Slides
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- October 29, 2026 Q3 2026 Earnings Conference Call
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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 limitation, our expectations regarding our results of operations, future financial position, including our liquidity requirements and future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, including with respect to refinancing, amending the terms of, or extending the maturity of our indebtedness, our ability to comply with covenants under our debt agreements, expectations regarding our exchangeable notes, valuation and appraisals of our assets, expectations regarding our deferred tax assets, and valuation allowances, expected fleet additions and deliveries and ship sales, including expected timing and impact thereof, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program, decarbonization efforts and alternative fuel sources and related regulation may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment, tariff increases and trade wars, the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild-related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; shareholder activism and/or proxy contests; the unavailability of ports of call and the impacts of port and destination fees and expenses; future increases in the price of, or major changes, disruptions or reductions in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new and existing regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, geopolitical conflict, armed conflict or threats thereof, acts of piracy, and other international events; public health crises, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our reliance on third parties to provide hotel management services for certain ships, technology services and certain other critical services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets, businesses and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we currently consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. You are cautioned not to place undue reliance on the forward-looking statements included in this presentation, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law. F O R W A R D L O O K I N G S T A T E M E N T S 2
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~3.5M 2026 EXPECTED GUESTS CARRIED N C L H A T A G L A N C E 3 ~5% of Capacity Days~10% of Capacity Days 7 Ships2 | ~6,900 Berths ~85% of Capacity Days 20 Ships2 | ~61,300 Berths 1. The third and fourth Sonata Class ships for Oceania Cruises, as well as the third Prestige Class ship for Regent Seven Seas C ruises have effective contracts, but have not yet been financed. Contracts for the fourth Prestige Class ship for Regent Seven Seas Cruises, fifth Sonata Class ship for Oceania Cruises and fifth New Class ship for Norwegian Cruise Line will become effe ctive upon financing. Expected delivery dates are preliminary and subject to change. 2. Excludes long-term charters for 1 Norwegian ship and 1 Oceania ship. 6 Ships | ~4,100 Berths 33 SHIPS IN FLEET 16 SHIPS ON ORDER 1 ~$10B 2026 EXPECTED REVENUE 7 Ships on order1 5 Ships on order1 4 Ships on order1
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T H E F O U N D A T I O N S O F O U R T U R N A R O U N D We are sailing forward to deliver growth, enhance the customer experience, and unlock shareholder value 4 S T R E N G T H E N I N G Revenue Performance Improving revenue management Strengthening marketing effectiveness & demand generation I M P R O V I N G Operating Efficiency Streamlining processes and improving productivity Investing selectively in technology and commercial capabilities E L E V A T I N G Guest Experience Simplifying the digital journey Strengthening guest satisfaction
