Norwegian Cruise Line (NCLH) official guidance

* 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.4% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings.

* 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings.

| Adjusted Net Cruise Cost Excluding Fuel per Capacity Day | ~1.4% | ~1.0% | ~0.3% | ~0.0% |

Looking to the remaining nine months of the year, we expect unit cost to grow approximately 1.4%, bringing full year unit cost growth to approximately 0.9%, well below inflation.

* 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow approximately 0.9% on a Constant Currency basis versus 2025, marking the third consecutive year of sub-inflationary unit cost performance.

* Q4 2026 Adjusted Net Cruise Cost excluding fuel per Capacity Day is expected to be up 1.7% on a Constant Currency basis versus 2025.

* 2026 full year Adjusted EBITDA is expected to be approximately $2.55 billion.

As a result of softer than expected top-line performance, partially offset by better cost performance, we now expect adjusted EBITDA of approximately $2.5 billion and adjusted EPS of approximately $1.50.

* 2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion.

* 2026 full year Adjusted EBITDA is expected to be approximately $2.48 billion to $2.64 billion.

For the full year, we expect margins to remain essentially flat year-over-year at approximately 37%, while adjusted EBITDA increases approximately 8% to $2.95 billion.

* 2026 full year Adjusted EBITDA is expected to be approximately $2.95 billion.

* Q4 2026 Adjusted EBITDA is expected to be $414 million and Adjusted Operational EBITDA margin for the quarter is expected to be 25.0%.

* Full year Adjusted Net Income is expected to be approximately $789 million. Adjusted EPS is expected to be approximately $1.70.

As a result of softer than expected top-line performance, partially offset by better cost performance, we now expect adjusted EBITDA of approximately $2.5 billion and adjusted EPS of approximately $1.50.

* Full year Adjusted Net Income is expected to be approximately $700 million. Adjusted EPS is expected to be approximately $1.50.

* Full year Adjusted Net Income is expected to be approximately $679 million to $838 million. Adjusted EPS is expected to be $1.45 to $1.79.

Adjusted EPS is expected to be approximately $0.16 in the first quarter, and for the full year, we expect adjusted EPS to increase approximately 13% to $2.38.

* Full year Adjusted Net Income is expected to be approximately $1.12 billion. Adjusted EPS is expected to be $2.38.

| Adjusted EPS1 | ~($0.12) | | ~$1.70 | |

* 2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 4.4% versus 2025.

| Net Yield | (8.8%) | (8.9%) | | ~(4.7%) | ~(5.0%) |

| Net Yield | ~(3.2%) | ~(3.6%) | (2.7%) – (4.7%) | (3.0%) – (5.0%) |

| Net Yield | ~(1.0%) | | ~(1.6%) | | ~0.4% | | ~0.0% |

Looking ahead to 2026, we expect this positive momentum to continue, supported by our proven algorithm of low to mid-single-digit yield growth and sub-inflationary cost growth.

* Q4 2026 Net Yield on a Constant Currency basis remains unchanged from prior guidance, declining ~6.5%. The outlook reflects a modestly improved underlying Net Yield performance, offset by an 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.

| Capacity Days | 6.8 million | | | ~26.25 million | |

| Capacity Days | ~6.6 million | | ~26.25 million | |

| Capacity Days | ~6.39 million | | | ~26.25 million | |

| Other Capital Expenditures | $137 | $172 | ~$100 | ~$540 |

| Other Capital Expenditures | $140 | 103 | ~$540 |

| Other Capital Expenditures | $ | 161 | $ | 602 | ~$120 | ~$540 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $1,274 | $328 | $313 | ~$2.9 | ~$2.9 | ~$1.8 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $380 | $260 | ~$2.9 | ~$2.9 | ~$1.8 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $279 | $2.6 | ~$1.3 | ~$2.8 | ~$2.7 | ~$1.7 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $827 | ~$351 | ~$2.7 | ~$2.7 | ~$2.7 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $1,274 | $328 | $313 | ~$2.9 | ~$2.9 | ~$1.8 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $380 | $260 | ~$2.9 | ~$2.9 | ~$1.8 |

| Newbuild-and-Growth Capital Expenditures, Gross1 | $279 | $2.6 | ~$1.3 | ~$2.8 | ~$2.7 | ~$1.7 |