Canadian Dollar $ 0.70
Fuel
The Company reported fuel expense of $196 million in the quarter. Fuel price per
metric ton, net of hedges increased to $819 from $744 in 2025. Fuel consumption
of 239,000 metric tons was slightly below projections. The following reflects
the Company’s expectations regarding fuel consumption and pricing, along with
accompanying sensitivities:
Fuel consumption Fourth Quarter
in metric tons1 2026 255,000 Full Year 2026 1,001,000
──────────────────────────────────────────────────────────────────────────────
Fuel price per
metric ton, net $ 803 $ 788
of
hedges2
Effect on
Adjusted EPS of
a 10% change $ 0.03 $ 0.03
in fuel prices,
net of hedges
____________________
Total fuel consumption for the full year 2026 is expected to consist
(1) 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 October 26th, 2026.
As of October 15, 2026, the Company had hedged approximately 48% and 42% 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”). Most 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 $ 506 $ 559
Ton
Total % of Consumption Hedged 48 % 42 %
____________________
Hedged derivatives include accounting hedges as well as economic hedges.
Capital Expenditures
The following table presents newbuild-and-growth capital expenditures, which
mainly consist of capital expenditures related to the construction of new ships,
private island developments and enhancements and other strategic growth
initiatives:
Third Fourth Full Year Full Year Full Year
Quarter Quarter 2026 2027 2028
2026 2026 (billion… (billions) (billion…
(million… (millions)
Newbuild…
Capital $224 ~$1,094 ~$2.9 ~$3.1 ~$1.8
Expendit…
Gross1
Export
Credit
Financing
for $111 ~$594 ~$1.6 ~$2.0 ~$1.3
Newbuild…
Capital
Expendit…
Newbuild…
Capital
Expendit… $113 ~$500 ~$1.3 ~$1.1 ~$0.5
Net of
Financing
____________________
1. 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 consist of
investments related to maintenance, Dry-dock renovations, technology and
digital:
Third Quarter Fourth Quarter Full Year 2026
2026 2026 (millions)
(millions) (millions)
Other Capital $134 ~$96 ~$540
Expenditures
Fleet and Brand Updates
Conference Call
The Company has scheduled a conference call for Thursday, October 29th, 2026 at
8:30 a.m. Eastern Time to discuss third 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. 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. 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 inclusive of any loss on disposal of ships.
Gross margin is calculated pursuant to GAAP as total revenue less total cruise
operating expense and ship depreciation inclusive of any loss on disposal of
ships.
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
charters to third parties 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 excluding ships
with long-term charters to third parties.
Revolving Loan Facility. Our senior secured revolving credit facility among
NCLC, as borrower, the subsidiary guarantors party thereto and JPMorgan Chase
Bank, N.A., as administrative agent and collateral agent. The revolving credit
facility was increased from approximately $2.5 billion as of September 30, 2026
to approximately $2.8 billion in October 2026.
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.
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 nine months ended September 30, 2026, we had an expense of
$22.4 million related to restructuring costs. We included this as an adjustment
in the reconciliation of Adjusted Net Income since these costs are 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 and ship sales, including
expected timing and impact 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
NOR…
CRU…
LINE
HOL…
LTD.
CON…
STA…
OF
OPE…
(Un…
(in
tho…
exc…
sha… Three Nine
and Mont… Mon…
per Ended End…
sha… Sept… Sep…
dat… 30, 30,
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Pas… $ 1,94… $ 2,04… $ 5,21… $ 5,1…
tic…
Onb…
and 1,00… 888,… 2,70… 2,4…
oth…
Tot… 2,94… 2,93… 7,91… 7,5…
rev…
Cru…
ope…
exp…
Com…
tra… 547,… 521,… 1,42… 1,4…
and
oth…
Onb…
and 236,… 222,… 579,… 548…
oth…
Pay…
and 390,… 355,… 1,16… 1,0…
rel…
Fuel 195,… 175,… 584,… 508…
Food 92,0… 81,8… 260,… 238…
Oth… 205,… 197,… 613,… 578…
Tot…
cru… 1,66… 1,55… 4,63… 4,3…
ope…
exp…
Oth…
ope…
exp…
Mar…
gen… 367,… 383,… 1,24… 1,1…
and
adm…
Dep…
and 287,… 250,… 819,… 725…
amo…
Tot…
oth… 654,… 633,… 2,06… 1,8…
ope…
exp…
Ope… 624,… 749,… 1,22… 1,3…
inc…
Non…
inc…
(ex…
Int…
exp… (170… ) (328… ) (507… ) (78… )
net
Oth…
inc… 30,9… 13,0… 105,… (16… )
(ex…
net
Tot…
non… (139… ) (315… ) (402… ) (95… )
inc…
(ex…
Net
inc…
bef… 484,… 433,… 818,… 422…
inc…
tax…
Inc…
tax 6,834 (14,… ) 437 (13… )
ben…
(ex…
Net $ 491,… $ 419,… $ 818,… $ 408…
inc…
Wei…
sha…
out…
Bas… 459,… 450,… 458,… 446…
Dil… 460,… 495,… 463,… 505…
Ear…
per
sha…
Bas… $ 1.07 $ 0.93 $ 1.79 $ 0.92
Dil… $ 1.07 $ 0.86 $ 1.77 $ 0.87
NORW…
CRUI…
LINE
HOLD…
LTD.
