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Mar 31, 2025
Norwegian Cruise Line Q1 2025 Earnings Report
Norwegian Cruise Line reported a net loss despite surpassing adjusted EBITDA guidance in Q1 2025.
Key Takeaways
Norwegian Cruise Line posted a net loss of $40.3M in Q1 2025 but exceeded adjusted EBITDA expectations. Revenue declined slightly year-over-year, impacted by lower capacity days and foreign exchange losses. The company remained confident in its full-year guidance and continued fleet expansion.
Forward Guidance
Norwegian Cruise Line maintained its full-year 2025 adjusted EBITDA and EPS guidance despite softening booking trends and foreign exchange pressures.
Positive Outlook
- Adjusted EBITDA for FY25 expected at $2.72B, up 11% YoY
- Adjusted EPS guidance unchanged at $2.05
- Net leverage expected to end FY25 at approximately 5x
- Operational EBITDA margin projected at 37%
- Charting the Course 2026 financial targets remain on track
Challenges Ahead
- Softening in 12-month forward booking position
- Net yield guidance reduced to 2.0%–3.0% growth from ~3.0%
- FX headwinds impacted Q1 EPS by $0.05
- Pressure on top-line performance noted
- Occupancy slightly declined YoY due to Dry-dock capacity
Historical Earnings Impact
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Avg. Return Before/After Earnings
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