Norwegian Cruise Line Holdings Ltd. (NCLH) is a leading global cruise company that operates three distinct brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. The company offers a wide array of cruise itineraries to destinations across the globe, including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska, and Hawaii. NCLH provides a variety of features and amenities on its ships, such as multiple dining venues, bars, lounges, spas, casinos, retail shopping areas, and numerous entertainment options, along with shore excursions and hotel packages for pre- or post-voyage stays . The company's revenue is categorized into "passenger ticket" revenue, which includes accommodations, meals, and certain onboard entertainment, and "onboard and other" revenue, which encompasses casino operations, beverage sales, shore excursions, specialty dining, retail sales, spa services, and Wi-Fi services .
- Passenger Ticket Revenue - Generates income from accommodations, meals, certain onboard entertainment, government taxes, fees, and port expenses.
- Onboard and Other Revenue - Includes casino operations, beverage sales, shore excursions, specialty dining, retail sales, spa services, and Wi-Fi services. Also earns from onboard activities performed by independent concessionaires, sharing in their revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrea DeMarco Executive | President, Regent Seven Seas Cruises | None | Andrea DeMarco is the President of Regent Seven Seas Cruises, a role she will step down from on March 4, 2025. She has been with NCLH since 2012, holding various roles in investor relations and marketing. | View Report → |
Daniel S. Farkas Executive | EVP, General Counsel, Chief Development Officer, and Secretary | Chairman of the Operations Committee of the Florida-Caribbean Cruise Association; Chairman of the Board of Directors of the Cruise Industry Charitable Foundation; Board Member of the Steamship Mutual Underwriting Association Limited | Daniel S. Farkas has been with NCLH since 2004, serving in various legal and executive roles. He played a key role in NCLH's IPO and the acquisition of Prestige. | |
David Herrera Executive | President, Norwegian Cruise Line | None | David Herrera has been with NCLH for over eight years, currently serving as President of Norwegian Cruise Line since April 2023. He has held various leadership roles in sales, marketing, and strategy. | |
Faye L. Ashby Executive | Senior Vice President and Chief Accounting Officer | None | Faye L. Ashby has been with NCLH since 2014, serving as Chief Accounting Officer since 2016. She previously worked at Prestige and Deloitte. | |
Frank A. Del Rio Executive | President, Oceania Cruises | None | Frank A. Del Rio is the President of Oceania Cruises since January 2023. He has held various roles within NCLH and its subsidiaries, contributing to brand development and revenue growth. | |
Harry Sommer Executive | President and Chief Executive Officer | None | Harry Sommer is the President and CEO of NCLH, having started in July 2023. He has held various leadership roles within NCLH, including overseeing the delivery of new ships and relaunching operations post-pandemic. | View Report → |
Mark A. Kempa Executive | Executive Vice President and Chief Financial Officer | None | Mark A. Kempa has been with NCLH since May 1998 and has served as CFO since August 2018. He played a key role in NCLH's IPO and the acquisition of Prestige. | |
Patrik Dahlgren Executive | Executive Vice President, Vessel Operations | None | Patrik Dahlgren joined NCLH in June 2023 as EVP, Vessel Operations. He focuses on operational efficiencies and sustainability initiatives, having previously held senior roles at Royal Caribbean Group. | |
Harry C. Curtis Board | Independent Director | None | Harry C. Curtis has been a director at NCLH since October 2021, serving as Chairperson of the Audit Committee and a member of the Compensation Committee. He has 30 years of experience in equity research. | |
John Chidsey Board | Director | None | John Chidsey was appointed to NCLH's Board in February 2025. He serves as Chairperson of the Nominating and Governance Committee and a member of the Audit Committee. | |
Jos\u00e9 E. Cil Board | Director | Director at Restaurant Brands Iberia; Executive Board of Advisors at FIU's Chaplin School of Hospitality & Tourism Management; Board of Advisors at Belen Jesuit Preparatory School | Jos\u00e9 E. Cil joined NCLH's Board in October 2023, bringing experience from his leadership roles at RBI and Burger King. | |
Mary E. Landry Board | Director | Vice Chairperson of the Compensation and Workforce Committee at USAA; Advisory Board Member at Sea Machines Robotics; Board Member at NACD, Florida Chapter | Mary E. Landry has been a director at NCLH since June 2018, bringing expertise in marine safety and risk management from her career in the U.S. Coast Guard. | |
Stella David Board | Chairperson of the Board | Board Member of Entain plc; Board Member of Bacardi Limited | Stella David has been a director at NCLH since January 2017 and is currently the Chairperson of the Board. She has extensive experience in corporate governance and marketing. |
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Given the cancellation of itineraries in the Middle East resulting in a very short resell cycle and the geopolitical uncertainties in that region , how do you plan to mitigate similar risks in the future, and what impact might this have on your capacity planning and financial targets?
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While you achieved your net leverage goal six months ahead of schedule, reducing leverage by approximately 1.5x turns to 5.9x , what specific strategies are in place to reach your 2026 target of mid-4x, and what risks could impede progress toward this goal?
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With plans to add larger and more efficient vessels leading to capacity growth , how confident are you that demand will continue to outpace supply, especially considering potential economic headwinds and the necessity to maintain strong pricing to achieve your yield targets?
