📈 Price History

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About

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q2 2025

Confident Specific

The management uses language such as 'record quarter', 'met or exceeded guidance across all metrics', 'record bookings over the last three months', and provides specific numbers like 3.1% net yield growth, $694 million Adjusted EBITDA, and $0.51 EPS, demonstrating a confident and data-backed tone.

Q3 2025

Confident Specific

Management repeatedly uses phrases like 'another record quarter', 'exceeded guidance across all metrics', 'highest quarterly revenue in company history', 'milestone' for adjusted EBITDA, and 'strongest third-quarter bookings in company history'. They give specific numbers and forward guidance with clear explanations for changes.

Q4 2025

Cautious

Management openly admits execution missteps and siloed culture, describing a 'burning platform' and 'self-inflicted wounds,' while tempering 2026 yield guidance to flat, well below prior aspirations. Language such as 'we have challenges that need to be addressed immediately' and 'clear failures in the basics' reinforces a guarded but accountable tone.

Q1 2026 latest

Cautious

Management consistently uses phrases like 'below expectations', 'not satisfied', 'challenging backdrop', 'self-inflicted wounds', and acknowledges execution missteps. They emphasize that progress will take time and guidance is wider than normal.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is materially weaker in the near term after this call. Management explicitly abandoned prior yield growth assumptions and now guides for a 3-5% decline, with a wider range indicating high uncertainty. The cost savings ($125M annualized) are positive but insufficient to offset top-line pressure and fuel headwinds, and the revenue recovery is pushed into 2027 at the earliest. The luxury brands are performing well, but the flagship Norwegian brand is in a self-admitted turnaround that will take several quarters. Net leverage is likely to stay elevated near high 5x at year-end 2026. Key to watch next quarter: any stabilization in European bookings, progress on marketing and revenue management team build-out, and whether the $125M savings flow through as expected. The company's path to the prior 39%+ EBITDA margin target is delayed and dependent on successful execution of internal fixes.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED NCLH Q1 2026: Adjusted EBITDA $533M, full-year yield decline 3-5%, $125M cost savings

Revenue & Profitability

First quarter 2026 net yields declined 1%, adjusted net cruise cost excluding fuel was $168 per capacity day (down 1%), and adjusted EBITDA was $533 million. Adjusted net income was $108 million, or adjusted EPS of $0.23. Full-year guidance was revised: net yields expected to decline 3% to 5%, adjusted EBITDA between $2.48 billion and $2.64 billion, and adjusted EPS between $1.45 and $1.79. Fuel expense is now expected to be approximately $800 million based on current spot prices.

Outlook

Management noted healthy industry fundamentals with record passenger volumes and encouraging indicators for both repeat and first-time cruise demand. However, recent geopolitical developments, particularly in the Middle East, have added pressure to European summer demand and close-end bookings. The company expects the macro environment to remain challenged for the balance of 2026, with some improvement anticipated in 2027 as internal issues are addressed.

Growth Drivers

Key growth levers include new ship deliveries: two ships in 2026 (including Norwegian Luna) and two in 2027, with capacity days increasing 7% in 2026. The opening of Great Tides Water Park at Great Stirrup Cay in late summer is expected to drive demand for Caribbean itineraries. The company is also focusing on returning to its core customer segments, such as premium families with kids and season travelers, as part of a marketing realignment. Luxury brands Regent and Oceania continue to perform well.

Balance Sheet & CapEx

Gross new build and growth CapEx is expected to decline by nearly $1 billion per year after 2027. The company has two ships on order for 2026 and two for 2027, then only one each in 2028 and 2029. This moderating capital spending is expected to materially improve free cash flow generation and support deleveraging. No significant debt maturities exist until 2030.

Margins

Adjusted net cruise cost excluding fuel is expected to be approximately flat for full-year 2026, marking the third straight year of sub-inflationary cost growth (1% or lower). Cumulative savings between shipboard and shoreside efforts are approaching $400 million, exceeding a prior $300 million target. The structural cost actions are expected to benefit margins in 2027. Management believes the prior 39%+ margin target remains achievable over time.

Key Risks

Key risks highlighted include geopolitical tensions in the Middle East, which are pressuring European summer demand and increasing fuel costs. The company entered 2026 behind its targeted booking curve, and occupancy shortfalls are a concern. Internal execution risks include the time required to build and integrate a new revenue management and marketing team. Fuel expense is expected to be $800 million based on spot prices, with additional downside if rates increase further.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 results exceeded expectations with strong cost controls and $225M in new annualized savings. Net Yields are under pressure due to demand challenges, especially in Europe, but sequential improvement is expected in 2027 as new marketing and revenue strategies take hold.

Q1 2026 Q1 2026 2026-05-04

Q1 results exceeded guidance on cost control, but full-year outlook was cut due to macro and internal challenges, especially in Europe. Structural cost actions and new marketing initiatives are underway, with recovery expected to take several quarters.

Q4 2025 Q4 2025 2026-03-02

Q4 and full-year 2025 results exceeded expectations on cost control and EBITDA, but 2026 guidance reflects flat net yields and ongoing pricing pressure due to execution missteps in deployment and commercial strategy. Leadership is focused on operational turnaround, cost discipline, and long-term growth.

Q3 2025 Q3 2025 2025-11-04

Record Q3 results with revenue and EBITDA at all-time highs, driven by strong family demand and strategic focus on short Caribbean sailings. Full-year guidance raised for adjusted EPS, with continued cost discipline, margin expansion, and robust booking trends across all brands.

Q2 2025 Q2 2025 2025-07-31

Record Q2 results exceeded guidance, driven by strong demand, pricing, and onboard spend. Full-year guidance and 2026 targets were reiterated, with margin expansion, cost control, and deleveraging on track. Major investments in fleet and private island experiences are expected to drive future growth.

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