Norwegian Cruise Line Holdings (NCLH) Company Report

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.

Nov 4, 2025, 11:30 AM

Press Release

Norwegian Cruise Line Holdings prices $2.05B senior notes

NCLH

Debt Issuance

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.

Sep 18, 2025, 8:16 PM

8-K

Norwegian Cruise Line Holdings Reports Results of Debt Tender Offer

NCLH

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.

Sep 13, 2025, 12:03 AM

Press Release

Norwegian Cruise Line completes equity offering and debt refinancing transactions

NCLH

Debt Issuance

Share Buyback

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.

Sep 11, 2025, 8:05 PM

8-K

Norwegian Cruise Line extends debt maturity profile with new unsecured and exchangeable notes

NCLH

Debt Issuance

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.

Sep 11, 2025, 11:00 AM

Presentation

Norwegian Cruise Line Holdings arranges SACE financing for NextGen vessels

NCLH

Debt Issuance

New Projects/Investments

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.

Jul 21, 2025, 12:00 AM

8-K

Filings & Transcripts

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