挪威郵輪 (NCLH) 2025 Q3 法說會逐字稿

Good morning. Welcome to Norwegian Cruise Line Holdings third-quarter 2025 earnings conference call. My name is Sherry, and I will be your operator. (Operator Instructions) As a reminder to all participants, this conference is being recorded. I would now like to turn the conference over to your host, Sarah Inmon. Ms. Inmon, please proceed.

早安.歡迎參加挪威郵輪控股公司2025年第三季財報電話會議。我叫雪莉，我將是您的接線生。（操作說明）提醒所有與會人員，本次會議正在錄音。現在我將把會議交給主持人莎拉·英蒙。因蒙女士，請繼續。

Thank you, Sherry, and good morning, everyone. Thanks for joining us for our third-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.

謝謝你，雪莉，大家早安。感謝您參加我們2025年第三季財報電話會議。今天與我一同出席的有挪威郵輪控股公司總裁兼執行長哈里·索默，以及執行副總裁兼財務長馬克·肯帕。

As a reminder, this conference call is being simultaneously webcast on the company's investor relations website. We will be referring to a slide presentation during the call which can also be found on our website. Both the conference call and presentation will be available for replay for 30 days following today's call.

提醒各位，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。通話期間，我們將參考一份幻燈片簡報，該簡報也可在我們的網站上找到。本次電話會議和簡報將在會議結束後30天內提供重播。

Before we begin, I would like to cover a few items. Our press release with third-quarter 2025 results was issued this morning and is also available on our IR website.

在開始之前，我想先說明幾點。我們今天上午發布了包含 2025 年第三季業績的新聞稿，該新聞稿也可在我們的投資者關係網站上查閱。

This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release.

本次電話會議包含前瞻性陳述，其中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。這些聲明應與我們盈利報告中包含的警示性聲明一併考慮。

Our comments may also reference non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation.

我們的評論也可能提及非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調節表及其他相關揭露資訊包含在我們的獲利報告和簡報中。

Unless otherwise noted, all references to 2025 net yield and adjusted net cruise costs excluding fuel per capacity day or at a constant currency basis and comparisons are to the same period in 2024.

除非另有說明，所有提及 2025 年淨收益和調整後淨郵輪成本（不包括每載客量日燃油成本或按固定匯率計算）以及比較均與 2024 年同期進行比較。

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

接下來，我想把電話交給我們的執行長哈里·索默。哈利？

Well, thank you, Sarah, and good morning, everyone. Welcome to our third-quarter 2025 earnings call. I'll begin my remarks today with a discussion of the third quarter results and recent booking days. And we'll then get into some recent highlights on our three brands and strategy. I'll then provide some brief comments on how 2026 is shaping up before handing the call over to Mark, who will provide a deeper dive into our financial performance and outlook.

謝謝你，莎拉，大家早安。歡迎參加我們2025年第三季財報電話會議。今天，我將首先討論第三季業績和最近的預訂情況。接下來，我們將重點介紹我們三大品牌和策略的最新進展。接下來，我將簡要介紹 2026 年的發展前景，然後將電話交給 Mark，他將更深入地探討我們的財務表現和展望。

So to dive right in, I'm pleased to report another record quarter with results that met or exceeded guidance across all metrics. As a result, we are reiterating our full-year adjusted EBITDA guidance and raising our guidance for adjusted EPS.

那麼，開門見山地說，我很高興地報告，本季又創下歷史新高，所有指標都達到或超過預期。因此，我們重申全年調整後 EBITDA 預期，並提高調整後每股盈餘預期。

Our performance this quarter was driven by solid customer demand which drove load factors higher, reflecting the continued strength of our brands and the execution of our Charting the Course strategy.

本季業績得益於強勁的客戶需求，從而推高了客座率，這反映了我們品牌的持續實力以及我們「規劃航向」策略的有效執行。

As previously stated, we remain committed to balancing return on investment with return on experience, delivering exceptional vacations, driving sustainable financial performance and strengthening our balance sheets.

如前所述，我們將繼續致力於平衡投資回報與體驗回報，提供卓越的假期體驗，推動可持續的財務業績，並加強我們的資產負債表。

Now delving a bit more into the details of our third quarter results shown on slide 4. We achieved another quarter of strong performance and solid execution across the business. We met or exceeded guidance we provided in July and delivered the highest quarterly revenue in our company's history.

現在讓我們更深入地了解幻燈片 4 中顯示的第三季業績細節。我們又一個季度取得了強勁的業績和穩健的業務執行。我們達到或超過了7月給出的預期，並實現了公司歷史上最高的季度營收。

Load factor finished ahead of expectations at 106.4% driven by stronger than anticipated demand for families, particularly at the NCL brand, resulting in net yield growth of 1.5%. Costs were essentially flat year over year which resulted in adjusted EBITDA of approximately $1 billion, a milestone achieved for the first time in company history.

客座率最終達到 106.4%，超出預期，這主要得益於家庭郵輪需求強於預期，尤其是 NCL 品牌，從而實現了 1.5% 的淨收益增長。成本與上年基本持平，調整後的 EBITDA 約為 10 億美元，這是該公司歷史上首次達到這一里程碑。

As a result, our trailing 12-month adjusted operational EBITDA margin reached 36.7%, an improvement of 220 basis points from last year and another meaningful step towards achieving our Charting the Course margin target. Finally, adjusted EPS came in at $1.20, exceeded guidance by $0.06.

因此，我們過去 12 個月的調整後營運 EBITDA 利潤率達到 36.7%，比去年提高了 220 個基點，朝著實現我們的「規劃航程」利潤率目標又邁出了重要一步。最終，調整後的每股收益為 1.20 美元，比預期高出 0.06 美元。

Turning now to recent demand, bookings in the third quarter marked the strongest third quarter bookings in company history, with bookings up over 20% from last year. With this trend continuing into October, all collectively driven by strong demand not only for our short Caribbean sailings this winter, but also for our luxury brands. These results not only underscored the strength of today's demand, but also provides a solid foundation for growth in the quarters ahead.

現在來看最近的需求，第三季的預訂量創下了公司歷史上第三季預訂量的最高紀錄，比去年同期增長了 20% 以上。這一趨勢一直延續到 10 月份，這主要是由於市場對我們今年冬季加勒比海短途航線的強勁需求，以及對我們奢侈品牌的強勁需求所致。這些結果不僅凸顯了當前需求的強勁，也為未來幾季的成長奠定了堅實的基礎。

Of course, there are other highlights of this eventful quarter that I would like to share. First, on the financial side, which Mark will cover in more detail, we completed a multifaceted capital market transaction that, among other benefits, reduced our share outstanding on a fully diluted basis by more than $38 million or over 7%, materially improving our adjusted EPS.

當然，本季還有其他一些精彩亮點我想和大家分享。首先，在財務方面（Mark 將更詳細地介紹），我們完成了一項多方面的資本市場交易，除其他好處外，該交易使我們完全稀釋後的流通股減少了 3800 萬美元以上，或超過 7%，從而顯著提高了我們調整後的每股收益。

On the guest experience side, we introduced several enhancements, including our new tri-branded loyalty and recognition program, which I'll discuss later, and the launch of an enhanced website for the NCL brand. The new site is already delivering results with faster performance, better guest experience, and higher conversion rates resulting in increased bookings.

在賓客體驗方面，我們推出了一些改進措施，包括我們新的三品牌忠誠度和認可計劃（我稍後會詳細介紹），以及 NCL 品牌的增強型網站。新網站已經取得了成效，運行速度更快，用戶體驗更好，轉換率更高，從而增加了預訂量。

We have also made it easier for guests to personalize their vacation with more targeted pre-cruise offerings. For example, we are now promoting high-value onboard products such as Vibe Beach Club passes, drinks and dining packages, streaming Wi-Fi, spa treatments, and shore excursions through personalized e-mails and push notifications. Pre-cruise sales are at a whole-time high levels which drives higher onboard revenue and higher guest satisfaction and repeat rates.

我們也透過更有針對性的郵輪前服務，讓客人更容易個性化客製化他們的假期。例如，我們現在透過個人化電子郵件和推播通知來推廣高價值的船上產品，例如 Vibe 海灘俱樂部通行證、餐飲套餐、串流 Wi-Fi、水療護理和岸上觀光。郵輪前銷售額達到歷史最高水平，這將帶動船上收入成長、賓客滿意度提高以及回頭客率上升。

On sustainability front, we recently announced a landmark agreement with Spain's Repsol for supplying renewable marine fuels at the port of Barcelona. This eight-year agreement starts this upcoming European season and is a first-of-a-kind partnership in the industry underscoring our sale and sustained commitment. This agreement is a great example of cross-industry collaboration that could unlock meaningful progress and secure long-term access to renewable marine fuel in Europe.

在永續發展方面，我們最近宣布與西班牙雷普索爾公司達成一項具有里程碑意義的協議，向巴塞隆納港供應再生船用燃料。這項為期八年的協議從即將到來的歐洲賽季開始，是業內首例此類合作，凸顯了我們的銷售實力和持續承諾。該協議是跨產業合作的一個很好的例子，可以帶來有意義的進展，並確保歐洲長期獲得再生船用燃料。

Now, I'd like to take a few minutes to discuss the high-level strategies we're executing across our three brands which are summarized on slide 5. These strategies are designed to ensure we continue delivering exceptional experiences for our guests while dancing our Charting the Course targets and creating long-term value for our shareholders.

現在，我想花幾分鐘時間討論我們正在三個品牌中執行的高層策略，這些策略已在第 5 頁幻燈片中進行了總結。這些策略旨在確保我們繼續為賓客提供卓越的體驗，同時實現我們的「規劃航程」目標，並為股東創造長期價值。

At Norwegian Cruise Line, our focus is enhancing the family appeal and experience. At Oceania Cruises, we're working to firmly position the brand within luxury sector. And at Regent Seven Seas Cruises, we're focused on maintaining its well-earned reputation as the pinnacle of ultra-luxury cruising.

挪威郵輪公司致力於提升家庭吸引力和體驗。在 Oceania Cruises，我們正努力將品牌牢牢定位在豪華郵輪領域。麗晶七海郵輪致力於維持其作為超豪華郵輪巔峰之作的卓越聲譽。

Moving to slide 6, I'll dive in to the strategic evolution underway in Norwegian cruise line. This is a transformation that has been underway for several months and is now accelerating with sharpened focus under the brand's new leadership, including a new chief commercial officer and a new chief marketing officer, with the robust search for a world-class leader to head the NCL brand well underway.

接下來，我將在第 6 張投影片中深入探討挪威郵輪公司正在進行的策略演變。這項變革已經進行了幾個月，現在在新領導層的帶領下，隨著新任首席商務官和新任首席營銷官的加入，變革的步伐正在加快，尋找一位世界級領導者來領導 NCL 品牌的工作也正在順利進行。

As part of this evolution, the brand is executing a focused three-part commercial strategy to drive yields and profitability higher over the next year and into the future. First, we're focusing more on families as a core demographic. We're building brand familiarity to our short Caribbean sailings which give more guests, particularly families, a chance to experience our amazing product. That exposure helps build loyalty and creates a pipeline of repeat guests for the future.

