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Companies / Norwegian Cruise Line Holdings / Filing

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
Net Leverage
“expected to end the year at ~5.2x”
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
Adjusted Operational EBITDA Margin for the full year 2026 is expected to be approximately 37%. Full year Adjusted Net Income is expected to be approximately $1.12 billion. Adjusted EPS is expected to be $2.38. Net Leverage is expected to end the year at ~5.2x. Q1 2026 Outlook Q1 2026 Net Yield on a Constant Currency basis is expected to decline approximately 1.6% versus 2025 primarily due to the challenges of absorbing the Company’s 40% year-over-year increase in capacity in the Caribbean as a result of a misalignment with the Company’s commercial strategy at the Norwegian brand and the timing of the opening of the full slate of amenities at Great Stirrup Cay. Q1 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline approximately 0.8% on a Constant Currency basis versus 2025. Q1 2026 Adjusted EBITDA is expected to be approximately $515 million and Adjusted Operational EBITDA Margin for the quarter is expected to be approximately 29%. Booking Environment Update The Company enters 2026 against a pressured backdrop as it is slightly below the optimal booking range following certain execution missteps in aligning our commercial strategy with our deployment. 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 re
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.