Norwegian Cruise Line Holdings Reports First Quarter 2025 Financial Results

Norwegian Cruise Line Holdings Ltd. has released its financial results for the first quarter of 2025, showcasing a solid performance despite some challenges. The company, which operates Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, reported a GAAP net loss but maintained its full-year profitability guidance.

Financial Highlights

For the first quarter ended March 31, 2025, Norwegian Cruise Line Holdings reported:

• Total revenue of $2.1 billion, a slight decrease of approximately 3% compared to the first quarter of 2024.
• GAAP net loss of $40.3 million, translating to an EPS of ($0.09).
• Adjusted EBITDA of $453 million, surpassing the guidance of $435 million.
• Adjusted EPS of $0.07, slightly below guidance due to foreign exchange losses.
• Total debt stood at $14.0 billion, with a net leverage of 5.7x.

Business and Operational Highlights

Key operational achievements for the quarter included:

• Delivery of Norwegian Aqua, the first vessel in the Prima Plus Class.
• Refurbishments on Norwegian Bliss and Norwegian Breakaway.
• Plans to expand amenities at Great Stirrup Cay, the company's private island destination in the Bahamas.

Strategic Initiatives and Corporate Developments

Significant corporate developments included:

• Refinancing of the majority of the 2025 Exchangeable Notes with new 2030 Exchangeable Notes.
• Execution of long-term charter agreements for four vessels across the company's three brands.
• Equity offering of 3,358,098 ordinary shares to holders at a price of $19.06 per share.

Management's Perspective

Harry Sommer, President and CEO, commented on the results, emphasizing the company's solid start to 2025 and the continued momentum of their strategic initiatives. He highlighted the successful delivery of Norwegian Aqua and the planned enhancements at Great Stirrup Cay as key factors in enhancing the guest experience and driving future growth.

Future Outlook

The company provided guidance for the second quarter and full year 2025, maintaining its full-year Adjusted EBITDA and Adjusted EPS guidance. Key projections include:

• Full year 2025 Net Yield guidance on a Constant Currency basis expected to increase between 2.0% and 3.0% versus 2024.
• Adjusted Net Cruise Cost Excluding Fuel per Capacity Day expected to grow between 0% and 1.25% on a Constant Currency basis versus 2024.
• Full year 2025 Adjusted EBITDA expected to be approximately $2.72 billion.
• Adjusted EPS for the full year 2025 expected to be $2.05.

SEC Filing: Norwegian Cruise Line Holdings Ltd. [ NCLH ] - 8-K - Apr. 30, 2025