NCLH · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

Norwegian Cruise Line Holdings Ltd. · 2026-10-29 · Importance 56 · Surprise 24

As of September 30, 2026, total material cash requirements for debt and ship construction were $37.8 billion, including $18.3 billion of long-term debt payments and $19.4 billion of ship construction contracts. Approximately $15 billion of net book value assets were pledged as collateral for debt, and the company reported compliance with its debt covenants. The company stated that cash on hand, available Revolving Loan Facility borrowings, expected operating cash inflows, and access to debt or equity issuance were sufficient to fund operations, debt payments, and capital expenditures over the next 12 months.

Key facts

• As of September 30, 2026, liquidity was approximately $1.4 billion, including $256.5 million of cash and cash equivalents and $1.1 billion available under the Revolving Loan Facility. source
• As of September 30, 2026, approximately $15 billion of Norwegian Cruise Line Holdings Ltd.'s net book value of assets was pledged as collateral for certain debt. source
• Norwegian Cruise Line Holdings Ltd. expected cash on hand, Revolving Loan Facility availability, future operating cash inflows, and its ability to issue debt or equity securities to be sufficient over the next 12 months to fund operations, debt payments, and capital expenditures and maintain covenant compliance. source
• The Company concluded that its current resources and estimated liquidity were sufficient to satisfy obligations for at least the next 12 months. source
• Norwegian Cruise Line Holdings Ltd. said its existing debt agreements restrict, and future debt arrangements may restrict, subsidiary distributions or dividends to NCLH and NCLH cash dividends to shareholders. source
• As of September 30, 2026, the Company was not required to maintain reserve funds with its credit card processors. source
• Norwegian Cruise Line Holdings Ltd. did not believe restrictions on distributions and dividends had affected or were expected to affect its ability to meet cash obligations. source
• As of September 30, 2026, the Company was in compliance with all debt covenants. source