Norwegian Cruise Line Holdings (NCLH) – which covers the NCL, Regent Seven Seas and Oceania Cruises lines – has warned of slow start to 2026, but has said its longer-term prospects remain strong.
NCLH has reported a mixed set of financial results for 2025; with total revenue up nearly 4% to $9.8bn, driven by higher capacity days; but net profit falling from $910.3m to $423.2m.
The group said it is starting 2026 “against a pressured backdrop” and is slightly below the optimal booking range, “following certain execution missteps in aligning our commercial strategy with our deployment”.
It added: “First-quarter performance reflects the absorption of a material increase in capacity in the Caribbean, while longer-term demand trends remain constructive.”
“The team delivered solid fourth quarter and full year 2025 results reflecting the strength of our award-winning brands, loyal guests and dedication of our team and crew members,” said John W. Chidsey, president and chief executive officer of Norwegian Cruise Line Holdings Ltd.
“As I step into this new role my initial assessment is that our strategy is sound, but execution and cross-functional alignment have fallen short. Our priority is to act urgently to address these gaps by improving coordination, reinforcing accountability, and strengthening financial discipline across the organisation. The good news is that we have strong assets and have recently enhanced our leadership team with the right combination of new and tenured talent. Now, with a clear focus and necessary rigor, I am confident in our ability to create sustainable long-term value.”
