Norwegian Cruise Line Holdings said total revenue decreased to $2.1 billion in 2025 compared to $2.2 billion in 2024, primarily due to a decrease in Capacity Days. The company said the decrease in Capacity Days was primarily related to an increase in Berths of larger ships in Dry-dock in 2025.

1. 01

   Norwegian Cruise Line Holdings said total revenue decreased to $2.1 billion in 2025 compared to $2.2 billion in 2024, primarily due to a decrease in Capacity Days. The company said the decrease in Capacity Days was primarily related to an increase in Berths of larger ships in Dry-dock in 2025.

2. 02

   Norwegian Cruise Line Holdings said that in January 2025, NCLC issued $1.8 billion aggregate principal amount of 6.750% senior unsecured notes and increased the Revolving Loan Facility from $1.2 billion to $1.7 billion. In April, holders exchanged $353.9 million of 2025 Exchangeable Notes for 0.875% 2030 Exchangeable Notes and an aggregate cash payment of $64.0 million.

3. 03

   Norwegian Cruise Line Holdings said that as of March 31, 2025, its liquidity was approximately $1.4 billion, including cash and cash equivalents of $184.4 million, $1.0 billion available under its Revolving Loan Facility and €200 million commitment that can be used for newbuild payments through July 2025.

4. 04

   Norwegian Cruise Line Holdings said that for Q1 2025, net cash provided by operating activities was $679.2 million (compared to $807.2 million in 2024), net cash used in investing activities was $1.5 billion and net cash provided by financing activities was $846.6 million. The company attributed both the investing activities use and financing activities inflow to the delivery of Norwegian Aqua.

Key figures

Quarter ended March 31, 2025

Revenue

$2.1B

Operating income

$201M

Net income

−$40M

EPS

−$0.09

Operating cash flow

$679M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.