作為這一發展演變的一部分，該品牌正在執行一項重點突出的三部分商業策略，以在未來一年及以後提高收益和盈利能力。首先，我們將重點放在家庭這群核心人口群體。我們正在提升加勒比海短程航線的品牌知名度，讓更多客人，特別是家庭，有機會體驗我們優質的產品。這種曝光有助於培養客戶忠誠度，並為未來創造回頭客源源不絕的管道。

Over time, this will increasingly support one of our key priorities, boosting (inaudible) factors. We are working diligently to attract more families to the brand to experience everything Norwegian has to offer, both onboard and at our destinations, particularly our upgraded private island, Great Stirrup Cay, and through enhanced onboard offering geared towards families.

隨著時間的推移，這將越來越有利於我們的一項關鍵優先事項，即提升（聽不清楚）因素。我們正在努力吸引更多家庭體驗挪威郵輪品牌所提供的一切，無論是在船上還是在我們的目的地，特別是我們升級後的私人島嶼大斯特拉普礁，以及我們為家庭提供的更完善的船上服務。

Second, we're strengthening our brand positioning and marketing. To reach the broader family market, NCL is developing a refreshed brand campaign designed to elevate awareness and strengthen emotional connection which we should launch in early 2026. Alongside that, we're optimizing our marketing mix and spend to ensure we're getting the best possible return on every marketing dollar, creating efficiencies throughout 2026.

其次，我們正在加強品牌定位和行銷。為了拓展更廣泛的家庭市場，NCL 正在開發一項全新的品牌宣傳活動，旨在提升品牌知名度並加強情感聯繫，我們計劃在 2026 年初推出該活動。同時，我們正在優化行銷組合和支出，以確保每一分行銷投入都能獲得最佳回報，並在 2026 年實現效率提升。

Lastly, we're elevating the guest experience. We are pleased to reiterate that our previously announced enhancements at Great Stirrup Cay are all on track to open around the holidays, including the new multi-ship pier, welcome center, tram system, and expansive 28,000-square-foot heated pool the size of an entire cruise ship with a swim up bar, kids splash zones, Vibe Shore Club, new dining and beverage outlet, and dozens of new cabanas.

最後，我們正在提升賓客體驗。我們很高興地重申，先前宣布的大斯特拉普礁的各項改進工程都將按計劃在假期前後開放，包括新的多船碼頭、遊客中心、電車系統，以及面積達 28,000 平方英尺、相當於一艘遊輪大小的大型恆溫游泳池，內設水上酒吧、兒童戲水區、Vibe Shore Club、新的餐飲場所和數十個新的餐飲場所。

The upcoming summer '26 launch of the Great Tides Waterpark will mark another milestone moment for the brand. Spanning nearly 6 acres, the waterkpark will feature 19 thrilling water slides, a dynamic river, a huge kids splash zone, a 10- and 15-feet-tall cliff jump, and an innovative jet carts attraction. It will be the perfect family-friendly addition to our already exceptional island amenities which include Silver Cove, an exclusive retreat offering magnificent villas, and a beach club. And that's just the addition to Great Stirrup Cay.

即將於 2026 年夏季推出的 Great Tides 水上樂園將成為品牌的另一個里程碑時刻。水上樂園佔地近 6 英畝，將設有 19 條驚險刺激的水滑道、一條動感十足的漂流河、一個巨大的兒童戲水區、一個 10 英尺和 15 英尺高的懸崖跳台，以及一個創新的噴射卡丁車遊樂項目。它將成為我們島上現有卓越設施的完美補充，這些設施包括銀灣（Silver Cove），一個提供豪華別墅的專屬度假勝地，以及一個海灘俱樂部，非常適合家庭入住。而這只是大馬鐙礁新增的部分。

We're also looking ahead to enhancements across other destinations in our portfolio. In addition, we are expanding our kids and family programming with improved activities and entertainment, ensuring engaging experiences for guests of all ages.

我們也展望未來，希望能夠提升我們旗下其他目的地的服務水準。此外，我們正在擴大兒童和家庭活動項目，改善活動和娛樂項目，確保各個年齡層的客人都能獲得引人入勝的體驗。

At the core of this approach is our ambition to be the brand of choice in the contemporary space for both seasoned travelers and premium families while maximizing profitability. Future travel intent, current bookings, guest satisfaction scores, and future onboard cruise sales are all at or near record levels. Clear signs that our strategy is working.

這項策略的核心是我們力求成為當代資深旅客和高端家庭的首選品牌，同時將利潤最大化。未來旅行意願、當前預訂量、賓客滿意度評分和未來郵輪船上銷售額均達到或接近歷史最高水準。種種跡象顯示我們的策略正在發揮作用。

We continue to actively balance between load factor and price with the goal of optimizing net yield, margins, and most importantly, profitability.

我們持續積極地在載客率和價格之間尋求平衡，目標是優化淨收益、利潤率，以及最重要的獲利能力。

Now turning to slide 7, this strategy is already leading to tangible results. Our increased Caribbean presence, additional short sailings which capitalized on demand for closer-to-home family vacations, and continued investment in our private island destinations are already driving higher load factors. The fourth quarter marked the first period where we're truly seeing the shift in strategy come to fruition.

現在來看第 7 張投影片，這項策略已經取得了實際的成果。我們在加勒比海地區的業務不斷拓展，增加了短途航線以滿足家庭度假的需求，並持續投資於我們的私人島嶼目的地，這些都已推動了更高的客座率。第四季標誌著我們真正開始看到策略轉變取得成效的第一個時期。

In Q4 this year, we will have the highest mix of short sailings since 2019, reflecting our deliberate move to rebalance Norwegian's deployment towards closer-to-home itineraries. This approach expands our reach, appealing to a broader mix of guests, particularly premium families and new-to-cruise travelers, while allowing us to better leverage our private island investments.

今年第四季度，我們將迎來 2019 年以來短程航線比例最高的時期，這反映了我們有意調整挪威郵輪航線部署，轉向更靠近家附近的航線。這種方式擴大了我們的覆蓋範圍，吸引了更廣泛的客人，特別是高端家庭和首次乘坐郵輪的旅客，同時使我們能夠更好地利用我們在私人島嶼上的投資。

In Q4, short sailing capacity is increasing over 80% versus the prior year and our Caribbean deployment is moving to over 50% of our total capacity. As a result, we now expect load factors to improve over 100 basis points year over year to nearly 102%.

第四季度，短程航行能力比上年同期成長超過 80%，我們在加勒比海地區的部署已佔總能力的 50% 以上。因此，我們現在預計客座率將比去年同期提高 100 多個基點，達到近 102%。

Now I know many of you will probably ask why our fourth quarter yield guidance has changed from our prior implied guide to growth of 3.5% to 4%, so let me get ahead of that question. As mentioned earlier, we are very focused on load factor and increasing brand visibility through our Caribbean products. It has been quite some time since we've had this level of short sailings in our deployment and demand has exceeded our expectations.

我知道你們很多人可能會問，為什麼我們第四季的收益率預期從之前隱含的 3.5% 成長預期變為 4%，所以讓我先回答這個問題。如前所述，我們非常注重提高客座率，並透過我們的加勒比海產品提升品牌知名度。我們已經很久沒有遇到如此密集的短途航行了，而且需求也超出了我們的預期。

In the fourth quarter, our Caribbean short sailings are performing quite well, particularly among our targeted family demographic driving load factors higher than we had forecasted. On our Caribbean sailings, we are seeing more families which means more children in each cabin. We expect core pricing for the first and seconds to be well up.

第四季度，我們的加勒比海短程航線表現相當不錯，尤其是在我們目標客群中，客座率高於我們的預期。在我們的加勒比海航線上，我們看到越來越多的家庭，這意味著每個艙房裡的孩子也更多了。我們預計第一代和第二代產品的核心定價將大幅上漲。

The addition of child as thirds and fourths in the cabin, however, will naturally dilute blended pricing. The end result remains strong yield growth and strong margin expansion. This is an intentional planned trade-off to drive margins and profitability higher in both the short and long-term.

然而，如果將兒童作為第三或第四位乘客安排在客艙內，自然會稀釋混合價格。最終結果依然是強勁的收益率成長和利潤率擴張。這是有意為之的權衡，旨在提高短期和長期的利潤率和獲利能力。

These early results from our increased short sailing Caribbean deployment are encouraging and reinforce our confidence in the strategy.

我們加大加勒比海短程航行部署力度後的初步成果令人鼓舞，增強了我們對該策略的信心。

Now looking ahead, we expect this dynamic to accelerate in the first quarter of 2026 with load factor projected to be 200 to 300 basis points higher year over year, driven by a meaningful 40% increase in short sailings. Additionally, this will coincide with the soft opening of Great Stirrup Cay's new amenities around the holidays, while the more meaningful enhancements will be coming when Great Tides Waterpark opens later in summer 2026.

展望未來，我們預計這一趨勢將在 2026 年第一季加速發展，預計客座率將比上年同期提高 200 至 300 個基點，這主要得益於短途航行數量顯著增長 40%。此外，這將與大斯特拉普礁島新設施在假期期間的試營運同時進行，而更有意義的改進將在 2026 年夏季晚些時候大潮汐水上樂園開放時到來。

When we return next winter, we'll have the full benefit of the new amenities at Great Stirrup Cay and the word of mouth from thousands and thousands of satisfied guests which will further strengthen performance.

明年冬天我們再次來到這裡時，我們將充分利用大斯特拉普礁的新設施，並藉助成千上萬滿意客人的口碑，進一步提升業績。

Moving on to slide 8. We're confident this positive momentum will continue throughout 2026 with load factors building on 2025 levels and returning to, if not exceeding, 2024 levels reaching at least 105%. This is sustained progress driven by this new deployment strategy.

接下來是第8張投影片。我們相信，這一積極勢頭將在 2026 年持續下去，客運量將在 2025 年的基礎上增長，並恢復到 2024 年的水平，甚至可能超過 2024 年的水平，至少達到 105%。這是在新部署策略推動下取得的持續進展。

Now talking a bit about the Norwegian brand and now, I want you to turn to our luxury portfolio, Oceania Cruises and Regent Seven Seas Cruises on slide 9. The opportunity we're seeing in luxury cruising has never been stronger. Global luxury spending continues to expand with experiences ranking as the fastest growing segment in 2024.

現在我們來談談挪威郵輪品牌，接下來，請大家翻到第 9 頁，看看我們的豪華郵輪產品組合，大洋郵輪和麗晶七海郵輪。豪華郵輪市場的發展機會從未如此強勁。全球奢侈品消費持續成長，體驗類消費預計將成為 2024 年成長最快的細分市場。

Both Oceania and Regent are perfectly positioned to capture this demand. Oceania delivers by choice, offering guests elevated personalized experiences with exceptional culinary offerings. While Regent is the pinnacle of the ultra-luxury all-inclusive luxury segment. To fully capitalize on this opportunity, we brought back Jason Montague earlier this year to lead both brands and drive the next phase of growth.

大洋郵輪和麗晶郵輪都佔據了非常有利的位置，能夠滿足這項需求。大洋洲航空秉承「精選服務」的理念，為賓客提供卓越的個人化體驗和非凡的餐飲服務。麗晶酒店是超豪華全包式奢華酒店的巔峰之作。為了充分利用這一機遇，我們在今年早些時候請回了 Jason Montague，讓他領導這兩個品牌並推動下一階段的成長。

Turning to slide 10, you can see the tangible progress already underway. The first thing Jason did was optimize the organization, ensuring we had the right leadership structure and the right people in the right roles to support long-term growth.

