Norwegian Cruise 2Q26: Q2 beat, but FY EBITDA now 3% below consensus and soft booking commentary continues

Research evidence excerpt

Norwegian Cruise 2Q26: Q2 beat, but FY EBITDA now 3% below consensus and soft booking commentary continues

NSTEIN FLASHMAIL

30 July 2026

Richard J. Clarke, FCA

+44 20 7676 6850

Global Hotels & Leisure richard.clarke@bernsteinsg.com

Norwegian Cruise Line Holdings Ltd Niall Mitchelson

+44 20 7676 7144

Rating niall.mitchelson@bernsteinsg.com

Market-Perform Lasith Siriwardana

Price Target +44 20 7550 2191

lasith.siriwardana@bernsteinsg.com

NCLH 18.00 USD

Norwegian Cruise 2Q26: Q2 beat, but FY EBITDA now 3% below

consensus and soft booking commentary continues

Norwegian reported 2Q26 results this morning, there is a conference call at 8:30am ET. Q2 was a decent beat with $666m of EBITDA,

5% ahead of the street driven by a 1.2% beat on yield and a 1% beat on cost, offset by lower capacity. However, the FY commentary

and guidance is soft - with demand at the eponymous Norwegian brand still seen impacted by execution issues and the ongoing

conflict in the Middle East, with little expectation the new water parks rescues 2026. Net yield guidance is taken down to the -5% (vs

-3-5% previously) and EBITDA is trimmed to $2.5bn, 2% below the prior midpoint and 3% below consensus; EPS is 10% below the

street (but only 4.5% below our estimate). Most of this disappointment looks to be felt in Q4, with the Q3 EBITDA guide just 1% below

the street; despite a -8.9% yield guide (vs 7.8% street) with fuel expectations lower. RCL reported a fairly soft end to 2026 on Tuesday,

but offset this with a positive message on 2027, which NCLH will need to replicate on the call to offset the downgrade to 2026.

Q2: Revenue grew 4.9% with APCD up 8.9% and yields down 2.1%. Yields were better than expected by 1% while capacity was

behind resulting in in line revenue.