Norwegian Cruise Line Holdings reported financial results for the first quarter ended March 31, 2026, in which total revenues grew 10%, reaching USD 2.3 billion. Net income according to GAAP was USD 105 million, with earnings per share of USD 0.23.
In the period, adjusted EBITDA was USD 533 million, exceeding forecasts and representing an increase of 18% compared to 2025. Adjusted net income more than doubled, reaching USD 108 million. Adjusted earnings per share increased by USD 0.13, to USD 0.23.
“We achieved excellent results in the first quarter and, more importantly, we have already begun taking decisive actions to strengthen execution and accountability across the company, which will improve long-term results,” stated John W. Chidsey, President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd.
“During the quarter, we acted with urgency to simplify, optimize, and streamline the organization, including implementing savings initiatives in general and administrative expenses representing an expected annual saving of USD 125 million. We believe these are long-term structural actions that will help offset short-term pressures and position the business for better performance over time,” added Chidsey.
The company reported that it is experiencing difficulties related to disruptions in the Middle East, including higher fuel costs and signs of lower demand as consumers reassess their travel plans, particularly to Europe. As previously mentioned, NCLH began 2026 below its expected booking curve, and these difficulties have hindered its ability to accelerate bookings and close that gap.
These external pressures add to the cruise line’s ongoing efforts to improve its revenue management system and execution, generating additional pressure on the business and a reduction in its full-year forecasts.
Annual net yield for 2026, at constant exchange rates, is expected to decrease approximately 3% to 5% compared to 2025, and adjusted EBITDA for the full year 2026 is expected to be in the range of approximately USD 2.480 billion to USD 2.640 billion.
