Cruise - Trends Holding Up Heading into the 2H... 

Research evidence excerpt

Cruise - Trends Holding Up Heading into the 2H...

Leisure

Cruise - Trends Holding Up Heading into the 2H... June 4, 2026

Cruise booking and pricing trends continue to be resilient heading into the 2H26,

although we do think there has been some slight moderation in pricing over the

last few weeks. There is still capacity that needs to be absorbed for 4Q, and we

expect the geopolitical volatility will have an impact on pricing trends in the 1H

of 2027 given how the booking curve falls. That being said, our operators remain Greg Badishkanian

optimistic on 2027 with pricing tracking up +LSD gbadishkanian@wolferesearch.com

(646) 582-9340

Cruise Booking & Pricing Trends Continue to Hold Up Well. Demand and pricing View Greg’s Research

View Comp Tabletrends remain strong in the cruise industry despite macro headwinds. Pricing growth

is still in the LSD-MSD range depending on the operator, but it has ticked down Catherine Lee

clee@wolferesearch.com

~100bps over the last 4 weeks. While there has been some softening, operators (646) 582-9341

remain upbeat on 2027 where pricing is expected to track up +2-3%.

Spencer Hanus

Great Stirrup Cay Expansion Could Drive Better Yields in 4Q for NCLH; Operators shanus@wolferesearch.com

(646) 582-9344

Optimistic. While NCLH implied 4Q guidance suggests net yields will be down -LSD, View Spencer’s Research

operators are optimistic about the potential for a bump in premiums for cruises that

touch the island. With the expanded offering that closes the gap vs RCL's nearby Travistharbauer@wolferesearch.comHarbauer

CocoCay we should see better yield momentum. Before the war, NCLH was expecting (646) 582-9343

that the 4Q yields would be the run-rate for 2027 while the team has since walked Scott Stringer, CFA