AIDA Cruises has detailed several initiatives it employs in order to improve ship operation efficiency.
They include expanded shore power use, increased adoption of biofuels and advanced digital solutions.
Biofuels
After biofuel was first used onboard the AIDAprima in summer 2022, the LNG-powered ships in the fleet are being prepared for the future use of additional biofuels and e-fuels as soon as they become available in sufficient quantities.
In 2025, more than 8,500 t of ISCC EU-certified Bio LNG were supplied to the AIDAnova in the ports of Hamburg, Kiel and Zeebrugge, according to Dirk Inger, senior vice president public affairs, communication & sustainability at AIDA Cruises.
The company said it is also working with partners from science and industry to prepare for the future use of e-fuels onboard its vessels.
Examples include participating in research and development activities focused on innovative energy conversion and storage technologies based on renewable ammonia as well as developing hydrogen as a fuel for future combustion engine-based marine propulsion systems and evaluating the implications of integrating such technologies into cruise ships.
“However, several challenges remain for the broader adoption of e-fuels, including fuel availability in ports, industrial-scale production capacities, internationally harmonized regulatory frameworks, and the lack of commercially viable pricing structures in Germany and Europe,” Inger added.
Shore Power
In 2017, the AIDAsol became the first cruise ship to regularly use shore power in the Port of Hamburg through Europe’s first shore power facility for cruise ships, located at the Cruise Center in Altona.
Since then, AIDA Cruises has continuously expanded the use of shore power, resulting in 340 shore power connections in 2024 and 440 in 2025.
The company is currently planning around 540 shore power calls for 2026 with its vessels.
Shore power is available in 17 European ports, including Hamburg, Warnemünde, Kiel, Southampton, Bergen, Oslo, Stockholm, Rotterdam, Copenhagen, and Le Havre, among others.
This represents approximately half of all AIDA port calls on Northern European itineraries departing from Germany.
Digital Energy Management
Reducing energy consumption is said to be a key component of the company’s technical fleet management strategy, and all ships in the fleet are equipped with integrated energy management systems that are connected to a group-wide data platform.
Digital applications, machine learning and artificial intelligence are used to analyze operational data and identify further optimization opportunities.
AIDA underlined EOS (Energy Optimization System), a digital analytics system, which has been gradually implemented across the AIDA fleet since 2023, as one of the most important investments in this area.
Incorporating variables such as weather and wind conditions, vessel and engine models, and the number of guests onboard, EOS assists crews in making operational decisions in real time, such as optimizing onboard energy flows or calculating routes designed to minimize energy demand.
The system has been shown to significantly reduce energy requirements for propulsion and various onboard systems, AIDA noted.
AIDA Innovation Hub
As part of the application phase for the new AIDA Innovation Hub, start-ups, tech companies, industry partners and scientific and research institutions were invited to submit their ideas for smart solutions in the fields of decarbonization, sustainability and AI tools.
The company received more than 150 potential ideas, which will now be reviewed and the shortlisted projects will be presented to an expert jury in Rostock on September 16, 2026.
The winners will have the opportunity to further develop their ideas together with AIDA through implementation studies or test them as a pilot project onboard AIDA vessels.
Norwegian Cruise Line Holdings today reported financial results for the second quarter ended June 30, 2026 and provided guidance for the third quarter and full year 2026.
Highlights
Second quarter total revenue grew 4.9% to $2.6 billion. GAAP net income was $223 million with EPS of $0.48. Delivered better-than-expected second quarter profitability, with Adjusted EBITDA1 of $666 million, Adjusted Net Income of $222 million and Adjusted EPS of $0.48, each exceeding guidance. Company now expects full year 2026 Adjusted EPS to be approximately $1.50. Advanced the Company’s global business sourcing strategy through the consolidation of technology vendors as well as other salary and benefit savings, generating an additional ~$100 million of expected annualized run-rate savings, primarily from capital expenditures and SG&A. Announced the grand opening of Great Tides Waterpark on September 4, 2026, at the Company’s private island, Great Stirrup Cay. Spanning nearly six acres, Great Tides Waterpark will deliver a bold, family-friendly adventure across immersive attractions for all ages. Entered into a memorandum of agreement in July 2026 for the sale of Oceania Sirena. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. The transactions are expected to close during the third quarter of 2026. Prior to quarter-end, the Company elected to settle the 1.125% Exchangeable Senior Notes due 2027, and the 2.50% Exchangeable Senior Notes due 2027, in cash. The elections are expected to reduce the diluted weighted-average shares outstanding in full year 2026 by 4 million shares, relative to guidance previously issued on May 4, 2026. “Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings.
“We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.”
