Norwegian Cruise Line Holdings (NCLH) Company Report

Elliott Investment Management has acquired a stake exceeding 10% in Norwegian Cruise Line Holdings.
The firm may pursue a proxy fight to drive a turnaround and has privately approached Adam Goldstein as a potential board nominee.
Elliott views Royal Caribbean as a performance model for improving financial metrics and guest experience.
Norwegian’s recent appointment of John Chidsey as CEO highlights ongoing leadership challenges Elliott aims to address.

2 days ago

Morningstar

Norwegian Cruise Line Holdings orders three new cruise ships from Fincantieri

NCLH

New Projects/Investments

Entered into an agreement with Fincantieri to design and construct three new cruise ships, one each for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with deliveries scheduled between 2036 and 2037.
The deal secures shipyard capacity through 2037, supports disciplined fleet growth with modest upfront capital outlays, and anticipates Export Credit Agency financing upon delivery.
Expands NCLH’s newbuild pipeline to 17 vessels (8 for Norwegian Cruise Line, 5 for Oceania, and 4 for Regent Seven Seas), underpinning an expected 4% CAGR in fleet capacity from 2026 to 2037.

2 days ago

Press Release

Norwegian Cruise Line Holdings names Chidsey CEO

NCLH

CEO Change

Management Change

Hiring

Norwegian Cruise Line Holdings has appointed John W. Chidsey as President and CEO, effective immediately, succeeding Harry Sommer.
Chidsey, former CEO of Subway and Burger King, served on NCLH’s board from 2013–2022 and was reappointed in 2025.
He will focus on restoring operational discipline, sharpening execution, strengthening financial performance and reducing leverage, with his plan to be unveiled in the full 2025 report on March 2, 2026.
The company operates 34 ships across Norwegian, Oceania and Regent Seven Seas, has 13 vessels on order through 2036 (~38,400 berths), and faces high debt and a low Altman Z-Score.

6 days ago

Bloomberg

Norwegian Cruise Line Holdings appoints new CEO

NCLH

CEO Change

Guidance Update

Norwegian Cruise Line Holdings’ Board appointed John W. Chidsey as President and Chief Executive Officer, succeeding Harry Sommer, effective immediately.
Chidsey, on the Board since February 2025 and former CEO of Subway and Burger King, will prioritize execution, operational discipline, deleveraging and long-term value creation.
The company expects Q4 and full-year 2025 results to be in line with prior guidance, with fourth-quarter net yield around the midpoint of its disclosed range.
Detailed Q4 and FY 2025 results will be released on March 2, 2026.

6 days ago

Press Release

Norwegian Cruise Line Holdings’ Oceania Cruises posts record-breaking launch day for Oceania Sonata

NCLH

Product Launch

New Projects/Investments

Record-breaking bookings: Oceania Sonata’s reservations on January 28, 2026 surpassed the previous launch-day record by 45%, signaling exceptionally strong demand for the new ship.
Maiden voyage and fleet expansion: The first of four Sonata-class vessels will debut in August 2027, with follow-on deliveries in 2029, 2032, and 2035.
Expanded premium inventory: One-third of guest accommodations on Oceania Sonata are suites—including new Horizon and Penthouse Deluxe categories—underscoring the focus on higher-yield cabins.

Feb 2, 2026, 9:17 PM

Press Release

Norwegian Cruise Line reports Q3 2025 earnings

NCLH

Earnings

Guidance Update

Debt Issuance

Delivered record Q3 performance with load factor at 106.4%, net yield growth of 1.5%, adjusted EBITDA of $1.19 billion, and adjusted EPS of $1.20
Raised Q4 guidance to occupancy of 101.9%, net yield growth of 3.5–4%, Q4 adjusted EBITDA of $555 million, and increased full-year adjusted EPS guidance to $2.10 while reiterating FY adjusted EBITDA of $2.72 billion
Booking momentum remained strong with Q3 and October bookings up over 20% YoY; Q4 short-sailing capacity up 80% and Caribbean deployment exceeding 50%, setting up a projected Q1 2026 load factor increase of 200–300 bps
Strengthened balance sheet via refinancing and elimination of secured debt, reduced diluted shares by over 38 million shares, maintained net leverage near 5.3x, and remains on track for $300 million in annual cost savings

