Carnival Corporation Ltd. · NYSE:CCL
Carnival — Carnival Corporation & — Q1 2026 Earnings Presentation
26 slides from Carnival's earnings presentation, March 2026
Slide 1: Achieves Record First Quarter Operating Results and Record Bookings
Achieves Record First Quarter Operating Results and Record Bookings Introduces PROPEL, Ambitious Targets Designed to Reflect Continued Earnings Growth Momentum Through 2029 First Quarter 2026 Earnings Presentation 1
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, cruise costs without fuel, Adjusted EBITDA, Adjusted Net Income, ROIC, an
Slide 3: Record-Breaking First Quarter
Record-Breaking First Quarter Record Revenues Record Net Yields Record Adj. EBITDA Record Operating Income Record Customer Deposits 3 3
Slide 4: Outperformed First Quarter December Guidance on Every Measure
Outperformed First Quarter December Guidance on Every Measure 1Q 2026 Guidance Actual Net Yields vs. 2025 1.6% 2.7% Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 5.9% 5.3% Adj. EBITDA $1.24B $1.27B Adj. Net Income $235M $275M Adj. Earnings Per Share - Diluted $0.17 $0.20 Operationally exceeded Adj.
Slide 5: Continued Strength of Close-In Demand and Customer Deposits
Continued Strength of Close-In Demand and Customer Deposits 1Q 2026 Results Record Customer Deposits Net Yields outperform guidance by >100 basis points In Billions +~10% Strong growth in onboard revenue $7.9 $7.3 Acceleration in pre-cruise onboard revenue 1Q'25 1Q'26 5
Slide 6: Operational Improvement of ~$150M to the Bottom Line…
Operational Improvement of ~$150M to the Bottom Line… Full Year 2026 Dec Guidance Mar Guidance 2.5% 2.75% Net Yields vs. 2025 (3.0% Normalized ) (1) (3.25% Normalized(1)) 3.25% 3.1% Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 (2.5% Normalized(2)) (2.3% Normalized(2)) Adj. EBITDA $7.63B $7.19B Adj
Slide 7: First Quarter Achieved Highest Ever Booking Levels
First Quarter Achieved Highest Ever Booking Levels Bookings taken for 2026 sailings up double-digits Bookings taken for 2027 sailings and beyond reached record levels Booked position for remainder of 2026 at historical high price and occupancy Well-positioned to deliver yield growth with nearly 85%
Slide 8: Introducing PROPEL: Powering Growth and Returns, Responsibly
Header Slide: Introducing Targets Our New Long-Term Targets PROPEL: Powering Growth and Returns, Responsibly 8 8
Slide 9: Surpassed 2026 SEA Change Targets in Roughly Half the Outlined Time…
Surpassed 2026 SEA Change Targets in Roughly Half the Outlined Time… Sustainability: >20% Carbon E 50% Increase in Adj. BITDA 12% Adj. ROIC Intensity Reduction per ALBD vs. 2023 In Tons Per Berth Day vs. 2019 Achieved 18 months early! …building robust foundation and strong momentum heading into PROP
Slide 10: Introducing PROPEL: Powering Growth & Returns, Responsibly
Introducing PROPEL: Powering Growth & Returns, Responsibly Ambitious targets designed to drive higher returns, earnings and cash distributions through 2029 >16% Return on Invested Capital >50% Adjusted EPS Growth from 2025 >40% Cash from Operations Distributed to Shareholders (~$14B) To be achieved
Slide 11: Primary Pillars Underpinning PROPEL Targets
Primary Pillars Underpinning PROPEL Targets Yield expansion Intentionally driven by Continued measured cost discipline continued focus on Further high-quality capacity growth driven by operational monetizing commercial execution, and return efficiencies and destination same-ship demand generating fu
Slide 12: High-Quality Revenue Growth Outpacing Cost Growth on Measured Capacity…
High-Quality Revenue Growth Outpacing Cost Growth on Measured Capacity… Target Inputs Target Inputs TO Achieve Propel 2016-2019 2024-2025 2026-2029E Capacity CAGR 3% 3% ~1% Yield CAGR(1) 3% 8%(2) Moderate Low Adj. Cruise Costs ex. Fuel per ALBD CAGR(1) 1% 3% Single Digit ROIC Improvement 3 ppts. 8 p
Slide 13: Investing in Growth While Accelerating Shareholder Returns
Investing Header in Growth Slide: Balancing GrowthWhile Accelerating Shareholder Returns and Distributions 13 13
Slide 14: Capacity Growth Remains Intentionally Measured
Capacity Growth Remains Intentionally Measured Ship Deliveries Current Orderbook Average of 3 to 4 2018 - 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 & Beyo Only 3 ship deliveries during the PROPEL period with potential for additional orders in the 2030’s Note: Current Orderbook per March
Slide 15: Investing in Return Generating Modernization Programs
Investing in Return Generating Modernization Programs to Deliver Revenue Uplift and Enhance Guest Experience Three of seven ships have now completed the successful AIDA Evolution program Second cruise line to announce modernization program next month, with more to follow 15 15
Slide 16: Further Monetizing Our Destination Portfolio
Further Monetizing Our Destination Portfolio Expanding and enhancing unique destination assets in the Caribbean and Alaska Delivering differentiated guest experiences while generating attractive incremental returns Celebration Key Denali Princess Wilderness Lodge Grand Bahama Island, Bahamas Denali
Slide 17: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation 2026 – 2029 Estimates Net Debt to Adj. EBITDA Capital Expenditures Shareholder Distributions 3.4x 2.75x >$15B ~$14B 2025 2029E Strong and growing cash flow enables both reinvestment and shareholder returns 17
Slide 18: Kick Started in 2026 with Dividend Reinstatement and Share Buyback
Kick Started in 2026 with: Dividend Reinstatement Opportunistic Share Buyback Program >$800M $2.5B Total Dividend Distributions Initial Share Buyback Program Expected in 2026 Announced Today All while further strengthening the balance sheet 18
Slide 19: 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
Slide 20: Capacity by Market – 2026
Capacity by Market – 2026 1Q 2Q 3Q 4Q Full Year Caribbean 51% 34% 26% 31% 35% Eastern Mediterranean 0% 4% 7% 5% 4% Western Mediterranean 5% 12% 13% 12% 10% Europe w/o Mediterranean 11% 16% 23% 17% 17% Australia/New Zealand 7% 6% 3% 5% 5% Alaska 0% 4% 17% 5% 7% Other Programs 26% 24% 11% 25% 22% Tota
Slide 21: Guidance
‘o Guidance CARNIVAL eee CORPORATION&PLC. 2Q 2026 Full Year 2026 Current Constant ‘Current Constant Year over year change Dollars Currency Dollars Currency Net yields Approx. 3.7% Approx 2.0% Approx. 4.1% | Approx. 2.75% ‘Adjusted cruise costs excluding fuel per ALBD Approx. 4.0% Approx 2.6% Approx.
Slide 22: Reconciliation of Net Yields
Reconciliation of Net Yields 22
Slide 23: Reconciliation of Net Debt and Adjusted EBITDA
Reconciliation of Net Debt and Adjusted EBITDA 23
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 24
Slide 25: 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 26: 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 prov
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