Norwegian Cruise Line Beats Its Third-Quarter Targets, Raises Outlook and Names New CFO

Norwegian Cruise Line Holdings beat its own third-quarter targets and raised its full-year outlook on Thursday, while also naming a new chief financial officer as longtime finance chief Mark Kempa prepares to step into an advisory role, according to two 8-K filings.

The cruise operator now expects 2026 adjusted EBITDA of about $2.55 billion and adjusted EPS of about $1.70, according to its earnings release. Third-quarter adjusted EPS of $1.12 topped its guidance of $0.90, and adjusted EBITDA of $937 million beat its $874 million target by $63 million.

Better than feared, still down

Total revenue was about $2.9 billion, roughly flat with a year earlier. GAAP net income rose to $491 million, or $1.07 a share, from $419 million.

Net Yield fell 6.5% as reported and 6.7% in constant currency. That was about 220 basis points better than the company's guidance for an 8.9% decline, which it credited mainly to stronger-than-expected close-in demand and onboard spending.

Unit costs also came in lower than planned. Adjusted net cruise cost excluding fuel per capacity day fell 2.3% in constant currency, versus guidance for a 0.9% decline.

"We delivered third quarter results that came in above guidance," Chairperson and CEO John W. Chidsey said in the release. He said the company expects Net Yield growth of 1% to 2% in 2027, "with a meaningful acceleration in the back half of the year."

Fourth quarter and bookings

The fourth-quarter Net Yield outlook was unchanged at a decline of about 6.5% in constant currency. The company cited an unfavorable mix impact from the delayed delivery of Seven Seas Prestige to late December and canceled Seven Seas Voyager sailings through the Suez Canal.

Norwegian said its booked position for the next 12 months has improved modestly but "remains below its optimal range." For the first half of 2027, pricing is ahead of last year while the booked position trails; for the second half, pricing is ahead and bookings are in line.

The company also announced about $100 million of additional run-rate savings tied to guest and crew air optimization and promotional changes, phasing in through 2028.

Balance sheet

Total debt stood at $15.1 billion at Sept. 30, and net leverage was 5.5x. After quarter end, Norwegian issued $950 million of 8.750% senior notes due 2031 and upsized its revolving loan facility, bringing pro forma liquidity to $2.1 billion. Kempa said reducing net leverage "remains a top priority."

CFO handoff

In a separate 8-K, Norwegian said Kempa will move from executive vice president and CFO to special advisor to the president and CEO at the end of Dec. 31, 2026. Meghan Montana, 40, the company's chief strategy officer since January 2026, will become executive vice president and CFO on Jan. 1, 2027.

Before joining Norwegian, Montana was senior vice president of finance and corporate development at American Airlines, where she previously served as treasurer, according to the filing. Her new employment agreement sets an annual base salary of $875,000 and runs through Dec. 31, 2030, with automatic one-year renewals.

By the numbers

• $1.12: third-quarter adjusted EPS, versus guidance of $0.90
• $937 million: third-quarter adjusted EBITDA
• About $2.55 billion: new 2026 adjusted EBITDA outlook
• 6.7%: constant-currency Net Yield decline in the quarter
• 5.5x: net leverage at quarter end

Sources

1. Norwegian Cruise Line Holdings Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001171843-26-006957)
2. Norwegian Cruise Line Holdings Form 8-K on CFO transition (Item 5.02), filed Oct. 29, 2026 (accession 0001104659-26-119841)

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