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5 A D V A N C I N G N C L ’ S B R A N D P O S I T I O N I N G & M A R K E T I N G E F F E C T I V E N E S S Focused on Premium Families and Seasoned Travelers Significant share of both have never cruised, representing significant opportunity “Cruise without compromise” Built on strategic pillars of freedom, choice, and hospitality The best vacation is where no one has to settle Leveraging Media Mix Modeling to optimize investment Balancing near-term commercial outcomes with long- term brand building Reallocating media investment to the top of the funnel Increasing visibility through social media, high-profile media and brand activations Clarified Target Customer Refined Brand Positioning Improving Marketing Efficiency Expanding Brand Awareness
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2027 SEASON VS. 2026 Stronger close-in demand has improved forward booked position, but remains behind optimal range 2027 pricing remains ahead across all quarters compared to 2026 sailings at the same time last year Implemented a base-loading strategy across majority of 2H 2027 sailings and all 2028 sailings 2H27 bookings tracking in-line with prior year B O O K I N G U P D A T E 6 1H27 2H27 Booked Position for 2027 Booked Position for 2026 2027 Booked Position (Compared to same time last year)
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G R E A T S T I R R U P C A Y G A R N E R I N G A T T E N T I O N 7 E X E C U T I O N D E L I V E R E D Two-berth Pier Great Tides Waterpark Vibe Beach, Great Tides Lagoon & Other Amenities O P E N O P E N O P E N S T R O N G G U E S T R E S P O N S E R E C O R D- B R E A K I N G L A U N C H Creator Content Generated 90% of guests surveyed would recommend Great Tides Waterpark 275M V I E W S 2,500+ P O S T S H I G H E S T- R A T E D A M E N I T Y O N I S L A N D Of all amenities offered at Great Stirrup Cay, Great Tides Waterpark is the highest rated by guests
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S E V E N S E A S P R E S T I G E – D E B U T I N G D E C E M B E R 2 0 2 6 8 Regent’s first new ship class in a decade Launch-day bookings above the prior record set by Seven Seas Splendor in 2018. +26% R E C O R D L A U N C H D E M A N D Already reserved on over 70% of 2027 Sailings The largest all-inclusive ultra-luxury cruise ship suite in history. $25,000+ U N P R E C E D E N T E D L U X U R Y PER NIGHT · SKYVIEW REGENT SUITE Prestige is booked at record pricing for Regent Seven Seas, garnering meaningful premiums compared to the rest of the fleet. P R E M I U M P O S I T I O N I N G PRICING PREMIUM
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9 Q 3 2 0 2 6 R E S U L T S O V E R V I E W Q3 2026 GUIDANCE ACTUALS VS GUIDANCE Occupancy ~104.0% 106.5% ✓ Net Yield1 Change (8.9%) (6.7%) ✓ Adjusted Net Cruise Cost ex. Fuel Change1 (0.9%) (2.3%) ✓ Adjusted EBITDA $874M $937M ✓ Adjusted Net Income $414M $514M ✓ Adjusted EPS2 $0.90 $1.12 ✓ 1. Net Yield and Adjusted Net Cruise Cost Excluding Fuel per Capacity Day expressed in Constant Currency. 2. Based on guidance and using diluted weighted-average shares outstanding of approximately 461 million for Q3 2026 guidance. Actual results use diluted weighted-average shares outstanding of approximately 460 million. Q3 2026 Performance Ahead of Expectations
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10 Q 4 & F Y 2 0 2 6 G U I D A N C E O V E R V I E W Q4 2026 GUIDANCE FULL YEAR 2026 GUIDANCE Occupancy ~100.0% ~103.2% Net Yield1,2 Change ~(6.5%) ~(4.4%) Adjusted Net Cruise Cost ex. Fuel1 Change ~1.7% ~(0.4%) Adjusted EBITDA ~$414M ~$2.55B Adjusted Net Income ~($55M) ~$789M Adjusted EPS3 ~($0.12) ~$1.70 1. Net Yield and Adjusted Net Cruise Cost Excluding Fuel per Capacity Day expressed in Constant Currency. Additional guidance metrics can be found in the Appendix and in the Company’s earnings release. 2. Q4 Net Yield outlook includes the unfavorable mix impact due to the delayed delivery of Seven Seas Prestige to late December and the cancellation of select voyages on Seven Seas Voyager transiting the Suez Canal. 3. Based on guidance and using diluted weighted-average shares outstanding of approximately 459 million for Q4 and 463 million FY 2026.
