Norwegian Cruise Line Holdings announces Q1 2025 financial results

Norwegian Cruise Line Holdings has recently released its financial report for the first quarter of 2025, showcasing a steady performance and confirming their full-year profitability forecast. The company reported a total revenue of $2.1 billion, with a GAAP net loss of ($40.3) million and an EPS of ($0.09). However, Adjusted EBITDA stood at $453 million, exceeding expectations, and Adjusted EPS was recorded at $0.07. Importantly, the company is maintaining its full-year 2025 Adjusted EBITDA and Adjusted EPS guidance despite potential volatility in the macroeconomic environment.

Norwegian Cruise Line Holdings continues to execute its “Charting the Course” strategy, focusing on long-term success and enhancing guest experience. The company introduced Norwegian Aqua, the first vessel in NCL’s Prima Plus Class, and carried out significant enhancements on Norwegian Bliss and Norwegian Breakaway. Additionally, plans to upgrade amenities at Great Stirrup Cay, the company’s private island destination in the Bahamas, are underway to enhance guest experiences on Caribbean voyages, alongside the construction of a new multi-ship pier.

Harry Sommer, the president and chief executive officer of Norwegian Cruise Line Holdings Ltd., expressed satisfaction with the performance in the first quarter of 2025. He highlighted the successful launch of Norwegian Aqua and the improvements made to existing vessels, reinforcing the commitment to providing exceptional vacations for guests. The company’s focus on long-term growth, cost efficiency, and guest satisfaction remains consistent, giving confidence in the future trajectory of the business.

Looking back at the first quarter of 2025, Norwegian Cruise Line Holdings generated a total revenue of $2.1 billion, marking a slight decrease compared to the same period in 2024. The decline was primarily attributed to reduced Capacity Days due to increased berths on larger ships in dry-dock and a strategic reduction in passenger air participation rates. Despite a GAAP net loss of ($40.3) million, there was a notable improvement in Gross margin per Capacity Day, which was up 5% from 2024. Net Yield growth also saw an increase over the previous year by approximately 0.6%.

Gross Cruise Costs per Capacity Day remained relatively stable at $297 in the first quarter of 2025, compared to $300 in 2024. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $169, showing a slight uptick from the previous year. Adjusted EBITDA for the quarter declined by 2% to $453 million, slightly below guidance due to foreign exchange losses. The company’s total debt stood at $14.0 billion, with Net Leverage at 5.7x, showing a marginal increase from the end of 2024 primarily due to the delivery of Norwegian Aqua.

Recent highlights for Norwegian Cruise Line Holdings include the successful refinancing of a significant portion of the 2025 Exchangeable Notes, along with equity offerings to strengthen the company’s financial position. The execution of long-term charter agreements for four vessels across different brands reflects the company’s commitment to expanding its fleet and offerings. Plans to enhance Great Stirrup Cay with new amenities further underscore Norwegian Cruise Line Holdings’ dedication to enriching the guest experience and solidifying its position in the cruise industry.