Norwegian shares sink despite record quarter

Financial Performance - Norwegian Cruise Lines achieved record revenue, record IBIDA, and record bookings in the reported quarter, which is expected to positively impact 2026 results [3] - The company has expanded its IBIDA margin by 600 basis points over the last two years and anticipates an additional 200 basis points by 2026 [6] Strategic Focus - The company is shifting its focus to premium families within the NCL brand, while luxury brands (Oceanana Cruises and Regent Seven Seas Cruises) continue to target high-net-worth individuals [8][9][10] - The company's strategy of accommodating three to four people per cabin leads to better economics and improved margins compared to cabins with only two occupants [12] Booking Trends & Outlook - Q4 bookings are nearly complete, with ships substantially filled and an anticipated occupancy rate of 102% [14][15] - Booking strength is primarily for 2026 voyages across all three brands, indicating consumer optimism and a continued interest in experiences [3][15][16] - The company expects yields to grow in the low to mid single-digit range on a measured capacity growth basis [5]