Carnival Corporation (CCL) investor relations material

Executive summary

• Achieved record second quarter revenues of $6.7 billion and net income of $569 million, with adjusted net income up over 20% year-over-year and customer deposits at an all-time high of $9.0 billion, reflecting robust demand and commercial execution.

• Outperformed guidance by $100 million in adjusted EBITDA and $99 million in adjusted net income, driven by strong onboard revenue, cost discipline, and resilient demand.

• Achieved twelfth consecutive quarter of record net yields, supported by robust onboard spending and favorable pricing.

• Accelerated shareholder returns with over $450 million in stock repurchases and annualized total shareholder returns exceeding $1.3 billion.

• Completed unification of dual-listed company structure and redomiciled to Bermuda, enhancing stock liquidity and simplifying corporate structure.

Financial highlights

• Second quarter adjusted EBITDA reached $1.6 billion, surpassing guidance, and adjusted net income was $569 million, over 20% higher year-over-year despite a 30% increase in fuel price.

• Net yields increased 2.2% year-over-year in constant currency; adjusted cruise costs excluding fuel per ALBD were flat year-over-year.

• Passenger ticket revenues rose 4.1% to $4.27 billion, and onboard and other revenues increased 7.4% to $2.39 billion.

• Diluted EPS for Q2 2026 was $0.39, and adjusted EPS was $0.41, both up over 15% year-over-year.

• Operating cash flow for the first six months was $3.9 billion, up from $3.3 billion year-over-year.

Outlook and guidance

• Full-year 2026 guidance maintained, with adjusted EBITDA expected at $7.11 billion and adjusted net income at $3.1 billion.

• Net yields for full year 2026 projected to rise approximately 1.75% in constant currency; adjusted cruise costs excluding fuel per ALBD to increase about 2.4%.

• Booked position for the remainder of 2026 is ahead of prior year at historically high prices, with strong demand and booking volumes for 2027 and beyond.

• Guidance incorporates ongoing geopolitical impacts, especially in the Middle East, but recent booking trends show improvement.

• Sensitivities: 1% change in net yields impacts adjusted net income by $111 million for the remainder of 2026; 10% change in fuel cost per metric ton impacts by $102 million.