🔹 Adj. EPS: $0.07 (est. $0.09) 🔴
🔹 Revenue: $2.13B (est. $2.15B) 🔴 (–3% YoY)
🔹 EBITDA: $453M (Guide: $435M) 🟢
🔹 Occupancy: 101.5%
🔹 Gross margin/Capacity Day: +5% YoY
FY25 Guide:
🔹 Adj. EPS: $2.05 (est. $2.08) 🔴
🔹 Net Yield growth: 2.0%–3.0% (cut from ~3.0%)
🔹 Adj. EBITDA: ~$2.72B (unchanged, +11% YoY)
🔹 Net Leverage expected to end at ~5.0x
Operating Metrics:
🔹 Adjusted Net Cruise Cost ex-Fuel/Capacity Day: $169 (+2.9% YoY; better than guide of 3.9%)
🔹 Fuel expense: $175M at $687/MT, consumption in line
🔹 Net Debt: $13.8B; liquidity of $1.4B
🔹 Net Yield: +0.6% YoY as reported (+1.2% constant currency)
Strategic / Capital Updates:
🔸 Took delivery of Norwegian Aqua, the first Prima Plus Class ship
🔸 Announced enhancements to Great Stirrup Cay, including a multi-ship pier and premium experiences
🔸 Executed long-term charters with purchase options for four vessels across all brands
🔸 Completed equity raise and note exchange, reducing diluted share count by ~15.5M shares
🔸 Maintains FY25 guidance despite softening forward bookings and macro volatility
CEO Commentary:
🔸 “Solid start to the year... strong guest satisfaction and repeat rates underpin our confidence.” – CEO Harry Sommer
🔸 “Focused on cost control, long-term growth and disciplined capital allocation.” – CFO Mark Kempa