Elliott Builds More Than 10% Stake In Norwegian Cruise Line, Plans Turnaround Push: Report (UPDATED)

Eva Mathew

Fri, February 20, 2026 at 9:31 AM GMT+9 3 min read

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NCLH

-2.51%

DIS

-1.03%

(Editor’s note: The story has been updated to include Norwegian’s statement)

Activist investor Elliott Investment Management has reportedly built a stake of more than 10% in Norwegian Cruise Line Holdings (NYSE:NCLH) and plans to push for changes at the struggling cruise operator.

The investment makes Elliott one of NCLH’s largest shareholders, the Wall Street Journal reported late Monday, citing people familiar with the matter.

It also sets the stage for a potential shakeup as the company lags peers despite a broader rebound in cruise demand.

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Activist Push Targets Underperformance

Elliott, which manages more than $79 billion in assets and is known for high-profile activist campaigns, is expected to engage with Norwegian’s management and board in an effort to address operational and financial underperformance, according to the report.

Elliott did not immediately respond to Benzinga’s request for comment.

“Our Board of Directors and management team regularly engage with our shareholders to hear their views on our strategy and progress, and we appreciate their perspectives. Of note, this is the first we are hearing from Elliott Investment Management,” a spokesperson for Norwegian said in an emailed statement.

Norwegian, the world’s fourth-largest cruise operator by passenger volume, has a market value of roughly $10 billion.

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Shares of Norwegian are down about 4% year to date and have fallen roughly 13% in 2025. By contrast, competitors such as Royal Caribbean Group (NYSE:RCL) and Carnival Corp. (NYSE:CCL) have outpaced Norwegian in both operational performance and stock returns.

**Benzinga’s Edge Rankings **Norwegian stock carries a weak Momentum score, moderate Growth ranking, and stronger Value. The price trend indicator flashes bearish signals in the short and medium term, but positive signals in the long term.

Private Island Strategy In Focus

One area Elliott believes it could offer upside is Norwegian’s private island strategy, WSJ reported.

Norwegian owns Great Stirrup Cay in the Bahamas—one of the largest private islands in the cruise industry. Elliott reportedly believes improvements in areas such as destination development, guest experience, and financial discipline could help narrow the performance gap.

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As part of its engagement, Elliott has been privately working with Adam Goldstein, the former president and chief operating officer of Royal Caribbean, as a potential board nominee at Norwegian, the report said.

Meanwhile, shareholders face a deadline next month to nominate director candidates ahead of the company’s annual meeting, raising the possibility of a broader governance push.

The activist move also comes amid an abrupt leadership change. Late Thursday, Norwegian said Chief Executive Officer Harry Sommer stepped down effective immediately. He was replaced by John Chidsey, the former CEO of Subway Restaurants, who previously served on Norwegian’s board from 2013 to 2022 and rejoined last year.

Shares fell more than 7% Friday following the announcement, closing at $21.49.

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This article Elliott Builds More Than 10% Stake In Norwegian Cruise Line, Plans Turnaround Push: Report (UPDATED) originally appeared on Benzinga.com

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