Norwegian Faces Near-Term Pricing Struggles, Aims to Remedy Execution Missteps in the Year Ahead

Thanks to travel demand that has more than recovered since the pandemic, the economic performance of Norwegian Cruise Line Holdings is set to generate excess economic rents over most of our forecast. When consumers returned to cruising in 2021 after a 15-month sailing halt, they regained an appetite for travel, bolstered by the value proposition cruising provides. With ships fully deployed at optimal occupancy levels, pricing had risen to record levels in 2025. However, prices are nearly flat in 2026 as a result of executional missteps (misaligned deployment and commercial initiatives). Furthermore, Norwegian could see price competition in soft macroeconomic periods.