Analyzing the Impact of Foreign Exchange and Drydocks on NCLH’s Q1 Results

Norwegian Cruise Line Holdings (NCLH) experienced a loss of $40.3 million in the first quarter of 2025, with revenues at $2.1 billion. This contrasts with a net income of $17.4 million and revenues of $2.2 billion during the same period last year.

The significant losses were primarily attributed to foreign exchange losses totaling $23 million this year, compared to foreign exchange gains of $13 million in the previous year. Additionally, marketing, general, and administrative expenses surged by $29 million year-over-year.

A decline in total revenue and passenger cruise days was reported, partially due to reduced available capacity days caused by drydocking. Nevertheless, ticket and onboard revenue per passenger day increased to $367.63, compared to $358.48 during the same timeframe last year. NCLH also highlighted notable cost reductions in payroll, fuel, and food as positive indicators despite the overall loss.

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