Norwegian Cruise Line misses Q3 estimates, reaffirms outlook

Norwegian Cruise Line Holdings press release (NCLH): Q3 GAAP EPS of $0.86 misses by $0.25.
Revenue of $2.9B (+3.2% Y/Y) misses by $130M.
2025 Outlook

The Company reaffirmed Adjusted EBITDA and Adjusted Net Income full year 2025 guidance metrics. A summary of the updated full year guidance is provided below:
- 2025 full year Net Yield guidance on a Constant Currency basis is expected to increase approximately 2.4-2.5% versus 2024.
- 2025 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow approximately 0.75% on a Constant Currency basis versus 2024.
- 2025 full year Adjusted EBITDA guidance is unchanged and expected to be approximately $2.72 billion.
- Adjusted Operational EBITDA Margin guidance for the full year 2025 is unchanged and expected to be approximately 37%, a 150 basis point increase versus 2024.
- Full year Adjusted Net Income guidance is reiterated at approximately $1.045 billion. Adjusted EPS guidance is expected to be $2.10 compared to previous guidance of $2.05 (vs. consensus of $2.08)
- Net Leverage guidance is expected to end the year at ~5.3x compared to previous guidance of ~5.2x.
- The Company remains committed to achieving its 2026 Charting the Course financial targets.