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11 E X E C U T I N G O N E F F I C I E N C I E S ~$100 2023-2026 Shipboard Cost Savings >$300 SG&A Savings Announced in Q1 ‘26 ~$125 Over $600 million in run-rate savings identified with more expected to come 1. Majority of savings are primarily from capital expenditures. Total Run-rate Savings >$625 Guest & Crew Air Optimization + Other Promotional Offerings ~$100 Technology Vendor Consolidation and Outsourcing + Other SG&A1 Q2 ‘26
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12 D E L I V E R I N G S U B- I N F L A T I O N A R Y C O S T G R O W T H F O R A T H I R D C O N S E C U T I V E Y E A R Adjusted Net Cruise Cost ex. Fuel per Capacity Day1,2 +1.0% 2025 $162 2023 $154 2024 $155 $1603+~0.8% ~(0.4)% 1. Historical Adjusted Net Cruise Costs ex. Fuel per Capacity Day expressed as reported. Estimates expressed in Constant Currency. 2. Adjusted Net Cruise Costs Excluding Fuel represents a non‐GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 3. 2024 excludes $5 impact related to higher dry-dock days. Improving our 2026 outlook by nearly 150 bps throughout the year 2026E $161 Initial FY26 guidance of +~1% $163
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Note: The Company took delivery of Norwegian Luna in March 2026 and expects to take delivery of one more ship this year. We Expect Improvements in Cash Flow by 2028, Reinforcing our Priority to Deleverage 2029 N O R M A L I Z E D N E W B U I L D A N D G R O W T H C A P E X L E V E L S E X P E C T E D B Y 2 0 2 8 13 $2.6B $.7B $2.6B $2.9B $3.1B $1.8B 2023 2024 2025 2026 2027 2028
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$0.2 $1.1 $0.8 $1.4 $3.8 $2.8 2026 2027 2028 2029 2030 2031 ECA Loans, Capital Leases & Other Exchangeable Notes Senior Unsecured Notes Revolving Credit Facility $2.8 14 P R O F O R M A D E B T M A T U R I T Y P R O F I L E Note: All future repayments, total debt amounts and certain variable interest rates are forward-looking and involve risks and uncertainties and are subject to change based on future events. These statements should be considered in conjunction with the Cautionary Statement Concerning Forward-Looking Statements contained in our Q3 2026 earnings release. 1. Reflects drawn Revolving Credit Facility balance as of 09/30/2026 on a pro forma basis. $2.8 billion Revolving Credit Facility matures in 2030, which is expected to be refinanced prior to maturity. Recent refinancing addressed near-term maturity of unsecured notes due 2028 (1) As of 9/30/2026 – Pro forma basis ($ billions)
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S L I D E H E L P 1. To change the photo, go to the Design tab, click Format Background, and click the Insert button under Fill (with Picture or Texture Fill selected) 2. If the image is distorted, you can correct this easily and fill the picture box shape keeping the image in its original proportions Picture Format > Crop > Fill 3. To change the styling of the active section, under the Home tab, click the Increase List Level once (the icon with 4 horizontal lines and arrow pointing to the right, indenting two lines) C H A N G E P H O T O 15 APPENDIX
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16 O U T L I N I N G T H E F L E E T C u r r e n t F l e e t 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 7 A d d e d t h r o u g h 2 0 3 7 Norwegian Aura2 Norwegian Bella2 New Class 1 New Class 2 New Class 33 New Class 43 New Class 53 Norwegian Sky1 Norwegian Sun1 2 L e a v i n g t h e f l e e t Oceania Sonata Oceania Arietta Sonata Class 33 Sonata Class 43 Sonata Class 53 Oceania Regatta1 Oceania Insignia1 Oceania Sirena1 4 A d d e d t h r o u g h 2 0 3 7 Seven Seas Prestige Seven Seas Prestige Class 2 Seven Seas Prestige Class 33 Seven Seas Prestige Class 43 Seven Seas Navigator1 1 L e a v i n g t h e f l e e t 20 ships 7 ships 6 ships 1. Ships noted as leaving the fleet reflect current expectations and are subject to change. The Company executed long -term charter agreements, each inclusive of purchase options, for Norwegian Sky which began in September 2026, and Norwegian Sun and Seven Seas Navigator beginning in 2027. Separately, Oceania Regatta commenced a two -year time charter in September 2026, which does not include a purchase option. At the conclusion of the initial term, the charter may be extended for multiple years or, alternatively, the vessel may be sold to a third -party cruise operator. In July 2026, we entered into a memorandum of agreem ent for the sale of Oceania Sirena, which closed during the third quarter of 2026. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. In October 2026, we entered into a memorandum of agreemen t for the sale of Oceania Insignia. The delivery to the buyer is expected to take place in September 2027. We are currently contemplating additional long-term charters and ship sales. 2. Designs for the final two Prima Class ships have been lengthened and reconfigured to accommodate the use of green methanol as a future fuel source. Additiona l modifications will be needed to fully enable the use of green methanol. 3. The third and fourth Sonata Class ships for Oceania Cruises, as well as the third Prestige Class ship for Regent Seven Seas C ruises have effective contracts, but have not yet been financed. Contracts for the fourth Prestige Class ship for Regent Seven Seas Cruises, fifth Sonata Class ship for Oceania Cruises and fifth New Class ship for Norwegian Cruise Line will become effective upon financing. Expected delivery dates are preliminary and subject to change.
