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Norwegian Cruise Line (NCLH) investor relations material
Norwegian Cruise Line Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Achieved record Q2 2025 revenue of $2.5B, up 6% year-over-year, with Adjusted EBITDA of $694M, exceeding guidance, and Adjusted EPS of $0.51, in line with guidance despite FX headwinds.
Net income for Q2 2025 was $30M, down from $163.4M in Q2 2024, mainly due to FX losses.
Reiterated full-year 2025 guidance and 2026 targets, citing strong demand, robust bookings, and strategic investments in fleet, amenities, and technology.
Announced major milestones, including new ship deliveries, expansion of Great Stirrup Cay, and launch of a significant waterpark project.
Advanced sustainability initiatives, earning industry-leading ESG awards and progressing on alternative fuel adoption.
Financial highlights
Q2 2025 Adjusted EBITDA was $694M, up 18% year-over-year and $24M above guidance; Adjusted EPS was $0.51, meeting guidance despite $0.08 FX impact.
Q2 revenue reached $2.5B, a 6% increase from Q2 2024; operating income was $423.8M, up from $341.6M.
Net yield for Q2 2025 was $304.34, up 3.1% in constant currency; occupancy was 103.9%–105.3%, above guidance.
Gross margin per Capacity Day increased 11%; Adjusted Net Cruise Cost ex-Fuel per Capacity Day was $163.67, nearly flat year-over-year.
Total debt stood at $13.8B; net leverage improved to 5.3x, with further reduction expected.
Outlook and guidance
Full-year 2025 guidance: Net Yield growth ~2.5%, Adjusted EBITDA ~$2.72B, Adjusted EPS ~$2.05, and occupancy ~103%.
2026 targets: Adjusted EPS ~$2.45, Adjusted ROIC ~12%, net leverage mid-4x, and EBITDA margin ~39%.
Q3 2025 guidance: Adjusted EBITDA ~$1.015B, occupancy ~105.5%.
Net leverage expected to decline to ~5.2x by year-end 2025.
Liquidity as of June 30, 2025, was $2.4B, including $184M cash and $2.0B available under the Revolving Loan Facility.
How will Great Tides Waterpark enhance guest experience?
Explain the drivers behind the Net Leverage decrease.
What SOFR interest rate increase impact is expected?
Assess impact of shorter Europe itineraries.
Explain the cost savings program details.
Discuss demand for Great Stirrup Cay.
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Next Norwegian Cruise Line earnings date
Q3 202530 Oct, 2025
Next Norwegian Cruise Line earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Norwegian Cruise Line Holdings Ltd.is a global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 26 ships with approximately 54,400 berths, these brands offer itineraries to more than 510 destinations worldwide. The Company has offices in six countries around the world with an operational focus in both Miami, Florida and Cork, Ireland.
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