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Norwegian Cruise Line sees FY25 adjusted EPS $2.05, consensus $2.09

Norwegian Cruise Line sees FY25 adjusted EPS $2.05, consensus $2.09

2025 full year Net Yield guidance on a Constant Currency basis is expected to increase approximately 3.0% versus 2024. 2025 full year Adjusted EBITDA is expected to be approximately $2.72B, or an 11.0% increase versus 2024 including approximately $70M of headwinds from foreign exchange and fuel since our third quarter earnings report. Adjusted Operational EBITDA Margin for the full year 2025 is expected to increase to approximately 37%. 2025 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow 1.25% on a Constant Currency basis versus 2024. Net Leverage is expected to end the year at approximately 5x or better. Remain committed to Charting the Course targets; progressing towards achieving 2026 goals. The Company continues to experience strong consumer demand for its offerings across itineraries and brands throughout 2025 and into 2026. As a result, the Company remains at its optimal booked position on a 12-month forward basis. Occupancy was 100.8% for the fourth quarter of 2024 and full year 2024 Occupancy was approximately 104.9%. The Company’s advance ticket sales balance, including the long-term portion, ended the fourth quarter of 2024 at $3.2B.

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