Carnival Corporation (CCL) investor relations material

Executive summary

• Achieved record first-quarter operating results, including revenues of $6.2 billion, net income up to $275 million, and record customer deposits, all exceeding guidance despite higher fuel costs.

• Bookings for 2026 sailings rose double digits year-over-year, with nearly 85% of inventory already booked at historically high prices and occupancy.

• Launched PROPEL, a long-term strategy targeting ROIC above 16%, EPS growth over 50% versus 2025, and $14 billion in shareholder returns by 2029.

• Operational improvements led to an upward revision of full-year outlook by $150 million, despite a $500 million fuel headwind.

• Announced $2.5 billion share buyback authorization and reinstated dividend, with plans for over $800 million in dividends for 2026.

Financial highlights

• Net income for Q1 2026 was $275 million, adjusted EBITDA reached $1.3 billion, and adjusted EPS was $0.20, all exceeding guidance.

• Net yields increased 2.7% year-over-year in constant currency, over 100 basis points above guidance.

• Customer deposits reached nearly $8 billion, up 10% year-over-year and a new Q1 record.

• Onboard and pre-cruise sales momentum continued, with onboard revenue up approximately 10% year-over-year.

• Cruise costs without fuel per ALBD rose 5.3% year-over-year, better than guidance.

Outlook and guidance

• Full-year 2026 EPS guidance is $2.21, with yield growth guided at approximately 2.75% and cruise costs without fuel per ALBD expected to rise 3.1%.

• Adjusted EBITDA for 2026 projected at $7.19 billion, with operational improvements offsetting over $500 million in higher fuel prices.

• Guidance assumes Brent crude averages $90/bbl in April-May, $85 in Q3, and $80 in Q4; a 10% change in fuel cost impacts EPS by $0.11.

• 2Q 2026 net yields expected to grow 2.0% year-over-year in constant currency.