Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Q3 2026 Earnings Presentation
30 slides from Norwegian Cruise Line's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Conference Call
Q3 2026 Earnings Conference Call - October 29, 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Some of the statements, estimates or projections contained in this presentation 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 R
Slide 3: NCLH at a Glance
NCLH AT A GLANCE 20 Ships2 | ~61,300 Berths 7 Ships2 | ~6,900 Berths 6 Ships | ~4,100 Berths 7 Ships on order1 5 Ships on order1 4 Ships on order1 ~85% of Capacity Days ~10% of Capacity Days ~5% of Capacity Days ~$10B ~3.5M 33 16 2026 EXPECTED SHIPS SHIPS 2026 EXPECTED REVENUE GUESTS CARRIED IN FLEE
Slide 4: The Foundations of Our Turnaround
THE FOUNDATIONS OF OUR TURNAROUND STRENGTHENING IMPROVING ELEVATING Revenue Performance Operating Efficiency Guest Experience Streamlining processes and Improving revenue management Simplifying the digital journey improving productivity Strengthening marketing Investing selectively in technology Str
Slide 5: Advancing NCL's Brand Positioning & Marketing Effectiveness
ADVANCING NCL’S BRAND POSITIONING & MARKETING EFFECTIVENESS Improving Clarified Target Refined Brand Expanding Brand Marketing Customer Positioning Awareness Efficiency Focused on “Cruise without Leveraging Media Mix Reallocating media Premium Families and compromise” Modeling to optimize investment
Slide 6: Booking Update: 2027 Season vs. 2026
BOOKING UPDATE 2027 SEASON VS. 2026 2027 Booked Position (Compared to same time last year) Stronger close-in demand has improved forward booked position, but remains behind optimal range 2027 pricing remains ahead across all quarters compared to 2026 sailings at the same time last year Implemented a
Slide 7: Great Stirrup Cay Garnering Attention
GREAT STIRRUP CAY GARNERING ATTENTION EXECUTION DELIVERED Two-berth Great Tides Vibe Beach, Pier Waterpark Great Tides Lagoon & Other Amenities OPEN OPEN OPEN STRONG GUEST RESPONSE RECORD-BREAKING LAUNCH Creator Content Generated 275M 90% VIEWS of guests surveyed would recommend 2,500+ Great Tides W
Slide 8: Seven Seas Prestige – Debuting December 2026
SEVEN SEAS PRESTIGE – DEBUTING DECEMBER 2026 RECORD LAUNCH DEMAND UNPRECEDENTED LUXURY PREMIUM POSITIONING +26% $25,000+ PRICING PREMIUM PER NIGHT · SKYVIEW REGENT SUITE Launch-day bookings above the prior record set by The largest all-inclusive ultra-luxury Prestige is booked at record pricing Seve
Slide 9: Q3 2026 Results Overview
Q3 2026 RESULTS OVERVIEW Q3 2026 ACTUALS VS GUIDANCE GUIDANCE Occupancy ~104.0% 106.5% ✓ Net Yield1 Change (8.9%) (6.7%) ✓ Adjusted Net Cruise Cost ex. Fuel Change1 (0.9%) (2.3%) ✓ Adjusted EBITDA $874M $937M ✓ Adjusted Net Income $414M $514M ✓ Adjusted EPS2 $0.90 $1.12 ✓ Q3 2026 Performance Ahead o
Slide 10: Q4 & FY 2026 Guidance Overview
Q4 & FY 2026 GUIDANCE OVERVIEW Q4 2026 FULL YEAR 2026 GUIDANCE GUIDANCE Occupancy ~100.0% ~103.2% Net Yield1,2 Change ~(6.5%) ~(4.4%) Adjusted Net Cruise Cost ~1.7% ~(0.4%) ex. Fuel1 Change Adjusted EBITDA ~$414M ~$2.55B Adjusted Net Income ~($55M) ~$789M Adjusted EPS3 ~($0.12) ~$1.70 1. Net Yield a
Slide 11: Executing on Efficiencies
EXECUTING ON EFFICIENCIES ~$100 >$625 ~$100 ~$125 >$300 2023-2026 SG&A Savings Technology Vendor Guest & Crew Air Total Run-rate Shipboard Announced in Consolidation and Optimization + Other Savings Cost Savings Q1 ‘26 Outsourcing + Other Promotional Offerings SG&A1 Q2 ‘26 Over $600 million in run-r
Slide 12: Delivering Sub-Inflationary Cost Growth for a Third Consecutive Year
DELIVERING SUB-INFLATIONARY COST GROWTH FOR A THIRD CONSECUTIVE YEAR Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2 Initial FY26 guidance of +~1% $163 +1.0% $162 +~0.8% $1603 ~(0.4)% $161 $154 $155 2023 2024 2025 2026E Improving our 2026 outlook by nearly 150 bps throughout the year 1. Histor
Slide 13: Expected Improvements in Cash Flow by 2028
NORMALIZED NEWBUILD AND GROWTH CAPEX LEVELS EXPECTED BY 2028 $3.1B $2.9B $2.6B $2.6B $1.8B $.7B 2023 2024 2025 2026 2027 2028 2029 We Expect Improvements in Cash Flow by 2028, Reinforcing our Priority to Deleverage Note: The Company took delivery of Norwegian Luna in March 2026 and expects to take d
Slide 14: Pro Forma Debt Maturity Profile
PRO FORMA DEBT MATURITY PROFILE As of 9/30/2026 – Pro forma basis ($ billions) $3.8(1) $2.8 $2.8 $1.4 $1.1 $0.8 $0.2 2026 2027 2028 2029 2030 2031 ECA Loans, Capital Leases & Other Exchangeable Notes Senior Unsecured Notes Revolving Credit Facility Recent refinancing addressed near-term maturity of
