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Norwegian Cruise Line Holdings — Mar 2, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001171843-26-001220
Open on SEC.gov ↗
Showing in the filing
Occupancy
“~105.7%”
Period
FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 49
Net Yield on a Constant Currency basis for FY2026
“expected to be approximately flat versus 2025”
Adjusted Net Cruise Cost excluding Fuel per … for FY2026
“expected to grow approximately 0.9% on a Constant Currency basis versus 2025”
Adjusted Net Cruise Cost excluding Fuel per … for FY2026
“grow approximately 0.9%”
Adjusted EBITDA for FY2026
“expected to be approximately $2.95 billion”
Adjusted Operational EBITDA Margin for FY2026
“expected to be approximately 37%”
Adjusted Net Income for FY2026
“expected to be approximately $1.12 billion”
Net Leverage for FY2026
“expected to end the year at ~5.2x”
Net Yield on a Constant Currency basis for Q1 FY2026
“expected to decline approximately 1.6% versus 2025”
Adjusted Net Cruise Cost excluding Fuel per … for Q1 FY2026
“expected to decline approximately 0.8% on a Constant Currency basis versus 2025”
Adjusted Net Cruise Cost excluding Fuel per … for Q1 FY2026
“decline approximately 0.8%”
Adjusted EBITDA for Q1 FY2026
“expected to be approximately $515 million”
Adjusted Operational EBITDA Margin for Q1 FY2026
“expected to be approximately 29%”
Occupancy for FY2026
“~105.7%”
Net Yield (As Reported) for Q1 FY2026
“~(1.0%)”
Net Yield (Constant Currency) for Q1 FY2026
“~(1.6%)”
Net Yield (As Reported) for FY2026
“~0.4%”
Adjusted Net Cruise Cost Excluding Fuel per … for Q1 FY2026
“~0.0%”
Net Yield (Constant Currency) for FY2026
“~0.0%”
Adjusted Net Cruise Cost Excluding Fuel per … for FY2026
“~1.4%”
Capacity Days for Q1 FY2026
“~6.39 million”
Capacity Days for FY2026
“~26.25 million”
Occupancy for Q1 FY2026
“~104.2%”
Adjusted Net Income for Q1 FY2026
“~$77 million”
Adjusted EPS for Q1 FY2026
“~$0.16”
Adjusted EPS for FY2026
“$2.38”
Diluted Weighted-Average Shares Outstanding for Q1 FY2026
“~468 million”
Depreciation and Amortization for Q1 FY2026
“~$260 million”
Depreciation and Amortization for FY2026
“~$1,085 million”
Interest Expense, net for Q1 FY2026
“~$170 million”
Interest Expense, net for FY2026
“~$708 million”
Fuel consumption in metric tons for Q1 FY2026
“264,000”
Fuel consumption in metric tons for FY2026
“1,020,000”
Fuel price per metric ton, net of hedges for Q1 FY2026
“$650”
Fuel price per metric ton, net of hedges for FY2026
“$670”
Newbuild-and-Growth Capital Expenditures, Gr… for Q1 FY2026
“~$1.3”
Newbuild-and-Growth Capital Expenditures, Gr… for FY2026
“~$2.8”
Newbuild-and-Growth Capital Expenditures, Gr… for FY2027
“~$2.7”
Newbuild-and-Growth Capital Expenditures, Gr… for FY2028
“~$1.7”
Export Credit Financing for Newbuild-and-Gro… for Q1 FY2026
“~$0.9”
Export Credit Financing for Newbuild-and-Gro… for FY2026
“~$1.6”
Export Credit Financing for Newbuild-and-Gro… for FY2027
“~$2.0”
Export Credit Financing for Newbuild-and-Gro… for FY2028
“~$1.4”
Newbuild-and-Growth Capital Expenditures, Ne… for Q1 FY2026
“~$0.4”
Newbuild-and-Growth Capital Expenditures, Ne… for FY2026
“~$1.2”
Newbuild-and-Growth Capital Expenditures, Ne… for FY2027
“~$0.7”
Other Capital Expenditures (millions) for Q1 FY2026
“~$120”
Other Capital Expenditures (millions) for FY2026
“~$540”
Additional ships expected to be added across… for FY2037
“17”
Additional Berths expected to be added to fl… for FY2037
“over 46,600”
Exhibit 99.1 · the passage around this item
… earlier in the release
First-quarter performance reflects the absorption of a material increase in capacity in the Caribbean, while longer-term demand trends remain constructive. The Company’s deployment shift is resulting in higher load factors, with fourth quarter Occupancy reaching 101.8%, representing a 100 basis point improvement versus 2024; and 2026 Occupancy is expected to reach 105.7% compared to 103.5% in 2025. Demand has been particularly strong across the Company’s luxury brands which benefit from longer booking curves. Of note, Oceania Cruises generated record bookings following its opening for sale for its newest ship, Oceania Sonata, debuting in August 2027; and Regent Seven Seas Cruises recorded the strongest booking month in its history during January. Liquidity and Financial Position The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of December 31, 2025, the Company had total debt of $14.6 billion and Net Debt of $14.4 billion. Net Leverage ended the year at 5.3x. At year-end, liquidity was $1.6 billion including approximately $210 million of cash and cash equivalents and $1.4 billion of availability under our Revolving Loan Facility. “The addition of Norwegian Aqua and Oceania Allura to our fleet, coupled with solid demand across our portfolio and continued disciplined cost execution resulted in strong earnings growth in 2025, with Adjusted EBITDA increasing 11% and Adjusted EPS increasing 19% over prior year," said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “Our priorities in 2
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.