CONS…
STAT…
OF
COMP…
INCO…
(Una…
(in
thou…
Three Nine
Mont… Months
Ended Ended
Sept… Septe…
30, 30,
2026 2025 2026 2025
Net $ 491,4… $ 419,… $ 818,… $ 408,9…
inco…
Other
comp…
inco…
Ship…
Reti… 43 16 128 48
Plan
Cash
flow
hedg…
Net
unre… 112,9… 43 168,… 52,944
gain
Amou…
real…
and (48,7… ) 8,807 (84,… ) 23,924
recl…
into
earn…
Total
other 64,279 8,866 84,0… 76,916
comp…
inco…
Total
comp… $ 555,7… $ 428,… $ 902,… $ 485,9…
inco…
NORWEGIAN
CRUISE LINE
HOLDINGS LTD.
CONSOLIDATED
BALANCE
SHEETS
(Unaudited)
(in
thousands,
except share
data)
Assets
Current September 30, December 31,
assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 256,508 $ 209,893
equivalents
Accounts
receivable, 241,186 291,659
net
Inventories 187,700 138,181
Prepaid
expenses and 608,366 498,808
other assets
Total current 1,293,760 1,138,541
assets
Property and
equipment, 20,364,242 19,068,807
net
Goodwill 135,764 135,764
Trade names 500,525 500,525
Other
long-term 1,718,818 1,697,764
assets
Total assets $ 24,013,109 $ 22,541,401
Liabilities
and
shareholders’
equity
Current
liabilities:
Current
portion of $ 1,134,959 $ 875,899
long-term
debt
Accounts 177,965 169,655
payable
Accrued
expenses and 1,295,194 1,206,430
other
liabilities
Advance 3,141,976 3,200,593
ticket sales
Total current 5,750,094 5,452,577
liabilities
Long-term 13,951,544 13,730,277
debt
Other
long-term 1,162,523 1,148,659
liabilities
Total 20,864,161 20,331,513
liabilities
Commitments
and
contingencies
Shareholders’
equity:
Ordinary
shares,
$0.001 par
value;
980,000,000
shares
authorized;
459,272,300
shares issued
and 459 455
outstanding
at September
30, 2026 and
455,257,489
shares issued
and
outstanding
at December
31, 2025
Additional
paid-in 8,263,732 8,227,432
capital
Accumulated
other
comprehensive (367,293 ) (451,365 )
income
(loss)
Accumulated (4,747,950 ) (5,566,634 )
deficit
Total
shareholders’ 3,148,948 2,209,888
equity
Total
liabilities
and $ 24,013,109 $ 22,541,401
shareholders’
equity
NORWEGIAN CRUISE
LINE HOLDINGS
LTD.
CONSOLIDATED
STATEMENTS OF
CASH FLOWS
(Unaudited)
(in thousands)
Cash flows from Nine Months Ended
operating September 30,
activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 818,684 $ 408,992
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation and
amortization 885,786 787,760
expense
Loss on
extinguishment of — 272,085
debt
Share-based
compensation 67,420 64,598
expense
Net foreign
currency
adjustments on (90,113 ) 133,260
euro-denominated
debt
Other, net 6,780 (1,922 )
Changes in
operating assets
and
liabilities:
Accounts 42,669 (32,046 )
receivable, net
Inventories (53,394 ) (6,322 )
Prepaid expenses (19,689 ) 13,360
and other assets
Accounts payable 30,353 49,584
Accrued expenses
and other 54,461 (72,590 )
liabilities
Advance ticket (36,597 ) 13,877
sales
Net cash provided
by operating 1,706,360 1,630,636
activities
Cash flows from
investing
activities
Additions to
property and (2,292,043 ) (2,821,959 )
equipment, net
Proceeds from 104,995 —
sale of ships
Other (7,591 ) (9,587 )
Net cash used in
investing (2,194,639 ) (2,831,546 )
activities
Cash flows from
financing
activities
Repayments of (1,894,036 ) (7,723,694 )
long-term debt
Proceeds from 2,487,283 9,225,819
long-term debt
Common share
issuance — 145,272
proceeds, net
Net share
settlement of (31,105 ) (23,824 )
restricted share
units
Early redemption — (238,126 )
premium
Deferred
financing fees (27,248 ) (208,501 )
and other
Net cash provided
by financing 534,894 1,176,946
activities
Net increase
(decrease) in 46,615 (23,964 )
cash and cash
equivalents
Cash and cash
equivalents at 209,893 190,765
beginning
of the period
Cash and cash
equivalents at $ 256,508 $ 166,801
end of the
period
NORWEGIAN
CRUISE LINE
HOLDINGS
LTD.
