Sep. 17 at 2:54 PM
$NCLH the reality is the following....the bigger decline is not being driven by oil alone. The market is repricing NCLH’s earnings outlook. In March, management was targeting roughly
$2.38 adjusted EPS and
$2.95B EBITDA for 2026. By July, that had been cut to about
$1.50 EPS and
$2.5B EBITDA. NCLH also guided Q3 net yield to decline 8.9% year over year and full-year net yield to decline about 5%. That is a large deterioration in revenue expectations and f..fuel is hurting too. In Q2, NCLH’s fuel expense rose to about
$219M from
$157M a year earlier, and fuel represented 13.8% of cruise operating expense versus 10.8% previously. The company estimates that a 10% increase in its weighted-average fuel price would add about
$39.7M to 2026 fuel expense. Only about 52% of remaining 2026 fuel requirements were hedged as of June 30.
