挪威郵輪 (NCLH) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings second quarter 2025 earnings conference call. My name is Maria, and I will be your operator. (Operator Instructions)

早安，歡迎參加挪威郵輪控股公司 2025 年第二季財報電話會議。我叫瑪麗亞，我將擔任您的接線生。（操作員指示）

Ms. Inmon, please proceed.

伊蒙女士，請繼續。

Thank you, and good morning, everyone. Thanks for joining us for our second quarter 2025 earnings call. I'm joined today by Harry Sommer, 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 also make reference to a slide presentation during the call, which can also be found on our website.

謝謝大家，早安。感謝您參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有挪威郵輪控股公司總裁兼執行長 Harry Sommer 和執行副總裁兼財務長 Mark Kempa。提醒一下，本次電話會議正在公司投資者關係網站上同步進行網路直播。我們也會在通話期間參考幻燈片演示，您也可以在我們的網站上找到該幻燈片演示。

Both the conference call and the presentation will be available for replay for 30 days following today's call.

電話會議和簡報將在今天的電話會議結束後的 30 天內提供重播。

Before we begin, I would like to cover a few items. Our press release with second quarter 2021 results was issued this morning and is available on our Investor Relations website. This call includes forward-looking statements and 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.

在我們開始之前，我想先談幾點。我們於今天上午發布了 2021 年第二季業績新聞稿，可在我們投資者關係網站上查閱。本次電話會議包含前瞻性陳述，涉及風險和不確定性，可能導致我們的實際結果與此類陳述有重大差異。這些聲明應與我們收益報告中的警告聲明一起考慮。我們的評論也可能參考非公認會計準則財務指標。

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 net yield and adjusted net cruise cost, excluding fuel per capacity day are on a constant currency basis and comparisons are to the same period in 2024.

我們的收益報告和介紹中包含了與最直接可比較的 GAAP 財務指標的對帳以及其他相關揭露。除非另有說明，所有提及 2025 年淨收益和調整後淨郵輪成本（不包括每容量日燃油）均以固定貨幣為基礎，並與 2024 年同期進行比較。

With that, I'd like to turn the call over to our CEO, Harry Sommer. Harry?

說到這裡，我想把電話轉給我們的執行長 Harry Sommer。哈利？

Well, thank you, Sarah, and good morning, everyone, and welcome to our second quarter 2025 earnings call. I am pleased to report another record quarter where we met or exceeded guidance across all metrics, allowing us to reiterate our full year guidance on the back of solid customer demand that resulted in record bookings over the last three months. These results reflect the continued strength of our brands and the disciplined execution of our strategy. While we are encouraged by our performance during the first half of 2025 our focus remains firmly on delivering long-term value through our charting de course strategy. This includes our commitment to balancing return on investment with return on experience ensuring that we deliver exceptional locations while driving strong financial results and strengthening our balance sheet.

好吧，謝謝你，莎拉，大家早安，歡迎參加我們 2025 年第二季財報電話會議。我很高興地報告，我們又一個創紀錄的季度，所有指標都達到或超過了預期，這使我們能夠在強勁的客戶需求（導致過去三個月的預訂量創下紀錄）的支持下重申全年預期。這些結果反映了我們品牌的持續實力和我們策略的嚴格執行。雖然我們對 2025 年上半年的表現感到鼓舞，但我們的重點仍然是透過我們的航向策略來實現長期價值。這包括我們致力於平衡投資回報和經驗回報，確保我們提供卓越的地點，同時推動強勁的財務表現並加強我們的資產負債表。

These have been an exceptionally active and exciting last few months that included several high-impact announcements and significant milestones that will shape the future of our company for years to come. I'll walk through each of these in more detail shortly. But highlights include the successful delivery of Oceana Cruises Zalora, the brand's Ace vessel, the confirmation of two additional next-generation sonata class ships for Oceania Cruises bringing their future order book to 4 ships and earlier this week, the announcement of the new great Tight water park at -- great Sure, marking our latest initiative to unlock the full value of the greatest island in the Caribbean.

過去的幾個月異常活躍和令人興奮，其中包括幾項具有重大影響的公告和重要里程碑，這些將決定我們公司未來幾年的未來。我很快就會更詳細地介紹每一個方面。但亮點包括成功交付該品牌的王牌船隻 Oceana Cruises Zalora、為大洋郵輪確認再訂購兩艘下一代奏鳴曲級船隻，使其未來訂單量達到 4 艘船隻，以及本週早些時候宣佈在蘇雷開設新的 Tight 水上樂園，這標誌著我們為釋放加勒比地區最大島嶼的全部價值而採取的最新舉措。

I'll wrap up my remarks by focusing on top line drivers and an update on our return algorithm. I'll then hand the call over to Mark, who will provide a deeper dive into our financial performance and outlook. Let me begin with our second quarter performance reflected on slide 4, which includes record results and continued momentum across all metrics. We met or exceeded all guidance we provided at the end of April in our last earnings call, and achieved record Q2 revenue. Most notably, net yield outperformed our expectations, growing 3.1% as a result of strong close-in demand and onboard spend.

我將透過重點討論頂線驅動因素和我們的回報演算法的更新來結束我的發言。然後，我會將電話交給馬克，他將更深入地介紹我們的財務表現和前景。首先，我要介紹投影片 4 中反映的第二季業績，其中包括創紀錄的業績和各項指標的持續成長動能。我們達到或超過了上次收益電話會議上 4 月底提供的所有指導，並實現了創紀錄的第二季度收入。最值得注意的是，淨收益率超出我們的預期，由於強勁的近距離需求和船上支出，成長了 3.1%。

This, combined with the benefit from the timing of certain costs, drove adjusted EBITDA of $694 million, $24 million above guidance, as a result, our trailing 12-month margin now stands at 36.3%, representing a year-over-year improvement of more than 300 basis points, bringing us meaningfully closer to our charting the course margin target. Lastly, adjusted EBITDA for the quarter came in at $0.51, in line with guidance despite an $0.08 headwind from the impact of foreign exchange rates, primarily related to our advanced ticket sales balance.

再加上某些成本時機帶來的好處，調整後的 EBITDA 達到 6.94 億美元，比預期高出 2,400 萬美元，因此，我們過去 12 個月的利潤率目前為 36.3%，同比增長超過 300 個基點，使我們更接近制定的利潤率目標。最後，本季調整後的 EBITDA 為 0.51 美元，符合預期，儘管受到外匯匯率影響 0.08 美元的阻力（主要與我們的預售票餘額有關）。

Moving to slide 5. Let's take a look at one of the most exciting recent announcements for Norwegian Cruise Line brand, the long-awaited full next phase of development at great Serve K. Earlier this week, we unveiled plans for great ties a massive 6-acre water park opening in the summer of 2026 with 170-foot tower and 19 water slides, an 800-foot dynamic River, Cripps, and a dedicated 9,000 square feet kids slatstone. Great Tight water park will redefine the experience in our private island and make great Serve K the greatest private island in the Caribbean. This marks a major milestone in the evolution of Great Serve K, which along with our previously announced amenities, reflects our strategy to deliver experiences that resonate with families and multiple generation of travelers from kids and teens to parents and grandparents, we are indeed enhancing the destinations with more of something for everyone.

移至投影片 5。讓我們來看看挪威郵輪品牌最近最令人興奮的公告之一，即人們期待已久的 Serve K 全面開發下一階段。本週早些時候，我們公佈了在 2026 年夏天開放一個佔地 6 英畝的大型水上樂園的計劃，該樂園將擁有一座 170 英尺高的塔和 19 個水滑梯、一條 800 英尺長的動態河流、克里普斯河以及一個 9,000 平方英尺的專用兒童滑水道。Great Tight 水上樂園將重新定義我們私人島嶼的體驗，並使 Great Serve K 成為加勒比地區最棒的私人島嶼。這標誌著 Great Serve K 發展歷程中的一個重要里程碑，它與我們之前宣布的設施一起，體現了我們的策略，即為家庭和從兒童、青少年到父母、祖父母的多代旅行者提供產生共鳴的體驗，我們確實在為每個人提供更多目的地的體驗。

To build excitement around the -- Great Tides water park we launched Escape to the great Life, a consumer campaign featuring immersive pop-ups in New York City and Miami. If you're in New York, stop by 104 Grand Street today for a preview of what's coming. The campaign kicks off a refreshed look and feel for Great Serve K that coincides with the island's many enhancements. The Gray ties water park is just one part of a broader transformation by year-end, the Norwegian brand will have debuted a new peer, a new welcome center, a new 28,000 square foot pool area with multiple swim of bars, cabanas and a kids splash zone following in the spring of 2026 is the opening of Horizon Park, Hank Bay and the adults only beach area, the Vive Shore Club alongside additional amenities in our award-winning Silver Cove. These new additions will drive incremental onboard revenue while enhancing the guest experience, the classic balance of return on investment with return on experience, which we discussed so often, which will lead to higher guest satisfaction rates and stronger returns at what is already one of our highest-rated destinations.

為了營造人們對大潮水上樂園的興奮感，我們推出了「逃離美好生活」活動，這是一項消費者活動，在紐約市和邁阿密設有沉浸式彈出窗口。如果您在紐約，請今天前往 104 Grand Street 預覽即將發生的事情。這項活動為 Great Serve K 帶來了煥然一新的外觀和感覺，與島上許多的改進相呼應。到今年年底，Gray ties 水上樂園只是更廣泛改造計劃的一部分，挪威品牌將推出一個新的同行、一個新的遊客中心、一個全新的 28,000 平方英尺的泳池區，其中設有多個酒吧、小屋和兒童戲水區，隨後在 2026 年春季，地平線公園、漢克灣和僅限成人的海灘區、Vive Shore Club 的其他海灣設施也將開放的銀設施。這些新增服務將增加船上收入，同時提升賓客體驗，也就是我們經常討論的投資回報與體驗回報之間的經典平衡，這將為我們已經評價最高的目的地之一帶來更高的賓客滿意度和更豐厚的回報。

In 2026, we expect to welcome approximately 1 million guests to the island, nearly 1/3 of our total guests -- and in 2027, we expect that number to increase 20% to approximately 1.2 million guests cumulatively coming from nine different home ports across 21 of our vessels. Ultimately, what we're doing at Great Serve K is a clear example of our strategy in action, helping our guest fiction better and experience more as the original private island experience, we're now reimagining it for the next generation of cruisers and I can't wait for everyone to discover and experience the greatest destination in the Caribbean.