翻到第 10 張投影片，您可以看到已經取得的實際進展。Jason做的第一件事就是優化組織架構，確保我們擁有正確的領導結構，讓合適的人在合適的職位上，以支持長期發展。

Next, he's been deeply engaged in our fleet management program, including our pipeline of six luxury ships, overseeing the design and launch of Oceania Allura and Regent Seven Seas Prestige, both of which will set new standards for design experience and efficiency.

接下來，他深入參與了我們的船隊管理計劃，包括我們正在籌建的六艘豪華郵輪，監督了 Oceania Allura 號和 Regent Seven Seas Prestige 號的設計和下水，這兩艘郵輪都將為設計體驗和效率樹立新的標準。

He has also been very focused on elevating our existing fleet, and Seven Seas Mariner is the latest example of that commitment. The ship entered dry dock just yesterday where we're undertaking a full transformation, refreshing suites, reimagining public spaces, and introducing an enhanced pool grill featuring a new wood-fired pizzeria concept for relaxed, al fresco dining.

他也非常注重提升我們現有的船隊水平，「七海航海家號」就是這項承諾的最新例證。船上昨天剛進入乾船塢，我們正在那裡進行全面改造，翻新套房，重新構想公共空間，並推出一個升級的泳池燒烤區，採用全新的柴火披薩店概念，提供輕鬆的戶外用餐體驗。

Seven Seas Voyager will be undergoing a similar revitalization when she enters dry dock next year.

七海航行者號將於明年進入乾船塢進行類似的翻新改造。

Coupled with our three new vessels and the upcoming Prestige delivery in 2026, we truly will have the world's most luxurious fleet.

加上我們的三艘新船以及即將於 2026 年交付的 Prestige 號，我們將真正擁有世界上最豪華的船隊。

Finally, Jason's been laser-focused on enhancing brand positioning and marketing across both brands, ensuring that Oceania is fully recognized in the luxury space, while Regent maintains its place as the pinnacle of ultra-luxury cruising. We know we had two extraordinary luxury products. Now it's about telling these brand stories more powerfully and consistently in the markets.

最後，Jason 一直專注於提升兩個品牌的品牌定位和行銷，確保 Oceania 在豪華郵輪領域獲得充分認可，同時 Regent 保持其作為超豪華郵輪巔峰的地位。我們知道我們擁有兩款非凡的奢侈品。現在，關鍵在於如何在市場上更有力、更持續地講述這些品牌故事。

I want to take a moment to recognize Jason and the entire luxury team. They're doing an outstanding job executing on the strategy, elevating both Regent and Oceania, and positioning our portfolio as a key growth driver for 2026 and beyond.

我想藉此機會感謝傑森和整個豪華團隊。他們在執行策略方面做得非常出色，提升了麗晶酒店和大洋洲酒店的地位，並將我們的投資組合定位為 2026 年及以後的關鍵成長驅動力。

Finally, moving to our loyalty program and slide 11, I'm thrilled to share how we're taking guest recognition to the next level. We recently launched our new loyalty status honoring program, allowing members of Latitudes Rewards, Oceania Club, and the Seven Seas Society to have their tier status honored across all three of our award-winning brands.

最後，接下來是我們的會員忠誠計畫和第 11 張投影片，我很高興地與大家分享我們如何將顧客認可提升到一個新的水平。我們最近推出了新的會員等級認可計劃，讓 Latitudes Rewards、Oceania Club 和 Seven Seas Society 的會員在我們所有三個屢獲殊榮的品牌中享受等級認可。

Our guests will now be able to enjoy the loyalty perks they've earned, no matter which of our brand they choose to sail. It's a major step forward that makes it easier than ever to explore the world within our NCLH family. This change will also encourage our top guests to try our other brands. It's really about deepening our connection with our most loyal guests, rewarding their commitments, and giving them even more ways to vacation better and experience more.

無論客人選擇搭乘我們旗下哪個品牌的遊輪，現在都可以享受他們所獲得的會員專屬福利。這是一個重大進步，讓您比以往任何時候都更容易探索我們 NCLH 大家庭的世界。這項改變也將鼓勵我們的頂級顧客嘗試我們的其他品牌。這實際上是為了加深我們與最忠實客人的聯繫，回報他們的支持，並為他們提供更多更好的度假方式和更豐富的體驗。

And while it's early, the preliminary results of this program have well exceeded our expectations, proving again the power of our brands.

雖然現在還處於早期階段，但該計劃的初步結果遠遠超出了我們的預期，並再次證明了我們品牌的強大影響力。

And with that, I'd be happy to turn the call over to Mark.

這樣，我就很樂意把電話轉給馬克了。

Thank you, Harry, and good morning, everyone. Let me start with our third quarter results highlighted on slide 12. We delivered another strong quarter, exceeding or meeting guidance across all metrics. Occupancy came in at 106.4%, nearly 100 basis points above guidance, driven by strong family demand across all itineraries. Net yields grew 1.5% in line with guidance, fueled by strong pricing growth of over 3%.

謝謝你，哈里，大家早安。首先，讓我看一下投影片 12 中重點介紹的第三季業績。我們又迎來了一個強勁的季度，所有指標都超出或達到預期。入住率達 106.4%，比預期高出近 100 個基點，主要得益於所有航線強勁的家庭需求。淨收益率成長 1.5%，與預期相符，主要得益於價格強勁成長超過 3%。

On the cost side, adjusted net cruise cost ex-fuel was down a tenth of a point, coming in slightly better than expected as our cost control efforts continue to bear fruit. As a result of better-than-expected fuel consumption, adjusted EBITDA for the quarter was $1.19 billion, above our guidance of $1.15 billion. Adjusted net income came in at $596 million. Adjusted EPS came in $0.06 ahead of guidance at $1.20. Overall, this was a solid quarter consistent with our expectations.

成本方面，經過調整的淨巡航成本（不含燃油）下降了十分之一個百分點，略好於預期，因為我們的成本控制努力繼續取得成效。由於燃料消耗量優於預期，本季調整後的 EBITDA 為 11.9 億美元，高於我們先前 11.5 億美元的預期。調整後淨收入為5.96億美元。調整後每股收益為 1.20 美元，比預期高出 0.06 美元。整體而言，本季業績穩健，符合我們的預期。

Moving on to forth quarter and full-year guidance on slide 13, we expect occupancy to be approximately 101.9% in the quarter, roughly 100 basis points above the prior year and our previous implied guidance. As Harry mentioned, we are very focused on load factor and brand visibility at the Norwegian brand. And we are encouraged by the progress we have made this quarter as family demands surpassed our initial expectations driving occupancy higher.

接下來是第 13 頁關於第四季度和全年業績指引的內容，我們預計該季度入住率約為 101.9%，比上年同期和我們之前的隱含指引高出約 100 個基點。正如哈里所提到的，我們非常注重挪威航空品牌的載客率和品牌知名度。本季我們的進展令人鼓舞，家庭需求超出了我們最初的預期，入住率也隨之提高。

I want to reiterate that we continue to balance load factor and price, recognizing the natural give and take between the two. As we attract more families, we are seeing more third and fourth guests in a cabin, and naturally, those guests come in at a lower price point which has a modest impact on overall pricing.

我想重申，我們將繼續在客座率和價格之間取得平衡，並認識到這兩者之間天然的權衡取捨。隨著我們吸引的家庭越來越多，我們看到小木屋裡有更多第三位和第四位客人，自然而然，這些客人的價格會更低，這對整體價格的影響不大。

As a result of this dynamic in the fourth quarter, we expect net yield to grow approximately 3.5% to 4%, reflecting our deliberate decision to welcome more families while taking a slight trade-off on price which remains healthy at nearly 3% growth. As a result, full-year net yield growth expectations have been adjusted slightly to 2.4% to 2.5% for the year.

由於第四季度的這種動態，我們預計淨收益率將增長約 3.5% 至 4%，這反映了我們有意歡迎更多家庭入住，同時在價格上略作權衡，但價格仍保持健康增長，接近 3%。因此，全年淨收益率成長預期略為調整為 2.4% 至 2.5%。

Turning to cost in the fourth quarter, adjusted net cruise cost ex-fuel is expected to be essentially flat, up only 50 basis points year over year. This is slightly higher than our prior implied guidance for the quarter, primarily due to the timing of certain expenses.

第四季成本方面，經調整的淨郵輪成本（不含燃油）預計基本持平，年比僅上漲 50 個基點。這略高於我們先前對該季度的預期，主要是由於某些費用的發生時間。

As a result, for the full year, we now expect cost to increase 75 basis points, well below inflation, the second year in a row we have been able to achieve this strong cost control, all while achieving record guest satisfaction scores and repeat rates.

因此，我們預計全年成本將成長 75 個基點，遠低於通貨膨脹率，這是我們連續第二年實現如此強勁的成本控制，同時也取得了創紀錄的賓客滿意度評分和回頭客率。

We expect fourth quarter adjusted EBITDA to be approximately $555 million and adjusted EPS to be $0.27. As a result, we are reiterating our full-year adjusted EBITDA guidance at $2.72 billion, and increasing our full-year adjusted EPS guidance to $2.10 which represents almost a 19% increase year over year.

我們預計第四季度調整後 EBITDA 約為 5.55 億美元，調整後每股收益為 0.27 美元。因此，我們重申全年調整後 EBITDA 預期為 27.2 億美元，並將全年調整後每股盈餘預期上調至 2.10 美元，較去年同期成長近 19%。

Moving on to slide 14, I want to take a moment to highlight the strong progress we've made on our cost savings program. Back at our Investor Day in May 2024, we set a bold goal to achieve more than $300 million in savings. And we remain fully on track to deliver on that commitment. In 2024, we realized over $100 million in savings, and we're on pace for another $100 million-plus in 2025 which has allowed us to limit net cruise cost growth to only about three-fourths of 1%.

接下來請看第 14 張投影片，我想花點時間重點介紹一下我們在成本節約計畫方面取得的巨大進展。早在 2024 年 5 月的投資者日上，我們就設定了一個大膽的目標，即實現超過 3 億美元的節省。我們仍將全力以赴履行這項承諾。2024 年，我們實現了超過 1 億美元的節省，我們預計在 2025 年再節省 1 億美元以上，這使我們能夠將郵輪淨成本增長限制在僅約 0.75% 的範圍內。

We're carrying this culture of cost discipline into 2026. And we have full line of sight to achieving at least another $100 million in savings next year, keeping our unit cost growth well below the rate of inflation, while continuing to deliver an exceptional guest experience.

我們將把這種成本控製文化延續到2026年。我們完全有信心在明年再節省至少 1 億美元，使單位成本增長遠低於通​​貨膨脹率，同時繼續為客人提供卓越的體驗。

These cost savings have been a major driver of our continued margin expansion, as you can see on slide 15. Our adjusted operational EBITDA margin has increased by roughly 600 basis points since year end 2023, and we remain on track to reach approximately 37% by the end of this year.

