Norwegian Cruise Line : Earnings Presentation Q1 2024

FIRST QUARTER 2024 EARNINGS CONFERENCE CALL

May 1, 2024

FORWARD LOOKING STATEMENTS

Some of the statements, estimates or projections contained in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this presentation, including, without limitation, our expectations regarding our future financial position, including our liquidity requirements and future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, including with respect to refinancing, amending the terms of, or extending the maturity of our indebtedness, our ability to comply with covenants under our debt agreements, expectations regarding our exchangeable notes, valuation and appraisals of our assets, expected fleet additions and cancellations, including expected timing thereof, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program and decarbonization efforts may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," "future" and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call; future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, such as Russia's invasion of Ukraine or the Israel-Hamas war, or threats thereof, acts of piracy, and other international events; public health crises, including the COVID-19 pandemic, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; any further impairment of our trademarks, trade names or goodwill; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under "Risk Factors" in our most recently filed Annual Report on Form 10 K and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

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NCLH OVERVIEW

1966	32	~66,500
Year Founded	Ships in Fleet	Berths

13	~41,000	~700
Ships on	Berths on	Global
Order1	Order1	Destinations Visited

~41,000	~2.9M	2
Team	Expected Guests	Luxurious Private
Members	Carried in 2024	Island Destinations

(1)	Norwegian Cruise Line Holdings Ltd. expects a four ship Norwegian Cruise Line order to replace a separate, effective, two ship order for Oceania Cruises initially placed to secure availability with the shipyard.	3
The four ship order for Norwegian Cruise Line is still being finalized and is subject to financing. Expected delivery dates are preliminary and subject to change.

Q1 2024 HIGHLIGHTS

• Continued strong demand with record bookings in the quarter and 12-month forward booked position at all-time-highs
• Adjusted EBITDA almost doubled and Last Twelve Month Adjusted Operational EBITDA Margin improved to 32.7%
• Reduced Net Leverage by one full turn, ending quarter at 6.3x
• Exceeded key Q1 24 guidance and raised 2024 guidance
• S&P upgrades both issuer credit and issue level ratings
• Announced the most transformative newbuild program in company history - 8 new ships across three brands
• Publicized the construction of a multi-ship pier at Great Stirrup Cay

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NEAR TERM PRIORITIES

CAPITALIZE ON HEALTHY DEMAND ENVIRONMENT

Capacity growth increased 8% in Q1 2024 compared to Q1 2023 while

achieving an all-time high booked position and increasing pricing.

Maximize onboard revenue generation by capturing more guest spend

prior to sailing through selling more packages and other services.

RIGHT SIZE COST-BASE	Continue to focus business on margin enhancement by balancing
product, revenue and costs, and better leveraging data to drive decision

		making.
		Identify smart, ROI-driven investments to enhance guest experience and
	STRATEGIC ENHANCEMENTS TO
	maximize guest satisfaction, with initiatives such as the construction of a
	GUEST EXPERIENCE
	pier at Great Stirrup Cay.
		Executing on multi-year plan to reduce leverage levels and
	CHART PATH TO REDUCE LEVERAGE
	de-risk balance sheet to drive shareholder value while maintaining
	& DE-RISK THE BALANCE SHEET
	disciplined capital allocation strategy.

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MEANINGFUL GROWTH TO TOP AND BOTTOM-LINE RESULTS EXPECTED

Gross Capacity Growth (M)1

			4%
			CAGR
		6%			29.7
		CAGR		28.0
		24.5	26.2
	23.5
22.7
2023	2024E	2025E	2026E	2027E	2028E 2	2036E

4 New Class1

~20,000 berths

4 Prima Class

~14,500 berths

2 New Class 1

~2,900 berths

1 Allura Class

~1,200 berths

2 New Class

~1,700 berths

(1)	Norwegian Cruise Line Holdings Ltd. expects a four ship Norwegian Cruise Line order to replace a separate, effective, two ship order for Oceania Cruises initially placed to secure availability with the shipyard.
	The four ship order for Norwegian Cruise Line is still being finalized and is subject to financing. Expected delivery dates are preliminary and subject to change.
(2)	Delivery for second Oceania Cruises ship is contractually scheduled for the fourth quarter of 2028 but may be delayed to 2029.	6
Note: Information is based on currently scheduled dates. Timing of delivery of newbuilds is subject to change and additional delivery delays may occur due to circumstances including, but not limited to,

macroeconomic/ world events and potential modifications the Company may make to its newbuilds, including potential initiatives to improve environmental sustainability.