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SHIPS ON ORDER 24.4 26.2 27.0 27.6 28.0 29.1 2025 2026E 2027E 2028E 2029E 2030E 2036E Capacity net of long-term charters Gross Capacity 4% CAGR3 4% CAGR3 Gross 28.2 Gross 29.9 Gross 30.3 Gross 31.4 1. The third and fourth Sonata Class ships for Oceania Cruises, as well as the third Prestige Class ship for Regent Seven Seas Cruises have effective contracts, but have not yet been financed. Contracts for the fourth Prestige Class ship for Regent Seven Seas Cruises, fifth Sonata Class ship for Oceania Cruises and fifth New Class ship for Norwegian Cruise Line will become effective upon financing. Expected delivery dates are preliminary and subject to change. 2. Ships noted as leaving the fleet reflect current expectations and are subject to change. The Company executed long-term charter agreements, each inclusive of purchase options, for Norwegian Sky which began in September 2026, and Norwegian Sun and Seven Seas Navigator beginning in 2027. Separately, Oceania Regatta commenced a two-year time charter in September 2026, which does not include a purchase option. At the conclusion of the initial term, the charter may be extended for multiple years or, alternatively, the vessel may be sold to a third-party cruise operator. In July 2026, we entered into a memorandum of agreement for the sale of Oceania Sirena, which closed during the third quarter of 2026. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. In October 2026, we entered into a memorandum of agreement for the sale of Oceania Insignia. The delivery to the buyer is expected to take place in September 2027. We are currently contemplating additional long-term charters and ship sales. 3. CAGR calculated on net capacity growth Note: Information is based on currently scheduled dates. Timing of delivery of newbuilds is subject to change and additional delivery delays may occur due to circumstances including, but not limited to, macroeconomic/ world events and potential modifications the Company may make to its newbuilds, including potential initiatives to improve environmental sustainability. Gross Capacity Growth (M)1,2 7 New Ships 1 ~33,000 Berths 5 New Ships 1 ~6,950 Berths 4 New Ships 1 ~3,290 Berths M E A S U R E D G R O W T H T O T O P & B O T T O M- L I N E R E S U L T S E X P E C T E D 17
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O U T L O O K 18 $ Millions unless otherwise noted Q4 2026 FY 2026 Depreciation & Amortization ~$280M ~$1,083M Interest Expense, net1 ~$188M ~$695M Other Capital Expenditures ~$96M ~$540M Fuel Consumption (metric tons) ~255,000 ~1,001,000 Fuel Price Per Metric Ton (net of hedges) ~$803 ~$788 Fuel - Hedge program as of 10/15/2026 FY 2026 FY 2027 Blended Hedge Price / Metric Ton2 $506 $559 Total % of Consumption Hedged 48% 42% $ Billions unless otherwise noted Q4 2026 FY 2026 FY 2027 Newbuild-and-Growth Capital Expenditures, Gross3 ~$1.1B ~$2.9B ~$3.1B Export Credit Financing for Newbuild-and-Growth Capital Expenditures ~$0.6B ~$1.6B ~$2.0B Newbuild-and-Growth Capital Expenditures, Net of Financing ~$0.5B ~$1.3B ~$1.1B 1. Interest expense excluding debt extinguishment and modification costs. 2. Includes derivatives representing accounting hedges as well as economic hedges. Total fuel consumption for the full year 2026 is expected to comprise mainly of heavy fuel oil and marine gas oil, as well as other fuel types. 3. Includes all newbuild related capital expenditures including shipyard progress payments. Note: Numbers may not add due to rounding.