2026 年，我們預計島上將迎來約 100 萬名遊客，佔遊客總數的近三分之一；2027 年，我們預計遊客數量將增加 20%，累計達到約 120 萬名遊客，這些遊客來自我們 21 艘遊輪的 9 個不同母港。最終，我們在 Great Serve K 所做的事情是我們策略實施的一個明顯例子，幫助我們的客人更好地體驗原始的私人島嶼體驗，我們現在正在為下一代巡洋艦重新構想它，我迫不及待地希望每個人都能發現和體驗加勒比地區最棒的目的地。

Moving to slide 6. I I'm also incredibly proud to share that earlier this month, we were in Italy to celebrate the delivery of Oceana Allura, the eighth ship in Oceana's award-winning fleet and the second in the Allura class. Built at the Fincantieri shipyard in Jena, Oceana Allura is a starting embodiment of our vision for the future of luxury cruising where immersive destinations, elevated design outstanding service and culinary excellence converge. The shift is not only Oceania's most luxurious to date. It's also a clear signal of our continued investment in the luxury segment.

移至幻燈片 6。我還非常自豪地告訴大家，本月初我們在義大利慶祝了 Oceana Allura 號的交付，這是 Oceana 屢獲殊榮的船隊中的第八艘船，也是 Allura 級的第二艘船。Oceana Allura 由耶拿的 Fincantieri 造船廠建造，是我們對未來豪華巡航願景的初步體現，它將沉浸式目的地、高端設計、卓越的服務和卓越的烹飪融為一體。這次航行不僅是大洋洲航空迄今為止最豪華的航行。這也清楚地表明了我們將繼續投資奢侈品領域。

With Oceana Allura, we've made thoughtful ROI-centric improvements to the Vista Blueprint, including enhancements to the state remix. We replaced SovoCabins with Pentol Suites and concierge Heranstate rooms both of which deliver yield premiums and align with guest demand.

透過 Oceana Allura，我們對 Vista Blueprint 進行了以 ROI 為中心的周到改進，包括對狀態混音的增強。我們以 Pentol Suites 和禮賓 Heranstate 客房取代了 SovoCabins，這兩者都能提供更高的收益並滿足客人的需求。

We've also brought back the guest favorite French restaurant chalk created Inspired by the World Famous Jack Behan, and expanded Red Ginger with new Nike inspired menu, further elevating the culinary experience. Allura sets a new benchmark for design, service and guest satisfaction and the initial guest feedback has been outstanding, but we're not stopping here. At the delivery ceremony, we confirmed an order for two additional Sonata class ships for a total of four next-generation ships for the brand, further reinforcing our confidence in the long-term demand for luxury cruising, which is clearly reflected on slide 7.

我們還帶回了客人最愛的法國餐廳粉筆，靈感來自世界著名的傑克貝漢 (Jack Behan)，並擴大了 Red Ginger 餐廳，推出了新的耐吉風格菜單，進一步提升了烹飪體驗。Allura 為設計、服務和客人滿意度設立了新的基準，最初的客人回饋非常出色，但我們不會止步於此。在交付儀式上，我們確認了另外兩艘索納塔級郵輪的訂單，使該品牌的下一代郵輪總數達到四艘，進一步增強了我們對長期豪華郵輪需求的信心，這在第7張幻燈片中得到了清晰的體現。

Additionally, this quarter, under Jason Montage's renewed leadership, we launched sales for 7 Seas Prestige, our newest ultra luxury vessel. The Shindeut marked a record-breaking booking day for a newbuild launch, underscoring the strength of the luxury sector. Notably, the SkyView region Suite priced at $25,000 per night sold out on nearly all of our first ceiling season of sailings on opening day representing the strongest opening day performance for a top-tier product in the brand's history. Following the successful delivery of Oceana Allura and the confirmation of two new Sonata class chips, we now have 13 ships on order across the three brands through 2036, implying a 4% capacity CAGR. Each of these three brands is on a well-defined growth trajectory, Norwegian has 7 ships on order, Oceana foreship on order and Region institutions on water.

此外，本季度，在 Jason Montage 的新領導下，我們推出了最新的超豪華遊輪 7 Seas Prestige 的銷售。Shindeut 號的當天預訂量創下了新船下水預訂量的新高，凸顯了豪華遊艇產業的強勁實力。值得注意的是，售價每晚 25,000 美元的 SkyView 區域套房在開幕當天幾乎全部售罄，這是該品牌歷史上頂級產品開幕日最強勁的表現。在成功交付 Oceana Allura 號和確認兩艘新型 Sonata 級郵輪後，到 2036 年，我們目前已訂購三個品牌的 13 艘郵輪，這意味著運力複合年增長率為 4%。這三個品牌都處於明確的成長軌跡上，挪威訂購了 7 艘船，Oceana 訂購了 1 艘船，Region 機構也在水上訂購。

This measured expansion strategy ensures we're investing in the unique strength and market position of each brand. Historically, this kind of measured capacity growth has led to outsized returns, and we are confident it will continue to do so.

這種謹慎的擴張策略確保我們投資於每個品牌的獨特優勢和市場地位。從歷史上看，這種有節制的產能成長已經帶來了巨額回報，我們相信這種情況將會持續下去。

Moving to slide 8. I want you to revisit a framework many of you saw at our Investor Day, one that outlines the multiple drivers of pricing and net yields. We've been making steady progress across each of these areas. While some of the benefits will take time to materialize, we wanted to provide a clear update on how these initiatives are advancing to date.

移至幻燈片 8。我希望你們重新審視一下你們許多人在我們的投資者日上看到的一個框架，該框架概述了定價和淨收益的多種驅動因素。我們在各個領域都取得了穩步進展。雖然一些好處需要時間才能實現，但我們希望清楚地說明這些舉措迄今為止的進展。

Slide 9 demonstrates how momentum is building. Let's start with new builds and our fleet. As we bring new ships online, we're also improving the cabin nice across the existing fleet. That includes modifications like the one I mentioned earlier on Allura, replacing solo cabins with higher-yielding pentestand concierge suites, as well as increasing the number of valcony cabins on the legacy fleet. Deployment optimization is another key focus.

幻燈片 9 展示了勢頭如何增強。讓我們從新建建築和我們的艦隊開始。隨著新船投入使用，我們也改善現有船隊的客艙環境。其中包括我之前在 Allura 上提到的修改，用收益更高的穿透式禮賓套房取代單人艙，以及增加傳統船隊的陽台艙數量。部署優化是另一個重點。

We've been analyzing our itinerary mix and cruise duration at more granular levels to strike the right balance between guest demand and profitability. This includes increased fund and fund deployment, shorter cruise length and, of course, the benefits of the enhancements of Great Serve K. With new deployments, ships and experiences coming online, we are investing in the systems that will also help drive our top line. We have been developing a new revenue management system, the first phase of which, which is on track to be completed by the end of 2025 and and we expect some benefits from the system as early as late '26 with an even bigger benefit in 2027. Marketing and brand positioning are equally important Oceania Cruises is focused on positioning to sell firmly within the luxury space with new branding coming in the near future that better communicates the brand's extraordinary value proposition.

我們一直在更細緻地分析我們的行程組合和巡航時間，以在客人需求和盈利能力之間取得適當的平衡。這包括增加資金和資金部署、縮短巡航時間，當然還有 Great Serve K 增強功能帶來的好處。隨著新部署、新船隻和新體驗的推出，我們正在投資有助於推動我們營收成長的系統。我們一直在開發新的收入管理系統，其第一階段預計將於 2025 年底完成，我們預計該系統最早將於 2026 年底帶來一些效益，2027 年將帶來更大的效益。行銷和品牌定位同樣重要，大洋郵輪專注於在豪華領域穩固的銷售定位，不久的將來將推出新的品牌，以更好地傳達品牌非凡的價值主張。

And as I mentioned earlier, this week, Norwegian introduced a refreshed look and feel for Great Serve K to align with the transformational enhancements underway. To support these efforts, I'm thrilled to welcome Kieran Smith as the new Chief Marketing Officer at Norwegian Cruise Line. Her expertise and deep experience in vaunted consumer brands will bring fresh perspective and will elevate our marketing efforts, amplify brand reach and fuel top-of-funnel demand.

正如我之前提到的，本週，挪威航空為 Great Serve K 推出了全新的外觀和感覺，以配合正在進行的轉型改進。為了支持這些努力，我很高興歡迎 Kieran Smith 擔任挪威郵輪公司新任行銷長。她在知名消費品牌的專業知識和豐富經驗將帶來新的視角，提升我們的行銷力度，擴大品牌影響力，並刺激漏斗頂端的需求。

Finally, onboard spend remains a critical driver of revenue, and we're focused on improving the guest journey to support it. We've made significant strides in this area already. And I'm excited to share that Daniel Henry has joined NCLH last week as our new Chief Digital and Technology Officer. His experience in travel and hospitality at American Airlines and McDonald's, will help us advance everything from websites and apps to back-end systems, enhancing the guest experience and driving onboard revenue.

最後，船上消費仍然是收入的關鍵驅動力，我們專注於改善客人旅程以支持它。我們已經在這一領域取得了重大進展。我很高興地告訴大家，丹尼爾亨利 (Daniel Henry) 已於上週加入 NCLH，擔任我們的新任首席數位和技術長。他在美國航空和麥當勞的旅遊和酒店業工作的經驗將幫助我們改善從網站和應用程式到後端系統的一切，從而提升客戶體驗並增加機上收入。

Now I know many of you are looking ahead to what this means for 2026 and are charting the course targets, which I'm pleased to report, we are very much on track to achieve. Consistent with our algorithm that we shared at Investor Day, we continue to expect net yield growth in the low to mid-single-digit range. As I mentioned earlier, the opening of the Gray Tight water park next summer is expected to be a positive demand driver and with the summer launch, we expect to see a full benefit starting in Q4 of 2026 and throughout 2021. Our outlook includes a 25 basis point benefit in 2026 and a cumulative 1% uplift in 2027.

現在我知道你們中的許多人都在展望這對 2026 年意味著什麼，並正在規劃目標進程，我很高興地告訴大家，我們正朝著實現目標的正確方向前進。與我們在投資者日分享的演算法一致，我們繼續預期淨收益率成長率將在低至中等個位數範圍內。正如我之前提到的，預計明年夏天 Gray Tight 水上樂園的開業將帶來積極的需求推動力，隨著夏季的開業，我們預計將從 2026 年第四季度開始並在整個 2021 年看到全面收益。我們的展望包括 2026 年收益增加 25 個基點，2027 年累計增加 1%。

Of course, top line growth is only one part of the equation. As you can see on slide 10, we've also made significant progress on the cost side of the business. In 2024, our costs were essentially flat and we're guiding to flat again this year for the full year 2025 and flat in both Q3 and Q4. By year-end, we expect to deliver over $200 million in savings, and we have high confidence in delivering our $300 million plus savings target through 2026. But I want to be clear.

當然，營業額成長只是等式的一部分。正如您在第 10 張投影片上看到的，我們在業務成本方面也取得了重大進展。2024 年，我們的成本基本上持平，我們預計 2025 年全年成本將再次持平，第三季和第四季成本也將持平。到今年年底，我們預計將節省超過 2 億美元，我們非常有信心在 2026 年實現節省超過 3 億美元的目標。但我想說清楚。

The cost savings come off initiatives focused on better purchasing, economies of scale and more efficiencies all with an eye to always be improving the guest experience. As an example, our efforts have proven so successful that we've been able to invest a portion of our savings generated to upgrade significant portions of our culinary offering across the fleet to further elevate our already outstanding product.

