Norwegian Cruise Line : Earnings Presentation FY 2022

FOURTH QUARTER

AND FULL YEAR 2022

EARNINGS CONFERENCE CALL

February 28, 2023

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, those regarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, valuation and appraisals of our assets and objectives of management for future operations (including those regarding expected fleet additions, our expectations regarding the impacts of the COVID-19 pandemic, Russia's invasion of Ukraine and general macroeconomic conditions, our expectations regarding cruise voyage occupancy, the implementation of and effectiveness of our health and safety protocols, operational position, demand for voyages, plans or goals for our sustainability program and decarbonization efforts, our expectations for future cash flows and profitability, financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are 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; the spread of epidemics, pandemics and viral outbreaks, including the COVID-19 pandemic, and their effect on the ability or desire of people to travel (including on cruises), which is expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price; 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 regulatory restrictions related to the pandemic; 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 as a result of the impact of the COVID-19 pandemic or otherwise; 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, and threats thereof, acts of piracy, and other international events; adverse incidents involving cruise ships; breaches in data security or other disturbances to our information technology 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; 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, Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 pandemic, Russia's invasion of Ukraine and the impact of general macroeconomic conditions. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. The above examples are not exhaustive and new risks emerge from time to time. 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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NCLH OVERVIEW

1966	29	60,000+
Year Founded	Ships in Fleet	Berths

8	20,000+	~500
Ships on	Berths on	Global
Order	Order	Destinations Visited

~39,000	~2.7M	2
Team	Expected Guests	Luxurious Private
Members	Carried in 2023	Island Destinations

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KEY EVENTS SINCE Q3 2022 EARNINGS CALL

Dec 6

Dec 7

Dec 9

Dec 15

Jan 5

Jan 26

Jan 31

Feb 2

Feb 27

Feb 27

Norwegian Cruise Line announced November was a record-breaking month, achieving a record day, week and month of sales boosted by the Black Friday and Cyber Monday holiday push.

Oceania Cruises announced that it would accelerate the debut of its new ship Vista by one week due to unprecedented demand for the ship's inaugural season.

Company amended and extended $1.4 billion of the Company's Operating Credit Facility to January 2025.

Announced key organizational changes at the senior executive leadership level effective January 1, 2023, as part of its robust succession planning process. Andrea DeMarco, former Chief Sales and Marketing Officer for Regent Seven Seas Cruises, was appointed to President of Regent Seven Seas Cruises and Frank A. Del Rio, former Chief Sales and Marketing Officer for Oceania Cruises, was appointed to President of Oceania Cruises.

Announced creation of new "Experiences at Sea" division which is the union of Sixthman Festivals at Sea, a subsidiary of NCL, and the Company's Charters, Meetings and Incentives department. The new division will focus on serving corporate, incentive and affinity- focused clients across all three of its brands.

Regent's newest ship, Seven Seas Grandeur, was floated out in Italy, marking a major construction milestone ahead of the ship's first sail date in November 2023.

Oceania Cruises announced the name of the second 1,200-guest Allura Class ship as Allura, set to debut in 2025.

Issued $600.0 million aggregate principal amount of 8.375% senior secured notes due 2028 with net proceeds used to repay the term loans outstanding under the Operating Credit Facility that would have become due in January 2024.

Announced amendment of $1 billion commitment. As part of the amendment, Company issued $250 million of 9.75% senior secured notes due 2028. At the same time, the Company revised the commitment to reduce the amount to $650 million, which will be available through February 2024 with an option, at the Company's election, to extend through February 2025. In total, the combination of these two actions provides the Company with approximately $900 million of liquidity.

Announced agreement to provide $300 million of backstop committed financing to refinance, at the Company's election, amounts outstanding under the Operating Credit Facility that are coming due in January 2024.

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2022 HIGHLIGHTS

• First major cruise operator to return its entire fleet back to service in May 2022, capping the Great Cruise Comeback
• Significantly ramped up Occupancy levels and on track to reach historical levels by Q2 2023
• Welcomed game changing Norwegian Prima to world class fleet

• Delivered exceptional vacation experiences to ~1.7 million guests
• Ended the year with a record cumulative booked position for full year 2023 and at higher pricing
• Pricing outperformance with Net Per Diem +13% for FY22 vs. FY19
• Strong and broad-based onboard revenue generation even as Occupancy ramped up
• Brands achieved numerous booking records

• Reached several key financial milestones including generating positive Operating Cash Flow, positive Adjusted EBITDA and positive Adjusted Free Cash Flow for the first-timepost-pandemic1
• Conducted balance sheet optimization transactions to repay highest cost debt incurred during voyage suspension and extend near-term maturities
• Ongoing margin enhancement initiative

1. Positive Operating Cash Flow achieved in Q2 2022, positive Adjusted EBITDA achieved in Q3 2022 and positive Adjusted Free Cash Flow achieved in Q4 2022.

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