Norwegian Cruise Line Holdings Reports Third Quarter 2021 Financial Results and Provides Business Update

• Company’s Great Cruise Comeback Successfully Moves Forward with Approximately 75% of Capacity Expected to Resume Sailing by Year-End
• Strong Future Demand Across All Three Brands
• Company Expects to be Operating Cash Flow Positive in Late First Quarter 2022 and Profitable for Second Half 2022

MIAMI, Florida – November 3, 2021 – #norwegiancruiselineholdings Ltd. (NYSE: NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Line Holdings”, “Norwegian” or the “Company”) today reported financial results for the third quarter ended September 30, 2021 and provided a business update. “Our Great Cruise Comeback is on track with 11 ships to-date across our three award-winning brands successfully resuming cruising. Initial trends are extremely positive with strong onboard revenue, high guest 
satisfaction scores and our comprehensive science-backed SailSAFE health and safety protocols working as designed to minimize the impact of COVID-19,” said Frank Del Rio, president and chief executive officer of #norwegiancruiselineholdings Ltd. “While consumer concerns surrounding the Delta variant resulted in a slowdown in bookings during the third quarter, net booking volumes have improved over the past six weeks and we continue to see robust future demand for cruising particularly for the second half of 2022 and beyond when our full fleet is expected to be back in operation at normalized occupancy levels.”

Resumption of Cruise Operations
The Company continues to execute on the phased relaunch plans for its 28-ship fleet. The Company had approximately 40% of its capacity operating by the end of the third quarter 2021 with the fleet in service being cash flow positive in the quarter. Occupancy in the third quarter 2021 was 57.4%, reflecting the Company’s self-imposed occupancy limits. Looking ahead, approximately 75% of capacity is expected to be operating by year-end 2021 with the full fleet back in operation by April 1, 2022. The Company continues 
to expect to reach a critical inflection point in the first quarter 2022 with operating cash flow turning positive. In addition, based on the current trajectory, the Company expects to be profitable for the second half of 2022. 

All voyages across the Company’s three brands continue to operate with its robust science-backed SailSAFE health and safety program. As part of this program, all voyages are operating with a policy of fully vaccinated guests and crew in addition to comprehensive SailSAFE protocols, which include universal COVID-19 testing prior to embarkation. The Company’s 100% vaccination policy applies across all voyages on its three brands as the Company believes this is the safest way to resume cruising in the current global public health environment. These measures will be continuously evaluated and modified, with guidance from the SailSAFE Global Health and Wellness Council, as science, technology and the prevalence of COVID-19 evolve.

Further information in the press release to download