正如您在第 15 頁幻燈片中看到的那樣，這些成本節約一直是我們利潤率持續成長的主要驅動力。自 2023 年底以來，我們調整後的營運 EBITDA 利潤率提高了約 600 個基點，我們仍有望在今年年底達到約 37%。

Looking ahead to 2026, we expect this positive momentum to continue, supported by our proven algorithm of low to mid single-digit yield growth and sub-inflationary cost growth. The strategic initiatives Harry outlined earlier are central to this plan, from bringing more families to the Norwegian brand and increasing load factor, to refreshing our brand and marketing, and the launching of new amenities at Great Stirrup Cay this year around the holidays, and the new waterpark next year.

展望 2026 年，我們預計這一積極勢頭將繼續保持，這得益於我們成熟的演算法，該演算法實現了低至中等個位數的收益率增長和低於通貨膨脹率的成本增長。哈利先前概述的策略性舉措是該計劃的核心，包括吸引更多家庭選擇挪威品牌並提高客座率，更新我們的品牌和行銷，以及今年假期期間在 Great Stirrup Cay 推出新的設施，以及明年推出新的水上樂園。

At the same time, our luxury brands continue to benefit from strong demand trends, and they're truly best-in-class offerings. Oceania is building momentum as we position it squarely in the luxury space, and Regent remains the clear leader in ultra luxury cruising, delivering an unmatched product and service experience.

同時，我們的奢侈品牌繼續受益於強勁的需求趨勢，它們也是真正一流的產品。大洋郵輪正穩步邁向豪華郵輪市場，而麗晶郵輪則繼續保持著超豪華郵輪領域的領先地位，提供無與倫比的產品和服務體驗。

I'm confident that all of these efforts, driving both the top and bottom line, will enable us to further expand margins and achieve our approximately 39% target next year.

我相信，所有這些努力，無論是在營收或利潤方面，都將使我們能夠進一步擴大利潤率，並在明年實現我們約 39% 的目標。

Turning to slide 16, you can see our debt maturity profile which has been extended and strengthened following our recent capital markets activity. In September, we successfully completed a series of strategic transactions that significantly enhance our financial flexibility. We refinanced the majority of our 2027 exchangeable notes, extending our maturity profile, and reduced our shares outstanding on a fully diluted basis by approximately 38 million shares. All while remaining essentially net leverage neutral.

翻到第 16 張投影片，您可以看到我們的債務到期情況，在最近的資本市場活動之後，債務到期情況得到了延長和加強。9月份，我們成功完成了一系列策略交易，顯著增強了我們的財務靈活性。我們對大部分 2027 年到期的可交換票據進行了再融資，延長了到期期限，並按完全稀釋後的基準減少了約 3800 萬股流通股。同時基本保持淨槓桿中性。

In addition, we refinanced approximately $2 billion of debt including the replacement of about $1.8 billion of secured debt to unsecured. As a result, we have now fully eliminated all secured notes from our capital structure. These actions underscore our continued focus on optimizing our balance sheet, improving collateral utilization, and positioning the company for sustainable long-term growth.

此外，我們還對約 20 億美元的債務進行了再融資，其中包括將約 18 億美元的擔保債務替換為無擔保債務。因此，我們現在已經從資本結構中完全剔除了所有擔保票據。這些舉措凸顯了我們持續專注於優化資產負債表、提高抵押品利用率以及為公司實現可持續的長期成長做好準備。

Turning to net leverage on slide 17. I want to emphasize that reducing leverage remains our top financial priority. In the third quarter, net leverage increased slightly from the second quarter to 5.4 times from 5.3. This modest uptick reflects the delivery of Oceania Allura where we took on the associated debt but have not yet annualized the EBITDA contribution from the ship.

接下來請看第 17 頁的淨槓桿率。我想強調的是，降低槓桿率仍然是我們最重要的財務任務。第三季度，淨槓桿率較第二季度略有上升，從 5.3 倍增至 5.4 倍。這一小幅上升反映了 Oceania Allura 號的交付，我們承擔了相關的債務，但尚未將該船的 EBITDA 貢獻年化。

We now expect to end the year at approximately 5.3 times. And excluding the impact of non-cash foreign exchange revaluation on our euro-denominated debt related to Norwegian Aqua and Oceania Allura, our leverage would end the year at approximately 5.2 times. In a year when we've taken delivery two new vessels, keeping leverage flat is a notable accomplishment and positions us well to achieve our 2026 target of reaching the mid-4 times range.

我們現在預計年底本益比約為 5.3 倍。如果排除與挪威水族郵輪和海洋郵輪相關的歐元計價債務的非現金外匯重估的影響，我們的槓桿率到年底約為 5.2 倍。在我們接收了兩艘新船的這一年裡，保持槓桿水平不變是一項值得稱讚的成就，這使我們能夠很好地實現 2026 年達到 4 倍中段的目標。

Wrapping up our solid performance so far this year and the ongoing benefits from our cost initiatives reflect meaningful progress on our top financial priorities: deleveraging, expanding margins, and fortifying the balance sheet.

今年迄今為止，我們取得了穩健的業績，成本控制措施也持續帶來效益，這反映出我們在最重要的財務優先事項方面取得了實質進展：降低槓桿率、擴大利潤率和加強資產負債表。

I'll hand the call back over to Harry to close out the call.

我會把電話轉回給哈里，讓他結束通話。

Well, thank you, Mark. Now looking at slide 18, I'd like to once again highlight the significant progress we're making towards 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 nearly threefold, net leverage to decline by two full turns, and adjusted ROIC to continue its upward trajectory. I'm incredibly proud of what we've accomplished so far in 2025.

謝謝你，馬克。現在來看第 18 張投影片，我想再次強調我們在實現關鍵的「規劃航程」財務目標方面取得的重大進展。到 2025 年底，我們預計調整後的營運 EBITDA 利潤率將比 2023 年增長超過 600 個基點，調整後的每股收益將增長近三倍，淨槓桿率將下降兩倍，調整後的 ROIC 將繼續保持上升趨勢。我為我們2025年至今所取得的成就感到無比自豪。

Looking ahead, 2026 is shaping up to be another outstanding year with capacity fit to grow approximately 7% as Norwegian Luna and Seven Seas Prestige joined the fleet. We expect to see continued strength across all three brands. At Norwegian, we anticipate even more families sailing with us, further lifting load factor and driving margin expansion. Our strong capacity growth, combined with low to mid single-digit yield gains and some inflationary cost growth, is expected to drive meaningful margin expansion and continued deleveraging in 2026.

展望未來，隨著挪威郵輪 Luna 號和七海郵輪 Prestige 號的加入，2026 年有望成為另一個傑出的年份，運力將成長約 7%。我們預計這三個品牌將持續保持強勁勢頭。挪威郵輪預計會有更多家庭選擇與我們一起航行，這將進一步提高載客率並推動利潤率擴張。我們強勁的產能成長，加上個位數低至中等的收益率成長以及一些通膨性的成本成長，預計將在 2026 年推動利潤率的顯著擴張和持續的去槓桿化。

I'm confident in our trajectory and excited about what the last months of 2025 and the year ahead will bring as we continue charting our course towards sustainable long-term value creation.

我對我們的發展軌跡充滿信心，並對 2025 年最後幾個月和未來一年的發展感到興奮，我們將繼續朝著可持續的長期價值創造目標邁進。

With that, I'll hand the call back to Sherry to begin the question-and-answer session.

接下來，我將把電話交還給雪莉，讓她開始問答環節。

(Operator Instructions)

（操作說明）

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Good morning, everybody, and thanks for taking my question. So I heard loud and clear, '26 high-level targets are reiterated here. But guys, with a little bit of pressure from mixing the fourth quarter based on the shift to families as well as it looks like incremental confidence in the occupancy lift for next year, can you give us some sort of additional insights into how that mix shift would affect yields for next year, all else equal?

各位早安，感謝你們回答我的問題。我聽得很清楚，「這裡重申了26個高階目標」。但各位，由於第四季度房型組合的變化（主要取決於家庭入住率的提高）帶來了一些壓力，而且看起來人們對明年入住率的提升也越來越有信心，在其他條件不變的情況下，你們能否進一步分析一下這種房型組合的變化將如何影響明年的收益率？

Good morning, Brandt. It's Mark. So first and foremost, our job is to maximize yield, margins, and of course, earnings growth. And I think that we've been telegraphing consistent with our strategy, we aim to grow yields next year in the low to mid single-digits. But going back to in line with our strategy, we've been clear that we continue to expand the Norwegian brand into the family segment.

早安，布蘭特。是馬克。因此，我們的首要任務是最大限度地提高收益率、利潤率，當然還有獲利成長。我認為，我們一直以來都在傳遞與我們的策略一致的訊息，我們的目標是明年實現個位數低至中等水平的產量成長。但回到我們的策略，我們已經明確表示，我們將繼續把挪威品牌拓展到家庭市場。

As we do that, that obviously brings higher load factors which we have clearly seen both in the third and more importantly, into the fourth quarter. We will see a significant benefit from that in the first quarter of about a 200- to 300-basis-point improvement year over year.

這樣做顯然會帶來更高的客座率，我們在第三季以及更重要的第四季都清楚地看到了這一點。我們將在第一季看到顯著的收益，年增約 200 至 300 個基點。

With that, families and children often bring slightly lower pricing in the overall mix. But importantly, our core cost, that first and second customer, we are seeing meaning meaningful growth in pricing. So we expect to continue to grow yield in that low to mid single-digit algorithm. And again, this is in line with our strategy, and we're executing as planned.

因此，有家庭和有孩子的家庭通常會帶來略低的整體價格。但重要的是，我們的核心成本，也就是第一和第二位客戶，我們看到價格出現了有意義的成長。因此，我們預期收益率將繼續以個位數低至中等的速度成長。這再次印證了我們的策略，我們正在按計劃執行。

Thanks for that, Mark. That's really helpful color. A second question I have would be on the bookings comment. Harry, you said your bookings were up 20%. Maybe clarify if that was in the quarter or the month. I think it was a quarter. And I don't think that was adjusted for capacity growth, but either way, that's still a really strong figure. Could you kind of square that with the commentary in the release that you're still within the optimal range?

謝謝你，馬克。這個顏色真的很有幫助。我的第二個問題是關於預訂方面的。哈里，你說你的預訂量增加了 20%。或許應該澄清一下，這是季度數據還是月數據。我想應該是25美分。我認為這還沒有根據產能成長進行調整，但無論如何，這仍然是一個非常強勁的數字。你能解釋一下這與新聞稿中提到的「你仍然處於最佳範圍內」的說法是否一致嗎？

I would think that this would sort of push you up toward -- well, at least, it would push you up within that range. But also, the mix is going more Caribbean, that's more shorter in. Again, all else equal, I would think that you're moving away from longer lead time bookings, and it would be something that would be a counterforce there. So maybe square those. Sorry, that's a lot. But can you square those things and what you're kind of seeing with that bookings? What's driving that booking acceleration? Thanks.

我認為這會讓你向上提升——至少，會讓你在這個範圍內向上提升。但同時，這種混合風格也越來越偏向加勒比海風情，節奏也更短。再說一遍，在其他條件相同的情況下，我認為你們正在減少較長的預訂提前期，而這會起到一種反作用。所以或許可以把它們平方。抱歉，資訊量有點大。但是你能把這些情況和你看到的預訂情況連結起來嗎？是什麼因素推動了預訂量的激增？謝謝。

Sure, Brandt. There's a lot there. I'll try to cover as much of it as I can or at least as I can remember. So first off, bookings were up 20%. That was for the entire quarter, not for a specific month. And then I also mentioned that that increase went into October as well. So both for the third quarter and for the month of October.

