NCLH · 10-Q · 2026Q3 · Full report

Macroeconomic Factors Impact

Norwegian Cruise Line Holdings Ltd. · 2026-10-29 · Importance 44 · Surprise 24

Management said macroeconomic and geopolitical headwinds, including the ongoing conflict in the Middle East, have pressured and may continue to pressure revenue and fuel costs. Fuel was approximately 48% hedged for the remainder of 2026 to mitigate some near-term fuel-price volatility. The Company is exposed to euro exchange-rate movements on certain ship-construction contracts and euro-denominated debt, as well as to various unhedged exchange rates affecting customer deposits.

Key facts

• Third-quarter 2026 other income, net was $30.9 million, compared with $13.0 million in 2025, primarily due to net gains on foreign currency remeasurements. source
• Nine-month 2026 other income, net was $105.1 million, compared with $167.9 million of expense in 2025, primarily reflecting net foreign currency remeasurement gains and losses. source
• Fuel was approximately 48% hedged for the remainder of 2026. source
• The Company stated that macroeconomic and geopolitical headwinds, including the ongoing Middle East conflict, and misalignment between commercial strategy and deployment have pressured and may continue to pressure revenue and fuel costs. source
• The Company is exposed to euro exchange-rate fluctuations for certain ship construction contracts and euro-denominated debt, and to various exchange rates for unhedged customer deposits. source