Comment: Key themes ahead of Norwegian‘s 2Q26

Research evidence excerpt

Comment: Key themes ahead of Norwegian‘s 2Q26

30 June 2026

Comment: Key themes ahead of Norwegian's 2Q26

Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com

Niall Mitchelson +44 20 7676 7144 niall.mitchelson@bernsteinsg.com

Lasith Siriwardana +44 20 7550 2191 lasith.siriwardana@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with

Norwegian, in the lead up to their 2Q26 reporting, and provide an update of the key themes on the company below.

• Reiterated guidance at -3.6% yields for Q2.

• Highlighted a wide range (200bps) for H2 reflecting different war outcomes. War did not end quickly so we expect direction is to low end

(sub -3% for FY).

• Q3 will be worse quarter. Consensus currently at -8%. Q4 will be sequentially better, but level of improvement will depend on success of

Great Stirrup Cay and renewed marketing strategy.

• NCLH were behind on booking curve at Q1 and macro/economy has not been favorable to a reacceleration. Weakest demand has been

US to Europe but high inflation and high gas prices impacting localized demand.

• K-shape alive and well, with Luxury brands (Regent and Oceania) unaffected. These are 15% of revenue.

Great Stirrup Cay

• Set to open on September 4th along with the pier. As no great marketing campaign around it, upside will be driven by influencer spread.

• 100 influencers on first sailing, expect hype to start from there.

2027 and beyond

• Business has a long booking curve, so missteps of the past take a long time. Hence 2027 seen as “transition year”.

• Two issues highlighted. (1) weak marketing campaign, and (2) stopped base loading. New CMO joined yesterday and base-loading

restarted but this will take time to fix.