Norwegian Cruise Line Holdings Ltd. (NCLH) Shares Soar 11.11% on Strong Q2 Earnings

Norwegian Cruise Line Holdings Ltd. (NCLH) shares surged 11.11% in pre-market trading on July 31, 2025, driven by strong second-quarter financial results.

NCLH reported record second-quarter revenue of $2.52 billion, a 6% increase year over year. The company's adjusted profit of 51 cents per share was in line with guidance, though slightly below analyst expectations. The company held its full-year earnings per share forecast of $2.05, 2 cents higher than consensus.

Harry Sommer, president and CEO of NCLH, highlighted a strong rebound in demand across all three of the company's brands, with bookings now ahead of historical levels in recent months. The company's net yield guidance for the year was narrowed to 2.5% compared to between 2% and 3% previously.

The company reported strong bookings in the quarter, with bookings now ahead of historical levels in recent months, reflecting a strong rebound in demand following early-April softness for third-quarter long-haul, extended European itineraries. NCLH said it remains well positioned within its optimal range for its forward 12-month booked position.

At the end of Q2, the advance ticket sales balance, including the long-term portion, was an all-time high of $4 billion. The company's adjusted EBITDA increased 18% to $694 million, exceeding the $670 million guidance. Occupancy was 103.9%, in line with guidance.

For the full year, NCLH projected net cruise costs excluding fuel per capacity day to grow approximately 0.6% in constant currency over 2024, compared to previous guidance of between 0% and 1.25%. Full-year adjusted EBITDA guidance is unchanged at approximately $2.72 billion, an 11% increase from 2024. 103% occupancy is forecast.

NCLH's total debt was $13.8 billion as of June 30. Net leverage was 5.3x, down from 5.7x in Q1. The year-end figure is projected as approximately 5.2x. The company has €1.3 billion of euro-denominated debt related to newbuilds and during Q3 took on an additional €570 million with the delivery of Oceania Allura.