NCLH · Norwegian Cruise Line Holdings Ltd.
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. NCLH delivered Q2 profitability ahead of guidance on better unit costs and $100M of new annualized savings, but lowered full-year guidance on weaker demand at the Norwegian brand — now expecting full-year Net Yield down ~5%, Adjusted EBITDA of ~$2.5B, and Adjusted EPS of ~$1.50, with year-end net leverage expected above 6x.
- + CapEx inflection: capacity growth moderates to a 2.5% CAGR from 2026 to 2029, with gross newbuild-and-growth CapEx expected to decline by nearly $1B annually.
- + Full-year Adjusted NCC ex-fuel guidance improved to a decline of ~25 bps, better than previously guided.
- + Cash settlement of 2027 Exchangeable Notes is expected to reduce diluted share count by ~4M shares for full-year 2026.
- − Full-year 2026 Net Yield guided to the low end of the prior range, down ~5%, citing soft demand and below-optimal booked position.
- − Full-year Adjusted EBITDA cut to ~$2.5B and Adjusted EPS cut to ~$1.50, below prior expectations.
- − Q3 Net Yield guided down ~8.9% with demand pressure concentrated on European sailings (~39% of deployment), driven by elevated North America-sourced airfare.
- − Year-end 2026 net leverage now expected to end above 6x as a result of the revised EBITDA outlook.
- − First half of 2027 expected to have continued demand challenges, with the most pressure in Q1.
- − Company remains below its optimal booked position for the next 12 months due to demand generation challenges and the Middle East conflict.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Travel Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
NCLH
this stock
Norwegian Cruise Line Holdings Ltd.
|
$6.71B | -34.3% | +10.7% | — | 20.7% |
|
BKNG
Booking Holdings Inc.
|
$121.98B | — | +13.4% | 18.0 | 2.6% |
|
ABNB
Airbnb, Inc.
|
$93.83B | +18.4% | +10.3% | 34.9 | 2.4% |
|
RCL
Royal Caribbean Cruises Ltd
|
$64.91B | -4.7% | +3.3% | 15.0 | 3.8% |
|
VIK
Viking Holdings Ltd
|
$35.87B | +9.7% | — | — | 1.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| NCLH | +3.4% | -5.0% | -26.6% | -9.2% | -34.3% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | +4.1% | -5.1% | -38.7% | -8.6% | -46.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.