Debt RefinancingNCLH recently refinanced $3.4B of total debt in a series of transactions that pushes out maturities to 2030 and beyond from 2026/2027 previously.
Earnings PerformanceNorwegian Cruise Line Holdings reported 3Q25 Adjusted EBITDA of $1,019M, which was better than guidance and well ahead of last year's $931M.
Market PositionNCLH shares trade at a 40%-50% discount to industry leader RCL, which is considered overly exaggerated and could show material upside in NCLH shares as the valuation gap closes.