Norwegian Cruise Line Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q1 results exceeded guidance on cost control, but full-year outlook was cut due to macro and internal challenges, especially in Europe. Structural cost actions and new marketing initiatives are underway, with recovery expected to take several quarters.
Fiscal Year 2025
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Q4 and full-year 2025 results exceeded expectations on cost control and EBITDA, but 2026 guidance reflects flat net yields and ongoing pricing pressure due to execution missteps in deployment and commercial strategy. Leadership is focused on operational turnaround, cost discipline, and long-term growth.
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Record Q3 results with revenue and EBITDA at all-time highs, driven by strong family demand and strategic focus on short Caribbean sailings. Full-year guidance raised for adjusted EPS, with continued cost discipline, margin expansion, and robust booking trends across all brands.
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Record Q2 results exceeded guidance, driven by strong demand, pricing, and onboard spend. Full-year guidance and 2026 targets were reiterated, with margin expansion, cost control, and deleveraging on track. Major investments in fleet and private island experiences are expected to drive future growth.
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First quarter 2025 results exceeded expectations, driven by strong yields, cost control, and robust onboard spend. Guidance for full-year EBITDA and EPS is maintained despite some booking softness in Q3 Europe, with continued margin expansion and fleet optimization supporting long-term targets.
Fiscal Year 2024
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Record 2024 results with double-digit net yield growth, margin expansion, and strong cost control set the stage for continued growth in 2025. Major fleet expansion, robust demand in Europe and Alaska, and disciplined financial management support progress toward 2026 targets.
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Record Q3 results exceeded guidance, with net yield up 9% and adjusted EPS up 31% year-over-year. Full-year guidance was raised for net yield, EBITDA, and EPS, while leverage improved and demand remains strong across all brands and geographies.
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Second quarter results exceeded all guidance metrics, with strong demand, pricing, and onboard revenue driving record advance ticket sales and a third increase in full-year guidance. Net leverage was reduced ahead of schedule, and margin expansion continues, supported by disciplined cost control and strategic investments.