Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q3 2026 Earnings Presentation
18 slides from Carnival's earnings presentation, Sep 29, 2026
Slide 1: Outperforms Guidance, Delivering Best Ever Revenues, Net Yields and Net Income
Outperforms Guidance, Delivering Best Ever Revenues, Net Yields and Net Income Record Bookings Provide a Strong Foundation for 2027 Third Quarter 2026 Earnings Presentation
Slide 2: Disclaimers, Forward Looking Statements and Responsibility
Disclaimers, Forward Looking Statements and Responsibility This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, Adjusted EBITDA, Adjusted Net Income, and certain ratios and metrics deri
Slide 3: Outperformed Third Quarter June Guidance on Every Measure
Outperformed Third Quarter June Guidance on Every Measure 3Q 2026 Guidance Actual Net Yields vs. 2025 1.2% 2.4% Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 2.8% 1.8% Adj. EBITDA $2.9B $3.0B Adj. Net Income $1.9B $2.0B Adj. Earnings Per Share - Diluted $1.35 $1.43 Note: Net Yields and Adj. Cruise
Slide 4: Continued Strength of Demand
Continued Strength of Demand 3Q 2026 Results Record 3Q Customer Deposits Net Yields outperform guidance outperformed byby guidance 120 basis 120 points basis points In Billions ~7% Strong growth Acceleration in in onboard onboard revenue revenue growth $7.6 Strong growth in pre-cruise onboard revenu
Slide 5: Taking Up Full Year Guidance Despite $150M Impact from Higher Fuel Prices
Taking Up Full Year Guidance Despite $150M Impact from Higher Fuel Prices Full Year 2026 June Guidance September Guidance 2.25% Normalized(1) 2.7% Normalized(1) Net Yields vs. 2025 1.75% 2.3% 1.3% Normalized(2) 1.1% Normalized(2) Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 2.4% 2.2% Adj. Earnings
Slide 6: Turning Our Attention to 2027 & Beyond
Turning Our Attention to 2027 & Beyond Half of 2027 already on the books 2027 booked price and occupancy at record levels 2028 off to an excellent start at higher occupancy and prices than last year Booking curve remains the furthest out on record 6
Slide 7: Carnival Rewards Generating Substantial Early Engagement
Carnival RewardsTM Generating Substantial Early Engagement New loyalty program successfully launched on September 1st Deepening guest loyalty by providing more flexibility in how guests earn and redeem rewards and increasing lifetime value Thousands of members have already redeemed tens of millions
Slide 8: Driving More Earnings and Higher Returns from Our Destination Strategy
Driving More Earnings and Higher Returns from Our Destination Strategy Celebration Key RelaxAway, Half Moon Cay & Isla Tropicale, Roatan 2.7M guests in 2026 → 3.5M guests in 2027 1.9M guests in 2026 → 2.8M guests in 2027 4 brands calling in 2027 7 brands calling in 2027 8
Slide 9: Continuing to Invest Selectively in Our Fleet
Continuing to Invest Selectively in Our Fleet Carnival Festivale – Coming May 2027 Stunning refurbishment planned for Queen Mary 2 in 2027 Midlife modernization programs continuing to progress on AIDA and Holland America Line with additional vessels planned in 2027 9
Slide 10: Capital Allocation
Capital Allocation Annualized Dividends Distributed Shares Repurchased Total Shareholder Returns in 2026 >$0.8B ~$1.2B ~$2.0B $0.15 per share per quarter ~45M shares YTD(1) Balance sheet and leverage metrics in 2026 expected to improve vs. 2025 S&P upgrade marks the second investment grade rating re
Slide 11: Appendix
The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them Appendix 11 11
Slide 12: Capacity by Market – 2026
Capacity by Market – 2026 1Q 2Q 3Q 4Q Full Year Caribbean 51% 34% 26% 31% 35% Europe 15% 31% 43% 33% 31% Australia/New Zealand 7% 6% 3% 5% 5% Alaska 0% 4% 17% 5% 7% Other Programs 27% 25% 11% 26% 22% Total 100% 100% 100% 100% 100% 12
Slide 13: Capacity by Market – 2027
Capacity by Market – 2027 1Q 2Q 3Q 4Q Full Year Caribbean 50% 33% 25% 29% 34% Europe 17% 33% 47% 37% 34% Australia/New Zealand 7% 6% 3% 6% 5% Alaska 0% 5% 16% 5% 7% Other Programs 26% 23% 9% 23% 20% Total 100% 100% 100% 100% 100% 13
Slide 14: Guidance
Guidance CARNIVAL nnn CORPORATION 4Q 2026 Full Year 2026 Current ‘Constant Current ‘Constant ‘Year over year change Dollars Curreney Dollars Currency Net yields ‘Approx.2.3% | Approx. 1.7% Approx.3.8% — Approx. 2.3% Adjusted cruise costs excluding fuel per ALBD Approx. 1.9% Approx. 1.7% — Approx.3.5
Slide 15: Reconciliation of Net Yields
Reconciliation of Net Yields 15
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 16
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial measures and they are provided along with their most comparative U.S. GAAP financial measure: The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to the finan
Slide 18: Non-GAAP Financial Measures (Cont’d)
Non-GAAP Financial Measures (Cont’d) Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD enable us and investors to separate the impact of predictable capacity or ALBD changes from price and other changes that affect our business. We believe these non-GAAP measures provi
Carnival Corporation Ltd. Common Shares — Q3 2026 Earnings Presentation on 6ix