NCLH
Norwegian Cruise Line Holdings Ltd.21.54
-0.11-0.51%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details fixable execution gaps.
Q&A unpacked execution missteps dragging 2026 yields flat, detailing uncoordinated Caribbean capacity surge ahead of Great Stirrup Cay buildout, Europe open-jaw itinerary pressures, and Alaska industry capacity—self-inflicted wounds management deems fixable via better alignment. No consumer slowdown evident; luxury brands strong while Norwegian lags. New CEO confirmed Elliott outreach and investor roadshow amid fresh leadership hires needing to gel. All brands core, no divestitures eyed. Patience required. Investors watch revenue tech rollout.
Key Stats
Market Cap
9.81BP/E (TTM)
15.50Basic EPS (TTM)
1.39Dividend Yield
0%Recent Filings
8-K
NCLH inks CEO deal with RSUs
Norwegian Cruise Line Holdings appointed John W. Chidsey as President and CEO effective February 12, 2026, formalizing his employment agreement on March 26 with a $1.715M base salary, $2.9M fixed 2026 bonus, and target 175% annual bonus thereafter through 2030. As inducement, he received 2.14M restricted share units—40% time-vesting annually from March 1, 2026, 60% performance-vesting on TSR CAGR over 2025-2029 (0% below 5%, up to 200% at 20%). Front-loaded equity aligns him skin-in-the-game. Severance doubles pay plus bonus on qualifying exit.
8-K
Elliott cooperation deal refreshes board
Norwegian Cruise Line Holdings inked a cooperation agreement with Elliott Parties on March 26, 2026, triggering board refreshment. Effective March 31, four Elliott-nominated independents—Jonathan Cohen, Alex Cruz, Brian MacDonald, Kevin Lansberry—join alongside Stephen Pagliuca, replacing four departing directors; John Chidsey becomes Chairman, Cruz Lead Independent Director. Board expands to nine, with refreshed committees. Elliott secures standstill, voting pledges through early 2027.
8-K
2026 AGM date set
10-K
FY2025 results
Norwegian Cruise Line Holdings closed FY2025 ended December 31, 2025 with revenue up 3.7% to $9.8B on 4.2% Capacity Days growth from Norwegian Aqua and Oceania Allura deliveries, yet net income fell to $423M ($0.92 diluted EPS) from $910M ($1.89) as debt extinguishments hit $272M and euro remeasurements lost $135M. Q4 momentum softened with occupancy dipping to 103.5% from 104.9% annually amid Caribbean capacity surge, but Net Yield climbed to $301.10 per Capacity Day while Adjusted Net Cruise Cost Excluding Fuel per Capacity Day edged up to $161.69; Adjusted EBITDA rose 11.4% to $2.7B. Multiple refinancings extended maturities through 2033 with $2.5B revolver availability bolstering $1.6B liquidity, though $21.5B newbuild commitments loom. Great Stirrup Cay expansions enhance destinations. Debt covenants bind flexibility.
8-K
NCLH beats 2025 targets
Norwegian Cruise Line Holdings reported 2025 revenue up 3.7% to $9.8B, Adjusted EBITDA rising 11% to $2.73B, and Adjusted EPS climbing 19% to $2.11, beating guidance. New CEO John Chidsey flagged execution gaps but eyes better alignment. 2026 guidance projects flat Net Yield, $2.95B Adjusted EBITDA, $2.38 Adjusted EPS. Net Leverage ends at 5.3x.
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