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I L L U S T R A T I V E D I L U T E D S H A R E C O U N T M O D E L I N G 19 Diluted Share Count Scenarios (m) 1,2 Q4 2026 FY 2026 Hypothetical Share Price1 $26.21 or less 459 463 $28 460 464 $30 461 465 $32 462 465 $34 462 466 $36 465 469 $38 467 471 $40 470 474 Interest Addback ($M)3 $0 $2 1. Estimates provided for a range of scenarios for illustrative purposes only. Shares outstanding are based upon several estimates and assumptions. The number of shares in actual calculations of earnings per share will likely be different from those set forth above. Although settlement continues beyond $40 per share, we have not presented further data. 2. Basic share count expected to be ~459 million shares for Q4 2026, and ~459 million shares for full year 2026. 3. Interest addback for earnings per diluted share, net of taxes.
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F L E E T E X P A N S I O N D E T A I L S 1. Berths and gross tons are preliminary and subject to change as we approach delivery. 2. Designs for the final two Prima Class ships have been lengthened and reconfigured to accommodate the use of green methanol as a future fuel source. Additional modifications will be needed to fully enable the use of green methanol. 3. The third and fourth Sonata Class ships for Oceania Cruises, as well as the third Prestige Class ship for Regent Seven Seas C ruises have effective contracts, but have not yet been financed. Contracts for the fourth Prestige Class ship for Regent Seven Seas Cruises, fifth Sonata Class ship for Oceania Cruises and fifth New Class ship for Norwegian Cruise Line will become effe ctive upon financing. Expected delivery dates are preliminary and subject to change. 20 YEAR BRAND DETAIL GROSS TONS 1 BERTHS 1 Q4 2026 Regent Seven Seas Seven Seas Prestige ~77,000 ~822 2027 Norwegian Cruise Line Norwegian Aura2 ~170,000 ~3,880 2027 Oceania Cruises Oceania Sonata ~86,000 ~1,390 2028 Norwegian Cruise Line Norwegian Bella2 ~170,000 ~3,920 2029 Oceania Cruises Oceania Arietta ~86,000 ~1,390 2030 Norwegian Cruise Line New Class 1 ~227,000 ~5,000 2030 Regent Seven Seas Seven Seas Prestige Class 2 ~77,000 ~822 2032 Oceania Cruises Sonata Class 33 ~86,000 ~1,390 2032 Norwegian Cruise Line New Class 2 ~227,000 ~5,000 2033 Regent Seven Seas Seven Seas Prestige Class 33 ~77,000 ~822 2034 Norwegian Cruise Line New Class 3 ~227,000 ~5,000 2035 Oceania Cruises Sonata Class 43 ~86,000 ~1,390 2036 Norwegian Cruise Line New Class 4 ~227,000 ~5,000 2036 Regent Seven Seas Seven Seas Prestige Class 43 ~77,000 ~822 2037 Norwegian Cruise Line New Class 53 ~227,000 ~5,000 2037 Oceania Cruises Sonata Class 53 ~86,000 ~1,390
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N C L H D E P L O Y M E N T M I X – 2 0 2 6 Note: Based on voyage plan as of 10/9/2026. 21 2026 Q1 Q2 Q3 Q4 FY Alaska 0% 14% 23% 1% 10% Asia/Africa/Pacific 12% 7% 1% 9% 7% Bermuda 1% 12% 10% 3% 6% Caribbean 67% 27% 18% 51% 40% Europe 0% 26% 39% 13% 20% Hawaii 3% 3% 3% 3% 3% Other 18% 12% 7% 20% 14% TOTAL 100% 100% 100% 100% 100% Deployment Mix Variance vs 2025 Q1 Q2 Q3 Q4 FY Alaska 0% (5%) 0% (2%) (2%) Asia/Africa/Pacific (7%) (4%) (5%) 1% (4%) Bermuda 0% 4% 2% 2% 2% Caribbean 13% 8% 9% 10% 10% Europe (1%) (6%) (6%) (7%) (5%) Hawaii (0%) 1% (0%) (1%) (0%) Other (5%) 2% 0% (4%) (2%)
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22 2027 Q1 Q2 Q3 Q4 FY Alaska 0% 13% 20% 2% 9% Asia/Africa/Pacific 11% 6% 4% 10% 8% Bermuda 1% 12% 10% 3% 6% Caribbean 67% 25% 20% 50% 40% Europe 1% 27% 37% 14% 20% Hawaii 3% 3% 3% 3% 3% Other 17% 14% 6% 19% 14% TOTAL 100% 100% 100% 100% 100% N C L H D E P L O Y M E N T M I X – 2 0 2 7 Deployment Mix Variance vs 2026 Q1 Q2 Q3 Q4 FY Alaska 0% (0%) (3%) 1% (1%) Asia/Africa/Pacific (0%) (1%) 3% 0% 0% Bermuda 0% 0% (0%) (0%) (0%) Caribbean 1% (2%) 2% (1%) 0% Europe 1% 1% (1%) 1% 0% Hawaii (0%) (0%) (0%) (0%) (0%) Other (1%) 2% (1%) (1%) (0%) Note: Based on voyage plan as of 10/9/2026.
