We have measured the light curve and spectrum of NCC 5548 obtained wit
h the Extreme Ultraviolet Explorer (EUVE) during a period when the gal
axy was also intensively monitored with the Nubble Space Telescope, th
e International Ultraviolet Explorer, and ground-based telescopes. NGC
5548 was observed with EUVE for a total of about 20 days spread over
a period of 2 months. The broadband extreme ultraviolet (EUV) light cu
rve showed several factor of 2 variations on 0.5 day timescales and on
e factor of 4 decrease over 2 days. The normalized variability index w
as smaller than in the EUVE observation of Mrk 478. Cross-correlation
of the EW light curve with the contemporaneous ultraviolet light curve
indicates that the EUV and UV/optical variations are, to within the l
imitations of these data, simultaneous, although the amplitude in the
EUV is twice that in the UV. The shape of the EUVE spectrum is consist
ent with a gradual steepening from the UV through the soft X-rays. Con
trary to reports by others, we do not detect any emission lines in the
EUV spectrum that would arise in optically thin spectral models. We b
elieve that the reported line detections were, in fact, due to a low-l
evel fixed pattern in the detector background. Models of the spectrum
may be constrained by the time-averaged flux in the broadband detector
combined with the weakly constrained spectral shape. A thermal model
best describes the EUVE spectrum and its variations.