Nov 4, 2025, 1:00 PM

Transcript

Norwegian Cruise Line reports Q3 2025 results

NCLH

Earnings

Guidance Update

Debt Issuance

Record Q3 performance: load factor of 106.4%, net yield growth of 1.5%, and adjusted EBITDA of $1.019 billion, leading to adjusted EPS of $1.20.
Q4 guidance & full-year update: Q4 occupancy ~101.9%, net yield growth of 3.5%–4%, Q4 adjusted EBITDA of $555 million, adjusted EPS of $0.27; full-year adjusted EBITDA reaffirmed at $2.72 billion and adjusted EPS raised to $2.10.
Cost control & margin expansion: on track for $100 million+ in 2025 savings, keeping adjusted net cruise cost ex-fuel flat in Q3; trailing-12-month adjusted operational EBITDA margin reached 36.7%.
Balance-sheet strengthening: completed capital markets transactions reducing shares by 38 million, refinanced $2 billion of debt, eliminated all secured notes, and maintained net leverage at ~5.3×.
Strategic deployment: Q4 short-sailing capacity in the Caribbean up 80% YoY, boosting load factors and supporting the brand’s pivot toward premium families and private-island enhancements.

Nov 4, 2025, 1:00 PM

Transcript

NCLH reports Q3 2025 results and raises full-year EPS guidance

NCLH

Earnings

Guidance Update

Record Q3 performance: Occupancy at 106.4%, net yield growth of 1.5%, adjusted EBITDA of $1,019 million, and adjusted EPS of $1.20, all meeting or exceeding guidance.
Guidance raised: Q4 occupancy ~101.9%, net yield growth of 3.5–4%, adjusted EBITDA of $555 million, and EPS of $0.27; full-year adjusted EBITDA reiterated at $2.72 billion, EPS raised to $2.10.
Strong booking momentum: Q3 bookings up >20% YoY, continued into October, driven by family demand and increased short‐cruise Caribbean deployments.
Enhanced margin and leverage: Achieved >$100 million in cost savings in 2025, TTM adjusted EBITDA margin at 36.7%, shares reduced by 38 million (7%), and net leverage ~5.3x, targeting mid-4x in 2026.

Nov 4, 2025, 1:00 PM

Transcript

Norwegian Cruise Line reports Q3 2025 results

NCLH

Earnings

Guidance Update

Debt Issuance

Delivered record quarterly revenue of $2.9 billion (+5% YoY) and GAAP net income of $419.3 million (EPS $0.86); achieved Adjusted EBITDA of $1.019 billion (+9% YoY) and Adjusted EPS of $1.20, all above guidance.
Raised full-year 2025 Adjusted EPS guidance to $2.10 (from $2.05), while reaffirming $2.72 billion of Adjusted EBITDA and $1.045 billion of Adjusted Net Income.
Completed strategic capital market transactions in September, reducing fully diluted shares by ~38.1 million (~7.5%), eliminating all secured notes, extending debt maturities, and keeping Net Leverage essentially neutral.
Financial position at September 30, 2025: Total debt $14.5 billion, Net Leverage 5.4x, and liquidity of $1.8 billion (including $166.8 million cash and $1.6 billion revolver availability).
Third-quarter occupancy reached 106.4%, exceeding guidance (~105.5%), supported by record bookings for Caribbean itineraries and robust demand across all brands.

Nov 4, 2025, 12:00 PM

8-K

Norwegian Cruise Line Holdings reports Q3 2025 results

NCLH

Earnings

Guidance Update

Achieved record Q3 total revenue of $2.9 billion, up 5% year-over-year, with GAAP net income of $419.3 million and EPS of $0.86.
Delivered Adjusted EBITDA of $1.019 billion, a 9% increase, and Adjusted EPS of $1.20, both exceeding guidance.
Reaffirmed full-year 2025 Adjusted EBITDA guidance at $2.72 billion and raised Adjusted EPS outlook to $2.10 from $2.05.
Ended Q3 with total debt of $14.5 billion and net leverage of 5.4x, following strategic capital transactions.