Norwegian Cruise Line Holdings’ Chief Financial Officer Mark Kempa told analysts that a significant portion of the cruise line’s current performance struggles have nothing to do with the consumer or competitive conditions, speaking on the company’s fourth quarter and year-end earnings call on Monday morning.

“A good portion of this is probably self-inflicted wounds,” Kempa said, in response to analyst questions about whether broader market softness or consumer weakness might be contributing to the company’s flat yield outlook for 2026.

Kempa said that the consumer remains healthy.

“Overall, we’re not seeing issues with the consumer. The consumer continues to be strong relative to cruising and relative to our space,” he said, adding that the issues showing up in results are directly traceable to the company’s own execution failures: particularly around its Norwegian brand, which he identified as the primary problem area.

Added New CEO John W. Chidsey: “The big focus is really on our Norwegian brand, aligning our commercial strategy and getting much, much sharper on our execution. I would say our missteps and our lack of cohesion is really with the Norwegian brand, but because that’s the largest brand by far, that’s where you’re seeing it across the overall NCLH.”

He noted that the company’s two luxury brands, Regent Seven Seas Cruises and Oceania Cruises, continue to perform well, which he said offered him some encouragement that the organization’s challenges are concentrated and fixable.