Norwegian Cruise Line raises 2026 profit forecast after Q3 beat, shares rise 8.8% premarket

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) said on Oct. 29 that third-quarter 2026 adjusted earnings per share were $1.12, above its guidance of $0.90, and that it raised its full-year 2026 forecast.

Shares rose 8.8% in premarket trading as of 7:02 a.m. ET, from a previous regular-session close of $16.06.

Here's how the company did:

• Adjusted EPS: $1.12, against $1.20 a year earlier
• Revenue: $2.95 billion, against $2.94 billion a year earlier
• GAAP diluted EPS: $1.07, against 86 cents a year earlier
• Net income: $491.5 million, against $419.3 million a year earlier

The company said third-quarter results were driven primarily by stronger-than-expected close-in demand and onboard spend. Continued cost discipline also contributed to lower-than-expected unit costs.

2026 guidance

The company raised its full-year 2026 adjusted EBITDA forecast to about $2.55 billion, from the $2.5 billion it gave on July 30. Adjusted EPS is now expected to be about $1.70, up from about $1.50 in the July release.

Full-year Net Yield on a constant currency basis is expected to decline about 4.4% versus 2025, compared with the prior forecast of a decline of about 5%.

For the fourth quarter, Net Yield on a constant currency basis is unchanged from prior guidance, declining about 6.5%. The company expects fourth-quarter adjusted EBITDA of $414 million.

Booking and pricing

The company said its booked position for the next 12 months improved modestly since its last earnings release but remains below its optimal range. For 2027, it expects full-year Net Yield growth of 1% to 2%, with a meaningful acceleration in the second half.

"We delivered third quarter results that came in above guidance, all while continuing to strengthen our commercial capabilities, improve operating efficiency and enhance the guest experience," said John W. Chidsey, Chairperson and Chief Executive Officer. He added that "we are seeing the early signs of progress."

Cost and savings actions

The company announced additional run-rate savings of about $100 million, tied to guest and crew air optimization and changes in promotional offerings, which will phase in through 2028.

Balance sheet

As of Sept. 30, the company had total debt of $15.1 billion and net debt of $14.8 billion, with net leverage at 5.5 times. It completed a $950 million offering of senior notes due 2031 on Oct. 15.

"Reducing Net Leverage remains a top priority," said Mark A. Kempa, Executive Vice President and Chief Financial Officer.

Fleet changes

The company said it completed the sale of Oceania Sirena and entered into a charter agreement to continue operating that vessel through spring 2028. It also entered into a memorandum of agreement to sell Oceania Insignia, with expected delivery to the buyer in September 2027.

The company opened the Great Tides Waterpark on its private island, Great Stirrup Cay, in early September.

A regulatory filing showed the results and guidance. The company will hold a conference call on Oct. 29 at 8:30 a.m. ET.