當然，布蘭特。那裡有很多東西。我會盡量涵蓋盡可能多的內容，或至少是我記得的內容。首先，預訂量增加了 20%。這是整個季度的情況，而不是某個特定月份的情況。然後我還提到，這種成長一直持續到十月。所以無論是第三季還是十月都是如此。

And I'll just provide further color that it applied to all three brands: NCL, Oceania, and Regent. All for that growth. So the growth was broad-based. And of course, while Oceania and Regent don't play much in the Caribbean, the growth on the Oceania and Regent had nothing to do with the Caribbean, but more about the progress that the brand is making from the consumer demand perspective.

我還要補充一點，這種情況適用於所有三個品牌：NCL、Oceania 和 Regent。一切都是為了成長。因此，成長是全面性的。當然，雖然大洋郵輪和麗晶郵輪在加勒比海地區業務不多，但大洋郵輪和麗晶郵輪的成長與加勒比海地區無關，更多的是與該品牌在消費者需求方面取得的進步有關。

So on NCL, yes, there are some unique tailwinds, if you will, on bookings. You mentioned capacity. There's also a shift to shorter cruises which would require us to have more bookings. But fundamentally, we are just seeing a stronger consumer in this Q3 than we saw in last Q3.

所以，對於挪威郵輪公司（NCL）來說，是的，在預訂方面確實存在一些獨特的有利因素。您提到了容量。此外，郵輪航程也趨向縮短，這需要我們獲得更多的預訂。但從根本上來說，我們看到今年第三季的消費者比去年第三季更強勁。

Okay. Thanks for that, Harry. Thanks, everyone.

好的。謝謝你，哈里。謝謝大家。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hi there. Thanks for taking the question. I appreciate what you've said about the dilution from families. Totally get that. But at the same time, there has been a lot of focus on the Caribbean and whether there is more of a promotional environment that with so much competition, everybody moving their ships there. So curious what you're seeing and whether that has kind of impacted you at all or you expect it to go forward?

你好呀。感謝您回答這個問題。我同意你對家庭關係疏離的看法。完全明白。但同時，人們也十分關注加勒比海地區，以及那裡是否擁有更有利的推廣環境，因為競爭非常激烈，每個人都把船隻轉移到了那裡。我很好奇你看到了什麼，這是否對你產生了任何影響，或者你認為這種情況會繼續發展下去？

Lizzie, good morning and thanks for the question. We're not really seeing anything unusual on the promotional landscape, at least, within the competitive set that we play in. What we're seeing this year is normal from both a price and promotional perspective which is one of the reasons that it will allow us to have this 3.5% to 4% yield increase in Q4 that we've discussed. So nothing unusual.

莉齊，早安，謝謝你的提問。至少在我們所處的競爭環境中，我們並沒有看到任何不尋常的促銷活動。今年我們看到的現象，無論從價格還是促銷角度來看都是正常的，這也是我們能夠實現第四季度 3.5% 至 4% 收益率增長的原因之一，正如我們之前討論的那樣。沒什麼不尋常的。

Okay. Got it. And then I guess thinking about longer-term, your Caribbean capacity is growing, what is the strategy to absorb that capacity in the Caribbean? I know you've got the GSC development. But I'm curious if you feel like there's a need to kind of push marketing or how we should think about cost from those private island investments. Just anything like that that we should consider as we move to 2026.

好的。知道了。然後我想從長遠角度考慮，加勒比海地區的產能正在成長，那麼加勒比海地區吸收這些產能的策略是什麼？我知道你已經完成了GSC的開發。但我很好奇，您是否覺得有必要加強行銷力度，或者我們應該如何看待私人島嶼投資的成本。諸如此類的事情，都是我們在邁向 2026 年時應該考慮的。

So listen, I think it starts with consumer demand, right? And our goal is to create both a brand construct and specific marketing vehicles that will appeal to the demographics that we think would find the grid be of interest. We've talked about the shift in both our branding and our marketing communications in my prepared remarks, so I won't repeat them again here. But between the new CMO and the new chief commercial officer that we onboard over the last few months, we're definitely making progress along those fronts.

所以，我覺得這一切都始於消費者需求，對吧？我們的目標是打造品牌形象，並開發特定的行銷管道，以吸引我們認為會對網格感興趣的人。我在事先準備好的演講稿中已經談到了我們在品牌和行銷傳播方面的轉變，所以這裡我就不再贅述了。但是，在過去幾個月裡，我們聘請了新的行銷長和新的首席商務官，我們肯定在這些方面取得了進展。

I think things like the buildout of GSC is absolutely going to help. I'll mention that about a third of our guests next year on the NCL brand will visit GSC. It'll be our most, what's the word I'm looking for, the destination we go to the most of any destination in the world. So clearly, our investments there are important. I think I mentioned that everything that we're hoping to launch over the holiday period, which is just about a month away, is on track. I just personally visited the island about a week ago, and it really looks spectacular.

我認為像GSC的建設這樣的事情肯定會有幫助。我還要提一下，明年搭乘 NCL 品牌郵輪的客人中，大約有三分之一會去 GSC 度假。這將是我們去得最多的目的地，該怎麼形容呢，就是我們在世界上去得最多的目的地。顯然，我們在那裡的投資非常重要。我想我之前提到過，我們希望在假期期間（大約還有一個月的時間）推出的所有產品都在按計劃進行。我大約一周前親自去過那個島，它看起來真是太壯觀了。

I remind the analyst community that the footprint that we have on GSC is far greater than some of the competitive set, and we plan to utilize it. I think the next phase, with the waterpark coming in the summer of next year, should be a second milestone and an additional game changer in terms of demand.

我提醒各位分析師，我們在GSC上的影響力遠大於一些競爭對手，我們計劃充分利用這一優勢。我認為下一階段，也就是明年夏天水上樂園開放的時候，應該是第二個里程碑，在需求方面會帶來另一個改變。

But I think, ultimately, between the brand, the marketing vehicles, and then the tens of thousands of guests that will be visiting, at least, the initial set of amenities that come online in the holiday period, we expect to get pretty good word of mouth.

但我認為，最終，憑藉品牌、行銷管道，以及至少在假期期間上線的首批便利設施，預計將會有成千上萬的客人前來參觀，我們預計會獲得相當不錯的口碑。

I want to address the second question you asked about marketing. So we have increased marketing spend this year. I want to give the analysts comfort that this flat cost year over year was not at the expense of cutting marketing. If anything, we've increased marketing by well over the 75 basis points that are overall cost structure increase, and we were able to save money through efficiencies elsewhere to fund that. And we plan to continue spending on marketing.

我想回答你提出的關於行銷的第二個問題。因此，我們今年增加了行銷支出。我想讓分析師們放心，這種與去年同期持平的成本並不是以削減行銷成本為代價的。如果有什麼變化的話，那就是我們的行銷投入增加了遠超整體成本結構成長的 75 個基點，而且我們透過提高其他方面的效率節省了資金來支付這部分投入。我們計劃繼續加大行銷方面的投入。

Marketing is an important part of driving consumer demand. We think we're spending about the right amount now, relative to our revenue generation and our goals for next year. And we will continue to spend at these levels into next year, while having strong cost control throughout the P&L which will enable us to continue the tremendous margin expansion. The 600 basis points we've seen over last year and additional 200 basis points that we're planning to do margin expenses next year will all be possible on even with this increased marketing spend.

行銷是推動消費者需求的重要組成部分。我們認為，相對於我們的收入和明年的目標而言，我們目前的支出水準是比較合適的。明年我們將繼續保持這樣的支出水平，同時在整個損益表中嚴格控製成本，這將使我們能夠繼續實現巨大的利潤率成長。即使在行銷支出增加的情況下，我們去年實現的 600 個基點利潤率以及明年計劃增加的 200 個基點利潤率都將是可以實現的。

Thank you.

謝謝。

Steve Wieczynski, Stifel.

史蒂夫·維欽斯基，斯蒂費爾。

Hey, guys. Good morning. Okay, Mark, you'll probably hate this question, but if we think about next year, you basically just said you expect to grow yields in that low to mid single-digit range. And if I look at slide 14 and I get my handy-dandy ruler out to gauge where costs are projected based on that bar chart, they look like they're going to be higher, but not anything crazy.

嘿，夥計們。早安.好吧，馬克，你可能不喜歡這個問題，但如果我們考慮明年，你剛才基本上是說你預計產量增長幅度會在個位數低到中等的範圍內。如果我看第 14 張投影片，然後拿出我的尺來根據那個長條圖來估算成本預測，它們看起來會更高，但不會高得離譜。

So if we put all that together, it seems like there would be maybe a good bit of upside to your Charting the Course EPS targets. I would say especially now also including your recent capital market transactions. So I'm not sure what you can say or not say about that, but any comments there would be super helpful.

所以，如果我們把所有這些因素綜合起來考慮，你的「規劃航程」EPS目標似乎可能會有很大的上漲空間。尤其現在還要包括您最近的資本市場交易。所以我不確定你對此能說什麼或不能說什麼，但任何評論都會非常有幫助。

Good morning, Steve. So first, I love all questions from you. Second, yes, when you get your ruler out on that chart, I want to reiterate to the broader constituency that our target, as we've been maintaining, is to deliver sub-inflationary or better unit cost growth. And we've been very successful at doing that now for two years in a row. And we certainly maintained and have a clear line of sight on that for 2026.

早安，史蒂夫。首先，我非常喜歡你們提出的所有問題。第二，是的，當你把尺子放在那張圖表上時，我想向廣大選民重申，我們一直堅持的目標是實現低於通貨膨脹率或更高的單位成本成長。而且我們已經連續兩年在這方面取得了巨大成功。我們當然會保持這一目標，並且對 2026 年的目標有著清晰的展望。

Look, I think when it comes to the Charting the Course targets, as you've heard today, we are reiterating our confidence in hitting those targets. We are executing on our strategy. Of course, it's early in the year. We do have a lot more Caribbean sailings, so bookings are naturally a little bit closer in. But everything we're seeing today indicates that we're well on our way.

你看，我認為就「制定路線圖」的目標而言，正如你們今天所聽到的，我們重申我們有信心實現這些目標。我們正在執行我們的戰略。當然，現在才年初。我們的加勒比海航線比較多，所以預訂時間自然會比較接近。但我們今天看到的一切都表明，我們正走在正確的道路上。

So we have confidence on our path, we have confidence in executing our strategy, and that's what we're maintaining and we'll continue to deliver on that path.

因此，我們對我們的發展道路充滿信心，我們對執行我們的策略充滿信心，這也是我們一直堅持的，我們將繼續沿著這條道路前進。

Okay. Got you. Thanks for that, Mark. And then second question, if we think about the fourth quarter yield guide, Harry and Marky, you obviously called out the yield headwind from adding the thirds and the fourths and the higher load factors. But did you guys embed any impact from things like, obviously, we've seen an uptick in weather in the fourth quarter or things like the government shutdown? Just trying to figure out maybe what that like-for-like yield would look like excluding the load factor lift.

