Norwegian Cruise Line Holdings Ltd. (NCLH) is a leading global cruise company that operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company offers itineraries to worldwide destinations, including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska, and Hawaii. Norwegian's U.S.-flagged ship, Pride of America, provides the industry's only entirely inter-island itinerary in Hawaii. NCLH focuses on providing exceptional vacation experiences with a variety of amenities, dining options, and entertainment choices. The company's competitive advantages include its diverse brand portfolio, premium itinerary mix, and strategic partnerships.

• Employees: Approximately 41,000 (as of December 31, 2023)
• Geographic Footprint: Worldwide destinations including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii
• Headquarters: Miami, Florida
• Founded: Norwegian commenced operations in 1966
• Number of ships: 32 (as of December 31, 2023)
• Revenue: $8.5 billion (FY2023)
• Market capitalization: $9.2 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Norwegian Cruise Line, Oceania Cruises, Regent Seven Seas Cruises

• CEO: Harry Sommer
• CFO: Mark A. Kempa
• President, Norwegian brand: David Herrera
• President, Regent brand: Andrea DeMarco
• President, Oceania Cruises brand: Frank A. Del Rio
• Other Key Executives: Patrik Dahlgren (Executive Vice President, Vessel Operations), Daniel S. Farkas (Executive Vice President, General Counsel, Chief Development Officer and Assistant Secretary), Faye L. Ashby (Senior Vice President and Chief Accounting Officer)

The senior management team is comprised of executives with extensive experience in the cruise, travel, leisure and hospitality-related industries.

• Annual Revenue: $8.5 billion (FY2023)
• Net Income: $166.2 million (FY2023)
• Market Cap: $9.2 billion (as of June 30, 2023)
• Total Assets: $19.5 billion (as of December 31, 2023)
• Number of employees: Approximately 41,000 (as of December 31, 2023)
• Key Financial Highlights: Total revenue increased 76.5% to $8.5 billion for the year ended December 31, 2023 compared to $4.8 billion in 2022. Net income was $166.2 million for 2023 compared to a net loss of $2.3 billion in 2022. Operating income was $930.9 million for 2023 compared to an operating loss of $1.6 billion in 2022.

NCLH offers a variety of cruise experiences through its three brands:

• Norwegian Cruise Line: Offers a wide range of itineraries and onboard activities, including up to 20 dining options, various attractions, full-service spas, and diverse accommodations.
• Oceania Cruises: Provides award-winning onboard dining with multiple open seating venues, and a range of included amenities.
• Regent Seven Seas Cruises: Offers an all-inclusive luxury experience with business class air, unlimited shore excursions, and specialty restaurants.

NCLH operates through three main brands, which are considered operating segments:

• Norwegian Cruise Line: Focuses on providing high-quality service with flexible cruise vacation options.
• Oceania Cruises: Known for its award-winning onboard dining and included amenities.
• Regent Seven Seas Cruises: Offers an all-inclusive luxury experience with high levels of service.

NCLH's current strategic priorities include capitalizing on healthy demand, right-sizing its cost base, enhancing the guest experience, and reducing leverage. Key initiatives include:

• Maintaining an optimal 12-month forward booked position while increasing pricing.
• Implementing cost minimization initiatives to improve operating efficiencies.
• Improving connectivity for guests and crew by offering Starlink high-speed internet.
• Refinancing debt to reduce interest expense and leverage.
• Expanding the reach of its brands and optimizing returns on invested capital through disciplined fleet expansion.

The company's long-term goals include achieving net-zero greenhouse gas emissions by 2050 and enhancing its sustainability efforts through its Sail & Sustain program. NCLH is also focused on expanding its global footprint and product distribution channels.

NCLH operates in the global cruise industry, which is highly competitive. Key market trends include:

• Market Position: A leading global cruise company.
• Key Competitors: Carnival Corporation, Royal Caribbean Group, MSC Cruises, Viking Ocean Cruises and Virgin Voyages.
• Industry Trends: Increasing demand for cruise vacations, focus on sustainability, and technological advancements.

• Market Risks: Fluctuations in demand, competition, and economic conditions, including inflation, interest rates, and fuel prices.
• Operational Risks: Unavailability of ports of call, disruptions in airline services, and adverse incidents involving cruise ships.
• Financial Risks: Indebtedness, restrictions in debt agreements, and volatility in financial markets.
• Regulatory Risks: Compliance with environmental, health and safety, labor, and maritime laws and regulations.
• Cybersecurity Risks: Breaches in data security, disturbances to information systems, and failure to comply with data privacy and protection requirements.