NON-GAAP
RECONCILING
INFORMATION
(Unaudited)
The
following
table sets
forth
selected
statistical
informatio…
Three Months Nine Months
Ended Ended
September September
30, 30,
2026 2025 2026 2025
Passengers 983,214 803,268 2,750,963 2,211,002
carried
Passenger 7,204,938 6,828,243 20,585,418 18,904,286
Cruise Days
Capacity 6,766,454 6,417,724 19,749,163 18,170,560
Days
Occupancy 106.5 % 106.4 % 104.2 % 104.0 %
Percentage
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):
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
30, 30,
20… 2026
Co… Con…
Cu… Cur…
co… com…
20… to 20… 20… to 2025
20… 2025
T… $ 2,… $ 2,… $ 2,… $ 7,… $ 7,… $ 7,…
r…
L…
T…
c… 1,… 1,… 1,… 4,… 4,… 4,…
o…
e…
S… 26… 26… 22… 75… 75… 66…
d…
G… 1,… 1,… 1,… 2,… 2,… 2,…
m…
S… 26… 26… 22… 75… 75… 66…
d…
P…
a… 39… 39… 35… 1,… 1,… 1,…
r…
F… 19… 19… 17… 58… 58… 50…
F… 92… 92… 81… 26… 25… 23…
O… 20… 20… 19… 61… 60… 57…
A…
G… $ 2,… $ 2,… $ 2,… $ 5,… $ 5,… $ 5,…
M…
P…
C… 7,… 7,… 6,… 20… 20… 18…
D…
C… 6,… 6,… 6,… 19… 19… 18…
D…
T…
r…
p… $ 40… $ 40… $ 43… $ 38… $ 38… $ 40…
P…
C…
D…
G…
m…
p… $ 14… $ 14… $ 16… $ 12… $ 12… $ 13…
P…
C…
D…
N…
P… $ 30… $ 29… $ 32… $ 28… $ 28… $ 29…
D…
G…
m…
p… $ 14… $ 14… $ 17… $ 12… $ 12… $ 14…
C…
D…
N… $ 31… $ 31… $ 34… $ 29… $ 29… $ 30…
Y…
N…
C…
L…
H…
L…
N…
R…
I…
(…
G…
C…
C…
N…
C…
C…
N…
C…
C…
E…
F…
a…
A…
N…
C…
C…
E…
F…
w…
c…
as
f…
(…
t…
e…
C…
D…
a…
p…
C…
D…
d…
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
30, 30,
20… 2026
Co… Con…
Cu… Cur…
co… com…
20… to 20… 20… to 2025
20… 2025
T…
c… $ 1,… $ 1,… $ 1,… $ 4,… $ 4,… $ 4,…
o…
e…
M…
g…
a… 36… 36… 38… 1,… 1,… 1,…
a…
e…
G…
C… 2,… 2,… 1,… 5,… 5,… 5,…
C…
L…
C…
t…
a… 54… 54… 52… 1,… 1,… 1,…
o…
e…
O…
a… 23… 23… 22… 57… 57… 54…
o…
e…
N…
C… 1,… 1,… 1,… 3,… 3,… 3,…
C…
L…
F… 19… 19… 17… 58… 58… 50…
e…
N…
C…
C… 1,… 1,… 1,… 3,… 3,… 3,…
E…
F…
L…
O…
N…
A…
N…
d… 614 614 553 1,… 1,… 1,…
c…
(…
N…
s… 21… 21… 18… 65… 65… 64…
c…
(…
P…
a… 150 150 — 5,… 5,… —
f…
(…
R…
c… 2,… 2,… — 22… 22… —
(…
A…
N…
C… $ 1,… $ 1,… $ 99… $ 3,… $ 3,… $ 2,…
C…
E…
F…
C… 6,… 6,… 6,… 19… 19… 18…
D…
G…
C…
C… $ 30… $ 30… $ 30… $ 29… $ 29… $ 30…
p…
C…
D…
N…
C…
C… $ 18… $ 18… $ 18… $ 19… $ 19… $ 19…
p…
C…
D…
N…
C…
C…
E… $ 15… $ 15… $ 15… $ 16… $ 16… $ 16…
F…
p…
C…
D…
A…
N…
C…
C…
E… $ 15… $ 15… $ 15… $ 16… $ 16… $ 16…
F…
p…
C…
D…
____________________
(1) Non-cash deferred compensation expenses related to the Shipboard
Retirement Plan, which are included in payroll and related expense.
