Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q4 2025 Earnings Presentation
23 slides from Royal Caribbean Cruises's earnings presentation, Jan 29, 2026
Slide 1: Q4 2025 Earnings Call
Qa 2025 EARNINGS CALL RCL LISTED NYSE
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION Certain statements in this presentation relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These s
Slide 3: Our Mission: Deliver the Best Vacations Responsibly
OUR MISSION DELIVER THE BEST VACATIONS RESPONSIBLY 3 Celebrity, Compass
Slide 4: Q4 by the Numbers
Curacao Perfect Day CocoCay, Hideaway Beach Q4 BY THE NUMBERS Load Factor 108% Net Yield Growth vs. 2024 2.5% (in Constant Currency) NCCx Growth vs. 2024 (6.3%) (in Constant Currency) PLACE IMAGE Adjusted EBITDA $1.48B HERE +35% vs. 2024 (image must fill the width of this gray box) Adjusted EBITDA M
Slide 5: 2025 by the Numbers
Celebrity Apex, Martini Bar 2025 BY THE NUMBERS Load Factor 110% Net Yield Growth vs. 2024 3.7% (in Constant Currency) NCCx Growth vs. 2024 (0.1%) (in Constant Currency) PLACE IMAGE Adjusted EBITDA $7.03B HERE +18% vs. 2024 (image must fill the width of this gray box) Adjusted EBITDA Margin 39.2% (A
Slide 6: Continued Strong Performance
CONTINUED STRONG PERFORMANCE Total Revenue Adj. EBITDA Adj. Earnings per Share (Billions) (Billions) $17.9 $15.64 $16.5 $13.9 $11.80 $11.0 $9.54 $7.0 $6.77 $6.0 $4.5 $3.6 2019 2023 2024 2025 2019 2023 2024 2025 2019 2023 2024 2025 6
Slide 7: FY 2026 Guidance
Silversea, Silver Ray, S.A.L.T. Bar FY 2026 GUIDANCE Expecting Double Digit Revenue and Earnings YoY Growth APCDs 56.9M Capacity Growth vs. 2025 6.7% Net Yield Growth vs. 2025 (in Constant Currency) 1.5% to 3.5% PLACE IMAGE HERE NCCx Growth vs. 2025 (image must fill the width of (in Constant Currenc
Slide 8: Q1 2026 Guidance
Royal Caribbean, Star of the Seas Q1 2026 GUIDANCE APCDs 13.7M Capacity Growth vs. 2025 8.5% Net Yield Growth vs. 2025 1.0% to 1.5% (in Constant Currency) PLACE IMAGE NCCx Growth vs. 2025 HERE (in Constant Currency) 0.9% to 1.4% (image must fill the width of this gray box) Fuel Approx. $275M D&A $45
Slide 9: We Remain On Track To Achieve Our Perfecta Goals By 2027
We Remain On Track To Achieve Our Perfecta Goals By 2027 WHILE Delivering the Best Vacations Responsibly and Maintaining Solid Investment Grade Metrics 9 BY 2027
Slide 10: Our Proven Formula
OUR PROVEN FORMULA DELIVERS LONG-TERM SHAREHOLDER VALUE Moderate Capacity Growth Moderate Yield Growth Disciplined Cost Control 10 10
Slide 11: Differentiated Vacation Experiences
DIFFERENTIATED VACATION EXPERIENCES @4 ROYAL UG caripsean p DISCOVERY
Slide 12: Differentiated Vacation Experiences
DIFFERENTIATED VACATION EXPERIENCES
Slide 13: Eight Destinations by 2028
EIGHT DESTINATIONS BY 2028 Dy SEACH CLUB . 4 ; wie ISE ISLAND 8 = R B ROYAL BEACH CLUB >w OPENIE ] ‘ummm SANTORINI ses “¥cozumel Ye ce | / 7 iL = a
Slide 14: Appendix: Definitions and Non-GAAP Information and Reconciliation
APPENDIX Definitions and Non-GAAP Information and Reconciliation This presentation includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our conso
Slide 15: Definitions
Definitions • Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We bel
Slide 16: Definitions
Definitions • Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses. • Gross Margin Yield represent Gross Margin per APCD. • Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of
Slide 17: Selected Statistical Information
SELECTED STATISTICAL INFORMATION Quarter Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Passengers Carried 2,484,241 2,159,429 9,446,010 8,564,272 Passenger Cruise Days 15,116,254 13,678,795 58,518,751 54,844,780 APCD 14,025,949 12,716,724 53,325,212 50,552,731 Occupancy 107.8 % 107.
Slide 18: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD are calculated as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin per PCD. Certain amounts may not add or calculate due to the use of rounded numbers): Quarter
Slide 19: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers): Quarter Ended December 31, Yea
Slide 20: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers): Quarter Ended December 31, Year Ended December 31, 20
Slide 21: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) EBITDA and Adjusted EBITDA for 2019 were calculated as follows (in millions, except APCD and per APCD data): Year Ended December 31, 2019 Net Income attributable to Royal Caribbean Cruises Ltd. $ 1,879 Interest income (27) Interest expense, net of inte
Slide 22: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. Certain amounts may not add or calculate due to the use of rounded numbers): Quarter Ended D
Slide 23: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Adjusted Operating Income and ROIC, are calculated as follows: (in millions, except ROIC. Certain amounts may not add or calculate due to the use of rounded numbers): For the Twelve Months Ended December 31, 2025 Operating Income $ 4,910 Including: Equ
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