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23 DEFINITIONS AND NON -GAAP INFORMATION AND RECONCILIATION
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24 Non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing operating performance, financial position or cash flows. The Company does not provide certain estimated future results on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP.
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Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other supplemental adjustments. Adjusted EPS. Adjusted Net Income divided by the number of diluted weighted- average shares outstanding. Adjusted Gross Margin. Gross margin adjusted for payroll and related, fuel, food, other and ship depreciation inclusive of any loss on disposal of ships. Gross margin is calculated pursuant to GAAP as total revenue less total cruise operating expense and ship depreciation inclusive of any loss on disposal of ships. Adjusted EBITDA Margin. Adjusted EBITDA divided by revenue. Adjusted Net Cruise Cost Excluding Fuel. Net Cruise Cost Excluding Fuel adjusted for supplemental adjustments. Adjusted Net Income. Net income, adjusted for the effect of dilutive securities and other supplemental adjustments. Adjusted Operational EBITDA Margin. Adjusted EBITDA divided by Adjusted Gross Margin. Adjusted ROIC. An amount expressed as a percentage equal to (i) Adjusted EBITDA less depreciation and amortization plus other supplemental adjustments, divided by (ii) the sum of total long-term debt, including the short-term portion thereof, and shareholders’ equity as of the end of a respective quarter, averaged for the most recent five fiscal quarters ending with the last date of the applicable fiscal year. Berths. Double occupancy capacity per cabin (single occupancy per studio cabin) even though many cabins can accommodate three or more passengers. Capacity Days. Berths available for sale multiplied by the number of cruise days for the period for ships in service excluding ships on long-term charters to third parties. Constant Currency. A calculation whereby foreign currency-denominated revenues and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of foreign exchange fluctuations. Dry-dock. A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line. EBITDA. Earnings before interest, taxes, and depreciation and amortization. Net Cruise Cost. Gross Cruise Cost less commissions, transportation and other expense and onboard and other expense. Net Debt. Long-term debt, including current portion, less cash and cash equivalents. Net Leverage. Net Debt divided by Adjusted EBITDA for the trailing twelve-months. Net Per Diem. Adjusted Gross Margin divided by Passenger Cruise Days. Net Yield. Adjusted Gross Margin per Capacity Day. Occupancy, Occupancy Percentage or Load Factor. The ratio of Passenger Cruise Days to Capacity Days. A percentage greater than 100% indicates that three or more passengers occupied some cabins. Passenger Cruise Days. The number of passengers carried for the period, multiplied by the number of days in their respective cruises excluding ships on long-term charters to third parties. Revolving Loan Facility. Our senior secured revolving credit facility among NCLC, as borrower, the subsidiary guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. The revolving credit facility was increased from approximately $2.5 billion as of September 30, 2026 to approximately $2.8 billion in October 2026. D E F I N I T I O N S 25
