Net Yield is expected to increase approximately 0.5% on a Constant Currency basis versus the first quarter of 2024. This Net Yield growth comes on the back of 16.4% Net Yield growth in the first quarter of 2024 and an increase in Dry-dock capacity and repositioning days on large vessels, lowering year-over-year Occupancy. First quarter 2025 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow 3.9% in Constant Currency versus 2024, which includes a 180 basis points impact of increased Dry-dock days and related costs. Excluding this, Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow ~2.1%. Net Leverage is expected to slightly increase to ~5.7x versus year-end 2024 as a result of the delivery of Norwegian Aqua in March.
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