The Ritz-Carlton Yacht Collection posted cruise revenues of $103 million in the second quarter of 2026, a 42 percent year-over-year increase, as its three ships operated together for a full quarter for the first time.

Adjusted EBITDA was negative $5 million for the quarter, up from a negative $14 million a year earlier.

Parent company Cruise Yacht Upper HoldCo Ltd. reported the results in its unaudited interim financial report for the quarter ended June 30, 2026.

Year-to-date cruise revenues reached $195 million, up 67 percent.

Bookings rose 35 percent in the quarter to $103 million, while year-to-date bookings hit a record $237 million, up 46 percent.

The average daily rate per passenger climbed 7 percent in the quarter to $1,993 and 14 percent year-to-date to $1,840, which the company attributed to to enhanced itineraries, yield discipline and what it described as growing brand equity.

Available passenger cruise days increased 50 percent in the quarter with the fleet growing to three ships and 55 percent year-to-date.

Load factor came in at 51 percent for both the quarter and the year-to-date period, down from 57 and 54 percent, respectively.

Repeat passengers accounted for roughly 22 percent of guests who sailed in the quarter and 23 percent of booked guests year-to-date.

Year-to-date, adjusted EBITDA was negative $24 million, compared to negative $47 million in the prior-year period.

The net loss widened to $146 million from $78 million, driven largely by finance expense of $74 million.

As previously reported, the company closed an agreement with lenders on May 21 deferring $171 million in scheduled amortization payments under the Ilma and Luminara facilities originally due between December 2025 and December 2027. Those amounts will be repaid in equal installments from January 2028 through January 2033.

Shareholders injected $167 million on May 22, bringing total 2026 equity contributions to $192 million.