NCLH's Profitability Profile Improves: Is the Turnaround Taking Hold?

Key Takeaways NCLH posted a 106.4% Q3 load factor and expects occupancy to remain above historical norms into 2026.Norwegian Cruise cites sub-inflationary cost growth and 600 bps of margin expansion since 2023.NCLH expects leverage to trend toward the mid-4x range as earnings grow and refinancing lowers financial risk.Norwegian Cruise Line Holdings Ltd. (NCLH) is positioning 2026 as a pivotal year in its multi-year recovery, with management signaling that operational improvements are beginning to translate ...