MIAMI, Florida – 29 October 2026 – Norwegian Cruise Line Holdings Ltd. has raised its full-year 2026 guidance after third-quarter results exceeded guidance, supported by stronger-than-expected close-in demand, onboard spending and lower-than-expected unit costs.
The company, which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, reported third-quarter revenue of US$2.9 billion. GAAP net income rose to US$491 million from US$419 million a year earlier, with earnings per share of US$1.07.
Adjusted EBITDA reached US$937 million, US$63 million above guidance of US$874 million. Adjusted Net Income was US$514 million, while Adjusted EPS of US$1.12 exceeded guidance by US$0.22.
Third-Quarter Results Exceed Guidance
Net Yield declined 6.7% on a Constant Currency basis compared with 2025, around 220 basis points better than guidance for an 8.9% decline. Adjusted Net Cruise Cost excluding Fuel per Capacity Day fell 2.3% on a Constant Currency basis, approximately 140 basis points better than guidance for a 0.9% decline.
John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd., said the company was continuing to strengthen its commercial capabilities, improve operating efficiency and enhance the guest experience.
He said the next phase of the company’s turnaround is focused on sharpening Norwegian Cruise Line’s brand positioning, improving marketing effectiveness, taking a more disciplined approach to revenue management and implementing a prudent base-loading strategy.
Full-Year 2026 Outlook Raised
NCLH now expects full-year 2026 Adjusted EBITDA of approximately US$2.55 billion and Adjusted Net Income of around US$789 million. Adjusted EPS is forecast at approximately US$1.70.
Full-year Net Yield is expected to decline approximately 4.4% on a Constant Currency basis compared with 2025, while Adjusted Net Cruise Cost excluding Fuel per Capacity Day is forecast to fall approximately 0.4%.
The company expects a full-year Adjusted Operational EBITDA Margin of 33.7%. For the fourth quarter, Net Yield guidance remains unchanged at a decline of around 6.5% on a Constant Currency basis. The outlook reflects a modest improvement in underlying Net Yield performance, offset by the delayed delivery of Seven Seas Prestige to late December and the cancellation of selected Seven Seas Voyager voyages transiting the Suez Canal. Fourth-quarter Adjusted EBITDA is forecast at approximately US$414 million.
2027 Net Yield Growth Forecast at 1% to 2%
NCLH said its booked position for the next 12 months has improved modestly since its previous earnings release but remains below its optimal range.
Pricing for the first half of 2027 is ahead of levels at the same point last year, although the booked position remains below the comparable prior-year level. For the second half, pricing is ahead and the booked position is in line with the same period last year.
The company expects full-year 2027 Net Yield growth of 1% to 2%, with a meaningful acceleration in the second half.
NCLH said the expanded offering at Great Stirrup Cay, including the recently opened Great Tides Waterpark, the planned rollout of a new marketing platform and improvements to revenue management, including its base-loading strategy across 2027 and 2028 sailings, are expected to support stronger demand and a healthier booking curve over time.
Savings and Balance-Sheet Actions Continue
The company announced approximately US$100 million in additional run-rate savings related to guest and crew air optimisation and other tactical changes to promotional offerings, with the savings expected to phase in through 2028.
At 30 September 2026, total debt stood at US$15.1 billion and Net Debt at US$14.8 billion, while Net Leverage ended the quarter at 5.5 times. Following the quarter, NCLH completed the issuance of US$950 million of 8.750% senior notes due 2031 and increased its Revolving Loan Facility. On a pro forma basis, liquidity at 30 September would have been US$2.1 billion.
“Reducing Net Leverage remains a top priority,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer.
NCLH also completed the sale of Oceania Sirena and entered into a charter agreement to continue operating the vessel through spring 2028. It also entered into a memorandum of agreement to sell Oceania Insignia, with delivery to the buyer expected in September 2027. logging into their myNCL account after completing their cruise reservation.
Source: Official announcement by Norwegian Cruise Line Holdings on 29 October 2026, Miami
