Core Insights - Norwegian Cruise Line Holdings Ltd. (NCLH) is strategically focusing on increasing Load Factors by offering more short-Caribbean itineraries and enhancing its private island, Great Stirrup Cay, to attract premium family demand [1][9] - The Load Factor reached 106.4% in Q3, with Q4 projected at approximately 101.9%, indicating strong operational performance [1] - Management anticipates occupancy levels in 2026 to return to or exceed 2024 levels, aiming for at least 105% [1] Pricing and Demand Trends - Despite a family-heavy mix that lowers per-diem pricing for additional guests, NCLH reports strong core pricing growth for the first two passengers per cabin [2] - The company expects low- to mid-single-digit net yield growth, consistent with its margin expansion strategy, supported by over 20% year-over-year growth in Q3 bookings across all brands [2] Great Stirrup Cay Developments - Great Stirrup Cay is undergoing phased expansions, including a multi-ship pier and a large pool complex, with a water park set to open in summer 2026 [3] - Approximately one-third of NCL guests are expected to visit the island next year, making it the most frequently visited destination for the company [3] Yield Expectations - Management expects enhancements at Great Stirrup Cay to provide a yield tailwind of roughly 25 basis points in 2026, increasing to approximately 100 basis points in 2027 [4] - A 40% increase in short sailings during Q1 2026 and Caribbean capacity exceeding 50% of the mix are designed to structurally lift margins [4] Peer Comparisons - Royal Caribbean Cruises Ltd. (RCL) is on track with its load factor and yield objectives, supported by strong booking trends and demand across brands [5] - Carnival Corporation & plc (CCL) is also aligned with its load factor and revenue goals, with fleetwide occupancy above historical ranges and a focus on balancing occupancy and pricing [6] Valuation and Earnings Estimates - NCLH shares have declined 26.7% in the past three months, compared to the industry's decline of 13.7% [7] - NCLH trades at a forward price-to-earnings ratio of 7.12, below the industry's average of 16.09 [11] - The Zacks Consensus Estimate for NCLH's earnings in 2025 and 2026 implies year-over-year increases of 14.8% and 27.2%, respectively, with EPS estimates for 2026 having increased in the past 60 days [12]

Q3 2025 Earnings Conference Call - November 4, 2025 FORWARD LOOKING STATEMENTS Some of the statements, estimates or projections contained in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this presentation, including, without li ...