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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
Interest Expense, net
“~$708 million”
Period
FY2026
Measure
GAAP-tied
Source
Guidance table
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
  2026 Guidance    First Quarter 2026 Full Year 2026   As Reported Constant Currency As Reported Constant Currency Net Yield ~(1.0%) ~(1.6%) ~0.4% ~0.0% Adjusted Net Cruise Cost Excluding Fuel per Capacity Day ~0.0% ~(0.8%) ~1.4% ~0.9% Capacity Days ~6.39 million ~26.25 million Occupancy ~104.2% ~105.7% Adjusted EBITDA ~$515 million ~$2.95 billion Adjusted Net Income ~$77 million ~$1,116 million Adjusted EPS 1 ~$0.16 ~$2.38 Diluted Weighted-Average Shares Outstanding 2 ~468 million ~468 million Depreciation and Amortization ~$260 million ~$1,085 million Interest Expense, net 3 ~$170 million ~$708 million Effect of a 1% change in Net Yield on Adjusted EBITDA / Adjusted EPS ~$18 million ~$0.04 ~$79 million ~$0.17 Effect of a 1% change in Adjusted Net Cruise Cost Excluding Fuel per Capacity Day on Adjusted EBITDA / Adjusted EPS ~$11 million ~$0.02 ~$43 million ~$0.09 Effect of a 1% change in Foreign Exchange rates on Adjusted Net Income / Adjusted EPS 4 ~$1.2 million ~$0.00 ~$6.9 million ~$0.01 __________________________ (1) Based on guidance and using diluted weighted-average shares outstanding of approximately 468 million for the first quarter of 2026 and 468 million for full year 2026. (2) First quarter 2026 guidance assumes the Company’s 2027 2.5% Exchangeable Notes are anti-dilutive and therefore are not included in diluted weighted-average shares outstanding, and full year 2026 guidance assumes the Company’s 2027 Exchangeable Notes are dilutive and therefore are included in diluted weighted-average shares outstanding. As of December 31, 2025, the price of NCLH’s ordinary shares did not exceed the conversion price related to the Company’s 2030 Exchangeable Notes, and therefore, there was no impact to diluted weighted-average shares outstanding considered for the first quarter an
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.