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You've increased your net yield growth guidance to 8.2% for the full year, driven entirely by stronger pricing since occupancy is at full capacity ; are you observing any signs of consumer price resistance, and how sustainable is this pricing strategy in the current market environment?
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The 2.5% cost spread target for 2025 and 2026 was described as a baseline ; given potential cost pressures such as fuel and labor, how achievable is this target, and what measures are you implementing to ensure you can meet or exceed it?
Research analysts who have asked questions during Norwegian Cruise Line Holdings earnings calls.
Brandt Montour
Barclays PLC
4 questions for NCLH
Conor Cunningham
Melius Research
4 questions for NCLH
Robin Farley
UBS
4 questions for NCLH
Steven Wieczynski
Stifel
4 questions for NCLH
Benjamin Chaiken
Mizuho Financial Group, Inc.
3 questions for NCLH
James Hardiman
Citigroup
3 questions for NCLH
Matthew Boss
JPMorgan Chase & Co.
2 questions for NCLH
Vince Ciepiel
Cleveland Research Company
2 questions for NCLH
Daniel Politzer
Wells Fargo
1 question for NCLH
Dan Politzer
Wells Fargo
1 question for NCLH
David Katz
Jefferies Financial Group Inc.
1 question for NCLH
Elizabeth Dove
Goldman Sachs
1 question for NCLH
Lizzie Dove
Goldman Sachs
1 question for NCLH
Michael Pace
JPMorgan Chase & Co.
1 question for NCLH
Patrick Scholes
Truist Financial Corporation
1 question for NCLH
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. | |
Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. | |
MSC Cruises | Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. |
Viking Ocean Cruises | Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. |
Virgin Voyages | Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. |
Recent press releases and 8-K filings for NCLH.
- 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
- 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.
- 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.
- 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.
- 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.
- NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd., priced $1.20 billion of 5.875% senior notes due 2031 and $0.85 billion of 6.250% senior notes due 2033 in a private offering exempt from registration under the Securities Act.
- The offering is expected to close on September 17, 2025; net proceeds, together with cash on hand, will (i) fund a tender offer for its 2026 and 2027 notes, (ii) redeem the 2029 notes, and (iii) pay related premiums, interest and fees, with the transactions being leverage‐neutral.
- The 2033 notes accrue interest from September 17, 2025, payable semi-annually on March 15 and September 15, mature on September 15, 2033, and include make-whole redemption, post-call redemption prices, change-of-control repurchase at 101%, and customary covenants limiting liens, sale-leasebacks and asset dispositions.
- The notes are offered only to qualified institutional buyers under Rule 144A and, outside the U.S., to non-U.S. investors under Regulation S.
- NCLC’s cash tender offer for its 5.875% Senior Secured Notes due 2027 and 5.875% Senior Notes due 2026 expired on September 12, 2025, with 90.3% ( $903.079 M ) of the 2027 Notes and 97.5% ( $219.354 M ) of the 2026 Notes validly tendered and not withdrawn.
- Tendered Notes will be paid $1,005.51 per $1,000 for the 2027 Notes and $1,003.30 per $1,000 for the 2026 Notes, plus accrued interest, with settlement on September 17, 2025.
- Upon receiving tenders for at least 90% of the 2027 Notes, remaining outstanding Notes will be redeemed at the applicable tender offer consideration on September 18, 2025.
- Completed a registered direct equity offering of 3,313,868 ordinary shares at $24.53 per share to finance debt repurchases.
- Issued $1.30 billion of 0.750% exchangeable senior notes due 2030 and used proceeds to repurchase approximately $958 million of 1.125% and $449 million of 2.50% exchangeable senior notes due 2027 for around $1.009 billion and $480.5 million, respectively.
- Conducted a private offering of $1.2 billion 5.875% senior notes due 2031 and $850 million 6.250% senior notes due 2033 to fund tender offers and redemptions of 2026 and 2027 notes and redeem all 2029 secured notes.
- Pro forma, these transactions are forecast to reduce secured debt by ~$1.79 billion, decrease fully diluted shares by 38.1 million, maintain net leverage neutral, and materially extend the company’s maturity profile.
- Issued $1.2 billion of 5.875% Senior Unsecured Notes due 2031 and $850 million of 6.25% Senior Unsecured Notes due 2033 to fund the tender and redemption of existing secured and unsecured notes.
- Raised $1.407 billion of 0.75% Exchangeable Senior Notes due 2030 and sold shares to repurchase 1.125% and 2.50% Exchangeable Notes due 2027, reducing potential diluted share count by 38.1 million.
- Reduced secured debt by ~$1.79 billion, materially extending the maturity profile and releasing collateral.
- Pro forma net leverage remains essentially neutral, with the transaction expected to be accretive to Adjusted EPS through lower interest expense and fewer diluted shares.
- On July 17, 2025, NCLH subsidiaries NCL NextGen Class I Ltd. and NCL NextGen Class II Ltd. entered into SACE facility agreements to part-finance two cruise vessels under construction by Fincantieri S.p.A., with NCL Corporation Ltd. as guarantor.
- BNP Paribas and Crédit Agricole Corporate and Investment Bank serve as joint coordinators, alongside Cassa Depositi e Prestiti S.p.A. and other banks acting as bookrunners, mandated lead arrangers and arrangers.
- Crédit Agricole Corporate and Investment Bank is appointed facility agent, ECA agent, and security agent, providing structured debt support for NCLH’s fleet expansion.