Norwegian Cruise Line Holdings Ltd. (NCLH)

Norwegian Cruise Line Holdings reported third-quarter 2026 revenue of $2.9 billion on 29 October, with net income of $491 million against $419 million a year earlier 1.

Revenue was almost level with the year before, although capacity days, the berths available for sale times cruise days, rose 5.4 percent (computed) 12.

Net Yield, revenue less certain costs per berth-day, fell 6.5 percent, about 220 basis points better than the company's guidance of an 8.9 percent decline 1.

Chief executive John Chidsey credited "extraordinary close-in demand by consumers who deferred summer vacations and ultimately booked closer to departure" 8.

The company raised its 2026 outlook to adjusted EBITDA of about $2.55 billion and adjusted earnings per share of about $1.70 1.

The open question is debt: total debt was $15.1 billion and net leverage 5.5 times at 30 September 1.

The company expects Net Yield growth of 1 percent to 2 percent in 2027, and said its booked position for the first half of 2027 remains below the prior-year position 1.

Chief financial officer Mark Kempa moves to special adviser at the end of 2026, and Meghan Montana, 40, becomes chief financial officer on 1 January 2027 4.

Norwegian began sailing from Miami in 1966, and the holding company was formed in February 2011 3. It listed through an initial public offering in January 2013 and acquired Prestige Cruises International, parent of Oceania Cruises and Regent Seven Seas Cruises, in November 2014 3.

In late 2023 the company moved many operations of its three brands into Bermuda in response to a global minimum-tax reform 3.

In 2025 revenue rose 3.7 percent to $9.8 billion, mainly from added capacity, higher ticket pricing and more onboard spending 3. The added capacity came from Norwegian Aqua in March 2025 and Oceania Allura in July 2025 3.

Profit still fell: net income was $423.2 million in 2025 against $910.3 million in 2024 3. Interest expense, net, took 9.7 percent of revenue, up from 7.9 percent, and adjustments of $607.6 million were mainly euro currency remeasurements and debt losses 3.

Costs were steadier in 2025: total cruise operating expense fell 0.9 percent, mainly on lower air costs and fuel 3. Other operating expense rose 13.0 percent, mainly because of depreciation on the two new ships 3.

In the first nine months of 2026 revenue reached $7.9 billion, against $7.6 billion a year earlier 2.

In February 2026 the board named John Chidsey, already a director, chief executive in place of Harry Sommer, who had held the post since early 2023 9.

On 26 March 2026 the company signed a cooperation agreement with Elliott Investment Management, adding four directors and making Chidsey chairman 7.

The three brands

NCLH operates three cruise brands: Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises 3.

At the end of 2025 it had 34 ships with about 71,400 berths, and it expects to add 17 more from 2026 through 2037 3.

Norwegian Cruise Line

Norwegian's ships offer up to 20 dining options on select ships and the world's first hybrid rollercoaster and waterslide at sea 3. Its ship Pride of America runs the industry's only entirely inter-island itinerary in Hawaii 3.

The newest ship, Norwegian Luna, was delivered in March 2026 2.

Oceania Cruises and Regent

Oceania Cruises is built around open-seating dining and began taking only guests aged 18 and older for new reservations on 7 January 2026 3.

Regent's all-inclusive fare includes unlimited shore excursions in every port, specialty dining and unlimited premium beverages 3.

How it earns

Passenger tickets made up 68.0 percent of 2025 revenue and onboard spending 32.0 percent 3. Onboard revenue comes from casino, beverage sales, shore excursions, specialty dining, retail, spa and Wi-Fi 3.

Private destinations

NCLH operates two private destinations: Great Stirrup Cay in The Bahamas and Harvest Caye in Belize 3. The Great Tides Waterpark, spanning nearly six acres, opened in early September at Great Stirrup Cay 1.

People

John Chidsey, 63 when the annual report was filed, is president and chief executive 3. He became chairman of the board on 31 March 2026 under the Elliott agreement 7.

At 31 December 2025 NCLH employed about 5,300 full-time shoreside staff and about 39,200 shipboard employees 3.

Rivals

The annual report names Carnival and Royal Caribbean as primary competitors, with MSC Cruises, Viking Ocean Cruises and Virgin Voyages among other cruise lines 3.

Current problems

Fourth-quarter guidance reflects the delayed delivery of Seven Seas Prestige to late December and cancelled Seven Seas Voyager voyages that would have crossed the Suez Canal 1.

In October 2026 a subsidiary closed $950.0 million of 8.750 percent notes due 2031 and redeemed 6.125 percent notes due 2028 5.

The umbrella, in words

The brands are Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises 3.

The subsidiaries list filed with the annual report includes NCL Corporation Ltd., Oceania Cruises Ltd. and Prestige Cruises International Ltd., all of Bermuda, beside many single-ship companies 11.

NCL Corporation Ltd. is the subsidiary that issued the 2031 notes 5.

NCLH leases about 393,571 square feet in Miami for its principal executive offices and owns the private island Great Stirrup Cay 3.

The Elliott funds agreed to voting commitments and standstill restrictions that last until the earlier of two dates, the later bound being 11 February 2027 7.

The company expects fourth-quarter 2026 adjusted EBITDA of $414 million and Net Yield down about 6.5 percent 1.

For 2027 it expects Net Yield growth of 1 percent to 2 percent, and net interest expense of $860 million to $880 million, as adjusted for the new debt deals 110.

Seven Seas Prestige is due in late December 2026, with Norwegian Aura and Oceania Sonata listed for 2027 and Norwegian Bella for 2028 12.

On 27 October 2026 two subsidiaries signed credit facilities of up to about $2.5 billion each for two ships due in 2034 and 2036 6.

The sale of Oceania Insignia is expected to close in September 2027 2. Oceania Nautica is to be refurbished and renamed Oceania Aurelia in late 2027 2.

For the full year 2026 it expects adjusted net income of about $789 million and an adjusted operational EBITDA margin of 33.7 percent 1.

Meghan Montana becomes chief financial officer on 1 January 2027 4.