Record Revenue: Norwegian Company Continues Growth
- Reported strong financial results for both the fourth quarter and the full year 2024, alongside optimistic guidance for 2025.
- Norwegian reported a GAAP net income of $910.3 million for the year, a substantial 448% increase compared to 2023, translating to earnings per share (EPS) of $1.89, up...
- The company has also made strides in strengthening its balance sheet.
Norwegian Cruise Line Holdings Ltd. Reported strong financial results for both the fourth quarter and the full year 2024, alongside optimistic guidance for 2025. The company announced record total revenue of $9.5 billion for 2024, an approximately 11% increase over 2023, achieved with a 3% growth in capacity. This performance signals continued recovery and robust demand within the cruise industry.
The financial highlights extend beyond revenue. Norwegian reported a GAAP net income of $910.3 million for the year, a substantial 448% increase compared to 2023, translating to earnings per share (EPS) of $1.89, up 386%. Adjusted EBITDA also saw significant growth, reaching a record $2.45 billion, a 32% increase from the $1.86 billion reported in 2023, with an Adjusted EPS of $1.82. These figures demonstrate a marked improvement in profitability.
The company has also made strides in strengthening its balance sheet. Total debt stood at $13.1 billion as of December 31, 2024, with net leverage at 5.3x – a two-turn reduction from the same date in 2023. This reduction is attributed to approximately $2.0 billion in net cash generated from operating activities, indicating improved financial health and debt management.
Looking ahead to 2025, Norwegian Cruise Line Holdings anticipates an Adjusted EBITDA of approximately $2.72 billion, representing an 11.0% increase over 2024. Adjusted Net Income is projected to be around $1.07 billion, despite anticipated headwinds from foreign exchange rates and fuel costs. Adjusted EPS is expected to reach $2.05, further solidifying the company’s progress towards its “Charting the Course 2026” strategic targets.
Harry Sommer, president and chief executive officer of Norwegian Cruise Line Holdings Ltd., emphasized the significance of 2024, describing it as a year marked by “strategic and transformative milestones.” These milestones include the launch of the “Charting the Course” strategy, an ambitious newbuild program, and the construction of a pier at Great Stirrup Cay, the company’s private island in the Bahamas. Sommer also highlighted successful brand initiatives and new guest experiences across the company’s portfolio.
Sommer stated, “These achievements, driven by the dedication of our over 41,000 team members both shoreside and shipboard, led to exceptional financial performance with record revenue, Net Yield growth, and Adjusted EBITDA, enabling us to further strengthen our balance sheet and reduce our Net Leverage two full turns. Through disciplined cost management and by capitalizing on strong demand, we remain confident in achieving our 2026 Charting the Course targets.”
Separately, Norwegian Group, a separate entity operating primarily in the Scandinavian airline market, also announced record results for 2025. On , the group reported an operating profit (EBIT) of NOK 3.732 million, the highest in its history. The fourth quarter alone generated an operating profit of NOK 21 million, a significant improvement from a negative result in the same period of 2024.
The Norwegian Group transported 6.2 million passengers in the fourth quarter, with 5.2 million flying with Norwegian and 1.0 million with Widerøe, its regional airline subsidiary. This represents an increase in passenger numbers for both companies compared to the previous year. While Norwegian reduced production (ASK) by three percent to adjust for seasonal demand, Widerøe increased production by two percent. Norwegian achieved a load factor of 86.0 percent, a 1.8 percentage point increase year-over-year, while Widerøe’s load factor was 70.5 percent.
For the full year 2025, the Norwegian Group carried a total of 27.3 million passengers, up from 26.4 million in 2024. The operating margin for the year reached 9.9 percent, a record high for the group. Geir Karlsen, CEO of Norwegian, expressed satisfaction with the results, stating, “I am pleased to report the best full-year result in Norwegian’s history, a result to which also Widerøe contributed. This demonstrates that our customers value our product and the service we provide.”
Karlsen further noted that the strong performance allows the company to continue paying dividends to shareholders while also investing in its future, including a modern aircraft fleet. Punctuality for Norwegian improved to 83.2 percent in the quarter, up from 78.4 percent the previous year.
The Board of Directors of the Norwegian Group will propose a dividend of NOK 0.80 per share for 2025, totaling NOK 844 million, subject to approval at the Annual General Meeting. These results across both Norwegian Cruise Line Holdings and the Norwegian Group demonstrate a positive trend in the travel and tourism sectors, indicating a continued recovery in demand and improved financial performance.