成本節省來自於專注於更好的採購、規模經濟和更高效率的舉措，所有這些都是為了始終改善客戶體驗。舉例來說，我們的努力已被證明非常成功，我們能夠將節省下來的部分資金用於升級整個船隊的大量烹飪產品，以進一步提升我們已經非常出色的產品。

We now are offering higher quality food throughout all 34 vessels in our fleet. Of course, our performance over the past two years gives us confidence to continue in '26 and beyond. We remain fully committed to sub-inflationary unit growth in 2026, while continuing to further improve the guest experience. We are committed to continued record guest satisfaction scores, record repeat rates and record future onboard cruise sales. Driving top line growth and maintaining sub-inflationary cost growth are what support our 2026 financial targets, which you'll see on slide 11.

現在，我們為船隊的所有 34 艘船提供更高品質的食物。當然，過去兩年的表現讓我們有信心在2026年及以後繼續保持下去。我們仍將全力致力於 2026 年低於通膨水準的單位成長，同時持續進一步改善客戶體驗。我們致力於持續創下顧客滿意度分數、重複率和未來郵輪銷售額的新高。推動營收成長和維持低於通膨水準的成本成長是我們實現 2026 年財務目標的支撐，您可以在第 11 張投影片上看到。

And with strong performance in the first half of 2025 and reaffirmed guidance for the full year, I remain confident in achieving the goals we laid out just over a year ago. We launched our 2026 target 1.5 years ago, and our execution on our strategy is driving meaningful financial improvement, which you can see on slide 12. We expect to expand margins by 630 basis points by the end of this year compared to 2023. During that same period, capacity is growing over 8% or about 4% a year and adjusted EPS is projected to almost triple. All of this is contributing to our top financial priority deleveraging.

憑藉 2025 年上半年的強勁表現和對全年業績的再次確認，我仍然有信心實現我們一年多前設定的目標。我們在一年半前啟動了 2026 年目標，我們對策略的執行正在推動有意義的財務改善，您可以在第 12 張投影片中看到這一點。我們預計，到今年年底，利潤率將比 2023 年提高 630 個基點。在同一時期，產能成長超過 8% 或每年約 4%，調整後的每股盈餘預計將成長近兩倍。所有這些都有助於我們實現財務上的首要任務——去槓桿。

We expect to end the year with net leverage around 5.2 times, down a full 2.1 turns from 2023. That's a significant step forward and a clear signal that our strategy is producing results.

我們預計今年底淨槓桿率約為 5.2 倍，比 2023 年下降整整 2.1 倍。這是向前邁出的重要一步，也明確地表明我們的策略正在取得成果。

Now before I turn it over to Mark, I want to take a moment to highlight the release of our 2024 sale and sustained report on slide 13. I encourage you to take a look as it showcases the meaningful progress we've made on our sustainability priorities. One thing that really stands out is our fuel efficiency with new and enhanced technology and equipment going fleet-wide on a constant basis. At the same time, almost 60% of our fleet is equipped with shore power and all half fleet has been tested with biodiesel blends. This is a clear reflection of our commitment to operating more sustainability while driving long-term value for our business and stakeholders.

現在，在我將其交給馬克之前，我想花點時間強調第 13 張投影片上發布的 2024 年銷售和持續報告。我鼓勵您看一看，因為它展示了我們在永續發展優先事項上取得的有意義的進展。真正引人注目的是我們的燃油效率，我們不斷在整個車隊中採用新的和增強的技術和設備。同時，我們幾乎 60% 的船隊都配備了岸電，並且所有一半的船隊都已經過生物柴油混合物的測試。這清楚地反映了我們致力於更永續地運營，同時為我們的業務和利害關係人創造長期價值的承諾。

None of our sustainability, financial or operational achievements would be possible without the dedication of our incredible team across the globe. I'm proud to share that Forbes has recognized Norwegian Cruise Line Holdings as one of America's best large employers for 2025. This honor is a testament to the hard work and passion of our shoreside and shipboard team members who make everything so possible and I'm so proud of.

如果沒有我們全球優秀團隊的奉獻，我們的永續發展、財務或營運成就就不可能實現。我很自豪地告訴大家，挪威郵輪控股公司被《富比士》評為 2025 年美國最佳大型雇主之一。這項榮譽證明了我們岸上和船上團隊成員的辛勤工作和熱情，他們使一切成為可能，我為此感到非常自豪。

With that, I turn the call to Mark to give more thoughts on our financial performance. Mark?

因此，我讓馬克來談談我們財務表現的更多想法。標記？

Thank you, Harry, and good morning, everyone. Let me start with our second quarter results on slide 14. We delivered record results coming in at or ahead of guidance across all metrics. Occupancy was slightly above guidance at 103.9%. Net yields grew 3.1%, 60 basis points better than our guidance on strong pricing growth of 5.1%.

謝謝你，哈利，大家早安。讓我從第 14 張投影片上的第二季業績開始。我們在所有指標上都達到或超過了預期，取得了創紀錄的成績。入住率略高於預期，為 103.9%。淨收益率成長 3.1%，比我們預期的 5.1% 強勁定價成長高出 60 個基點。

The beat on net yield was largely driven by strong close-in bookings and pricing across all deployments as well as strong onboard spend.

淨收益率的超出預期主要是因為所有部署的近距離預訂量和定價強勁，以及船上支出強勁。

On the cost side, adjusted net cruise cost ex fuel was flat at 163, coming in better than expected. The beat was primarily due to the timing of certain expenses that are now expected to be incurred later in the year. As a result, adjusted EBITDA for the quarter was $694 million, higher than our guidance of $670 million. Adjusted net income came in at $257 million net of $37 million of foreign currency losses related to the revaluation of our advanced ticket sales. Adjusted EPS was in line with guidance at $0.51 net of an $0.08 impact from foreign exchange losses.

成本方面，調整後的郵輪淨成本（不含燃油）持平於 163，優於預期。業績超出預期主要是因為某些費用的發生時間預計在今年稍後發生。因此，本季調整後的 EBITDA 為 6.94 億美元，高於我們預期的 6.7 億美元。調整後的淨收入為 2.57 億美元，扣除與預售票銷售重估相關的 3,700 萬美元外匯損失。調整後的每股盈餘符合預期，為 0.51 美元，扣除 0.08 美元的外匯損失影響。

Excluding this, our earnings per share would have been meaningfully higher than guidance this quarter.

除此之外，本季我們的每股盈餘將顯著高於預期。

Moving on to third quarter and full year guidance on slide 15. We expect occupancy to be approximately 105.5, which is about 2.5 points below the prior year. As we noted last quarter, this is primarily driven by some softness in bookings that we experienced in early April related to our long-haul European sailings. That said, we saw demand improve as the quarter progressed, and our disciplined approach to pricing allowed us to maintain solid pricing growth in the period. As Harry mentioned, we saw record bookings over the past few months, and our ATS balance reached an all-time high of $4 billion.

轉到第 15 張投影片上的第三季和全年指引。我們預計入住率約 105.5，比前一年低約 2.5 個百分點。正如我們上個季度所指出的，這主要是由於 4 月初我們的歐洲長途航行預訂量有所疲軟。也就是說，隨著季度的進展，我們看到需求有所改善，而我們嚴謹的定價方法使我們在此期間保持了穩健的價格成長。正如 Harry 所提到的，過去幾個月我們的預訂量創下了紀錄，我們的 ATS 餘額達到了 40 億美元的歷史最高水平。

As a result, net yield is expected to grow approximately 1.5% in the quarter, driven by very healthy pricing growth of 4%. Keep in mind, this is coming off prior year net yield growth of 8.7% in the third quarter of 2024.

因此，受 4% 非常健康的定價成長推動，預計本季淨收益率將成長約 1.5%。請記住，這是基於 2024 年第三季 8.7% 的去年淨收益率成長。

Turning to costs. Adjusted net cruise cost ex fuel is expected to be essentially flat in the quarter. I am extremely proud of our team members across the entire organization who have been the driving force in executing against our cost savings program for over a year now. And it is encouraging and a true testament to our overall execution as we continue to harvest savings and efficiencies and to see those results reflected in our guidance while still delivering an exceptional guest experience. We expect third quarter adjusted EBITDA to be just over $1 billion and adjusted EPS to be $1.14 an approximate 11% increase year-over-year.

談到成本。預計本季調整後的淨郵輪成本（不含燃料）將基本持平。我為我們整個組織的團隊成員感到非常自豪，他們在一年多的時間裡一直是我們執行成本節約計畫的推動力。這是令人鼓舞的，也是我們整體執行力的真實證明，因為我們繼續實現節約和提高效率，並將這些成果反映在我們的指導中，同時仍提供卓越的客戶體驗。我們預計第三季調整後的 EBITDA 將略高於 10 億美元，調整後的 EPS 為 1.14 美元，年增約 11%。

Moving to our full year outlook. We expect occupancy to average 103% as a result of our deployment mix in the year. As for net yield, we are reiterating full year guidance and expect net yields to grow 2.5%. This implies strong pricing performance with growth of approximately 4.4% with both metrics coming off record performance in 2024. On the cost side, we are also reiterating the midpoint of our prior guidance and expect our full year adjusted net cruise cost ex fuel to be essentially flat at 60 basis points of growth.

轉向我們的全年展望。由於我們今年的部署組合，我們預計入住率平均將達到 103%。至於淨收益率，我們重申全年指引，淨收益率預計將成長 2.5%。這意味著定價表現強勁，成長率約 4.4%，兩個指標在 2024 年均創下歷史新高。在成本方面，我們也重申了先前指導的中點，並預計全年調整後的郵輪淨成本（不含燃料）將基本持平於 60 個基點的增長。

As a result, we are maintaining our full year 2025 adjusted EBITDA guidance at $2.72 billion. Our full year adjusted EPS guidance is also unchanged at $2.05 net of FX headwinds of $0.08. This represents an approximate 16% growth in earnings per share year-over-year.

因此，我們將 2025 年全年調整後 EBITDA 預期維持在 27.2 億美元。我們對全年調整後每股盈餘的預期保持不變，為2.05美元（扣除0.08美元的外匯不利因素）。這意味著每股收益年增約16%。

I want to take a moment to highlight the significant progress we have made on margin expansion since 2023, as shown on slide 16. Nearly two years ago, we established a transformation office with the mandate to take a disciplined, methodical approach to identifying waste and inefficiencies across the business, and that work is clearly paying off. We remain very focused on both return on investment and return on experience. With record overall guest satisfaction scores, including in the key areas such as food and beverage, entertainment and service and combined with record repeat rates and onboard future sales across all three brands, we have clear evidence that our cost improvement actions are not coming at the expense of the guest experience.

