9 unchanged sentences
As of December 31, 2024, 94% of our debt was fixed and 6% was variable.
−Removed: The change in our fixed rate percentage from December 31, 2023 to December 31, 2024 was primarily due to the addition of variable rate debt and the extinguishment of certain fixed rate debt with variable rate debt.
+Added: The change in our fixed rate percentage from December 31, 2024 to December 31, 2025 was primarily due to the addition of variable rate debt proportionally higher than the addition of fixed rate debt.
Based on our December 31, 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 $15.0 million excluding the effects of capitalization of interest.
6 unchanged sentences
dollar exchange rate as of December 31, 2024.
−Removed: The change from December 31, 2023 to December 31, 2024 was primarily due to the eight new effective newbuild agreements, which excludes the two ships on order for Oceania Cruises, which are currently scheduled for delivery in 2030 and 2031, that we have the option to cancel.
+Added: The change from December 31, 2024 to December 31, 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
+Added: Aqua and Oceania Allura.
We estimate that a 10% change in the euro as of December 31, 2025 would result in a $1.9 billion change in the U.S.
dollar value of the foreign currency denominated remaining payments.
+Added: Additionally, in 2025, we borrowed debt denominated in euros in connection with our newbuild program.
+Added: Net gains and losses recognized in other income (expense), net from exchange rate remeasurements on euro-denominated debt were losses of $135.4 million and gains of $25.8 million for the years ended December 31, 2025 and December 31, 2024, respectively.
+Added: As of December 31, 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 December 31, 2025.
+Added: We estimate that a 10% change in the euro as of December 31, 2025 would result in a $199.9 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 12.3% for the year ended December 31, 2024 and
−Removed: 13.1% for the year ended December 31, 2023.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 12.0% for the year ended December 31, 2025 and 12.3% for the year ended December 31, 2024.
We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of December 31, 2025, we had hedged approximately 51% and 22% of our 2026 and 2027 projected metric tons of fuel purchases, respectively.
9 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.