Core Viewpoint - Norwegian Cruise Line Holdings Ltd. (NCLH) is set to report its fourth-quarter 2025 results on March 2, with an earnings surprise of 3.5% in the last quarter [1] Earnings Estimates - The Zacks Consensus Estimate for fourth-quarter adjusted earnings is 28 cents per share, reflecting a year-over-year increase of 7.7% [2] - Revenue estimates are pegged at $2.35 billion, indicating an 11.5% year-over-year rise [2] Earnings Prediction Model - The current model does not predict a definitive earnings beat for NCLH, with an Earnings ESP of -4.06% and a Zacks Rank of 3 (Hold) [3][4] Factors Influencing Q4 Results - The fourth-quarter performance is expected to benefit from an increase in short sailings, with Caribbean itineraries projected to account for over half of total capacity, leading to improved load factors near 102% [5] - Core pricing remains resilient, particularly for first and second guests, allowing for net yield growth of approximately 3.5-4% despite lower blended pricing due to additional passengers [6] - Stronger onboard and pre-cruise spending, driven by enhanced digital capabilities and targeted marketing, is expected to boost ancillary revenue per passenger [7] Revenue and Profitability Projections - Passenger ticket revenues are predicted to rise by 18.1% to $1,663.8 million year-over-year, with the number of passengers carried increasing by 13.1% [8] - Profitability is likely to improve due to disciplined cost control, with adjusted net cruise costs excluding fuel remaining flat year-over-year, supporting a 19.4% growth in adjusted EBITA to $558.8 million [9][10] Stock Performance and Valuation - NCLH shares have increased by 30.6% over the past three months, outperforming the Zacks Leisure and Recreation Services industry and the S&P 500 [11] - The company is trading at a forward 12-month price-to-earnings ratio of 9.18X, which is below the industry average [14]