我想花點時間強調我們自 2023 年以來在利潤率擴張方面取得的重大進展，如幻燈片 16 所示。大約兩年前，我們成立了一個轉型辦公室，其任務是採取規範、有條理的方法來識別整個企業中的浪費和低效率，這項工作顯然取得了成效。我們仍然非常關注投資回報和經驗回報。憑藉創紀錄的整體客戶滿意度得分（包括餐飲、娛樂和服務等關鍵領域），以及創紀錄的重複率和三個品牌的未來機上銷售額，我們有明確的證據表明，我們的成本改進措施不會以犧牲客戶體驗為代價。

As of June, our trailing 12-month margins reached 36.3% a more than 560 basis point improvement from the end of 2023. This is being driven by a combination of strong top line performance growth and a more efficient and lean cost structure. Looking ahead, we expect our 2025 margin to reach approximately 37%, and I am confident that with continued top line growth and sub-inflationary unit cost growth we are on track to achieve our 39% margin target by the end of 2026.

截至 6 月，我們過去 12 個月的利潤率達到 36.3%，比 2023 年底提高了 560 個基點以上。這是由強勁的營業收入成長和更有效率、精簡的成本結構共同推動的。展望未來，我們預計 2025 年的利潤率將達到約 37%，我相信，隨著持續的收入成長和低於通膨的單位成本增長，我們預計在 2026 年底實現 39% 的利潤率目標。

Turning to slide 17. I'll walk through our balance sheet and debt maturity profile. At quarter end, we expanded our revolving credit facility by almost 50% from $1.7 billion to nearly $2.5 billion, further strengthening our liquidity profile and enhancing our financial flexibility. This is another testament to the strength and confidence our lenders and stakeholders see not only in our current performance, but more importantly, in our future growth trajectory. Looking ahead to 2026, we have approximately $1 billion in scheduled maturities, reflecting a balanced and manageable maturity profile.

翻到第 17 張投影片。我將介紹我們的資產負債表和債務到期狀況。在季度末，我們將循環信貸額度擴大了近 50%，從 17 億美元增加到近 25 億美元，進一步增強了我們的流動性狀況並提高了我們的財務靈活性。這再次證明了我們的貸方和利害關係人不僅對我們目前的業績，而且更重要的是對我們未來的成長軌跡的實力和信心。展望 2026 年，我們有約 10 億美元的預定到期債務，反映出平衡且可管理的到期債務狀況。

On a housekeeping note, one important change in our debt profile that should be noted for your models is that with the delivery of Norwegian Aqua, our total euro-denominated debt on the balance sheet is approximately EUR1.3 billion. In addition, our euro debt increased in July with the delivery of Oceana Allura by approximately EUR570 million. As a reminder, our euro debt is subject to mark-to-market remeasurement which may result in noncash gains or losses below the line due to FX movements. For purposes of adjusted net income and adjusted EPS, we are excluding the impact of this remeasurement. Turning to net leverage on slide 18.

需要注意的是，我們的債務狀況發生了一個重要變化，需要注意的是，隨著挪威水族公司的交付，我們資產負債表上以歐元計價的債務總額約為 13 億歐元。此外，隨著 Oceana Allura 的交付，我們的歐元債務在 7 月增加了約 5.7 億歐元。提醒一下，我們的歐元債務需要以市價重新計量，這可能會因外匯變動而導致非現金收益或損失低於該線。為了調整淨收入和調整每股收益，我們排除了此次重新計量的影響。轉向幻燈片 18 上的淨槓桿。

I want to reaffirm that reducing leverage remains our top financial priority. In the second quarter, we reduced net leverage to 5.3 times, down from 5.7 times in the first quarter. We expect a slight uptick in the third quarter, reflecting the debt associated with the delivery of Oceana Allura in July. At year-end, we expect our net leverage to be approximately 5.2 times, which is over two turns lower than 2023. This modest revision from our prior guidance is solely due to the fluctuation in our euro debt and does not reflect any change in our underlying fundamentals or earnings expectations.

我想重申，降低槓桿率仍然是我們的首要財務重點。第二季度，我們將淨槓桿率從第一季的5.7倍降至5.3倍。我們預計第三季將略有上升，反映出 7 月交付 Oceana Allura 所帶來的債務。我們預計，到年底，我們的淨槓桿率將達到約 5.2 倍，比 2023 年低兩倍以上。我們對先前指引的適度修改完全是由於我們的歐元債務波動，並不反映我們基本面或獲利預期的任何變化。

In fact, One important but often overlooked element of our current earnings profile is that when adjusting for the annualization of expected EBITDA contributions from our 2025 newbuild deliveries, year-end net leverage would be at approximately 4.9 times.

事實上，我們目前獲利狀況中一個重要但經常被忽視的因素是，當根據我們 2025 年新建交付的預期 EBITDA 貢獻的年化進行調整時，年底淨槓桿率將約為 4.9 倍。

This represents a meaningful step forward as we continue to improve our balance sheet and financial profile. With the solid progress we have made, we remain firmly on track to reach our 2026 goal of net leverage in the mid-4 times range.

隨著我們繼續改善資產負債表和財務狀況，這代表著向前邁出的重要一步。憑藉我們取得的紮實進展，我們仍有望在 2026 年實現淨槓桿率達到 4 倍左右的目標。

Wrapping up, our strong execution in the first half of the year, combined with the momentum of our cost reduction program has enabled us to make meaningful progress on our top financial priorities. Deleveraging the business, expanding our margin profile and the resulting strengthening of our balance sheet.

總而言之，我們上半年的強勁執行力，加上成本削減計劃的勢頭，使我們在首要財務重點上取得了有意義的進展。降低業務槓桿，擴大我們的利潤率，從而增強我們的資產負債表。

With that, I'll hand the call over back to Harry.

說完這些，我就把電話轉回給哈利。

Well, thank you again, Mark. Looking at slide 19, I want to take a moment to once again highlight the significant progress we're making against our key charting the course financial targets. By year-end 2025, we expect adjusted operational EBITDA margin to expand by more than 600 basis points versus 2023, adjusted EPS to grow approximately 3 times net leverage declined by 2.1 turns and adjusted ROIC to continue its upward trajectory. While these results and the momentum we're carrying into 2026, we remain firmly on track to achieve our long-term targets.

好吧，再次感謝你，馬克。看投影片 19，我想花點時間再次強調我們在實現關鍵財務目標方面所取得的重大進展。到 2025 年底，我們預計調整後的營運 EBITDA 利潤率將比 2023 年擴大 600 個基點以上，調整後的 EPS 將成長約 3 倍，淨槓桿率將下降 2.1 倍，調整後的 ROIC 將持續呈上升趨勢。透過這些成果和我們將延續到 2026 年的勢頭，我們仍將堅定地走在實現長期目標的道路上。

More than ever, I'm confident that our strategy is working and our execution is delivering. There's real excitement across the organization from the new ships that entered service in the first half of the year to the meaningful progress we're making towards creating the greatest private island experience in the Caribbean. I'm looking forward to what the second half of 2025 and the years ahead will bring as we continue charting our course to sustainable long-term value creation.

我比以往任何時候都更有信心，我們的策略正在發揮作用，我們的執行正在發揮作用。從今年上半年投入使用的新船，到我們在打造加勒比地區最棒的私人島嶼體驗方面取得的有意義的進展，整個組織都感到非常興奮。我期待著 2025 年下半年及未來幾年將會發生什麼，因為我們將繼續規劃可持續的長期價值創造之路。

And with that, we will now move to the question-and-answer portion of the call, and I will hand the line back to our operator. Thank you all.

現在，我們將進入電話問答環節，我會將電話交還給我們的接線生。謝謝大家。

(Operator Instructions)

（操作員指示）

Steve Wiecznski, Stifel.

史蒂費爾公司的史蒂夫‧維茨斯基 (Steve Wiecznski)。

Yeah, hey guys, good morning. Harry or Mark first, congratulations on the corner. So I want to understand maybe your comments about the increase in demand over the last couple of months across all brands. You guys obviously had some issues here with your longer European itineraries for this year. So I guess my question is maybe what have you guys done for 2026 in terms of changing the European deployments, whether that's in terms of length or asset classes that are going to be selling over there. And then look, I fully understand it's still early on, but maybe what has been the response so far to those changes?

是的，嘿，大家早安。先說 Harry 還是 Mark，恭喜你獲得這個位置。所以我想了解您對過去幾個月所有品牌需求成長的評論。你們今年的歐洲較長行程顯然遇到了一些問題。所以我想我的問題是，也許你們在 2026 年對改變歐洲部署做了什麼，無論是在長度還是在那裡出售的資產類別方面。然後看看，我完全明白現在還為時過早，但到目前為止，人們對這些變化的反應如何？

And then also if you could help us think about maybe what pricing looks like right now for '26 relative to '25?

另外，如果您能幫助我們思考一下，相對於 25 年而言，26 年的定價狀況如何？

Steve, thank you for the nice comments. And it seems like four questions embedded in your questions, so I'm going to try to remember them all and come back to you. On the technical side, which is what we're doing different in '26, we moved especially on the Norwegian brand, but even on our luxury brands of Shanon region is slightly shorter itineraries in Europe for next year. We've also reduced the deployment in Europe for next year. This year in Q3, I think we had about 31% and 44%, respectively, of our entire fleet in Europe in '25 next year, Q2 and Q3 goes down to 26% and 38%.

史蒂夫，謝謝你的精彩評論。您的問題中似乎包含四個問題，所以我會盡量記住它們，然後再回答您的問題。在技術方面，也就是我們在 26 年所做的事情的不同之處，我們特別關注挪威品牌，但即使是我們香農地區的奢侈品牌，明年在歐洲的行程也會略短一些。我們也減少了明年在歐洲的部署。今年第三季度，我認為我們在歐洲的飛機數量分別約佔整個機隊的 31% 和 44%，而明年第二季和第三季這一比例將下降到 26% 和 38%。

So that's it's not a significant decrease, but it's a modest decrease, coupled with shorter itineraries, we believe, better reflects what the consumer demand environment is like.

因此，這並不是一個顯著的下降，而是一個適度的下降，再加上行程較短，我們認為，更好地反映了消費者需求環境。

In terms of what's the response to the change, I'll reiterate what we said in the prepared remarks that we are in the optimal booked position for next year, not just in total, but specifically for Europe. So we're very happy. I think this year, there was as we talked about in the last earnings call a bit of an idiosyncratic issue that perhaps we didn't have the optimum Q3 European itineraries. But there's a further headwind with the challenges that are well documented of what happened with consumer confidence in April. I'm pleased to say that even with our less than 100% optimal itineraries for Q3 of '25 once May came along, we saw rebounded, I should say, and strong consumer demand even for Europe for Q3, which is what allowed us to overachieve on the implied guidance for Q4, I guess we didn't really give guidance for Q3, but do better than we had initially expected when we gave our guidance for the back half of the year.

