Elliott Investment Management has responded to Norwegian Cruise Line Holdings’ outlook for 2026 as “disappointing” in a statement.

The activist investor group revealed a more-than 10 percent stake in the company in February, along with a letter and comprehensive presentation demanding changes at the cruise operator.

Following Norwegian’s fourth-quarter and year-end results press release and investor call on Monday, Elliott was quick to respond, issuing a statement on behalf of Partner John Pike and Portfolio Manager Bobby Xu.

“As one of Norwegian’s largest investors, Elliott recognizes the substantial value of the Company’s high-quality assets and brands at a time of exceptional growth for the cruise industry. However, Norwegian’s disappointing outlook for 2026 falls meaningfully short of the company’s potential,” Pike and Xu said.

“Commentary on today’s earnings call reinforced a troubling pattern of execution lapses and strategic missteps across the business that have been years in the making.”

They continued: “These persistent shortcomings underscore the urgent need for comprehensive Board refreshment to restore accountability, strengthen oversight and rebuild investor confidence. Elliott is committed to ensuring that Norwegian has the independent, experienced and fully engaged Board required to return the company to industry-leading performance.”