Norwegian Cruise Line’s 2.5% Capacity CAGR and Free-Cash-Flow Outlook
Capacity days are expected to rise 7% in 2026, then slow to a 2.5% CAGR from 2026-2029 as ship deliveries decelerate. Norwegian Cruise Line expects deliveries of two ships in 2026 and 2027, then one each in 2028 and 2029, while five ships exit the fleet. A $100 million cost initiative targets capex-driven margin and cash gains, though leverage stays above six times and yields face pressure.