至於對這項變更的反應，我將重申我們在準備好的發言中所說的內容，即我們明年的預訂情況是最佳的，不僅是總體而言，而且具體來說是針對歐洲而言。所以我們很高興。我認為，正如我們在上次收益電話會議上所討論的那樣，今年存在一個特殊的問題，也許我們沒有最佳的第三季歐洲行程。但四月消費者信心的下滑也帶來了進一步的挑戰，這一點已得到充分證實。我很高興地說，即使到了 5 月份，我們對 2025 年第三季度的行程安排沒有達到 100% 的最佳水平，我們也看到了反彈，甚至歐洲對第三季度的消費需求也很強勁，這讓我們能夠超額完成對第四季度的隱含指引，我想我們實際上並沒有給出對第三季度的指引，但比我們最初的指引下半年。

And Steve, one thing on the itinerary changes or the response to the changes it's important to note that our itineraries we put on sale we put on sale 2 to 3 years ago. So the fact that we're redeploying our vessels in 2026. This was a decision that was made 2 to 3 years ago as part of our overall strategy change. It was not in response to softness we saw this year. I think we've had some questions on that, so I wanted to clarify it.

史蒂夫，關於行程變更或對變更的回應，有一件事需要注意，那就是我們 2 到 3 年前就開始出售的行程了。事實上，我們將在 2026 年重新部署我們的船隻。這是我們兩三年前作為整體策略變化的一部分所做的決定。這並不是對我們今年所見的疲軟的回應。我想我們對此有一些疑問，所以我想澄清一下。

Not to spend too much time on our very first question, but the summer '26 itineraries launched in summer of '24. Just to give you a feel for what our planning cycle was at least at that time.

我們不想在第一個問題上花太多時間，但 26 年夏季行程是在 24 年夏季推出的。只是為了讓您了解我們當時的規劃週期是怎麼樣的。

Sure.

當然。

Okay. And second question, Mark, this will be much more concise. As we start to think more about 2026, can you help us maybe think about some of the puts and takes for next year both on the yield and the cost side. I just want to make sure we're thinking about things the right way and aren't missing any of these potential puts and takes as '26 comes a little bit more into focus at this point.

好的。第二個問題，馬克，這會更簡潔。當我們開始更多地考慮 2026 年時，您能否幫助我們考慮明年在收益和成本方面的一些利弊。我只是想確保我們以正確的方式思考問題，並且不會錯過任何潛在的利弊，因為此時 26 年已經變得更加清晰。

Well, Steve, I appreciate your second taken us trying to give us some 2026 guidance. But look, I think when we step back and we look at I think the first thing, obviously, is we should expect to see some tailwind from our Q3 dip that we did see this year in 2025. Beyond that, again, all of our itineries were well planned in advance I think us getting back into the more fun and sun will, over time, help us get back to historical load factors. I wouldn't expect to see that overnight. But I think that's something obviously on the horizon.

好吧，史蒂夫，我很感謝你抽出時間給我們一些 2026 年的指導。但是，我認為，當我們退一步來看時，我認為第一件事顯然是，我們應該預期從 2025 年第三季的下滑中看到一些順風。除此之外，我們所有的行程都是提前計劃好的，我認為隨著時間的推移，我們會回到更有趣的陽光下，幫助我們恢復到歷史載客率。我不會指望一夜之間就能看到這一幕。但我認為這顯然是即將發生的事情。

And then that combined, I think, with the excitement and the halo effect that we'll start to see around our great Sterk announcement, I think will drive positive momentum.

然後，我認為，再加上我們在 Sterk 重大公告發佈時開始看到的興奮和光環效應，我認為這將推動積極的勢頭。

So we look forward, again, we're focused on driving low to mid-single-digit yield growth. And when there's opportunity, of course, we're always looking to outperform that.

因此，我們再次展望未來，我們專注於推動低至中個位數的收益率成長。當然，當有機會時，我們總是希望能夠超越它。

Gotcha. Thanks guys. I appreciate it.

明白了。謝謝大家。我很感激。

Lizzie Dove, Goldman Sachs Asset Management.

高盛資產管理公司的 Lizzie Dove。

Hi there, thanks for taking the question. Congrats on a great quarter and, guidance. I guess just to ask Steve's question in a little bit of a different way about 2026. You've got this really strong Q4 exit rate lot of headwinds this year for reasons that you flagged. But how are you thinking about that as you get into 2026 to set up, especially potential ROI yield benefit from great Steroid as you're moving more into fund and so I think maybe 12-percentage-points higher for Bermuda and Caribbean. That's where the growth is, but it is generally a little bit lower on a dollar basis?

您好，感謝您提出這個問題。恭喜您度過了一個美好的季度並獲得了良好的指導。我想用稍微不同的方式問史蒂夫關於 2026 年的問題。由於您所指出的原因，今年第四季的退出率確實面臨很大阻力。但是，當您進入 2026 年時，您是如何考慮這一點的，尤其是當您將更多資金投入基金時，巨大的類固醇將帶來潛在的投資回報率收益，因此我認為百慕達和加勒比地區的回報率可能會高出 12 個百分點。這就是成長點，但以美元計算的話，整體來說會稍微低一點嗎？

Like how to think of those puts and takes?

例如如何看待這些投入和產出？

Maybe I'll this is Harry. And is always nice to hear from you. Maybe I'll take the second question and I'll stand over to Mark for the first half of your question. I think you are right that Caribbean in total is not necessarily higher or Bermuda for that fact. certainly not necessarily higher yielding than Europe.

也許我會說這是哈利。很高興收到您的來信。也許我會回答第二個問題，然後我會站在馬克那邊回答你問題的前半部。我認為你是對的，加勒比地區總體上不一定更高，百慕達也不一定比歐洲的收益更高。

But I just want to give you guys some insights into how we decide on our deployment plan for the year. We don't necessarily look to optimize yield. We look to optimize profitability, right? So if you think about Korea versus Europe, maybe yields are in the same range, maybe on an absolute ticket basis, even a little slightly lower, but the profitability is should be improved you'll see that in our spread between revenue and cost for next year.

但我只是想讓大家了解我們如何決定今年的部署計畫。我們不一定尋求優化收益。我們希望優化獲利能力，對嗎？因此，如果你比較韓國和歐洲，也許收益率在同一範圍內，也許以絕對票價計算，甚至略低一點，但盈利能力應該會提高，你會在明年的收入和成本之間的差距中看到這一點。

But that's not, of course, the only thing that we look at. We want to balance near-term profitability against long-term brand health. So we want to operate itineraries that have the highest possible guest satisfaction scores and repeat rates. And we think deployment in the Caribbean and Bermuda will help to optimize for that number. And lastly, operational feasibility and certainly Caribbean and Bermuda itineraries very high in that metric as well.

但當然，這並不是我們唯一關注的事情。我們希望在短期獲利能力和長期品牌健康之間取得平衡。因此，我們希望營運的行程能夠獲得最高的客人滿意度分數和重複率。我們認為在加勒比海和百慕達的部署將有助於優化這一數字。最後，營運可行性以及加勒比海和百慕達的行程在該指標中也具有很高的水準。

So when you put those three things together, we get to what we believe is the optimal mix for both short-term profitability and long-term return, which is the focus that we always have as a team.

因此，當你將這三件事放在一起時，我們就會得到我們認為的短期獲利能力和長期回報的最佳組合，這也是我們作為一個團隊始終關注的重點。

And Leslie, I guess, going back to the first point of your question, yes, our 4Q exit rate yes, it is a good setup. We are implied guidance, I think, is around 4% and change on both pricing and yield. So that certainly sets us up well going into the year. More importantly, as we've said in our prepared remarks, we remain in our optimal booked position for 2026, and that's really what we focus on. As we think, again, as I said earlier, as we start to see some of the halo effects starting to see some of the excitement.

萊斯利，我想，回到你問題的第一點，是的，我們的 4Q 退出率是的，這是一個很好的設定。我認為，我們的隱含指導價約為 4%，定價和收益率都會改變。因此，這無疑為我們進入新的一年做好了準備。更重要的是，正如我們在準備好的演講中所說的那樣，我們仍然處於 2026 年的最佳預訂位置，而這才是我們真正關注的重點。正如我之前所說，當我們再次思考時，我們開始看到一些光環效應，開始看到一些令人興奮的事情。

We will continue to focus on price. As I said before, we will continue to build occupancy over time. So I think sitting here, we feel we're in a good setup for 2026, and we're going to continue to work hard.

我們將繼續關注價格。正如我之前所說，我們將隨著時間的推移不斷提高入住率。所以我認為，坐在這裡，我們感覺我們已經為 2026 年做好了準備，我們將繼續努力。

Great. That's helpful. And then shifting gear just on to the cost side. You've been doing such a great job there. I see on slide 10, it says sub inflation.

偉大的。這很有幫助。然後將焦點轉移到成本方面。你在那裡做得非常出色。我在第 10 張投影片上看到，上面寫著低於通貨膨脹率。

It looks like the Barca is basically flat. As you think about looking to the extra $100 million that you're targeting next year, just curious where the key opportunities of the different cost buckets are and how to think about that?

看起來巴薩基本持平。當您考慮明年額外獲得 1 億美元時，您是否好奇不同成本區間的關鍵機會在哪裡以及如何考慮這一點？

I'm just going to make one technical comment before I pass this one over to Mark. Please don't take out your ruler and measure the exact number of pixels that 1 bar is above the other. With that, I'd turn it to Mark.

在將這個問題交給馬克之前，我只想提出一個技術性評論。請不要拿出尺來測量一個長條圖高於另一個長條圖的確切像素數。有了這個，我就把它交給馬克。

Lise, look, we've been very focused on this, and I think this is something we've been communicating quarter after quarter. We continue to deliver strong on our waste removal, gaining efficiency on our cost side. Yes, for the last two years, we have essentially been flat on a year-over-year basis. Our commitment has been that we commit to delivering sub-inflationary unit cost. And if we can do better than that, then that is certainly a bonus, and we are going to work our tails off to do that.

莉絲，你看，我們一直非常關注這一點，我認為這是我們每季都在溝通的事情。我們持續大力進行廢棄物清除工作，提高成本效率。是的，過去兩年，我們的業績與去年同期相比基本持平。我們的承諾是致力於提供低於通貨膨脹的單位成本。如果我們能做得更好，那當然是額外的獎勵，我們會竭盡全力去實現這一目標。

Look, in terms of categories, I will say the same thing. It's across the board. We are taking a disciplined approach, methodical approach to this with our transformation office. And most importantly, as we've continued to say, we are doing all of this and we are protecting the guest experience, protecting the brand. As we've said, our repeat rates are up, all of our guest satisfaction rates scores continue to be up so that is the purpose of doing this in a methodical way, and we're going to maintain that.