BOOKING TRENDS UPDATE

The Company continues to experience strong consumer demand. Q1 2024 had record bookings in the quarter, driving a continued all- time-high12-month-forward booked position.

Q1 2024 experienced healthy Net Yield growth of 16.2% on a Constant Currency basis compared to 2023.

North American demand for the summer European season continues to be strong.

Targeting healthy FY 2024 Net Yield growth of approximately 6.4% in Constant Currency, an increase of 100 basis points from the prior guidance of 5.4%. In Q2 2024, Net Yield growth is expected to be approximately 4.3% in Constant Currency.

Onboard revenue remains robust, with strength seen across the board, an encouraging indicator that our target consumer remains healthy. Gross onboard revenue per Capacity Day increased 11% in Q1 24 compared to the same period of 2023.

Strength also reflects our targeted efforts to increase pre-cruise purchases, which typically results in higher overall spend throughout a guests' cruise journey. Pre-cruise sales per Capacity Day increased 16% in Q1 24 compared to the same period in 2023.

Strong demand continues with all-time

high booked position and pricing

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CASH GENERATION ENGINE FUELED BY ADVANCE TICKET SALES

Total Advance Ticket Sales ($B)

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

Q1 18

Q1 19

Q1 20

Q1 21

Q1 22

Q1 23

Q1 24

ATS Growth Drivers

• • Robust pricing
• Dynamic deployment mix
• • Enhanced pre-sold onboard revenue
  • Capacity growth

Advanced ticket sales balance up 13% compared to Q1 23 to a record ~$3.8 billion

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SUSTAINABILITY HIGHLIGHTS - Q1 2024

• Applied to the EU Innovation Fund for support in accelerating the transition for a ship from
  "methanol-ready" to "methanol-capable" status1
• Achieved 2024 shore power target early with 50% of fleet now equipped with technology
• Received a 'B' rating from CDP Climate
• Named as a Top 5 company in the "Restaurants & Leisure" category of America's Most JUST
  Companies by JUST Capital, leading the charts as the top ranked cruise company
• Completed the purchase of 3 million carbon offsets2
• Recognized by Forbes Magazine as being a Best

Employer for Diversity

(1) "Methanol-ready" means the ship is designed for and has some of the required equipment; engine conversion and

additional equipment installation will take place later. "Methanol-capable" means the ship can run and operate on
methanol; no conversions or additional modifications are needed.	9
(2) The last carbon offset purchases were made in Q4 2023 and officially retired in January 2024.	Note: More information can be found at https://www.nclhltd.com/sustainability

Q1 2024 RESULTS OVERVIEW

	1Q 2024	Actuals	Vs Guidance
	Guidance
Occupancy	~104.8%	~104.6%	✓
Net Yield2	~15.5%	~16.2%	✓
Growth	~$276	~$277
Adjusted Net Cruise Cost	~3.2%	~3.0%	✓
ex. Fuel per Capacity Day2	~$165	~$164
Adjusted EBITDA	~$450 million	~$464 million	✓
Adjusted Net Income	~$50 million	~$70 million	✓
Adjusted EPS1	$0.12	$0.16	✓

Strong start to 2024 sets foundation for rest of year

1. Based on guidance and using diluted weighted-average shares outstanding of approximately 431 million for Q1 2024.

(2) Net Yield and Adjusted Net Cruise Cost excluding Fuel per Capacity Day expressed in Constant Currency.

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