Norwegian Cruise Line Holdings Ltd

Latest Results (13.11.2025):

Norwegian Cruise Line Holdings Ltd reported its financial results for the third quarter of 2025, delivering record quarterly revenue of $2.9 billion, strong adjusted EBITDA of $1.019 billion, and improved adjusted EPS of $1.20. The Company also provided reaffirmed guidance for the full year 2025 and noted strategic capital market transactions that strengthened its balance sheet and capital structure.

Record Revenue and Growth

The third quarter of 2025 saw Norwegian Cruise Line Holdings Ltd achieve a quarterly record with total revenue of $2.9 billion, reflecting a 5% increase compared to the same quarter in 2024, driven by higher capacity days and robust demand.

GAAP Net Income and EPS

For the period, GAAP net income reached $419.3 million with an EPS of $0.86, indicating solid performance despite slight year-over-year fluctuations, while gross margins per capacity day improved both on an as-reported and constant currency basis.

Adjusted EBITDA and EPS Exceed Guidance

Adjusted EBITDA climbed to $1.019 billion, exceeding guidance, with adjusted net income reported at $596 million and adjusted EPS of $1.20, marking a 17% increase over third quarter 2024 figures.

Strategic Capital Market Transactions

The Company completed a series of strategic transactions, reducing shares outstanding by about 38.1 million (~7.5%), eliminating secured debt, and extending the debt maturity profile—all while remaining essentially neutral on net leverage.

Guidance and Outlook

Looking ahead, Norwegian Cruise Line Holdings Ltd reaffirmed its full-year 2025 guidance for adjusted EBITDA and net income, raised adjusted EPS guidance, and highlighted strong booking trends and occupancy above guidance, signaling healthy demand entering the fourth quarter and into 2026.