你看，就類別而言，我會說同樣的話。這是全面的。我們的轉型辦公室對此採取了嚴謹、有條不紊的方法。最重要的是，正如我們一直在說的，我們正在做這一切，我們正在保護客人體驗，保護品牌。正如我們所說，我們的重複率上升了，所有客人的滿意度分數都在持續上升，所以這就是以有條不紊的方式做這件事的目的，我們將繼續保持這種狀態。

Finally, on that, we've always said this was an initial three-year program, but it doesn't stop there. we will continue to focus, and we will continue to harness this muscle over time.

最後，關於這一點，我們一直說這是一個最初的三年計劃，但它不止於此。我們將繼續關注，隨著時間的推移，我們將繼續利用這種力量。

I want to reiterate point that Mark made because I think there was some misunderstanding maybe in the last one or two earnings calls that in some way, shape or form, we were, in some way, diminishing the guest product. It is the furthest thing from the truth. I want to be as clear and articulate on this as possible. We look at every single expense if we believe it will even modestly decline the guest experience, we just simply won't do it. We are focused on purchasing efficiency, economies of scale, the other things that Mark mentioned across the entirety of the P&L.

我想重申馬克提出的觀點，因為我認為在最近的一兩次財報電話會議中可能存在一些誤解，即我們以某種方式、形式或方式削弱了客人產品。這完全不符合事實。我希望盡可能清楚、清楚地表達這一點。我們會仔細考慮每項開支，如果我們認為這會稍微降低客人的體驗，我們就不會這麼做。我們專注於採購效率、規模經濟以及馬克在整個損益表中提到的其他事項。

But I get the guest satisfaction scores every Friday afternoon of the week's cruise and we meticulously ensure that there's nothing we do certainly on an intended basis, but even on an unintended basis, that impacts that score.

但我會在每週航行的每個星期五下午獲得客人滿意度分數，我們會一絲不苟地確保我們不會做任何有意或無意的事情來影響分數。

And we are looking to constantly improve record numbers. We're not going to end there. We want record numbers again next year for guest satisfaction scores for guest return rates for future onboard sales. For us, those metrics are just as important as the ultimate quarterly earnings because that is what sets us up for a successful future.

我們正在努力不斷提高記錄數字。我們不會就此結束。我們希望明年的客人滿意度、客人回頭率和未來船上銷售能再次創下新高。對我們來說，這些指標與最終的季度收益同樣重要，因為它們為我們未來的成功奠定了基礎。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi everyone, thank you, congratulations as well, nice stuff all around. Congratulations as well. A nice step all around. Maybe we could just stick with deployments for a second because I don't in the past, you guys don't talk a lot about the close-in booking opportunity. But as you move to like shorter-term duration, more Caribbean, more sun and fun. Can you just talk about the closing opportunity in terms of just from a revenue management perspective, like how that fits within the calculus kind of longer term for you guys?

大家好，謝謝大家，也恭喜大家，一切都很好。也恭喜你。整體來說，這是一個不錯的進步。也許我們可以暫時堅持部署，因為過去我沒有，你們沒有談論太多近距離預訂機會。但是隨著您喜歡短期居住，您會更喜歡加勒比地區，享受更多的陽光和樂趣。您能否僅從收益管理的角度來談談最終的機會，例如這對您們的長期發展有何影響？

We -- I'm not quite sure how to address that question. It is clearly true that a booking curve for a 3- or 4-day crews far different from a 7- or 9-day crews. We have sophisticated revenue management algorithms. I think we we discussed in our prepared remarks, the fact that we're coming out with the new generation revenue management system, solely clearly, we're focused on the difference in booking patterns. I think part of what you're seeing now in record bookings is the fact that we are having more and stronger close in sales, but I want to be clear, we're also having very good sales for 2026 as well.

我們——我不太確定該如何回答這個問題。顯然，3 天或 4 天的航程的預訂曲線與 7 天或 9 天的航程的預訂曲線有很大不同。我們擁有先進的收入管理演算法。我想我們在準備好的發言中已經討論過，我們即將推出新一代收入管理系統，顯然，我們關注的是預訂模式的差異。我認為您現在看到的創紀錄預訂量部分是因為我們的銷售業績越來越好，但我想明確的是，我們在 2026 年的銷售業績也非常好。

So it doesn't come at the expense of getting '26 in the correct and optimized book position.

因此，這並不會以犧牲 '26 處於正確且優化的書籍位置為代價。

And Connor, maybe what you are really trying to get at is we're not we are sticking to our optimal booking curve. Obviously, that takes into account all of our deployments, whether it's a longer itinerary or a shorter itinerary, we are not over-indexing on leaving capacity or inventory waiting for that last minute strong demand. Obviously, we're optimizing. We're managing to our booking curve to the extent close-in demand remains strong, we will take that into account, but it's more important that we maintain on our overall booking curve.

康納，也許你真正想要了解的是，我們並沒有堅持我們的最佳預訂曲線。顯然，這考慮到了我們所有的部署，無論是較長的行程還是較短的行程，我們都不會過度利用容量或庫存來等待最後一刻的強勁需求。顯然，我們正在進行優化。我們正在管理我們的預訂曲線，只要近距離需求保持強勁，我們就會考慮到這一點，但更重要的是我們要保持我們的整體預訂曲線。

Okay. That's helpful. And then maybe we could I mean, I think that we can all, we would all agree that you're underearning in 2025. You had a lot going on in the first quarter and then third quarter and all that stuff. And so I'm just trying, I think a question that I've been getting is just more around the earnings power of the company.

好的。這很有幫助。然後也許我們可以，我的意思是，我認為我們都可以，我們都同意你在 2025 年的收入不足。第一季、第三季等等都發生了很多事情。所以我只是嘗試，我認為我一直被問到的一個問題更多的是關於公司的盈利能力。

As we start to think about '26, maybe you could talk about what was potentially left on the table had you not had the redeployments that occurred in the first quarter and then the headwind in the third quarter, like what the numbers would have looked like for the year? Because again, I think we're just trying to understand the underlying power that you guys have established here?

當我們開始考慮 26 年時，也許您可以談談，如果沒有第一季的重新部署以及第三季的逆風，那麼可能還剩下什麼，例如今年的數字會是什麼樣子？因為我認為我們只是想了解你們在這裡建立的潛在力量？

Conor, look, so I think when we look at where our expectations are for 2025, our implied -- our earnings guidance is about 16% EPS growth. And I think what I'll comment on is that if we didn't have the FX headwinds, that would have been about 20%-plus on an earnings per share. Look, we have said 1.5 years ago, we've stated our targets our targets for 2026. We maintain sitting here today that we're confident in hitting those targets, and that includes the EPS in the $2.45, $2.50 range as well as our margin performance and deleverage, and we're maintaining that. And I think sitting here at this point, trying to give puts and takes for 2025, I think every year has some puts and takes, but we certainly feel confident in the business and more importantly, confident in our strategy going forward.

康納，你看，所以我認為，當我們看看我們對 2025 年的預期時，我們的隱含盈利預期是每股收益增長約 16%。我想評論的是，如果我們沒有外匯逆風，每股盈餘將會成長 20% 以上。你看，我們一年半前就說過，我們已經闡明了我們的目標，即 2026 年的目標。我們今天坐在這裡仍然堅信，我們有信心實現這些目標，其中包括每股收益在 2.45 美元至 2.50 美元之間，以及我們的利潤率表現和去槓桿率，而且我們會保持這一目標。我認為，坐在這裡，嘗試為 2025 年做出一些取捨，我認為每年都會有一些取捨，但我們對業務充滿信心，更重要的是，對我們未來的戰略充滿信心。

Okay. Good luck. Thank you.

好的。祝你好運。謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks and congrats on a really nice quarter. Congrats on a really nice quarter. So Harry, on the demand rebound that you cited, any change in momentum here in July with bookings or pricing trends and on the combination of the structural increase in fund and sun itineraries and then the recently announced investments, could you speak to early indications of demand for great Step and maybe the opportunity on the premium yield side?

謝謝並恭喜本季取得如此好的成績。恭喜您度過了一個非常愉快的季度。那麼 Harry，關於您提到的需求反彈，7 月預訂或定價趨勢的勢頭有任何變化嗎？結合基金和陽光行程的結構性增加以及最近宣布的投資，您能否談談對 Great Step 的需求的早期跡像以及溢價收益方面的機會？

So thank you, Matthew, for the kind words on the quarter. So to address the two parts of that question, Listen, we talked about May through July being a record period, July certainly did not decelerate. July will be a record July in the history of the company as an individual month, so I'll give you a little bit more insight than maybe Sarah and Mark wanted me to. Past that, specific to been 48 hours. So this is truly the early innings.

所以，馬修，謝謝你對本季的讚美。因此，為了解決這個問題的兩個部分，聽著，我們談到 5 月到 7 月是一個創紀錄的時期，7 月肯定沒有減速。7 月份將成為公司歷史上單月創紀錄的 7 月份，因此，我將向你們提供比莎拉和馬克希望的更多的見解。過了那之後，具體要過48小時。所以這確實是早期的局面。

First couple of days, we saw a material increase in our website visits our leads, which is a thing that we measure people actually becoming a little bit more involved with us and conversations have doubled in these last two days. Two days, I'm not extrapolating to Infinity, but certainly, those are positive signs.

最初幾天，我們發現網站訪問量大幅增加，這表明人們實際上與我們的互動更加密切，並且對話量在過去兩天翻了一番。兩天，我不會推斷無限，但可以肯定的是，這些都是正面的訊號。

And then, Mark, maybe could you expand on the drivers of the raised occupancy growth outlook for this year? And how best to think about the opportunity moving forward as we think about load factors, prioritizing deployment mix to the Caribbean and also lapping up against some of the disruptions that we saw this year.

然後，馬克，也許您能詳細說明一下今年入住率成長前景提高的驅動因素嗎？當我們考慮負載因素、優先考慮部署到加勒比地區以及應對今年看到的一些中斷時，如何最好地考慮未來的機會。

Yeah. Look, as I've said before, certainly, we would expect to see some load factor improvements by the one-off anomalies that we saw in the third quarter of this year. But more importantly, I think, again, over time, as we continue to pivot our deployment to the fund and sun itineraries, we would naturally expect to get more higher load factors on those related itineraries. Again, I want to stress that, that doesn't happen overnight, but we certainly think it's a near to midterm opportunity that we can capitalize on. And then when you combine that again with our new opportunity in the Caribbean and the Bahamas with our new island experience that we've just announced.

是的。正如我之前所說，我們當然希望看到今年第三季出現的一次性異常現象帶來一些載客率的改善。但更重要的是，我認為，隨著時間的推移，隨著我們繼續將部署轉向基金和太陽行程，我們自然會期望在這些相關行程中獲得更高的載客率。我想再次強調，這不會在一夜之間發生，但我們確實認為這是我們可以利用的中期機會。然後，當你將其與我們在加勒比海和巴哈馬的新機會以及我們剛剛宣布的新島嶼體驗結合時。

Again, I think that will continue to drive load factors. One important thing to note is that the water park we just announced two days ago, it will come online in summer of 2026. And why that's important is, yes, there's a lot of excitement. There's a lot of halo around it. But until consumers get on the island and start to experience it, that's when we really expect to see that drive going forward.

