The Ritz-Carlton Yacht Collection increased its cruise revenue by 42% year on year during the second quarter of 2026, although its parent company continued to report substantial losses.
Cruise Yacht Upper HoldCo Ltd recorded quarterly cruise revenue of $103 million, compared with approximately $73 million during the corresponding period in 2025.
The results cover the three months to 30 June 2026 and represent the first complete quarter in which all three yachts—Evrima, Ilma and Luminara—operated together.
Operating performance improves
Adjusted earnings before interest, tax, depreciation and amortisation remained negative, but improved from a loss of $14 million in the second quarter of 2025 to a loss of $5 million this year.
Bookings made during the quarter increased by 35% to $103 million. For the first six months of 2026, bookings reached a record $237 million, representing growth of 46% compared with the same period last year.
First-half cruise revenue rose by 67% to $195 million, while the adjusted EBITDA loss for the six-month period narrowed from $47 million to $24 million.
The average daily rate per passenger increased by 7% during the quarter to $1,993. The first-half average was $1,840, 14% higher than a year earlier. The company attributed the improvement to its itineraries, yield management and growing recognition of the brand.
Fleet capacity grows faster than occupancy
The expansion to a three-yacht fleet increased available passenger cruise days by 50% during the quarter and by 55% across the first half of the year.
However, the quarterly load factor—the proportion of available passenger capacity occupied—fell to 51%, compared with 57% in the second quarter of 2025. The first-half load factor was also 51%, down from 54% a year earlier.
Repeat passengers represented approximately 22% of guests sailing during the quarter and 23% of passengers holding bookings during the year to date.
Net loss widens amid finance costs
Despite stronger revenue and the improvement in adjusted EBITDA, Cruise Yacht Upper HoldCo’s first-half net loss widened to $146 million, compared with $78 million during the equivalent period in 2025.
The company’s financial report identified $74 million in finance expenses as a significant contributor to the increased loss.
Adjusted EBITDA is intended to show underlying operating performance before interest and several accounting charges. It therefore differs substantially from the company’s final net result, which includes its financing costs.
Shareholder funding and deferred repayments
The company previously reached an agreement with lenders to defer $171 million in scheduled repayments connected with the financing of Ilma and Luminara. The payments had originally been due between December 2025 and December 2027.
Under the revised arrangements, the deferred sums are scheduled to be repaid in equal instalments between January 2028 and January 2033.
Shareholders injected a further $167 million in May, taking total equity contributions during 2026 to $192 million.
The figures were published in Cruise Yacht Upper HoldCo Ltd’s unaudited interim financial report for the second quarter of 2026.