Second Quarter 2026 Highlights
Generated total revenue of $2.6 billion, a 4.9% increase compared to the second quarter of 2025, driven by increased Capacity Days. GAAP net income was $223 million compared to $30 million in the prior year, with EPS of $0.48. Gross margin per Capacity Day decreased 11.6% versus 2025 on an as reported basis and decreased 12.3% on a Constant Currency basis. Net Yield decreased approximately 2.1% on an as reported basis and 2.6% on a Constant Currency basis, better than guidance of a decline of 3.6%. Gross Cruise Costs per Capacity Day were approximately $304, compared to $306 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $164 on an as reported basis and $163 on a Constant Currency basis. Compared to 2025, this metric was essentially flat on an as reported basis and decreased 0.5% on a Constant Currency basis, 150 basis points better than guidance. Adjusted EBITDA declined 4.1% to $666 million, compared to $694 million in 2025, above guidance of $632 million. Adjusted EPS decreased 6.6% to $0.48, above guidance of $0.38. 2026 Full Year Outlook
The Company said it continues to execute on the cost front, identifying $100 million of annualized savings, in addition to the $125 million of annualized savings announced last quarter. The Company has also taken actions to strengthen its execution, including the addition of key leadership within marketing, revenue management and other key areas at Norwegian Cruise Line. The benefits of these changes are expected to be realized over time and will have a limited impact on 2026 financial results as the Company navigates through its execution challenges, which are impacting its demand generation and revenue outlook. As a result, the Company is updating its full year 2026 guidance. A summary of the updated full year guidance is provided below:
2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 5% versus 2025. 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings. 2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion. Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 33.2%. Full year Adjusted Net Income is expected to be approximately $700 million. Adjusted EPS is expected to be approximately $1.50. Q3 2026 Outlook
Q3 2026 Net Yield on a Constant Currency basis is expected to decline 8.9% versus 2025. Q3 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline 0.9% on a Constant Currency basis versus 2025. Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%.
Booking Environment Update
The Company remains below its optimal booked position for the next 12 months, as it continues to experience pressure from softer demand at its Norwegian Cruise Line brand related to Company-specific execution challenges, as well as the ongoing conflict in the Middle East. As we look ahead, the full amenities at the Company’s private island, Great Stirrup Cay, will be open to the public beginning September 4, including the pier and the new Great Tides Waterpark, the Great Life Lagoon, and the nearby Splash Harbor, which we expect will improve demand to Caribbean itineraries over time.
Liquidity and Financial Position
The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of June 30, 2026, the Company had total debt of $15.0 billion and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.3x.
As of June 30, 2026, liquidity was $1.5 billion, including approximately $218 million of cash and cash equivalents and $1.3 billion of availability under our Revolving Loan Facility.
“While the demand environment remains pressured at our Norwegian Cruise Line brand, we continue to execute on disciplined cost and sourcing initiatives, and have identified an additional $100 million of expected annualized run-rate savings primarily related to technology vendors,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “We remain disciplined in managing our cost structure and over the past three years we have identified over $500 million in savings. These actions will help support future margin expansion and strengthen our financial flexibility as we continue to position the Company for long-term profitable growth.”
Outlook and Guidance
In addition to announcing the results for the second quarter of 2026, the Company also provided guidance for the third quarter and full year 2026, along with accompanying sensitivities, subject to changes in the broad macroeconomic environment. The Company does not provide certain estimated future results on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2026 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.
Royal Caribbean 2026 Q2 Results Strong; Company Raises Full Year Guidance
Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share (“EPS”) of $4.20 and Adjusted EPS of $4.21.
These results were better than the company’s guidance, driven by strong close-in demand, lower costs, and favorable performance from joint ventures, the company said in a press release.
The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87.
The increase in earnings expectations reflects the stronger-than-expected second quarter performance and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.
“The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers’ preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet.”
“We continue to expand, elevate and differentiate our portfolio of vacation experiences,” Liberty added. “Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns. Its successful debut represents another important milestone in the execution of our innovation pipeline as we continue to redefine the vacation experience. At the same time, we are deepening guest engagement through our loyalty and technology platforms – strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market.”
Second Quarter 2026: • Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the second quarter was 110%. • Gross Margin Yields decreased 5.6% as-reported. Net Yields increased 1.9% as-reported and 1.2% in Constant Currency. • Gross Cruise Costs per Available Passenger Cruise Days (“APCD”) increased 4.5% as-reported. Net Cruise Costs (“NCC”), excluding Fuel, per APCD increased 4.4% as-reported and 3.9% in Constant Currency. • Net Income was $1.1 billion or $4.20 per share, Adjusted Net Income was $1.1 billion or $4.21 per share, and Adjusted EBITDA was $1.8 billion.
Full Year 2026 Outlook: • Revenue is expected to grow 9% year over year. Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency. • NCC, excluding Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency. • Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company’s Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.
Second Quarter 2026 Results
Net Income for the second quarter of 2026 was $1.1 billion or $4.20 per share compared to Net Income of $1.2 billion or $4.41 per share for the same period in the prior year. Adjusted Net Income was $1.1 billion or $4.21 per share for the second quarter of 2026 compared to Adjusted Net Income of $1.2 billion or $4.38 per share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion.
Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total revenue increased 6% year over year. Gross Margin Yields decreased 5.6% as-reported, and Net Yields increased 1.9% as-reported (1.2% in Constant Currency), when compared to the second quarter of 2025. Load factor for the quarter was 110%. Net Yield growth exceeded the company’s guidance primarily driven by better than expected close-in demand.
Gross Cruise Costs per APCD increased 4.5% as-reported, compared to the second quarter of 2025. NCC, excluding Fuel, per APCD increased 4.4% as-reported (and 3.9% in Constant Currency), when compared to the second quarter of 2025. The better-than-expected cost performance in the second quarter was primarily driven by favorable timing of expenses.
Update on Bookings and Onboard Revenue
The overall demand environment remains strong, supported by consumers’ continued preference for the company’s differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year’s levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.
“Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year.”
Third Quarter 2026
Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.
NCC, excluding Fuel, per APCD, is expected to decrease 1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency as compared to 2025. Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.
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