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N O N- G A A P R E C O N C I L I N G I N F O R M A T I O N 26 (UNAUDITED) (1) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense and other income (expense), net. (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. (3) Incremental expenses related to activist investor activities, which are not associated with ongoing operations and are included in marketing, general and administrative expense. (4) Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense. (5) Losses on extinguishment of debt and modification of debt are included in interest expense, net. (6) Net gains and losses for foreign currency remeasurements of our euro-denominated debt principal included in other income (expense), net. (7) A loss on disposal related to the sale of Oceania Sirena, which is included in depreciation and amortization expense. Adjusted EPS was calculated as follows (in thousands, except share and per share data): Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Net income $491,465 $419,295 Effect of dilutive securities - exchangeable notes - 7,287 Net income and assumed conversion of exchangeable notes $491,465 $426,582 Non-GAAP Adjustments: Non-cash deferred compensation (1) 1,103 988 Non-cash share-based compensation (2) 21,321 18,418 Professional advisory fees (3) 150 - Restructuring costs (4) 2,710 - Extinguishment and modification of debt (5) - 154,486 Net foreign currency adjustments on euro-denominated debt (6) (19,815) (4,662) Loss on ship disposal (7) 16,825 - Adjusted Net Income $513,759 $595,812 Diluted weighted-average shares outstanding -Net income 460,423,326 495,727,378 Diluted weighted-average shares outstanding - Adjusted Net Income 460,423,326 495,727,378 Diluted EPS $1.07 $0.86 Adjusted EPS $1.12 $1.20
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N O N- G A A P R E C O N C I L I N G I N F O R M A T I O N 27 (UNAUDITED) (1) Primarily consists of gains and losses, net for foreign currency remeasurements. (2) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense. (3) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. (4) Incremental expenses related to activist investor activities, which are not associated with ongoing operations and are included in marketing, general and administrative expense. (5) Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense. Adjusted EBITDA is calculated as follows (in thousands): Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Net income $491,465 $419,295 Interest expense, net 170,544 328,816 Income tax expense (benefit) (6,834) 14,341 Depreciation and amortization expense 287,703 250,832 EBITDA $942,878 $1,013,284 Other (income) expense, net1 (30,901) (13,003) Non-cash deferred compensation2 614 553 Non-cash share-based compensation3 21,321 18,418 Professional advisory fees4 150 - Restructuring costs5 2,710 - Adjusted EBITDA $936,772 $1,019,252 Adjusted EBITDA $936,772 $1,019,252 Total Revenue $2,946,763 $2,938,142 Adjusted EBITDA Margin 31.8% 34.7% Adjusted EBITDA $936,772 $1,019,252 Adjusted Gross Margin $2,162,908 $2,194,159 Adjusted Operational EBITDA Margin 43.3% 46.5%
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N O N- G A A P R E C O N C I L I N G I N F O R M A T I O N 28 (UNAUDITED) Adjusted Gross Margin, Net Per Diem, and Net Yield were calculated as follows (in thousands, except Passenger Cruise Days and Net Per Diem Data): Three Months Ended September 30, 2026 Constant Currency compared to 2025 Three Months Ended September 30, 2025 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Total revenue $2,946,763 $2,940,593 $2,938,142 $9,827,592 $9,479,651 Less: Total cruise operating expense 1,667,668 1,665,552 1,554,859 5,639,163 5,688,696 Less: Ship depreciation 266,348 266,348 229,579 902,012 825,493 Gross Margin $1,012,747 $1,008,693 $1,153,704 $3,286,417 $2,965,462 Ship depreciation 266,348 266,348 229,579 902,012 825,493 Payroll and related 390,315 390,261 355,396 1,403,056 1,344,718 Fuel 195,733 195,691 175,913 675,887 698,050 Food 92,043 92,029 81,866 315,460 312,992 Other 205,722 204,618 197,701 774,032 753,940 Adjusted Gross Margin $2,162,908 $2,157,640 $2,194,159 $7,356,864 $6,900,655 Passenger Cruise Days 7,204,938 7,204,938 6,828,243 25,278,352 24,593,331 Capacity Days 6,766,454 6,766,454 6,417,724 24,433,624 23,445,397 Total revenue per Passenger Cruise Day $408.99 $408.14 $430.29 $388.78 $385.46 Gross margin per Passenger Cruise Day $140.56 $140.00 $168.96 $130.01 $120.58 Net Per Diem $300.20 $299.47 $321.34 $291.03 $280.59 Gross margin per Capacity Day $149.67 $149.07 $179.77 $134.50 $126.48 Net Yield $319.65 $318.87 $341.89 $301.10 $294.33
