NCLH Q1 2026 Earnings

Call Details

• Call Title: Norwegian Cruise Line Q1 2026 Earnings Call
• Date: May 4, 2026 at 12:30 PM UTC
• Management Team:
  • John Chidsey (Chairperson and Chief Executive Officer)
  • Mark Kempa (Executive Vice President and Chief Financial Officer)
  • Sarah Inman (Investor Relations)

Call Summary

Financial Performance

• Net yield in the first quarter was down 1% year-over-year and was above prior guidance.
• Adjusted net cruise cost ex-fuel in the quarter was $168 and declined 1% versus prior year.
• Adjusted EBITDA for Q1 was $533M, which exceeded the company's guidance for the quarter.
• Adjusted net income for Q1 was $108M, which equated to adjusted EPS of $0.23.
• Fuel expense is now forecast at approximately $800M based on current spot prices, which would be about 6% lower on the forward curve.
• The company expects adjusted net cruise cost ex-fuel to be approximately flat for the full year 2026.

Guidance

• Full-year net yield guidance was reduced to a decline of 3% to 5% versus prior guidance.
• Second quarter net yield is expected to decline 3.6% driven largely by pressure in Europe and weaker domestic demand.
• Third quarter is expected to be significantly weaker than the second quarter due to 38% deployment exposure to Europe in Q3 and continued softness in Alaska.
• Full-year adjusted EBITDA guidance has been reduced to a range of $2.48B to $2.64B.
• Full-year adjusted EPS guidance was lowered to a range of $1.45 to $1.79.
• The company assumes the consumer environment remains pressured for Q4, but yields should improve from Q3 aided partly by Great Tides Water Park opening.