Norwegian Cruise Line sees Q1 adjusted EBITDA $515M

Q1 2026 adjusted EBITDA is expected to be approximately $515M and adjusted operational EBITDA margin for the quarter is expected to be approximately 29%. Q1 2026 Net Yield on a Constant Currency basis is expected to decline approximately 1.6% versus 2025 primarily due to the challenges of absorbing the company’s 40% year-over-year increase in capacity in the Caribbean as a result of a misalignment with the company’s commercial strategy at the Norwegian brand and the timing of the opening of the full slate of amenities at Great Stirrup Cay. Q1 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline approximately 0.8% on a Constant Currency basis versus 2025.