MIAMI, 4 May 2026 Norwegian Cruise Line Holdings Ltd. reported higher first-quarter revenue and improved profitability for the three months ended 31 March 2026, while also lowering its full-year 2026 guidance lowered its full-year guidance, citing geopolitical disruptions and booking pressures. The company said revenue rose 10 per cent year on year to $2.3 billion, net income increased to $105 million, and adjusted EBITDA reached $533 million, above its earlier outlook and representing an increase of 18% compared to 2025.
First-quarter performance
Norwegian Cruise Line Holdings said the increase in revenue was driven by higher Capacity Days, while occupancy for the quarter reached 103.8 per cent. The company also reported stronger adjusted profitability, with adjusted net income rising to $107.5 million and adjusted EPS at $0.23.
Gross cruise costs per Capacity Day fell to $287.43 from $297.39 a year earlier, while adjusted net cruise cost excluding fuel per Capacity Day decreased to $168.92 from $169.33. The company said these cost measures were better than guidance.
Brand and fleet updates
During the quarter, Norwegian Cruise Line took delivery and christened Norwegian Luna™, which includes family-oriented features such as the Aqua Slidecoaster, Moon Climber and mini-golf, as well as its latest in house production ELTON: A Celebrationof Elton John™ and adult-only entertainment including the late-night production LunaTique™.
Oceania Cruises introduced a new global campaign, The Joy of Traveling Well, which the company said reflects its focus on immersive itineraries, smaller ships, service and culinary experiences. Oceania also announced plans for an extensive transformation of Oceania Marina™ during its October 2026 dry dock, with every stateroom set to be redesigned alongside upgrades to public areas. Additionally, Oceania Aureli™a, a refurbished and reimagined ship currently operating as Oceania Nautica™, is expected to debut in late 2027 as a small-ship luxury option for extended global travel.
The company also announced a board refresh during the quarter, with the appointment of five new independent directors effective 31 March 2026. NCLH said the appointments were intended to strengthen governance and sharpen its focus on shareholder value.
Guidance and outlook
For the full year 2026, Norwegian Cruise Line Holdings lowered its outlook and said adjusted EPS is now expected to be between $1.45 and $1.79. The company said full-year adjusted EBITDA is expected to be between $2.48 billion and $2.64 billion, while adjusted net cruise cost excluding fuel per Capacity Day is expected to be approximately flat on a constant currency basis versus 2025.
The company said it is facing headwinds related to disruptions in the Middle East, including higher fuel expense and softer demand, particularly for Europe sailings. It also said it entered 2026 behind its targeted booking curve and that these pressures have affected its ability to accelerate bookings.
For the second quarter, the company expects adjusted EBITDA of about $632 million and adjusted EPS of $0.38. It also forecast net yield to decline 3.6 per cent on a constant currency basis and adjusted net cruise cost excluding fuel per Capacity Day to rise 1.0 per cent versus 2025.
Balance sheet and liquidity
As of 31 March 2026, Norwegian Cruise Line Holdings reported total debt of $15.2 billion, net debt of $15.0 billion and net leverage of 5.3x. Liquidity stood at $1.6 billion, including about $185 million in cash and cash equivalents and $1.4 billion available under its revolving loan facility.
The company said it has also completed targeted initiatives intended to support its SG&A profile, with expected annualised run-rate savings of about $125 million.
Management comments
“We delivered strong first quarter results, and more importantly we have already begun taking decisive actions to strengthen execution and accountability across the company, which will enhance results over the longer term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd.
“During the quarter, we acted with urgency to simplify, optimize, and streamline the organization, including executing SG&A savings initiatives totaling $125 million in expected run rate savings. These are long-term structural actions that we believe will help offset near-term pressures and position the business for stronger performance over time. As we move through the year, we will continue to manage costs and focus on revenue growth to align resources with the high-growth, high-value areas of the business. I remain confident and encouraged that we are building a leaner, more effective and nimble organization that positions NCLH for sustainable long-term value creation.”
“During the quarter we delivered better-than-expected cost performance across the business,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd.
“As we navigate a more uncertain macroeconomic and geopolitical environment, we are acting diligently to offset those pressures through targeted SG&A savings and broader efficiency initiatives. Based on the actions taken during the quarter, we now expect full year Adjusted Net Cruise Cost Excluding Fuel to be approximately flat to last year, which should help support margins as we continue to strengthen execution across the business.”
For the cruise trade, NCLH’s first-quarter results show a company balancing stronger operating performance with softer booking conditions and geopolitical pressure. The next few quarters will test how effectively its cost actions, fleet investment and revised commercial strategy support demand across key markets.
Source: Official announcement by Norwegian Cruise Line Holdings on 4 May, 2026
