Norwegian Cruise Line Holdings (NCLH.N): 2026 a Bridge Year...to Another Bridge Year...to a 2028 Turnaround

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Norwegian Cruise Line Holdings (NCLH.N): 2026 a Bridge Year...to Another Bridge Year...to a 2028 Turnaround

Norwegian Cruise Line Holdings (NCLH.N)

30 July 2026 Citi Research

clearest articulation yet of what management believes went wrong and how it

intends to fix it.

Great Stirrup Cay Nears Launch

Great Stirrup Cay remained a major focus for management. The Great Tides

Waterpark is expected to begin preview operations in early August, with a formal

grand opening scheduled for September 4. In addition, management expects the

island's new two-berth pier to be completed shortly, improving accessibility and

operational reliability.

Beyond the direct revenue opportunity associated with the waterpark itself,

management views Great Stirrup Cay as an important component of the broader

commercial recovery. The company believes the expanded destination offering

better aligns with the needs of premium families and provides a stronger marketing

platform as management works to rebuild awareness and demand.

Importantly, management noted that a much more substantial marketing

campaign centered around Great Stirrup Cay is expected to launch over the coming

weeks.

Cost Story Remains Strong

While the revenue story remains a work in progress, the cost story continues to

improve.

In addition to the approximately $125 million of annualized savings announced in

1Q, management identified another approximately $100 million of annualized run-

rate savings this quarter. Combined with earlier sourcing and shipboard initiatives,

NCLH has now identified more than $500 million of run-rate savings across the

organization.

The newly identified savings are largely centered around technology vendor

consolidation, outsourcing, compensation efficiencies, and other back-office

initiatives.