Norwegian Cruise Line_OM_C&W Miami FINAL RSF

LIQUIDITY & OPERATIONS SUMMARY

Total Advance Ticket Sales ($B)

Total Advance Ticket Sales (“ATS”) Growth Drivers

$3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0

+59% vs Q3 2019

Capacity Growth

Current Liquidity Summary

NCLH: Liquidity Position as of Q3 2023

Robust Pricing

Pre-pandemic Leverage Reduction Represents Multi-Year Plan To De-Risk Balance Sheet » NCLH’s historical leverage reduction represents an actionable, proactive plan by management to de-risk balance sheet predating the onset of COVID-19. » This deleveraging plan is one of several critical, ongoing initiatives at the forefront of NCLH management’s agenda to stabilize the Company in transition back to a steady state environment. » Adjusting for the Operating Credit Facility refinancing in October 2023, NCLH’s QE liquidity position would have been ~$2.5 billion (1) » Issued $790 million of 8.125% senior secured notes due October 2029, using proceeds to pay off Term Loan A Facility » Extended Maturity of the Revolving Credit Facility to October 2026 and upsized the amount of the total facility by $325 million to $1.2 billion » Total available debt capacity is ~$2.8 billion, including $500 million of secured debt capacity. This capacity is incremental to the $650 million in undrawn commitment » Repaid ~$1.5 billion of debt through the first nine months of 2023

Differentiated Deployment Mix Resulting In Longer Booking Windows Enhanced Bundling And Increase In Pre sold Onboard Revenue

~$2.5B (1)

$650MM

3Q18

3Q19

3Q20

3Q21

3Q22

3Q23

$1,200MM

Annual Berth Capacity Growth (M)

$680MM

Capacity Growth: ~50%

CAGR: ~5%

28.9

FY 2023 Growth: 18% YE 2023 Annualized: 24%

Cash & Cash Equivalents

Availability - Revolving Credit Facility

Undrawn Commitment

Total Liquidity

27.5

26.3

24.5

23.6

22.7

19.2

17.6

NCLH: Historical Net Leverage Reduction

2019

2022

2023E

2024E

2025E

2026E

2027E

2028E

6.8x

Net Leverage Decreased by Over 3 Turns

# of Ships

27

29

32

32

34

35

36

37

5.1x

Norwegian Encore Norwegian Prima

Norwegian Viva

Organic growth + full benefit of 2023 deliveries

Next-Gen Norwegian Prima Class

Next-Gen Norwegian Prima Class

Next-Gen “Methanol Ready” Norwegian Prima Class

Next-Gen “Methanol Ready” Norwegian Prima Class

4.3x

3.7x

3.3x

Seven Seas Splendor

Oceania’s Vista

3.0x

Oceania’s Allura

Seven Seas Grandeur

New Ships

2014

2015

2016

2017

2018

2019

27 | Norwegian Cruise Line Holdings

Cushman & Wakefield | 28