Norwegian Cruise Line Holdings Ltd. reported financial results for the first quarter ended March 31, 2025, with Net income of $40.3 million ($0.09 EPS) and Adjusted Net Income of $30.5 million ($0.07 Adjusted EPS). Total revenue decreased 2.9% year-over-year to $2.10 billion, primarily due to fewer Capacity Days resulting from increased drydock activity for larger ships.
Net Yield saw a modest increase to $279.51 from $277.86. The company noted a 'softening' in its 12-month forward booked position, particularly for Q3 European itineraries from North America, which management attributed to potential hesitancy for long-haul trips in the current macroeconomic environment.
Despite these pressures, NCLH maintained its full-year 2025 Adjusted EBITDA guidance at $2.72 billion and Adjusted EPS guidance at $2.05. This is underpinned by the expectation that continued execution and acceleration of cost savings initiatives will largely offset any revenue headwinds. Net Leverage temporarily increased to 5.7x due to the Norwegian Aqua delivery but is expected to decline to approximately 5x by year-end 2025.
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