Norwegian Cruise Line : 2024 Investor Day

2024 Investor Day

Charting a New Course

May 20, 2024

Welcome

Sarah Inmon, Head of IR

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Forward Looking Statements

Some of the statements, estimates or projections contained in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this presentation, including, without limitation, our expectations regarding our future financial position, including our liquidity requirements and future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, including with respect to refinancing, amending the terms of, or extending the maturity of our indebtedness, our ability to comply with covenants under our debt agreements, expectations regarding our exchangeable notes, valuation and appraisals of our assets, expected fleet additions and cancellations, including expected timing thereof, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program and decarbonization efforts may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," "future" and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call; future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, such as Russia's invasion of Ukraine or the Israel-Hamas war, or threats thereof, acts of piracy, and other international events; public health crises, including the COVID-19 pandemic, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; any further impairment of our trademarks, trade names or goodwill; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under "Risk Factors" in our most recently filed Annual Report on Form 10 K and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

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Today's Presenters & Agenda

Sarah Inmon	Harry Sommer
Head of Investor Relations	President & Chief
& Corp. Comms.	Executive Officer

David Herrera	Patrik Dahlgren	Mark Kempa
President, Norwegian	EVP, Vessel Operations	EVP & Chief Financial
Cruise Line		Officer

Time	Topic	Speaker
9:00	Introduction	Sarah Inmon, Head of IR
	Charting a New Course	Harry Sommer, CEO
	Driving Top-line Revenue	David Herrera, NCL President
	Growth
10:00	Break
	Delivering a World Class	Patrik Dahlgren,
	Experience, Efficiently	EVP Vessel Operations
	Achieving Financial	Mark Kempa, CFO
	Excellence
	Bold New Future	Harry Sommer, CEO
11:00	Q&A
12:00-12:30	Light Lunch and Networking with Management

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Charting a New Course

Harry Sommer, CEO

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Charting a New Course

NCLH is a compelling long-term

investment opportunity

Great Industry. Great Brands. Great Future.

Superior fleet and product, coupled with a clear strategy and strong underlying industry dynamics

Focused on Execution

Relentless focus on Net Yield accretion, cost management and disciplined capital allocation, implementing and optimizing demand and efficiency initiatives across the organization

Unlocking Long-Term Value for Shareholders

On the path to return to historical Adj. Operational EBITDA Margins, grow profitability, improve returns and de-leverage the business

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The Haven

2026 Targets

Adj. Operational		Adj. EPS		Net Leverage		Adj. ROIC
EBITDA Margin

~39%	~$2.45	Mid 4x	12%
Approaching	>30% CAGR	Strengthening the	Record levels
historical margins	from 2024	balance sheet

10% GHG Intensity1 Reduction from 2019 baseline

(1) GHG intensity is measured by MTCO2e on a per Capacity Day basis. The targets cover NCLH's emissions from its fleet of ships, islands and facilities (Scopes 1 & 2) as well as upstream fuel- and energy-	7
related activities, including well-to-tank emissions (portion of Scope 3). Capacity Days is defined as Berths available for sale multiplied by the number of cruise days for the period for ships in service.

NCLH at a Glance

19 Ships | ~56,000 berths

~85% of annual bed days

7 Ships | ~6,300 berths		6 Ships | ~4,100 berths
~10% of annual bed days		~5% of annual bed days

$9B+	$2.3B	$1.42	2.9m	32	13
2024 Expected	2024 Expected	2024 Expected	2024 Expected	Current Ships	Current Ships
Revenue1	Adj. EBITDA1	Adj. EPS1	Guests Carried	in Fleet	on Order2

1. Updated guidance for full year 2024 based on expectations as of May 20, 2024.
2. NCLH expects a four ship Norwegian Cruise Line order to replace a separate, effective, two ship order for Oceania Cruises initially placed to secure availability with the shipyard. The four ship order for

Norwegian Cruise Line is still being finalized and is subject to financing. Expected delivery dates are preliminary and subject to change.

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Experienced, Energized and Aligned Management Team

New to role in 2023	30+
years
New to team in 2023
Years = industry experience	Harry Sommer
	President & Chief Executive Officer
	Brand Presidents

9+	20+	20+
years	years	years

David Herrera	Andrea DeMarco	Frank A. Del Rio
President, Norwegian Cruise Line	President, Regent Seven Seas	President, Oceania Cruises
	Functional Leaders

25+	30+	25+	20+	15+	3+
years	years	years	years	years	years

Mark Kempa	Lynn White	Patrik Dahlgren	Daniel Farkas	Chad Berkshire	Kellay Buckelew
EVP, Chief Financial Officer	EVP, Chief Talent Officer	EVP, Vessel Operations	EVP, General Counsel, Chief	EVP, Chief Commercial	Chief Digital
			Development Officer	Officer	Experience Officer
			& Secretary

Seasoned team with combined average of 20 years of experience in the industry	9

NCLH President & CEO: Harry Sommer

2023- Present

President and CEO

2015- 2023

President Norwegian Cruise Line

President International

EVP International Business Development

EVP and Chief Integration Officer

2009-2015SVP and CMO

SVP Finance and CIO

CAO and Controller

30+ Years of Leadership Experience in Cruise Industry

* Prestige, or its predecessor operated Oceania Cruises and Regent Seven Seas Cruises from 2002 until its acquisition by NCLH in 2014.

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