好的。抓到你了。謝謝你，馬克。第二個問題，如果我們考慮第四季度的收益率指導，哈里和馬克，你們顯然指出了增加三期和四期住房以及更高的載貨率對收益率的不利影響。但你們有沒有考慮到一些因素的影響，像是第四季天氣狀況的惡化，或是政府停擺之類的事情？我只是想弄清楚，如果不考慮載重係數提升，同等條件下的收益率會是多少。

It's hard to sort of break things down into their components. So I'll start out by saying that we believe that 3.5% to 4% yield growth on a year-over-year basis is strong, and we're very happy with it. If you're asking whether they were modest impacts by the government shutdown, hard not to believe that that's a modest headwind to the business.

很難將事物分解成各個組成部分。首先我想說的是，我們認為年比 3.5% 至 4% 的收益率成長非常強勁，我們對此非常滿意。如果你問政府停擺的影響是否微乎其微，很難不認為這對企業來說是一個適度的不利因素。

I wouldn't necessarily say the weather was a big deal. It was actually a relatively modest hurricane season as these go. We only had an impact to a handful of Bermuda cruises and one or two now to Jamaica. None of which had to be canceled, just rerouted. But maybe on the government shut down, a little bit.

我倒不覺得天氣是個大問題。實際上，就颶風季而言，這算是一個相對溫和的颶風季節。我們只對少數幾百艘百慕達郵輪造成了影響，現在還有一兩艘郵輪也前往了牙買加。這些航班都不需要取消，只要改道即可。但或許政府停擺會起到一定作用。

But the macro environment continues to be strong, continues to grow, unemployment rates continue to be low. The things that we measure, cruise intent, future crew sales onboard the ship are all at or near record levels. So we're pleased. And of course, the proofs in the pudding, I've gone out nuts just for Q3. But for the actual month of October, the month that just ended, that bookings were up over 20% year over year across all three brands. We think that's a pretty good setup. But we'll continue to move forward.

但宏觀環境依然強勁，持續成長，失業率依然很低。我們所衡量的各項指標，包括郵輪旅遊意願、未來船員就業狀況等，都已達到或接近歷史最高水準。所以我們很高興。當然，事實勝於雄辯，我為了第三季已經竭盡全力了。但就剛結束的 10 月而言，這三個品牌的預訂量比去年同期成長超過 20%。我們認為這是一個相當不錯的方案。但我們會繼續前進。

Okay. Thanks, guys. Really appreciate it.

好的。謝謝各位。非常感謝。

Matthew Boss, J.P. Morgan.

馬修‧博斯，摩根大通。

Great. Thanks. So Harry, maybe a two-part question. If you could elaborate on the progression of booking trends that you saw through the third quarter and into October, and then if you parse through the mix impact that you cited in the Caribbean, could you speak the underlying pricing trends across itineraries that you're seeing across both family and luxury?

偉大的。謝謝。所以哈利，也許這個問題可以分成兩個部分。如果您能詳細說明您在第三季到十月份看到的預訂趨勢的發展情況，然後再分析一下您在加勒比地區提到的組合影響，您能否談談您在家庭和豪華旅行中看到的行程的潛在定價趨勢？

Well, I don't think there's been a material change, if you're asking whether we saw an acceleration. July, August, September, October, they were all four of them were good months. I wouldn't necessarily say that one of them stood up or that things have decelerated in any way. Maybe a modest acceleration coming into October, but nothing that material. All four months were very good months for us.

如果你問的是我們是否看到了加速成長，我認為並沒有實質的改變。七月、八月、九月、十月，這四個月都是好月份。我並不認為他們之中有人站出來反對，或事情的發展有任何放緩的跡象。或許10月份會有小幅加速成長，但不會出現實質的變化。這四個月對我們來說都非常順利。

And on the pricing side, I'd make a similar comment. There's nothing that stands out, if you will. I think across the board, we've seen strength. I just want to echo Mark's comments. On pricing, you just have to think about NCL a little bit different. We're seeing good pricing increases on the first and second in the cabin. As we increase third and fourth, that naturally is a modest headwind to overall average price, but still a benefit to yield, margin, and profitability. So I just want to emphasize that point.

至於定價方面，我的看法也類似。沒有特別突出的地方。我認為總體而言，我們看到了強勁的成長勢頭。我只想附和馬克的話。關於定價，你需要對挪威郵輪公司（NCL）的定價方式稍加調整。我們看到客艙第一排和第二排座位的價格都有顯著上漲。隨著第三和第四階段的推進，這自然會對整體平均價格造成一定的不利影響，但仍有利於收益率、利潤率和獲利能力。所以我只想強調這一點。

But across the board, nothing that stands out one way or another. We're seeing good strength everywhere.

但總體而言，沒有什麼特別突出的地方。我們看到各方面都表現強勁。

And then maybe, Mark, as a follow-up, could you help break down the drivers of load factors in 2026 that you're expecting to exceed 2024? What you're embedding for the Caribbean relative to opportunity you see year over year in Europe?

那麼，馬克，作為後續問題，你能否幫忙分析你預計 2026 年的負荷率將超過 2024 年的驅動因素？相對於您每年在歐洲看到的機遇，您為加勒比地區制定了哪些策略？

Thanks, Matt. Look, I think it's a couple things. Obviously, when we look at the '26, we've clearly stated today that we expect to be at least at 105% or better. That's clearly being driven by the increased family dynamic which we have been very clear that we continue to go after. So I think you'll see some significant tailwinds in the first quarter where we called out at least the 200- to 300-basis-point improvement.

謝謝你，馬特。我覺得原因有兩方面。顯然，當我們展望 2026 年時，我們今天已經明確表示，我們預計至少能達到 105% 或更高。這顯然是由日益增強的家庭動態所驅動的，而我們也一直非常明確地表示，我們將繼續追求這種動態。所以我認為第一季將會出現一些明顯的利多因素，我們之前預測至少會有 200 到 300 個基點的改善。

And then I think as we transition into the latter part of the year when GSC launch comes online fully, you're going to start to see that accelerate in the latter part of Q3 and Q4 of next year. That, combined with, I think, some further opportunity in Q3, all should contribute to a healthy increase in load factor year over year.

然後我認為，隨著我們進入下半年，GSC 全面上線，你會看到這種情況在明年第三季下半年和第四季加速發展。我認為，再加上第三季可能出現的一些其他機會，所有這些因素都應該有助於客座率年比健康成長。

We said we've committed we want to get back to historical load factors and better. We're doing that not only organically but by expanding our segment into the premium families. And we're starting to see evidence of that.

我們說過，我們承諾要恢復到歷史載客率水平，甚至更高。我們不僅透過自身發展來實現這一目標，而且還透過將我們的業務拓展到高端家庭市場來實現這一目標。我們已經開始看到這方面的跡象。

And I just want to provide just a little bit more color because while the Caribbean is certainly the headline of the story for Q4 and Q1, when you go into the rest of the year, there are a few other modest tailwinds that'll be helping us. On the NCL brand, we shifted from longer European itineraries, to shorter European itineraries, primarily seven nights in the Med, which should allow for a slightly larger family market as well which is consistent, of course, with the brand's strategy.

我只想再補充一點細節，因為雖然加勒比地區無疑是第四季度和第一季的頭條新聞，但展望今年的剩餘時間，還有一些其他的有利因素將對我們有所幫助。在 NCL 品牌方面，我們從較長的歐洲航線轉向較短的歐洲航線，主要是在地中海的七晚航線，這應該也能吸引更多家庭遊客，這當然與該品牌的策略是一致的。

And we're also focused on, if you will, minimizing the number of single cabins that we take across all three brands, not just for NCL, but for Oceania and Regent. I think '26 will certainly be a year where the entire cycle of the booking curve, what was booked under what we consider to be good booking conditions. And I think we're looking for modest benefits in every single aspect of the business. So again, while the Caribbean is certainly the headline for Q4 and Q1, it's not the only initiative we're working on to improve occupancy load factor for next year.

此外，我們也致力於盡可能減少我們旗下所有三個品牌（不僅是挪威郵輪，還有大洋郵輪和麗晶郵輪）的單人艙數量。我認為 2026 年肯定會是整個預訂曲線週期的一年，也就是在我們認為良好的預訂條件下預訂的訂單量會發生變化的一年。我認為我們希望在業務的各個方面都獲得適度的收益。所以，雖然加勒比地區無疑是第四季和第一季的焦點，但這並不是我們為提高明年入住率而努力的唯一舉措。

It's great color. Best of luck.

顏色真好看。祝你好運。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Hey, everyone. Thank you. Maybe to just follow up on that a little bit more. So I understand that the cost dynamic tunnel lingers into the first half of 2026. But it seems like the mixed headwind becomes a tailwind when Great Stirrup Cay comes online, like the waterpark comes online. So one, is that even right? And then two, can you just talk about the ramp around Great Stirrup Cay as all the new investments start to come online, in general? Thank you.

大家好。謝謝。或許可以再跟進一下。因此，我了解到成本動態波動將持續到 2026 年上半年。但當 Great Stirrup Cay 投入運作時，就像水上樂園投入運作時一樣，原本的逆風似乎變成了順風。所以，第一，這真的對嗎？其次，您能否談談大斯特拉普礁周圍的斜坡，以及所有新的投資如何開始投入使用？謝謝。

Yeah. Look, Conor, I think you're absolutely right. When we look at the second half, as we bring on GSC fully, we absolutely believe that's going to be a tailwind. And as a reminder, we, in our prepared remarks on our last call, I think we had said that GSC was going to be around a 25-point tailwind to yield next year, in part and at a full point on 2027.

是的。康納，我覺得你說得完全正確。展望下半季，隨著 GSC 的全面加入，我們堅信這將是一股順風。提醒一下，我們在上次電話會議的準備發言中提到，GSC 明年將帶來約 25 個百分點的收益率順風，並在 2027 年達到 1 個百分點。

Recall that although we're passing about a third of our overall system-wide customers through the island next year, by the time the waterpark gets on, about two-thirds of that base will have already gone through the island. So we're not getting the full benefit in 2026. But we will certainly start to see that ramp up in the latter half.

請記住，雖然明年我們系統內大約三分之一的客戶會通過島嶼，但到水上樂園開放時，其中大約三分之二的客戶已經通過島上了。所以，到 2026 年我們無法獲得全部好處。但我們肯定會在下半年看到這種趨勢加劇。

I think when you think about Great Stirrup Cay and the announcements about about the new amenities in the park, we have certainly seen a heightened level of interest from the consumer. We've seen more website bookings, more intent to travel. I think that, in part, is why we've seen the 20% bookings increase as well. So it's creating excitement.

我認為，考慮到大斯特拉普礁以及公園內新設施的公告，我們確實看到了消費者日益濃厚的興趣。我們看到網站預訂量增加，人們的旅遊意願也增強了。我認為這在某種程度上也是我們看到預訂量增加了 20% 的原因。所以它引起了人們的興奮。

That said, we view what's happening in the latter part of December as the first soft opening. Certainly, we're opening great amenities with one of the largest pools. In fact, I think it's about as large as an entire cruise ship, if I recall correctly.

也就是說，我們認為 12 月下旬發生的事情是第一次試營運。當然，我們開放了許多一流設施，其中包括一個超大的游泳池。事實上，如果我沒記錯的話，它大概和一艘完整的遊輪一樣大。

So we're getting buzzed. We're getting momentum. And I think as Harry said, as we start to see more word of mouth on the latter part of this year and into early next year, I think we're going to continue to see strength and momentum build out of that.

