Norwegian Cruise Line_OM_C&W Miami FINAL RSF


Comparative Performance Metrics: Stability On The Horizon

Despite the acute effects of the COVID-19 pandemic on the global economy, and in the specific instance of cruise lines, NCLH has maintained as resilient of financial performance as one could expect from a company so deeply entrenched in the sectors that COVID-19 impacted the most.

Operating Performance On-Track to Return to Pre-Pandemic Levels




FY 2022A: Revenue Disaggregation

NCLH’s ability to not only weather the pandemic but also recover swiftly can be attributable to a variety of factors:











Balance Sheet Considerations: » Reduction in Net Leverage between 2014 – 2019 by Over 3 Turns » Export Credit Agency (“ECA”) Financing Allowing for Demonstratively Lower Cost of Debt and Scalable Fleet Growth » Manageable Debt Maturity Profile through FY 2027 Combined with Solid Liquidity Position P&L / Operational Considerations: » Emphasis on Margin Enhancement through Right-Sizing Cost Base and Maximizing Revenue Opportunities » Significant Growth in Advance Ticket Sales (“ATS”) due to Pent-Up Demand, Capacity / Fleet Growth, Robust Pricing Model, etc. » Continued Focus on Strategic, ROI-driven Investments to Enhance Guest Experience, Boosting Net Yields (1) Tax Considerations: » NCLH was incorporated on 2/21/2011 as a Bermuda exempted company incorporated under the Companies Act 1981 of Bermuda. » Under Section 883 of the Internal Revenue Code of 1986, NCLH, as a foreign corporation, is exempt from U.S. federal income taxation on its U.S.-source international shipping income given that its meets specified criteria. » Under current Bermuda law, the Company is not subject to tax on income and capital gains » The Company has U.S. net operating loss carryforwards of $721.3 million and $525.3 million for the years ended December 31, 2022 and 2021, respectively, which begin to expire in 2030.




APAC 2.4% Other 1.9%





FY 2019A

FY 2020A

FY 2021A

FY 2022A

Pro-Forma TTM Q3 '23


Operating Gain (Loss)



NCLH: Capital Structure Summary

NCLH: Debt Maturity Schedule As of 9/30/2023 (1) (millions USD)



Expected to be Settled in Shares (3)

Capital Structure as of 1/4/2024 (1)


Expected to be refi nanced prior to Decem ber Maturity (3)


Term Loans


Europe 32.2%

Bonds & Notes



Total Long-Term Debt




Market Capitalization



2024 (2)

2025 (2)



Total Capitalization


North America 63.5%

ECA Loans, Capital Leases & Other

Senior Secured Notes

Exchangeable Notes

Senior Unsecured Notes

(1) All amounts presented are as of September 30, 2023, pro forma for Term Loan A refi/issuance of new 8.125% Senior Secured Notes due 2029. (2) Total debt maturing in 2024 is $1.7 billion and $1.3 billion in 2025. (3) $565 million 3.625% Senior Notes due 2024 is highlighted as expected to be refinanced, and 2024 Exchangeable Notes and 2025 Exchangeable Notes are expected to be settled in shares.

(1) Excludes Long-Term Leases (both finance and operating) as well as License Obligations

(1) Net Yields defined as Adjusted Growth Margin per Capacity Day

25 | Norwegian Cruise Line Holdings

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