再次，我認為這將繼續推動負載率。需要注意的一件重要事情是，我們兩天前剛剛宣布的水上樂園將於 2026 年夏天上線。這之所以重要，是因為，是的，這讓人興奮不已。它的周圍有很多光環。但只有當消費者登上島嶼並開始體驗時，我們才真正希望看到這種推動力向前發展。

So we do have a little bit of time in between now and then. But as Harry said, two days doesn't make a trend, but very, very encouraging. And we're going to we're excited to see the opportunity in front of us around that.

所以從現在到那時我們確實還有一點時間。但正如哈利所說，兩天的時間並不能形成一種趨勢，但卻非常非常令人鼓舞。我們很高興看到我們面前有這樣的機會。

It's a great color, best of luck.

顏色很棒，祝你好運。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. Thanks for taking my question. So I wanted to circle back on the commentary on bookings momentum that you saw in the recent months. And you kind of take us back to March, April and talk about maybe some of the things, the tactical tools that you pulled out potentially promotional tools or sort of revenue management tools and what -- how aggressive that you feel like you might have gotten in retrospect or not aggressive? And if this sort of reacceleration kind of came more organically? And if you've been able to call any of those activities? And maybe help us understand how the strategy evolved.

大家早安。感謝您回答我的問題。因此，我想回顧一下您在最近幾個月看到的有關預訂勢頭的評論。您能帶我們回顧一下三月、四月的情況，談談其中的一些事情，您採取的戰術工具，可能是促銷工具或某種收入管理工具，以及——現在回想起來，您覺得自己當時的積極性如何，或者說不夠積極？如果這種再加速變得更自然呢？您是否能夠呼叫其中任何一項活動？也許可以幫助我們了解該戰略是如何演變的。

So listen, Brandt, it's never a single thing that drives the change that we saw from a choppy April to a record May through July. But I'd say the primary primary driver was the improvement in macroeconomic environment. I mean, I don't want to take away from the hard work that everyone did, but I'd say that's driver number one. I will also say that I'm incredibly proud of the work that David on the NCL brand and Jason on the ocean on region brand are doing on redefining the brand to make it more relevant for consumers. Perhaps in the past, our focus has been a little bit more on what we would call lower funnel marketing efforts, things like direct mail, e-mail, digital ads and things like that, we are now shifting our focus to be more brand oriented and top of the funnel in order to drive more yield demand and love for the brand that isn't necessarily as focused on price.

所以聽著，布蘭特，我們看到的從動盪的四月到創紀錄的五月到七月的變化絕不是單一因素造成的。但我認為主要的驅動力是宏觀經濟環境的改善。我的意思是，我不想否定每個人所做的努力，但我認為這是首要的動力。我還要說的是，我對 NCL 品牌的 David 和海洋區域品牌的 Jason 所做的工作感到無比自豪，他們重新定義了品牌，使其更貼近消費者。也許在過去，我們的重點更放在所謂的低端行銷管道上，例如直郵、電子郵件、數位廣告等等，現在我們將重點轉移到品牌導向和管道頂端，以推動更多的收益需求和對品牌的喜愛，而這些並不一定關注價格。

So I'd say, number one, improving macroeconomic environment; number two, a shift to making the brands more compelling in the consumer environment. Of course, the benefits we're seeing with record guest satisfaction scores, the fact that guests on the ship today are having excellent experiences resonates when they come home and talk to their friends and family. Yes, we changed promotions from time to time, but I wouldn't say we need anything unusual in the Maui that you don't necessarily see in the normal course of business.

所以我想說，第一，改善宏觀經濟環境；第二，改變觀念，讓品牌在消費環境中更具吸引力。當然，我們看到了創紀錄的客人滿意度分數帶來的好處，事實上，今天船上的客人擁有出色的體驗，當他們回家並與他們的朋友和家人交談時，他們會產生共鳴。是的，我們會不時改變促銷活動，但我不會說我們需要在毛伊島推出任何在正常業務過程中不一定會見到的不尋常的促銷活動。

That's helpful. And then congratulations on the -- on Phase 2 for GSE, the announcement two days ago. Can you maybe just talk about the competitive positioning for the island versus your friends and competitors about what about a mile away. And maybe just help us understand what would be differentiated? Obviously, you're going from more families, perhaps you need more families to get to those sort of longer-term occupancy goals that you talked about just a minute ago, Mark, but just help us think understand the sort of positioning versus CocoCay.

這很有幫助。然後恭喜 GSE 第二階段的啟動，這是兩天前發布的公告。您能否談談島上與您的朋友和競爭對手相比在一英里範圍內的競爭定位？也許只是幫助我們理解什麼是不同的？顯然，您要從更多的家庭開始，也許您需要更多的家庭來實現您剛才談到的那些長期入住目標，馬克，但請幫助我們思考理解與可可島相比的定位。

So I'll just start out by saying I'm not here to comment on our competitors' strategy or their amenities. You can certainly speak to them about it. I will focus my comments on us. Our goal is to create the greatest island experience in the Caribbean by building out a series of amenities that our customer base, our demographics will love. We think this combination of per huge pool, kids flash area, these relaxation areas, the Hamada, the Horizon Park, the adults only beach area by Shore Club.

因此，我首先要說的是，我在這裡並不是要評論我們競爭對手的策略或他們的設施。你當然可以和他們談論這件事。我的評論將集中於我們。我們的目標是透過建造一系列我們的客戶群和人口群喜愛的設施，創造加勒比地區最棒的島嶼體驗。我們認為這裡匯集了巨大的泳池、兒童嬉水區、休閒區、濱海區、地平線公園以及海岸俱樂部旁僅限成人使用的海灘區。

-- then, of course, this massive water park, dynamic river, bottle bar, cliffside jumps, things like that; and second, splashstone for kids and even this new Jet car race thing, which is going to be an innovative and new thing to the industry, I think you put those things all together, and I think we unquestionably have the greatest private island in the Caribbean, which is our goal.

——然後，當然，還有這個巨大的水上樂園、動態河流、瓶裝酒吧、懸崖邊的跳躍等等；其次，還有兒童潑水石，甚至還有這個新的噴氣式賽車項目，這將是這個行業的創新和新事物，我認為你把這些東西放在一起，我認為我們毫無疑問擁有加勒比海的私人島嶼，這是我們的目標最棒。

We are focused on our demographic. We think our demographic will find this combination of beautiful relaxing areas plus active areas plus family areas adult areas. Our footprint on the island is massive, so we can have all of those things on it. We believe our demographic will find it compelling early indications as they do.

我們關注的是我們的人口統計。我們認為我們的目標客戶會發現這個美麗的休閒區、活躍區和家庭區、成人區的組合。我們在島上的足跡非常廣闊，所以我們可以把所有這些東西都放在島上。我們相信，我們的人口統計數據將會像他們一樣，發現它的早期跡象令人信服。

Great. Thanks everyone.

偉大的。謝謝大家。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Thank you. Just wanted to see if you could give us some color to kind of help squarec you mentioned the acceleration since your last guidance. And it seems like that might have meant that the top end of your guidance range would have been more reachable or maybe even upside to that, but at least kind of the top end being more reachable if things were improving since you last gave that. So if you could give a little color around kind of why bring down the top end of the range. And I don't know if there's any color about sort of price versus volume, like was the acceleration in volume and not price or the other way around? Or just sort of how to think about taking down the top end?

偉大的。謝謝。只是想看看您是否可以為我們提供一些幫助，您提到了自上次指導以來的加速。這似乎意味著您的指導範圍的上限將更容易實現，甚至可能更高，但至少如果自您上次給出指導範圍以來情況有所改善，那麼上限將更容易實現。因此，如果您可以提供一些顏色來解釋為什麼要降低範圍的頂端。我不知道價格與交易量之間是否存在某種關係，例如交易量加速而不是價格加速，還是相反？或者只是想了解如何降低頂端？

Robin, it's interesting. I actually look at it in a different way. I actually look at it that we brought the bottom end of our range up. But I guess, one could also say that position it the way you did. So look, our guidance is based off what we know today and what we have visibility on.

羅賓，這很有趣。我實際上以不同的方式看待它。我實際上看到我們把範圍的底端提高了。但我想，人們也可以說是按照你的方式定位它。所以，我們的指導是基於我們今天所知道的和我們所能看到的。

As we've said, we've seen an acceleration in demand. But keep in mind, I think when we go back to April, May, we did imply that we saw a bit of a lull. And I think we classified it as choppy bookings. So number one, catching up from that, I think, gives us more confidence but as always, our guidance is based off the best visibility we have today and the biggest variable at this stage typically becomes the onboard revenue component. So we feel good where we are, and that's our best look today.

正如我們所說，我們看到需求正在加速成長。但請記住，我認為當我們回顧四月、五月時，我們確實暗示我們看到了一點平靜。我認為我們將其歸類為不穩定的預訂。因此，我認為，首先，趕上這一步驟會讓我們更有信心，但與往常一樣，我們的指導是基於我們今天所擁有的最佳可見性，而現階段最大的變數通常是機上收入部分。所以我們對自己現在的狀態感覺很好，這就是我們今天最好的狀態。

Okay. And then I don't know if there's anything on the price versus volume sort of on the forward. And just my follow-up is going to be on this is a really quick one on the CapEx because you announced this water park, which is seems like a major investment, your CapEx didn't change. And maybe the answer is as simple as you knew it was in your CapEx budget, even though it hadn't been announced maybe a straightforward, but if there's anything else that changed in your CapEx plans?

好的。然後我不知道未來價格與交易量之間是否有任何關係。我的後續問題是關於資本支出的快速問題，因為您宣布了這個水上樂園，這似乎是一項重大投資，您的資本支出沒有變化。答案可能很簡單，正如您所知道的，它在您的資本支出預算中，儘管它尚未宣布，但也許很簡單，但是您的資本支出計劃中還有其他變化嗎？

Let me just circle back to your comment about volume versus price, and then I'll let Mark talk about CapEx. Listen, on the volume versus price, our price has been amazingly consistent throughout the four quarters of the year. I think if you look at our results for Q1, Q2, our guidance for Q3 and implied guidance for Q4, we're basically delivering a 4%, 4.5% price increase year-over-year in all four quarters. So we're happy with that consistency. It's a fundamental principle of this company that we are not going to sacrifice price for occupancy, so we don't because we believe that sets us up once again for the best long-term performance of the brand.

讓我回到你關於數量與價格的評論，然後讓馬克談談資本支出。聽著，就銷售與價格而言，我們的價格在一年四個季度中一直保持著驚人的一致性。我認為，如果您查看我們第一季、第二季的業績、第三季的指引以及第四季度的隱含指引，您會發現我們在所有四個季度中基本上都實現了 4%、4.5% 的同比價格上漲。所以我們對這種一致性感到滿意。我們公司的一個基本原則是，我們不會為了入住率而犧牲價格，所以我們不會這麼做，因為我們相信這會再次為我們品牌的最佳長期表現奠定基礎。

Other fundamental principles is always constantly improving the onboard product for our guests. focus on cost, all the other things that we've talked about in this call that lead to our long-term algorithm of low to mid-single-digit yield growth, sub-inflationary growth, et cetera, et cetera. I think on that regard, we have performed well for this year, and I'm happy with all four quarter performances.

