NCLH Q4 2025 Earnings

Call Details

• Call Title: Norwegian Cruise Line Q4 2025 Earnings Call
• Date: March 2, 2026 at 1:00 PM UTC
• Management Team:
  • Sarah Inman (Investor Relations)
  • John Chidsey (President and Chief Executive Officer)
  • Mark Kempa (Executive Vice President and Chief Financial Officer)
  • Mark Kozlowskis (President of Norwegian Cruise Line)
  • Jason Montague (Chief Luxury Officer)

Call Summary

Financial Performance

• Net yields in Q4 2025 grew 3.8% versus the prior-year quarter on a constant currency basis.
• Adjusted net cruise cost ex-fuel for Q4 2025 was $158 per capacity day, increasing only 0.2% versus prior year.
• Adjusted EBITDA for Q4 2025 was $564M, which exceeded company guidance for the quarter.
• Full year 2025 adjusted EBITDA increased 11% to $2.73B versus 2024.
• Adjusted operational EBITDA margin for full year 2025 improved 160 basis points to 37.1%.
• Full year 2025 adjusted EPS increased 19% to $2.11, and adjusted net income for Q4 2025 was $130M (adjusted EPS $0.28).

Guidance

• The company expects Q1 2026 net yields to decline approximately 1.6% versus prior-year Q1, driven by pricing pressure that more than offset higher occupancy.
• Full year 2026 net yields are expected to be approximately flat, with yields down ~1.6% in Q1 and then stabilizing to grow ~0.6% in the balance of the year.
• Q1 2026 adjusted net cruise costs ex-fuel are expected to decrease approximately 0.8%, while unit costs for the remaining nine months are expected to grow ~1.4%, resulting in full year unit cost growth of ~0.9%.
• The company expects Q1 2026 adjusted operational EBITDA margin of ~29.1% and adjusted EBITDA of $515M.
• Full year 2026 adjusted EBITDA is expected to be approximately $2.95B, up ~8% year over year, with adjusted EPS ~ $2.38 (about +13%).
• Net leverage is expected to remain approximately flat at 5.2x for full year 2026, including temporary impact from ship deliveries.