NEW YORK, Feb. 17, 2026 — Elliott Investment Management disclosed that it now holds roughly 10 percent of Norwegian Cruise Line Holdings, or NCL, sending the company’s shares higher in premarket trading. The stock rose about 7 percent following a year in which it underperformed competitors such as Royal Caribbean and Carnival, highlighting investor attention on a company struggling to match the growth and profitability of its peers. The activist stake gives Elliott significant influence with NCL’s board, allowing the hedge fund to engage on strategy and governance. While the investment alone does not change control, it signals that the investor plans to have a voice in leadership decisions and operational priorities.

Investor Concerns

Alongside the stake disclosure, Elliott sent a letter and presentation to NCL’s board, criticizing recent leadership decisions and strategic moves that Elliott said contributed to the stock’s underperformance. In the documents, Elliott noted that the company’s current valuation does not reflect its potential in the market and encouraged directors to consider changes that could improve returns for shareholders. It also called for a review of board composition and suggested adding directors with industry experience to help the company address operational challenges. Norwegian Cruise Line did not immediately comment on the investor’s outreach, leaving the market to interpret how the board might respond.

Leadership Changes at NCL

New CEO Steps In: NCL recently appointed John Chidsey, former CEO of Subway, as chief executive following the departure of Harry Sommer. Analysts said the change reflects the board’s effort to bring in fresh leadership at a critical time for the company. John’s experience running large consumer-facing businesses is expected to help the cruise operator streamline operations, refine strategy, and respond more effectively to market competition.

Potential Board Additions: Sources familiar with Elliott’s plans said the investor has discussed potential board candidates, including Adam Goldstein, former president and chief operating officer of Royal Caribbean. Bringing executives with direct cruise industry experience to the board could provide guidance on operational efficiency, fleet management, and route planning. Market observers noted that activist involvement often accelerates discussions around governance and executive effectiveness, which may influence shareholder confidence and decision-making.

Performance Compared with Competitors

NCL’s stock has lagged behind industry peers despite strong demand across the cruise sector. The company’s shares declined more than 11 percent in 2025, while rivals posted gains as travel volumes and ticket revenue increased. Investors have highlighted the gap in performance as a key reason for activist interest, seeing opportunities for improved oversight and strategic realignment. Analysts said investor pressure could prompt reassessment of pricing, operational efficiency, and route planning to better compete with Carnival, Royal Caribbean, and other major cruise lines.

March Earnings Could Shape Decisions

Norwegian Cruise Line is scheduled to report fourth-quarter and full-year earnings in March, providing insights into revenue, margins, and bookings. Investors will be watching closely to see how the company addresses Elliott’s proposals and whether the board embraces adjustments that could influence strategy and performance. Shares could continue to react in trading sessions ahead, reflecting both the financial results and investor expectations about governance and strategic direction. The coming weeks may prove pivotal in determining how NCL balances shareholder input with operational execution.