我們都喝得有點醉了。我們正在取得進展。正如哈利所說，我認為隨著今年下半年到明年年初口碑傳播的加強，我們將繼續看到這種勢頭和發展勢頭不斷增強。

Okay. And then maybe I can ask a question on the cost side of the mix dynamic. So it seems like that as occupancy moves up, you get the economy to scale. I mean that naturally makes sense to me. But are you seeing the cost offset that you would expect? Because at the end of the day, I think you really got your whole thought processes around the spread between unit costs and net yield. So just are you seeing the cost offset as yields are kind of partially, but there's a modest headwind from from the mix dynamic? Thank you.

好的。然後，或許我可以問一個關於混合動態成本的問題。所以看起來，隨著​​入住率的提高，經濟也會跟著擴大規模。我的意思是，這對我來說自然而然就很有道理。但您是否看到了預期的成本抵銷效果？因為歸根結底，我認為你真正理解了單位成本和淨收益之間的差額。所以，您是否看到成本被收益部分抵消，但產品組合變化帶來了一定的不利影響？謝謝。

Yeah. Conor, I think it's across the board. We continue to see margin expansion. We've expanded margin this year by more than 150 basis points or 200 points. 600 basis points in 2023. That's, in part, almost everything we're doing. It's not only the mix, the better and more efficient closer-to-home itineraries. But more importantly, it's also the muscle and the scale that we continue to get that we've been demonstrating over the last two years.

是的。康納，我覺得這是普遍現象。我們持續看到利潤率擴張。今年我們的利潤率提高了150到200個基點以上，2023年將提高600個基點。這在某種程度上幾乎就是我們所做的一切。不只是行程組合，還有更好、更有效率的近家行程安排。但更重要的是，在過去的兩年裡，我們一直在展示我們不斷增強的肌肉力量和體型。

So I think when you put all that together, we continue to flex that muscle, we continue to improve. And of course, in part, some of that is the mix. But that's starting to come into play now. When you look at the last 18 to 24 months, that has not been a mixed issue. That just means we've simply been better at delivering a better unit cost overall system-wide. So we certainly are seeing the fruits of that. We're bearing fruit, and we expect to continue to see that into 2026 and beyond.

所以我覺得，綜合所有這些因素，我們會繼續鍛鍊這種能力，我們會不斷進步。當然，部分原因在於混合。但現在這種情況開始顯現出來了。回顧過去 18 到 24 個月，這方面的情況並無好壞之分。這意味著我們在整個系統範圍內，在降低單位成本方面做得更好了。所以我們現在確實看到了這些努力的成果。我們已經取得了成果，預計到 2026 年及以後，這種勢頭還會持續下去。

And I just want to emphasize, not cost at the expense of product, our guest satisfaction scores and our future onboard bookings continue at record levels that it is super critical to get that message across.

我只想強調一點，我們不會為了降低成本而犧牲產品質量，我們的賓客滿意度評分和未來的船上預訂量都持續創下歷史新高，因此，傳達這一信息至關重要。

Okay. Cool. Thank you.

好的。涼爽的。謝謝。

(Operator Instructions)

（操作說明）

Ben Chaiken, Mazuho Securities.

Ben Chaiken，馬祖穗證券。

Good morning. Maybe the first question is maybe a three-par or maybe remind us or refresh us, you mentioned '26 costs are sub-installation. I guess part one, what are some of the specific opportunities you see next year? I remember at one point during the Investor Day, you went through a couple of critical examples. I'm not sure if there's anything you can share next year.

早安.或許第一個問題可能是三桿洞，或提醒我們或讓我們回想一下，您提到「26 費用是子安裝」。我想先問第一部分，您認為明年有哪些具體的機會？我記得在投資者日期間，您曾經舉過幾個關鍵的例子。我不確定明年你有沒有什麼可以分享的。

Part two, is higher Caribbean exposure and net benefit to cost or how should we think about it? And then part three, how should we think about the impact of occupancy as it should be around, I think, it's 200, 250 basis points of growth, I guess mechanically, is there any rule of thumb you have on the translation between occupancy to net cruise cost? Thanks.

第二部分，增加加勒比地區的投資是否會帶來淨收益，或者我們應該如何看待這個問題？第三部分，我們該如何看待入住率的影響？我認為入住率應該在 200 到 250 個基點左右增長，從機械角度來看，您有什麼經驗法則可以將入住率轉換為郵輪淨成本嗎？謝謝。

All right. I'm going to see if I get all three of these. I think on the '26 detail and the larger opportunity. Look, Ben, we've been clear. In this business, there is no silver bullet to just snap your fingers and find a large cost. It is a deliberate and methodical way of looking at the business from the entire development process, to the product delivery. So we are focused on a lot of little things. And over time, that flywheel starts to turn, and we find more efficiencies across the board. We're focused on everything. But again, we've been doing this in a very disciplined and methodical manner.

好的。我打算看看能不能全部拿到這三個。我認為應該關注「26」的細節以及更大的機會。聽著，本，我們已經說得很清楚了。在這個行業，沒有靈丹妙藥可以讓你打個響指就找到一個高昂的代價。這是一種深思熟慮、有條不紊地看待業務的方式，從整個開發過程到產品交付。所以我們專注於很多小事。隨著時間的推移，這個飛輪開始轉動，我們發現各個方面的效率都提高了。我們關注所有方面。但是，我們一直以來都是以非常嚴謹和有條不紊的方式進行這項工作的。

I think when you talked about Caribbean capacity and is that a tailwind to cost, absolutely. Sailing closer-to-home obviously gives you some benefits in terms of the ability to deliver the product at a better scale and at a better unit cost. But again, that's all just part of the broader mix.

我認為，當你談到加勒比地區的產能是否對成本有利時，答案是肯定的。顯然，在離家更近的地方航行會帶來一些好處，例如能夠以更大的規模和更低的單位成本交付產品。但話說回來，這一切都只是更大整體的一部分。

And I think on the last part in terms of the occupancy, when we think about increased occupancy from thirds and fourth, that's typically children or the teenage set. There's very little marginal cost related to that. Obviously, that brings in a higher revenue. But I think even when you look at our third quarter where our occupy increased by a point, fourth quarter occupancy is increasing by a point, we're not seeing any significant shifts in the cost spaces for that. So I think that's just another benefit in overall tailwind. As we bring more of that third and fourth guests to our mix, we'll continue to improve on our overall unit cost.

我認為，就入住率而言，當我們考慮入住率從三樓和四樓上升時，通常指的是兒童或青少年群體。這樣做幾乎沒有邊際成本。顯然，這會帶來更高的收入。但我認為，即使看看我們第三季入住率成長了一個百分點，第四季入住率也成長了一個百分點，我們也沒有看到成本空間出現任何重大變化。所以我認為這只是整體順風帶來的另一個好處。隨著我們吸引更多第三位和第四位客人，我們將繼續降低整體單位成本。

Okay. Got it. That's very helpful. And then just for '26, a quick one. Obviously, capacity growth is higher in '26 than '25. Is there anything abnormal on the D&A side specific to the island investments we should consider? Thanks.

好的。知道了。那很有幫助。然後，就2026年而言，快速地來一個。顯然，2026 年的產能成長高於 2025 年。在D&A方面，針對島嶼投資是否有任何異常情況需要我們考慮？謝謝。

No. I think when you look at D&A and I think when you look at it historically whether you're doing it on a gross or a net percentage of revenue, I think it's going to be pretty consistent. We've been very clear that our investments in Great Stirrup Cay generally have been modest.

不。我認為，當你審視折舊和攤銷，並且從歷史角度來看，無論你是以毛收入百分比還是淨收入百分比來計算，我認為結果都會相當一致。我們已經非常明確地表示，我們在大斯特拉普礁的投資總體上是適度的。

The largest investment, obviously, is the pier where that was around $150 million-plus. And I think that gets depreciated probably over at least 30 to 40 years. I don't have the exact number on. So I don't think you would expect to see any sort of uptick in D&A as a result of the island investments.

顯然，最大的投資是碼頭，投資額超過 1.5 億美元。我認為這筆錢至少要30到40年才能折舊完畢。我沒有確切的數字。因此，我認為你不會期望看到島嶼投資導致D&A出現任何形式的成長。

I will remind you, we do have 7% capacity growth next year, so we will be taking on two new ships, Luna in March-April and then Prestige in the latter part of December of '26.

我提醒各位，我們明年的運能成長了 7%，所以我們將接收兩艘新船，分別是 3 月至 4 月的 Luna 號和 2026 年 12 月下旬的 Prestige 號。

Vince Ciepiel, Cleveland Research.

Vince Ciepiel，克里夫蘭研究公司。

Thanks. I wanted to dig into the yield setup a little bit more for next year. You've given a lot of helpful commentary so far. But I guess I wanted to take it in parts. First, I imagine you have close to half of next year booked, a good amount of the first half. The core trend line that you're seeing in like-for-like, any way to describe it?

謝謝。我想更深入地研究一下明年的產量安排。您目前為止提供了很多很有幫助的意見。但我猜我是想分段觀看的。首先，我估計你明年差不多有一半的行程都安排好了，上半年也安排了不少。你觀察到的同類型資料的核心趨勢線，有什麼方法可以描述一下嗎？

And then the second part, there's obviously some moving pieces. You already laid out GSC should be accretive which is great and helpful. But the two other ones I just wanted to clarify. The first new hardware, accretive, dilutive, or probably somewhat neutral? And then finally, this shift to the Caribbean, a lot of helpful commentary on occupancy, should benefit maybe some cosmetic dilutive impact to per diem. But at the end of the day, is this shift to the Caribbean a tailwind, a headwind, or neutral to yield and in '26 as you sit here today? Thanks.

然後是第二部分，顯然其中包含一些變動因素。你已經闡述了GSC應該是增值型的，這很好，也很有幫助。但另外兩個問題我只是想澄清一下。首批新硬體究竟是會增強市場吸引力、稀釋市場吸引力，還是可能在某種程度上是中性的？最後，這種向加勒比地區的轉變，以及對入住率的許多有益評論，或許會對每日津貼產生一些表面上的稀釋影響。但歸根究底，這種向加勒比海地區的轉變，對你今天坐在這裡來說，是順風、逆風，還是中性因素，最終會如何呢？到 2026 年又會如何呢？謝謝。

So I'll try to get through all three parts, if I remember everything, Vince. And by the way, good morning. Thanks for joining us today. You are right, we are about half booked for next year. That's about where we will be at the cycle at this time. When you ask about core trends, we have come up with our algorithm that on this type of measured capacity growth, we're looking for low to mid single-digit yield growths.

所以，如果我能記住所有內容的話，我會努力把這三個部分都講完，文斯。對了，早安。感謝您今天收看我們的節目。你說得對，我們明年的檔期已經預訂了一半左右。目前我們大致處於這個週期階段。當您詢問核心趨勢時，我們已經制定了相應的演算法，在這種衡量產能成長的情況下，我們預期收益率將達到個位數低到中等水平。

And I believe that our book position right now confirms that that will be obtainable which, of course, we need to obtain in order to hit our targets. And of course, targets which we forcefully reiterate again today that we'll obtain.

我相信我們目前的帳面狀況證實了這一點，而這當然是我們實現目標所必需的。當然，還有我們今天再次鄭重重申的，我們一定會實現的目標。

In terms of the accretiveness of new hardware, listen, any time a new ship comes on board, we saw it with Aqua this year, we're seeing it with Luna next year on the NCL fleet, we absolutely see a modest tailwind. But keep in mind, it's one ship in a 34-ship fleet. So it's not going to be a tremendous tailwind at the NCLH level.

