Norwegian Cruise Line Holdings Non-GAAP EPS of $0.28 beats by $0.01, revenue of $2.2B misses by $140M

Norwegian Cruise Line Holdings press release (NCLH): Q4 Non-GAAP EPS of $0.28 beats by $0.01.
Revenue of $2.2B (+6% Y/Y) misses by $140M.
Generated total revenue of $2.2 billion, a 6% increase compared to the fourth quarter of 2024, primarily driven by higher Capacity Days.
Gross Cruise Costs per Capacity Day was approximately $272, compared to $286 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $159 on an as reported basis and $158 on a Constant Currency basis, and was up 0.9% on an as reported basis and 0.2% on a Constant Currency basis compared to $158 in 2024.
2026 full year Net Yield on a Constant Currency basis is expected to be approximately flat versus 2025 while the Company works to improve execution of its commercial strategy.
2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow approximately 0.9% on a Constant Currency basis versus 2025, marking the third consecutive year of sub-inflationary unit cost performance.
- Guidance:
2026 full year Adjusted EBITDA is expected to be approximately $2.95 billion.
Adjusted Operational EBITDA Margin for the full year 2026 is expected to be approximately 37%.
Full year Adjusted Net Income is expected to be approximately $1.12 billion. Adjusted EPS is expected to be $2.38 vs $2.60 consensus
Net Leverage is expected to end the year at ~5.2x.
Shares -7.5% PM.