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N O N- G A A P R E C O N C I L I N G I N F O R M A T I O N 29 (UNAUDITED) (1) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense. (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. (3) Incremental expenses related to activist investor activities, which are not associated with ongoing operations and are included in marketing, general and administrative expense. (4) Severance and other related fees associated with certain employee terminations, including non-cash share-based compensation expense related to accelerated vesting for a former executive, net of forfeitures, which are included in marketing, general and administrative expense. Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data): Three Months Ended September 30, 2026 Constant Currency compared to 2025 Three Months Ended September 30, 2025 Total cruise operating expense $1,667,668 $1,665,552 $1,554,859 Marketing, general and administrative expense 367,118 367,130 383,002 Gross Cruise Cost $2,034,786 $2,032,682 $1,937,861 Less: Commissions, transportation and other expense 547,675 546,773 521,981 Less: Onboard and other expense 236,180 236,180 222,002 Net Cruise Cost $1,250,931 $1,249,729 $1,193,878 Less: Fuel expense 195,733 195,691 175,913 Net Cruise Cost Excluding Fuel $1,055,198 $1,054,038 $1,017,965 Less: Non-cash deferred compensation (1) 614 614 553 Less: Non-cash share-based compensation (2) 21,321 21,321 18,418 Less: Professional advisory fees (3) 150 150 - Less: Restructuring costs (4) 2,710 2,710 - Adjusted Net Cruise Cost Excluding Fuel $1,030,403 $1,029,243 $998,994 Capacity Days 6,766,454 6,766,454 6,417,724 Gross Cruise Cost per Capacity Day $300.72 $300.41 $301.95 Net Cruise Cost per Capacity Day $184.87 $184.69 $186.03 Net Cruise Cost Excluding Fuel per Capacity Day $155.95 $155.77 $158.62 Adjusted Net Cruise Cost Excluding Fuel per Capacity Day $152.28 $152.11 $155.66
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N O N- G A A P R E C O N C I L I N G I N F O R M A T I O N 30 (UNAUDITED) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data): Twelve Months Ended December 31, 2025 Constant Currency compared to 2024 Twelve Months Ended December 31, 2024 Constant Currency compared to 2023 Twelve Months Ended December 31, 2023 Total cruise operating expense $5,639,163 $5,626,418 $5,688,696 $5,686,128 $5,468,587 Marketing, general and administrative expense 1,548,806 1,546,765 1,434,807 1,434,245 1,341,858 Gross Cruise Cost $7,187,969 $7,173,183 $7,123,503 $7,120,373 $6,810,445 Less: Commissions, transportation and other expense 1,782,004 1,781,580 1,917,443 1,917,987 1,883,279 Less: Onboard and other expense 688,724 688,724 661,553 661,553 599,904 Net Cruise Cost $4,717,241 $4,702,879 $4,544,507 $4,540,833 $4,327,262 Less: Fuel expense 675,887 675,763 698,050 697,993 716,833 Net Cruise Cost Excluding Fuel $4,041,354 $4,027,116 $3,846,457 $3,842,840 $3,610,429 Less: Non-cash deferred compensation (1) 2,210 2,210 2,875 2,875 2,312 Less: Non-cash share-based compensation (2) 88,393 88,393 91,781 91,781 118,940 Adjusted Net Cruise Cost Excluding Fuel $3,950,751 $3,936,513 $3,751,801 $3,748,184 $3,489,177 Capacity Days 24,433,624 24,433,624 23,445,397 23,445,397 22,652,588 Gross Cruise Cost per Capacity Day $294.18 $293.58 $303.83 $303.70 $300.65 Net Cruise Cost per Capacity Day $193.06 $192.48 $193.83 $193.68 $191.03 Net Cruise Cost Excluding Fuel per Capacity Day $165.40 $164.82 $164.06 $163.91 $159.38 Adjusted Net Cruise Cost Excluding Fuel per Capacity Day $161.69 $161.11 $160.02 $159.87 $154.03 (1) Non-cash deferred compensation expenses related to the Shipboard Retirement Plan, which are included in payroll and related expense. (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense