7 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2025 and December 31, 2024, 94% of our debt was fixed and 6% was variable.
−Removed: Based on our June 30, 2025 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $8.6 million excluding the effects of capitalization of interest.
+Added: As of September 30, 2025, 92% of our debt was fixed and 8% was variable.
+Added: As of December 31, 2024, 94% of our debt was fixed and 6% was variable.
+Added: The change in our fixed rate percentage from December 31, 2024 to September 30, 2025 was primarily due to the addition of variable rate debt proportionally higher than the addition of fixed rate debt.
+Added: Based on our September 30, 2025 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $12.3 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
We use foreign currency derivatives to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros.
−Removed: As of June 30, 2025, the payments not hedged aggregated €15.6 billion, or $18.4 billion based on the euro/U.S.
−Removed: dollar exchange rate as of June 30, 2025.
+Added: As of September 30, 2025, the payments not hedged aggregated €16.4 billion, or $19.2 billion based on the euro/U.S.
+Added: dollar exchange rate as of September 30, 2025.
As of December 31, 2024, the payments not hedged aggregated €16.0 billion, or $16.6 billion, based on the euro/U.S.
−Removed: dollar exchange rate as of
−Removed: December 31, 2024.
−Removed: The change from December 31, 2024 to June 30, 2025 was primarily due to the delivery of Norwegian Aqua offset by an increase in the contract prices or our Norwegian ships to be delivered from 2030 through 2036.
−Removed: We estimate that a 10% change in the euro as of June 30, 2025 would result in a $1.8 billion change in the U.S.
+Added: dollar exchange rate as of December 31, 2024.
+Added: The change from December 31, 2024 to September 30, 2025 was primarily due to the addition of confirmed ship construction contracts and an increase in the contract prices of our Norwegian ships to be delivered from 2030 through 2036 offset by the delivery of Norwegian Aqua and Oceania Allura.
+Added: We estimate that a 10% change in the euro as of September 30, 2025 would result in a $1.9 billion change in the U.S.
dollar value of the foreign currency denominated remaining payments.
Additionally, in 2025, we borrowed debt denominated in euros in connection with our newbuild program.
−Removed: Net gains and losses recognized in other income (expense), net from exchange rate remeasurements on euro-denominated debt were losses of $121.9 million and gains of $2.0 million for the three months ended June 30, 2025 and 2024, respectively, and were losses of $137.9 million and gains of $8.6 million for the six months ended June 30, 2025 and 2024, respectively.
−Removed: As of June 30, 2025, the total aggregate euro-denominated debt balance was approximately €1.3 billion, or $1.5 billion based on the euro/U.S.
−Removed: dollar exchange rate as of June 30, 2025.
−Removed: We estimate that a 10% change in the euro as of June 30, 2025 would result in a $148.0 million change in the U.S.
−Removed: dollar value of the foreign currency denominated debt principal.
+Added: Net gains and losses recognized in other income (expense), net from exchange rate remeasurements on euro-denominated debt were gains of $4.7 million and losses of $15.4 million for the three months ended September 30, 2025 and 2024, respectively, and were losses of $133.3 million and $6.8 million for the nine months ended September 30, 2025 and 2024, respectively.
+Added: As of September 30, 2025, the total aggregate euro-denominated debt balance not hedged was approximately €1.7 billion, or $2.0 billion based on the euro/U.S.
+Added: dollar exchange rate as of September 30, 2025.
+Added: We estimate that a 10% change in the euro as of September 30, 2025 would result in a $200.8 million change in the U.S.
+Added: dollar value of the foreign currency denominated debt principal not hedged.
Fuel Price Risk
Our exposure to market risk for changes in fuel prices relates to the forecasted purchases of fuel on our ships.
−Removed: Fuel expense, as a percentage of our total cruise operating expense, was 10.8% and 12.0% for the three months ended June 30, 2025 and 2024, respectively, and 12.0% and 13.1% for the six months ended June 30, 2025 and 2024, respectively.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of June 30, 2025, we had hedged approximately 65%, 48% and 22% of our remaining 2025, 2026 and 2027 projected metric tons of fuel purchases, respectively.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 11.3% and 10.7% for the three months ended September 30, 2025 and 2024, respectively, and 11.8% and 12.3% for the nine months ended September 30, 2025 and 2024, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices, and
+Added: as of September 30, 2025, we had hedged approximately 58%, 48% and 22% of our remaining 2025, 2026 and 2027 projected metric tons of fuel purchases, respectively.
As of December 31, 2024, we had hedged approximately 56% and 21% of our 2025 and 2026 projected metric tons of fuel purchases, respectively.
−Removed: The percentage of fuel purchases hedged changed between December 31, 2024 and June 30, 2025 primarily due to additional fuel swaps.
+Added: The percentage of fuel purchases hedged changed between December 31, 2024 and September 30, 2025 primarily due to additional fuel swaps.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2025 fuel expense by $15.4 million.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.