Norwegian Cruise Line : Earnings Presentation Q2 2023

Q2 2023 EARNINGS CONFERENCE CALL

August 1, 2023

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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, 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 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 has adversely impacted and may 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 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 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; 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 presentation 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	30	60,000+
Year Founded	Ships in Fleet	Berths

7	19,000+	~700
Ships on	Berths on	Global
Order	Order	Destinations Visited

~40,000	~2.7M	2
Team	Expected Guests	Luxurious Private
Members	Carried in 2023	Island Destinations

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KEY EVENTS SINCE Q1 2023 EARNINGS CALL

May 8

June 5

June 12

June 23

July 1

July 17

July 18

July 20

July 25

Oceania Cruises christened its new ship Vista, in Valletta, Malta on May 8th, with a celebration headlined by her godmother, celebrated Italian- American chef, author, restaurateur and Emmy award-winning food personality Giada De Laurentiis, and an exclusive performance from legendary GRAMMY® and Emmy award-winning musician Harry Connick, Jr.

Published 2022 ESG report which highlights the progress on NCLH's ESG strategy and goals, including its efforts across the five pillars of Sail & Sustain: Reducing Environmental Impact, Sailing Safely, Strengthening our Communities, Empowering People and Operating with Integrity and Accountability.

Welcomed cruise industry veteran Patrik Dahlgren as the Company's new Executive Vice President, Vessel Operations. Dahlgren will oversee marine and technical operations, hotel operations, entertainment, cruise programs and security across NCLH's three brands.

Norwegian Cruise Line announced that GRAMMY® nominated, and five-time Latin GRAMMY® winning singer, songwriter, musician and producer, Luis Fonsi, will serve as the Godfather of its newest ship, Norwegian Viva. The ship will be christened in Miami before homeporting in San Juan, Puerto Rico this fall.

Successful completion of seamless leadership transition with Harry Sommer officially assuming role as President and Chief Executive Officer of Norwegian Cruise Line Holdings.

Regent Seven Seas Cruises announced that Sarah Fabergé, Founding Member of The Fabergé Heritage Council and great-granddaughter of Peter Carl Fabergé, will serve as Godmother to Seven Seas Grandeur. Sarah will christen the ship at an elegant and exclusive gala event in Miami, Florida on December 10, 2023, featuring incredible entertainment from Emmy and Tony Award-Winning actress and singer Kristin Chenoweth.

Regent Seven Seas Cruises announced a landmark partnership with Global Hotel Alliance (GHA), the world's largest alliance of independent hotel brands, and its loyalty program GHA Discovery. The exclusive agreement allows GHA loyalty members to be rewarded for booking new Regent voyages while Regent guests can also sign up for this one-of-a-kind loyalty program at no extra cost.

Norwegian Cruise Line announced Norwegian Joy will undergo extensive enhancements in January 2024 to elevate the onboard guest experience with popular offerings, including 24 new staterooms, a new Thermal Suite in the Mandara Spa and Salon, expanded Vibe Beach Club, redesigned Three-Bedroom The Haven Premier Owner's Suites and more.

Norwegian Cruise Line announced the 20 winners of its fourth annual Norwegian's Giving Joy® contest, the Brand's annual recognition program that has been celebrating teachers across North America since 2019 for their hard work and relentless dedication.

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HIGHLY EXPERIENCED MANAGEMENT TEAM

>20 years

average cruise industry

experience

		HARRY SOMMER
		President & CEO, NCLH
Brand Presidents	31 years in industry
	Shared Service Leaders

DAVID HERRERA	ANDREA DEMARCO	FRANK A. DEL RIO	MARK KEMPA	DAN FARKAS	LYNN WHITE
President, NCL	President, RSSC	President, Oceania Cruises	Chief Financial Officer	GC & Chief Development Officer	Chief Talent Officer
11 years in industry	20 years in industry	20 years in industry	25 years in industry	26 years in industry	31 years in industry

Tri-Branded Operations Leaders

ROBIN LINDSAY	TODD HAMILTON	PATRIK DAHLGREN	CHAD BERKSHIRE	SCOTT PICCOLO
EVP, New Build & Refurbishment	SVP, New Ventures	EVP, Vessel Operations	Chief Commercial Officer	Chief Digital Experience Officer
30 years in industry	16 years in industry	24 years in industry	25 years in industry	8 years in industry

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