Meeting Takeaways...

Research evidence excerpt

Meeting Takeaways...

Consumer

NORWEGIAN CRUISE LINE (NCLH) June 15, 2026

Meeting Takeaways... Rating:

OutperformWe caught up with Norwegian's Sarah Inmon (VP of Investor Relations & Price:

Corporate Communications) and had the following takeaways: $19.43

Price Target:

●3Q yields are expected to be the softest of the year with some improvement in $21

4Q (although there is still capacity unsold here). % Upside:

●Revenue management improvement is likely Norwegian's biggest opportunity 8.1%

to improve yields, and NCLH has shifted towards getting 2027 on the right Source: FactSet, Wolfe Research

trajectory vs putting all effort on 2026 yield mgmt. Priced as of 06/12/26

●Marketing is still choppy at NCLH, with the team spending multiples more than

Greg Badishkanian

its peers on a capacity-adjusted basis. NCLH is still looking for a new CMO. gbadishkanian@wolferesearch.com

●The GSC Water Park and Pier are on track for a September 4th opening. (646) 582-9340

Management projects a +25bps yield lift in 2026 and +75bps in 2027 (remains View Greg’s Research

View NCLH Model

unchanged). View Comp Table

●Shoreside cost savings are still in focus. Personnel cuts, moving the Miami call

center, reduced consulting spend, and improved marketing efficiencies are all Catherine Lee clee@wolferesearch.com

areas of potential benefit. (646) 582-9341

3Q Yields Should be the Low Point of the Year With Some Improvement in 4Q. 3Q Spencer Hanus

is NCLH's seasonally weakest quarter given European exposure, Alaska headwinds, shanus@wolferesearch.com

and the absence of the new water park, and there should be better trends in 4Q (646) 582-9344

View Spencer’s Research

(although the implied guide still embeds yields down LSD). Norwegian acknowledged