MIAMI, Florida – 30 JULY 2026 – Norwegian Cruise Line Holdings Ltd. reported second-quarter 2026 revenue of $2.6 billion and profitability above guidance, while revising its full-year outlook amid demand pressures at Norwegian Cruise Line, according to the company’s official results release and accompanying earnings presentation.
Revenue increased by 4.9% from the corresponding period in 2025, driven by higher Capacity Days. GAAP net income reached $223 million, compared with $30 million a year earlier, while earnings per share were $0.48.
Second-Quarter Profitability Exceeds Guidance
Adjusted EBITDA was $666 million, down 4.1% from $694 million in the second quarter of 2025 but above guidance of $632 million. Adjusted Net Income reached $222 million, while Adjusted EPS of $0.48 exceeded guidance of $0.38.
Occupancy was 102.4%, broadly matching guidance of approximately 102.5%.
Net Yield declined by 2.1% as reported and 2.6% in Constant Currency, outperforming guidance for a 3.6% decrease.
Gross Cruise Costs per Capacity Day were approximately $304, compared with $306 a year earlier. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $164 as reported and $163 in Constant Currency. The Constant Currency measure declined by 0.5%, performing 150 basis points better than guidance.
Demand Pressures Shape Revised Outlook
NCLH said it remained below its optimal booked position for the next 12 months. The company attributed this to softer demand at Norwegian Cruise Line related to company-specific execution challenges, as well as the continuing conflict in the Middle East.
The company has taken steps to strengthen execution, including adding senior personnel across marketing, revenue management and other areas at Norwegian Cruise Line. Its earnings presentation also outlined plans to sharpen brand positioning and marketing execution, strengthen pricing capabilities and use more competitive opening price points to build demand earlier.
“Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. “We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.”
Full-year Net Yield is expected to decline by approximately 5% in Constant Currency compared with 2025. Adjusted EBITDA is forecast at approximately $2.5 billion, with Adjusted Net Income of around $700 million and Adjusted EPS of approximately $1.50.
Third-quarter guidance includes an 8.9% Constant Currency Net Yield decline, Adjusted EBITDA of $874 million, Adjusted Net Income of $414 million and Adjusted EPS of $0.90.
Additional Cost Savings Identified
NCLH identified approximately $100 million in additional expected annualised run-rate savings through its global business-sourcing strategy, including technology-vendor consolidation and salary and benefit savings. The reductions primarily relate to capital expenditure and selling, general and administrative costs.
These measures follow approximately $125 million in annualised savings announced during the previous quarter. Full-year Adjusted Net Cruise Cost excluding Fuel per Capacity Day is now expected to decline by approximately 0.25% in Constant Currency.
Great Stirrup Cay Amenities Prepare to Open
Great Tides Waterpark is scheduled to open at Great Stirrup Cay on 4 September 2026. The nearly six-acre development will form part of the destination’s full range of amenities, alongside the pier, Great Life Lagoon and nearby Splash Harbor.
NCLH expects the completed amenities to improve demand for Caribbean itineraries over time.
The company also entered into a memorandum of agreement in July for the sale of Oceania Sirena. The transaction is expected to close during the third quarter, with Oceania Cruises continuing to operate Oceania Sirena through spring 2028 under a charter agreement.
At 30 June 2026, NCLH had total debt of $15.0 billion, Net Debt of $14.8 billion and liquidity of $1.5 billion. Net Leverage stood at 5.3 times.
Source: Official announcement by Norwegian Cruise Line Holdings on 30 July, 2026, Miami