就新硬體帶來的收益而言，聽著，每當一艘新船加入船隊，就像今年的 Aqua 號和明年 NCL 船隊的 Luna 號一樣，我們絕對會看到適度的利好因素。但請記住，這只是擁有 34 艘船的艦隊中的一艘。所以，這不會為NCLH等級帶來巨大的順風。

Certainly, on the Oceania and Regent side, we have a new ship for Oceania, the Oceania Allura, and a new ship for Regent that's coming on the very end of next year won't really impact 26 months, those also function as a modest tailwind. So overall, yes, new ships are accretive. But again, it's just one ship in the overall fleet.

當然，就大洋郵輪和麗晶郵輪而言，大洋郵輪有一艘新船——大洋郵輪“阿魯拉號”，麗晶郵輪也有一艘新船將於明年年底下水，這些都不會對未來26個月的業績產生太大影響，它們也起到了一定的推動作用。所以總的來說，是的，新船會帶來收益。但話說回來，這只是整個艦隊中的一艘船而已。

On Caribbean, we absolutely view this. When we say a tailwind or headwind to yield, I'll make the question a bit broader, we view it as a tailwind to margin which is more important to us than a tailwind to yield. So yes, we believe Caribbean are good yielding cruises. But the more important thing is that we can deliver Caribbean at a higher margin than we can deliver some of the exotic itineraries in places like Africa and South America and Asia that these ships have replaced. Especially the shorter three- and four-day cruises.

在加勒比海地區，我們絕對認同這一點。當我們說對收益率有利還是不利時，我把問題擴大一些，我們認為對利潤率有利比對收益率有利更重要。所以，是的，我們認為加勒比海航線是收益不錯的郵輪航線。但更重要的是，與這些船隻已經取代的非洲、南美洲和亞洲等地的異國航線相比，我們可以以更高的利潤率提供加勒比海航線。尤其是較短的三、四天遊輪之旅。

It's a really helpful overview there. And then maybe one final one. Just as you shift more Caribbean, the business, probably books a little bit closer in, I would imagine. And when you watch that trend line in close-in bookings over the last 60, 90 days, how would you characterize it?

那裡的概述真的很有幫助。然後，或許還有最後一個。我想，隨著加勒比海地區的業務發展，預訂可能會更加集中一些。如果您觀察過去 60 到 90 天的接近預訂趨勢線，您會如何描述它？

Yes. These Caribbean cruises both in general and certainly, the three- and four-day cruises do look closer in. And I think that was one of the factors why we've seen record bookings in Q3 in October. Clearly, not the only factor, but one of the factors. I'd say the bookings have been nothing short of incredible. I mean, the demand risk for close in, up until a week of sailing even, has been unprecedented from at least recent history. So we're very, very pleased with the strength of their consumer and their ability to book across the entire length of the booking curve, including up to the day before cruise.

是的。這些加勒比海郵輪，無論是總體上還是尤其是三到四天的郵輪，看起來都更近一些。我認為這是我們在10月第三季看到預訂量創紀錄的原因之一。顯然，這並非唯一因素，而是其中一個因素。可以說，預訂情況簡直令人難以置信。我的意思是，近海航行，甚至長達一週的航程，其需求風險至少在近期歷史上是前所未有的。因此，我們對他們的消費者實力以及他們在整個預訂週期內（包括郵輪出發前一天）的預訂能力感到非常非常滿意。

Great. Thank you.

偉大的。謝謝。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Good morning, everyone. Two questions. One, can you give us an update on the progress of finding a new brand president? And then secondly, can you talk a little bit about the changes in sailing strategy with the Oceania brand specifically recent unbundlings? Thank you.

各位早安。兩個問題。第一，能否向我們報告尋找新品牌總裁的進展？其次，您能否談談大洋洲品牌在航海策略上的變化，特別是最近的業務分割？謝謝。

Yes. Thank you, Patrick, and good morning. Listen, on the brand president, we are conducting an extensive search. We have been very pleased with the caliber of world-class talent we've been able to attract for the search. I'll say we're pretty deep into it now. No announcement today or probably the next week or two. But I hope we're going to be able to see someone soon.

是的。謝謝你，派崔克，早安。聽著，關於品牌總裁人選，我們正在進行廣泛的搜尋。我們對此次招募能夠吸引到的世界一流人才的素質感到非常滿意。我想說，我們現在已經深入了。今天不會發布任何公告，未來一兩週可能也不會。但我希望我們很快就能見到某人。

The most important thing for us is to attract a world-class leader that can continue on with the brand promises we've been evolving certainly over the last few quarters. On top of the other wonderful talent we have with our new CMO, new chief commercial officer, new head of technology, and other excellent internal and external candidates that we've brought in to the brand (inaudible) and make NCL even greater in the future.

對我們來說，最重要的是吸引一位世界級的領導者，他能夠繼續履行我們在過去幾季中不斷發展完善的品牌承諾。除了我們新任首席行銷長、新任首席商務官、新任技術主管以及其他優秀的內部和外部人才之外，我們還引進了其他優秀人才加入品牌（聽不清楚），這將使 NCL 在未來更加強大。

And then the promo strategy for Oceania, I saw a lot of write-ups on it, but honestly, it was a relatively modest change. We've run a series, I'll call them, different promotions over the last year. And we've gotten very good data on what it is that customers value and are willing to pay for which is one of the core strategies to provide guests with things they value and are willing to pay for.

至於大洋洲的推廣策略，我看到了很多相關的報道，但說實話，這只是一個相對較小的變化。過去一年，我們開展了一系列，我姑且稱之為，不同的促銷活動。我們已經獲得了非常好的數據，了解顧客重視什麼以及他們願意為之付費，這是我們的核心策略之一，即為顧客提供他們重視並願意為之付費的東西。

So the promotion we allow aligned within Oceania, not really different that much in nature to what we've been doing recently, but really allows us to optimize the construct for our guests and maximize the yields and margins.

因此，我們允許在大洋洲範圍內進行的促銷活動，本質上與我們最近一直在做的並沒有太大不同，但它確實使我們能夠優化客人的體驗，並最大限度地提高收益和利潤。

I will say, I've been incredibly pleased both with the level of bookings and the consistency we've been seeing on Oceania. I mean, it's become almost like clockwork that in the Regent brand in terms of their weekly bookings and revenue. So I find that is encouraging as anything else.

我必須說，我對大洋郵輪的預訂量和營運穩定性都非常滿意。我的意思是，麗晶酒店品牌的每週預訂量和收入幾乎已經像鐘錶一樣穩定了。所以我覺得這和其他事情一樣令人鼓舞。

Thank you.

謝謝。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Good morning, everyone. Maybe Harry, thinking about these brand changes a little bit more strategically, when you think about -- how do you think about the timeline for repositioning these brands? I guess, I think about particularly for Norwegian, how long do you think it takes to change, the way you describe it, the brand familiarity with families? And how long until you reach your targeted run rate?

各位早安。哈里，或許你應該從更具策略性的角度思考這些品牌變革，例如──你認為這些品牌重新定位的時間表是什麼？我想，特別是對於挪威航空來說，你認為改變你所描述的那種品牌熟悉度，需要多長時間？你需要多久才能達到目標運行率？

So I think with Regent, we're already there. I think with the brand changes, they were relatively minor. I'd say with Oceania, we're probably about two-thirds along the journey with the evolution of the Oceania brand to luxury and the focus not just on food but on destination, service, experiences, things that are our guests truly value.

所以我覺得有了 Regent，我們已經達到目標了。我認為品牌變更的影響相對較小。我認為，就大洋郵輪而言，我們已經完成了大洋郵輪品牌向奢華轉型之旅的三分之二，我們不僅關注美食，還關注目的地、服務、體驗，以及我們的客人真正重視的事物。

Ticketing sales has a slightly longer runway. I think I mentioned in my prepared remarks that we're going to be launching some new brand campaigns in Q1 that will certainly help us along. Clearly, the shift to families and the reliance or the focus, I should say, on GSC has already come forward, as witnessed by our Q4 and '26 occupancy, so it's already beginning to take hold.

票務銷售的緩衝期稍長一些。我想我在準備好的演講稿中提到過，我們將在第一季推出一些新的品牌推廣活動，這肯定會對我們有所幫助。顯然，向家庭的轉變以及對 GSC 的依賴或關注（我應該說）已經出現，正如我們第四季度和 2026 年的入住率所證明的那樣，所以它已經開始站穩腳跟了。

My guess is on NCL, by the middle of next year, I think we would have reached the relative runway consistent with when the second set of amenities open up on GSC. So I think that puts us in a very good position for Q3 and Q4. Although to be clear, we're happy with Q1 and Q2 as well.

我估計到明年年中，NCL 的營運進度應該已經與 GSC 第二批配套設施開放的時間大致吻合了。所以我認為這讓我們在第三季和第四季處於非常有利的地位。不過要說明的是，我們對第一季和第二季的業績也同樣滿意。

Got it. Okay. That's helpful. And last one for me, Mark, on the balance sheet, you obviously completed a very opportunistic refi in the quarter. When you look across to your cap structure today, I guess, what are your priorities right now? Thank you.

知道了。好的。那很有幫助。最後一個問題，馬克，關於資產負債表，你顯然在本季完成了一筆非常有機會主義的再融資。當你檢視你目前的資本結構時，我想問的是，你現在的優先事項是什麼？謝謝。

Good morning, Andrew. First and foremost, what we've said is reducing leverage is our number one priority. And we continue to look for ways to do that. Of course, our margin expansion is the number one driver of that which results in a significant free cash flow. And we continue to see that -- expect to see that to ramp up over the course of the next 24 months.

早安，安德魯。首先，我們一直強調，降低槓桿是我們的首要任務。我們將繼續尋找實現這一目標的方法。當然，利潤率的擴張是實現這一目標的首要驅動因素，從而帶來可觀的自由現金流。我們持續看到這種情況——預計在接下來的 24 個月裡，這種情況會愈演愈烈。

So of course, as we look at the remainder of our capital structure in terms of what's left on the debt side, we're always looking to be opportunistic and will continue to do so. And we'll continue to strategically make opportunistic trades where it makes sense and improves our overall structure and ratings.

所以，當然，當我們審視剩餘的資本結構，特別是債務方面時，我們總是會尋找機會，並將繼續這樣做。我們將繼續在合理且有利於改善我們整體結構和評級的情況下，進行有策略的機會性交易。

All right. So with that, I want to thank everyone for today's earnings call, for those of you listening, for those of you who participated. Particularly pleased with our record earnings, our record revenue, our record EBITDA, our record future book position, in terms of new bookings, and all the other wonderful tailwinds that the brand is is undertaking. We look forward to sharing the journey ahead with all of you. Thank you all very much. Have a great day.

好的。最後，我要感謝今天所有收聽和參與財報電話會議的各位。我們尤其滿意我們創紀錄的收益、創紀錄的收入、創紀錄的 EBITDA、創紀錄的未來訂單量（就新訂單而言），以及該品牌正在經歷的所有其他利好因素。我們期待與大家一起攜手共進。非常感謝大家。祝你有美好的一天。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。