Slide 15: Appendix
APPENDIX 15
Slide 16: Outlining the Fleet
OUTLINING THE FLEET Current Fleet 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 7 Added through Norwegian Norwegian New New New New New 2037 Aura2 Bella2 Class 1 Class 2 Class 33 Class 43 Class 53 20 ships Norwegian Norwegian 2 Sky1 Sun1 Leaving the fleet Oceania Oceania Sonata Sonat
Slide 17: Measured Growth to Top & Bottom-Line Results Expected
MEASURED GROWTH TO TOP & BOTTOM-LINE RESULTS EXPECTED SHIPS ON ORDER Gross Capacity Growth (M)1,2 7 New Ships1 4% CAGR3 ~33,000 Berths 4% CAGR3 Gross 31.4 Gross 29.9 Gross 30.3 Gross 28.2 29.1 27.6 28.0 24.4 26.2 27.0 5 New Ships1 ~6,950 Berths 4 New Ships1 2025 2026E 2027E 2028E 2029E 2030E 2036E ~
Slide 18: Outlook
OUTLOOK $ Millions unless otherwise noted Q4 2026 FY 2026 Depreciation & Amortization ~$280M ~$1,083M Interest Expense, net1 ~$188M ~$695M Other Capital Expenditures ~$96M ~$540M Fuel Consumption (metric tons) ~255,000 ~1,001,000 Fuel Price Per Metric Ton (net of hedges) ~$803 ~$788 Fuel - Hedge pro
Slide 19: Illustrative Diluted Share Count Modeling
ILLUSTRATIVE DILUTED SHARE COUNT MODELING Diluted Share Count Q4 2026 FY 2026 Scenarios (m) 1,2 $26.21 or less 459 463 $28 460 464 Hypothetical Share Price1 $30 461 465 $32 462 465 $34 462 466 $36 465 469 $38 467 471 $40 470 474 Interest Addback ($M)3 $0 $2 1. Estimates provided for a range of scena
Slide 20: Fleet Expansion Details
FLEET EXPANSION DETAILS YEAR BRAND DETAIL GROSS TONS 1 BERTHS 1 Q4 2026 Regent Seven Seas Seven Seas Prestige ~77,000 ~822 2027 Norwegian Cruise Line Norwegian Aura2 ~170,000 ~3,880 2027 Oceania Cruises Oceania Sonata ~86,000 ~1,390 2028 Norwegian Cruise Line Norwegian Bella2 ~170,000 ~3,920 2029 Oc
Slide 21: NCLH Deployment Mix – 2026
NCLH DEPLOYMENT MIX – 2026 2026 Deployment Mix Variance vs 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Alaska 0% 14% 23% 1% 10% Alaska 0% (5%) 0% (2%) (2%) Asia/Africa/Pacific 12% 7% 1% 9% 7% Asia/Africa/Pacific (7%) (4%) (5%) 1% (4%) Bermuda 1% 12% 10% 3% 6% Bermuda 0% 4% 2% 2% 2% Caribbean 67% 27% 18% 51%
Slide 22: NCLH Deployment Mix – 2027
NCLH DEPLOYMENT MIX – 2027 2027 Deployment Mix Variance vs 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Alaska 0% 13% 20% 2% 9% Alaska 0% (0%) (3%) 1% (1%) Asia/Africa/Pacific 11% 6% 4% 10% 8% Asia/Africa/Pacific (0%) (1%) 3% 0% 0% Bermuda 1% 12% 10% 3% 6% Bermuda 0% 0% (0%) (0%) (0%) Caribbean 67% 25% 20% 50
Slide 23: Definitions and Non-GAAP Information and Reconciliation
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATION 23
Slide 24: Non-GAAP Financial Measures Notice
Non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing operating performance, financial position or cash flows. The Company does not provide certain estimated future results on a GAAP basis because the Comp
Slide 25: Definitions
DEFINITIONS Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other Constant Currency. A calculation whereby foreign currency-denominated revenues supplemental adjustments. and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to e
Slide 26: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EPS was calculated as follows Three Months Ended Three Months Ended (in thousands, except share and per share data): September 30, 2026 September 30, 2025 Net income $491,465 $419,295 Effect of dilutive securities - exchangeable notes - 7,287 Net
Slide 27: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EBITDA is calculated as follows Three Months Ended Three Months Ended (in thousands): September 30, 2026 September 30, 2025 Net income $491,465 $419,295 Interest expense, net 170,544 328,816 Income tax expense (benefit) (6,834) 14,341 Depreciatio
Slide 28: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted Gross Margin, Net Per Diem, and Net Yield were calculated as Three Months Ended Constant Currency Three Months Ended Twelve Months Ended Twelve Months Ended follows September 30, 2026 compared to 2025 September 30, 2025 December 31, 2025 December
Slide 29: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Three Months Ended Constant Currency compared Three Months Ended Excluding Fuel were calculated as follows September 30, 2026 to 2025 September 30, 2025 (in th
Slide 30: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Twelve Months Ended Constant Currency Twelve Months Ended Constant Currency Twelve Months Ended Cost Excluding Fuel were calculated as follows December 31, 2025 com
Norwegian Cruise Line Holdings — Q3 2026 Earnings Presentation on 6ix