Norwegian Cruise Line Holdings Ltd.

Good morning, and welcome to Norwegian Cruise Line Holdings' fourth quarter and full year 2025 earnings conference call. My name is Rob, and I'll be your operator. At this time, all participants are in listen-only mode. Later, we'll conduct a question-and-answer session, and instructions for the session will follow at that time. If anyone should require operator assistance during the conference, please press star zero on your touchtone telephone. As a reminder to all participants, this conference call is being recorded. I would now like to turn the conference over to your host, Sarah Inman. Ms. Simmons, please proceed.

Good morning, everyone. Thank you for joining us for our fourth quarter and full year 2025 earnings call. I'm joined today by John Chidsey, President and CEO of Norwegian Cruise Line Holdings, and Mark Kempa, Executive Vice President and Chief Financial Officer. As a reminder, this conference call is being simultaneously webcast on the company's investor relations website. We will be referring to a slide presentation during this call, which can also be found on our website. Both the conference call and presentation will be available for replay for 30 days following today's event. Before we begin, I would like to cover a few items. Our press release with fourth quarter and full year 2025 results was issued this morning and is also available on our website. This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release. Our comments may also reference non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation. Unless otherwise noted, all references to 2025 and 2026 net yield and adjusted debt cruise costs excluding fuel for capacity day are on a constant currency basis, and comparisons are into the same period in the prior year. With that, I'd like to turn the call over to our CEO, John Chisley. John?

Thank you, Sarah, and good morning, everyone. It's my pleasure to be here with you today, and I'd like to thank my Norwegian Cruise Line Holdings colleagues for their warm welcome and Mark for his partnership. There are many reasons that I agreed to join the board last February and now become CEO. This is a special company. It founded the modern cruise industry. We have iconic brands, an extremely loyal guest base, and a dedicated team. At the same time, NCLH has clearly not been performing to its full potential. Over the past two weeks since becoming CEO, I have been moving quickly to immerse myself in all aspects of our business and culture. I've begun a deep review of operations, spending time with our leadership, and beginning to engage across the organization to better understand where we are performing well and where we are not. As someone who has built a career at consumer-focused companies, I share the team's passion for delivering an unbeatable guest experience. I've seen our company at moments of real strength, as well as through some of its most challenging periods, including the pandemic. I've experienced firsthand the resilience of this company and its people. I bring deep familiarity with the cruise industry from my prior years on the NCLH Board of Directors. We span transportation, hospitality, entertainment, construction, logistics, revenue management, touring, and more. We do this while managing various distribution channels and regulatory frameworks around the world. Our industry relies on guests booking their voyages months, sometimes even years in advance. I've also successfully led a number of yield driven asset intensive businesses through periods of transformation and performance improvement. Those experiences have reinforced a simple lesson. Sustainable improvement comes from disciplined execution operational rigor and a clear focus on the fundamentals. This is the approach I intend to bring to NCLH. We are operating a capital-intensive business with a balance sheet that is overly levered and a cost structure that must continue to be streamlined. Indeed, we have some challenges that need to be addressed immediately and others that will take more time. We also have strengths to leverage. My takeaway after these first two weeks We have to create a burning platform sense of urgency, balanced against optimism and excitement for the opportunities ahead of us. Let me be clear. Our strategy is sound. Our execution and coordination have not been. And a culture of accountability is essential and necessary going forward. The good news is that we have the assets, we have the brands, and we now have the right focus. Job one is fixing execution and driving accountability and urgency. This comes from optimizing the organization and eliminating bureaucracy. There were clear failures in the basics of developing coordinated plans and a clear operating cadence around key enterprise-wide initiatives. The culture was very siloed with the lack of a one team mentality, which fed into this lack of cohesion. And I found that while there was work being done, the alignment and focus was not where it needed to be. Job two is improving efficiency and return on invested capital, ensuring that our capital allocation decisions are grounded in measurable returns. The company invested heavily in our ships, and as a result, our product is strong. However, we underinvested in technology, revenue management capabilities, and customer-facing systems. Correcting this imbalance is one of our top priorities. And job three is unlocking operational upside in revenue management, itinerary optimization, and monetization of our private destinations. There is important work ahead to return our company to sustained growth and value creations. It is the combination of my turnaround experience and tenure leading consumer-focused companies and industry understanding that provides me with the confidence that we can deliver for our shareholders, guests, and team members. What will make this possible is our leadership team. As of the past few months, we have put in place essentially an all-new leadership team in most of our critical functions with a skill set and experience level that is well-suited for the work ahead. Now, this group needs to bond, and we need to create a culture of accountability and empowerment. The pieces are definitely here and I'm already encouraged by the team's excitement and commitment to this turnaround. Some actions are already underway and you will see further announcements over coming quarters as we streamline and reorganize the business to better execute. To that end, I'm working closely with our brand and executive leadership teams to take a fresh look at how we can improve day-to-day execution and drive more consistent results. Mark Kozlowskis was named President of Norwegian Cruise Lines in December, bringing more than three decades of experience across sales, operations, and innovation in the global travel industry. Mark has a strong track record of driving commercial performance and enhancing the guest experience, and his leadership will be instrumental at the brand level. I'm also working closely with Jason Montague, our Chief Luxury Officer, as he continues to lead Regent Seven Seas Cruises and Oceana Cruises. Together, we are focused on ensuring that each of our brands continues to deliver distinctive, high-quality experiences that resonate with our guests. Our executive leadership team brings together experienced company and industry veterans alongside new seasoned leaders from outside the industry, particularly in areas like technology and strategy. At the Norwegian brand, we recently onboarded a seasoned industry veteran to lead that brand's revenue management function, along with a chief marketing officer that is honing our brand messaging and the way we engage with our guests. Going forward, our decisions will be driven with a focus on revenue management, which will work with and direct sales and marketing to better align our resources. This is just one example of our teams coming together across the company around a common goal of improving performance. My priorities are straightforward. Improve execution, strengthen financial discipline, reduce leverage, and focus the organization on the areas that will drive sustainable value creation over time. Once we complete our review and finalize our operating plan, progress will require patience, discipline, and consistent execution. I look forward to sharing more detail on these priorities as we progress. With that, I'll turn it over to Mark to walk through our fourth quarter results and our outlook for 2026. Mark?