Non-cash share-based compensation expenses related to equity awards,
(2) which are included in marketing, general and administrative expense and
payroll and related expense.
Incremental expenses related to activist investor activities, which are
(3) not associated with ongoing operations and are included in marketing,
general and administrative expense.
Severance and other related fees associated with certain employee
terminations, including non-cash share-based compensation expense
(4) related to accelerated vesting for a former executive, net of
forfeitures, which are included in marketing, general and
administrative expense.
NOR…
CRU…
LINE
HOL…
LTD.
NON…
REC…
INF…
(Un…
Adj…
Net
Inc…
and
Adj…
EPS
were
cal…
as
fol…
(in
tho…
exc…
sha…
and
per
sha…
dat…
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
2026 2025 2026 2025
Net $ 491,… $ 419,… $ 818,… $ 408,9…
inc…
Eff…
of
dil…
sec… — 7,287 1,576 32,056
-
exc…
not…
Net
inc…
and
ass… 491,… 426,… 820,… 441,0…
con…
of
exc…
not…
Non…
Adj…
Non…
def… 1,103 988 3,310 2,964
com…
(1)
Non…
sha… 21,3… 18,4… 65,3… 64,598
com…
(2)
Pro…
adv… 150 — 5,392 —
fees
(3)
Res…
cos… 2,710 — 22,3… —
(4)
Ext…
and
mod… — 154,… — 272,4…
of
debt
(5)
Net
for…
cur…
adj… (19,… ) (4,6… ) (90,… ) 133,2…
on
eur…
debt
(6)
Loss
on
ship 16,8… — 16,8… —
dis…
(7)
Adj…
Net $ 513,… $ 595,… $ 843,… $ 914,3…
Inc…
Dil…
wei…
sha…
out…
-
Net 460,… 495,… 463,… 505,3…
inc…
and
Adj…
Net
Inc…
Dil… $ 1.07 $ 0.86 $ 1.77 $ 0.87
EPS
Adj… $ 1.12 $ 1.20 $ 1.82 $ 1.81
EPS
____________________
Non-cash deferred compensation expenses related to the Shipboard
(1) Retirement Plan, which are included in payroll and related expense and
other income (expense), net.
Non-cash share-based compensation expenses related to equity awards,
(2) which are included in marketing, general and administrative expense and
payroll and related expense.
Incremental expenses related to activist investor activities, which are
(3) not associated with ongoing operations and are included in marketing,
general and administrative expense.
Severance and other related fees associated with certain employee
terminations, including non-cash share-based compensation expense
(4) 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.
Net gains and losses for foreign currency remeasurements of our
(6) euro-denominated debt principal included in other income (expense),
net.
(7) A loss on disposal related to the sale of Oceania Sirena, which is
included in depreciation and amortization expense.
EBI…
and
Adj…
EBI…
were
cal…
as
fol…
(in
tho…
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
2026 2025 2026 2025
Net $ 491,… $ 419,… $ 818,… $ 408,9…
inc…
Int…
exp… 170,… 328,… 507,… 783,4…
net
Inc…
tax (6,8… ) 14,3… (437 ) 13,838
(be…
exp…
Dep…
and 287,… 250,… 819,… 725,8…
amo…
exp…
EBI… 942,… 1,01… 2,14… 1,932…
Oth…
(in…
exp… (30,… ) (13,… ) (105… ) 167,9…
net
(1)
Oth…
Non…
Adj…
Non…
def… 614 553 1,842 1,658
com…
(2)
Non…
sha… 21,3… 18,4… 65,3… 64,598
com…
(3)
Pro…
adv… 150 — 5,392 —
fees
(4)
Res…
cos… 2,710 — 22,3… —
(5)
Adj… $ 936,… $ 1,01… $ 2,13… $ 2,166…
EBI…
____________________
(1) Primarily consists of gains and losses, net for foreign currency
remeasurements.
(2) Non-cash deferred compensation expenses related to the Shipboard
Retirement Plan, which are included in payroll and related expense.
Non-cash share-based compensation expenses related to equity awards,
(3) which are included in marketing, general and administrative expense and
payroll and related expense.
Incremental expenses related to activist investor activities, which are
(4) not associated with ongoing operations and are included in marketing,
general and administrative expense.
Severance and other related fees associated with certain employee
terminations, including non-cash share-based compensation expense
(5) 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 September 30,
follows (in thousands): 2026
───────────────────────────────────────────────────────────────────────────
Long-term debt $ 13,951,544
Current portion of long-term debt 1,134,959
Total Debt 15,086,503
Less: Cash and cash equivalents 256,508
Net Debt $ 14,829,995
Adjusted EBITDA for the twelve months ended $ 2,699,038
Net Leverage 5.5x