Norwegian Cruise Line reported better-than-expected profitability in the second quarter but said booking challenges are expected to continue into 2027. Adjusted EBITDA exceeded the company’s forecast, but net yield — a measure of revenue from passengers — fell 2.6% due to softer demand. Yields are expected to continue to decline through the remainder of the year: the company projects an 8.9% decline in the third quarter and a 6.5% drop in the fourth quarter. Norwegian has reported the worst yield performance among cruise operators in recent quarters, according to a July 14 note from Melius Research’s Conor Cunningham. CEO John Chidsey said the company had been holding prices “too high, too far out,” which limited early demand generation.