其他基本原則是始終不斷為我們的客人改進機上產品。專注於成本，我們在這次電話會議中討論的所有其他事情，這些都導致了我們的長期演算法，即低到中等個位數的收益增長、低於通膨的增長等等。我認為從這方面來說，我們今年的表現很好，我對四個季度的表現都很滿意。

I turn it over to Mark for CapEx.

我將其交給馬克，用於資本支出。

Yeah. Look, regarding CapEx, I think we've been pretty clear that yes, you are correct. the fact that our future CapEx outlook did not change. I think that's as a result of two things. Number one, we did this was, in fact, in our plans.

是的。你看，關於資本支出，我想我們已經非常清楚了，是的，你是對的。事實上，我們未來的資本支出前景並沒有改變。我認為這是兩件事造成的。首先，我們這樣做其實是在我們的計劃之中。

Obviously, we had not announced it publicly, but we had this in our overall CapEx guidance, but I think importantly, and number two, we are not I think it's important to understand that we are not investing hundreds and hundreds of millions of dollars into this experience. Yes, there is an investment but we certainly think that we are getting a great return on it in the teens, in fact. And I think as we look forward going into the future years, we will continue to look for other opportunities to monetize where it makes sense.

顯然，我們還沒有公開宣布這一點，但我們在整體資本支出指導中包含了這一點，但我認為重要的是，第二，我們不會，我認為重要的是要明白，我們不會為這一體驗投資數億美元。是的，確實有投資，但事實上，我們確實認為我們在十幾歲的時候就獲得了豐厚的回報。我認為，展望未來，我們將繼續尋找其他合理的貨幣化機會。

I would be remiss if I didn't shout out Patrick Dougan and his entire team for the incredible work that they've done, obviously, working very closely with David and the brand to create an amazing experience for our guests at a reasonable cost of construction.

如果我不讚揚帕特里克·杜根和他的整個團隊所做的出色工作，那我就太失職了，顯然，他們與大衛和品牌密切合作，以合理的建設成本為我們的客人創造了令人驚嘆的體驗。

Great. Thank you very much.

偉大的。非常感謝。

Ben Shim, Mizuho.

瑞穗的 Ben Shim。

Hey, good morning. Thanks for taking my questions. First one is just a clarification. So on '26 for yields and costs, again, not looking for guide, we've you've already kind of touched on it, but just very simply, the moving variables, more fun in Sun is a tailwind to occupancy, but a price headwind. Is the net of that yield tailwind neutral or flat in 2016? And then on cost, kind of a similar question, higher occupancy, obviously mechanically hurts net cruise cost but then last quarter, you talked about some real cost savings associated with fun and Sun. So just a similar question, just maybe relative to normal algo are the variables kind of a headwind, tailwind or neutral on both yields and costs.

嘿，早安。感謝您回答我的問題。第一個只是為了澄清。因此，對於 26 年的收益和成本，再次強調，我們不是尋求指導，我們已經觸及這一點，但只是非常簡單的移動變量，Sun 的更多樂趣對入住率來說是順風，但對價格來說是逆風。2016 年，扣除收益率順風因素後，淨收益是中性還是持平？然後關於成本，這是一個類似的問題，更高的入住率顯然會從根本上損害郵輪淨成本，但上個季度，您談到了與娛樂和陽光相關的一些實際成本節約。所以這只是一個類似的問題，也許相對於正常演算法，變數對收益率和成本來說是逆風、順風還是中性。

I think you're thinking about this directionally correct. We're not here to give specific guidance for 2016, so we won't. I think when you think about the underlying factors, yes, I think you've laid them out for the most part, right? Our key is to hit the algo, we're going to we're committed to it for '26, low to mid-single-digit yield growth, sub-inflationary cost growth, major capacity growth, disciplined capital allocation, et cetera, and the achievement of our charting the course targets. All I can do at this point is to reiterate.

我認為你對此的思考方向是正確的。我們在這裡不是為了給出 2016 年的具體指導，所以我們不會這樣做。我認為當您考慮潛在因素時，是的，我認為您已經基本闡明了它們，對嗎？我們的關鍵是達到演算法，我們將致力於實現 26 年的低到中等個位數的收益成長、低於通膨的成本成長、主要的產能成長、嚴格的資本配置等等，以及實現我們所製定的目標。我現在所能做的就是重申這一點。

We believe in all those things. We think all of those principles will be alive and well in '26.

我們相信所有這些事情。我們認為所有這些原則在2026年仍將有效發揮作用。

Yeah. And to further that, we're focused on profitability and our eyes today, profitability means margin expansion. So when you look at 2025 where our guidance is, we expect to have improved our margin by about almost 700 basis points versus 2023. And as we look to 2026, that's where we're focused on margin expansion and that comes both from the top end and from the top line as well as our cost, but it's a combination, but it's margin expansion, which is what drives cash flows, which drives down our leverage.

是的。更進一步的是，我們關注的是獲利能力，而我們今天所看到的獲利能力意味著利潤率的擴大。因此，當您查看我們的指導方針時，我們預計利潤率將比 2023 年提高約 700 個基點。展望 2026 年，我們將重點放在利潤率的擴大，這既來自於高端，也來自於頂線以及我們的成本，但這是一個組合，但這是利潤率的擴大，這是推動現金流的動力，從而降低我們的槓桿率。

And then operator, I think we have time for one last question.

接線員，我想我們還有時間回答最後一個問題。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

All right, I made it in under the wire. Thank you for taking my question. All right, made it in under the wire. I wanted to know I am patient if nothing else. So look, I some of your peers and when we look at the industry, one of the things we're very focused on is new to cruise and new-to-brand travelers. It's not something that you -- I see formally but would you be willing to give us any color on some of the strong bookings that you've laid out? And how much of that is new to cruise and new to brand?

好的，我在最後期限前完成了任務。感謝您回答我的問題。好的，在最後期限前完成了。我想知道我是否有耐心。所以，看看你們的一些同行，當我們觀察這個行業時，我們非常關注的事情之一就是新郵輪旅行者和新品牌旅行者。這不是你——我正式看到的事情，但你願意向我們介紹你所列出的一些強有力的預訂嗎？其中有多少是郵輪產業新項目和品牌新項目？

It's a good question, David. I'll say that we haven't necessarily seen on an itinerary adjusted basis much shifts here, naturally in a three- and four-day cruise environment you get slightly higher new-to-brand because new people to crews are a little bit more likely to sort of do a taster, if you will, before committing to a longer cruise and similarly, in Europe, 7 night crews would have slightly more new to brand than a night crews. But if you adjust for itineraries, it's a stable thing. Keep in mind, in an ideal world, yes, you do want morec you do want new to cruise and new to brand to come in, but also in a world of record guest satisfaction scores, you get a record repeat rate, which sort of balances out on the other side.

這是個好問題，大衛。我想說的是，我們不一定會看到行程安排發生太大的變化，自然，在三天和四天的巡航環境中，新加入品牌的人數會稍微高一些，因為新加入的船員更有可能先體驗一下，然後再決定參加更長的巡航。同樣，在歐洲，7 夜班的船員比 1 夜班的船員會擁有稍微多一點的新加入品牌的船員。但如果調整行程，這是一件穩定的事。請記住，在理想世界中，是的，您確實希望有更多新遊客和新品牌加入，但同時，在一個創紀錄的客戶滿意度分數的世界中，您會獲得創紀錄的重複率，這在另一方面是平衡的。

I think net-net, no strong trends that we're seeing. We're happy with where we are.

我認為總體而言，我們沒有看到任何強勁的趨勢。我們對現狀很滿意。

Okay. If I can just follow up quickly, I think part of our thesis and part of the work that we've done suggests that there is a meaningful new-to-cruise discovering the value proposition, right, and trading up in value. Is it fair to assume that Sommer are in your in your numbers, there is a presence of that? Or are we overstating that?

好的。如果我可以快速跟進的話，我認為我們的部分論文和我們所做的部分工作表明，有一個有意義的新郵輪發現價值主張，對，並且價值交易上升。是否可以公平地假設 Sommer 在你的數字中，存在這樣的數字？或者我們誇大了這一點？

So I appreciate the comment because we share your belief. We the way we look at this holistically, I forget the exact number, but something like 35 million people a year cruise disproportionately North Americans. We believe that reflects something like 2% of their overall vacation market locally and worldwide. So yes, we and coupled with the fact that cruising actually is less expensive than the typical hotel and resort stay while providing what we believe to be a much more extensive product and a better product overall. You couple all things those things together.

所以我很感謝你的評論，因為我們和你有同樣的信念。我們從整體來看這個問題，我忘記了具體的數字，但每年大約有 3500 萬人乘坐遊輪，其中大部分是北美人。我們認為這反映了其在本地和全球整體度假市場的 2% 左右。所以是的，我們再加上遊輪實際上比典型的酒店和度假村住宿便宜的事實，同時提供我們認為更廣泛的產品和更好的產品。你把所有那些東西結合在一起。

And yes, the thesis for this industry long term is that there is and I'm sorry, one other factor that there are only four shipyards in the world that are building ships, which limits the overall industry capacity growth to something like 4% and 5% a year as opposed to hotels, which basically have unlimited growth potential, especially with non-disciplined players. You put all those things together and we share your thesis that long term, this is an amazing industry to to be in, whether that impacts us one quarter to the next, it's sort of hard to see that. But certainly, year-to-year, we do see those trends. Okay.

是的，這個行業的長期論點是，還有一個因素，那就是世界上只有四家造船廠在建造船舶，這限制了整個行業的運力增長到每年 4% 和 5% 左右，而酒店基本上具有無限的增長潛力，尤其是在沒有紀律的參與者的情況下。把所有這些因素綜合起來，我們就會同意你的論點：從長遠來看，這是一個令人驚嘆的行業，至於這是否會對我們下一季產生影響，目前還很難說。但可以肯定的是，我們每年都能看到這些趨勢。好的。

And with that, I once again want to thank everyone for joining us today. For those of you living in Manhattan, I once again encourage you to visit our GSE pop-up down there in Soho on 104 Grand Street, we're handing out free mocktails, and you'll get a little experience on what the future of great serve K is going to look like. Please join us, and thank you for today. Bye, everyone.

最後，我要再次感謝大家今天的出席。對於居住在曼哈頓的各位，我再次鼓勵您造訪我們位於格蘭德街 104 號蘇荷區的 GSE 快閃店，我們將免費發放無酒精雞尾酒，您將會體驗到 K 未來將會是什麼樣子。請加入我們，感謝您今天的到來。大家再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。