Matthew Voss

Matthew Voss asked for details on the progression of booking trends through Q3 and into October, and how underlying pricing trends across family and luxury itineraries are performing, especially with the Caribbean's mixed impact. He also sought clarification on the drivers for 2026 load factors exceeding 2024, specifically the contributions from Caribbean deployment versus European opportunities.

Answer

Harry Sommer (President and CEO) reported consistent strong booking months from July through October, with a modest acceleration into October. He reiterated strong pricing for first and second guests, with third/fourth guests diluting average price but benefiting overall yield and profitability. Mark Kempa (EVP and CFO) attributed 2026 load factor improvement to the family dynamic (200-300 bps in Q1), the full launch of Great Stirrup Cay in H2, and NCL's shift to shorter European itineraries, alongside efforts to minimize single cabins.

Matthew Voss asked about the progression of booking trends through Q3 and into October, and for underlying pricing trends across itineraries (family and luxury), parsing through the mixed impact in the Caribbean. He also asked Mark Kempa to break down the drivers of the expected 2026 load factors exceeding 2024 levels, specifically for the Caribbean versus Europe.

Answer

Harry Sommer (President and CEO) noted consistent strong booking months from July to October, with a modest acceleration into October, and broad-based pricing strength. He reiterated that increased third and fourth guests dilute average price but benefit yield, margin, and profitability. Mark Kempa (EVP and CFO) attributed the 2026 load factor improvement (at least 105%) to the family dynamic, significant Q1 tailwinds, and acceleration in the latter half with GSC's full launch. He also mentioned shifts to shorter European itineraries and minimizing single cabins as contributing factors.