Norwegian Cruise Line Holdings reported strong financial results for the fourth quarter and full year 2024. Total revenue for the year reached a record $9.5 billion, an 11% increase from 2023, driven by strong demand and a 3% increase in capacity. GAAP net income grew 448% to $910.3 million, while earnings per share rose to $1.89. Adjusted EBITDA also reached a record $2.45 billion, marking a 32% increase from the previous year.

Fourth-quarter revenue grew by 6% year-over-year to $2.1 billion despite a 1% decline in capacity. The company reported a net income of $254.5 million for the quarter, a sharp turnaround from a loss in Q4 2023. Adjusted EBITDA for the quarter reached $468.2 million, exceeding guidance.

Norwegian Cruise Line Holdings continued strengthening its balance sheet, reducing net leverage to 5.3x from 7.3x at the end of 2023. Total debt stood at $13.1 billion, and net debt was $12.9 billion. The company secured financing improvements, including refinancing $1.8 billion in debt and upsizing its revolving credit facility to $1.7 billion.

The company remains optimistic for 2025, projecting Adjusted EBITDA of $2.72 billion, an 11% increase from 2024. Adjusted EPS is expected to reach $2.05. Net Yield is anticipated to grow 3% on a constant currency basis, and net leverage is expected to improve to approximately 5x by the end of the year.

Strategic initiatives in 2024 included launching a newbuild program for eight vessels, advancing construction of a new pier at Great Stirrup Cay, and enhancing guest experiences across its fleet. Norwegian Cruise Line also completed the installation of Starlink internet across all its ships and introduced new onboard amenities.

Booking trends for 2025 remain strong, with occupancy rates reaching 104.9% in 2024. The company ended the year with $3.2 billion in advance ticket sales. Leadership remains confident in achieving its long-term financial targets under the "Charting the Course 2026" strategy.