Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q1 2025 Earnings Presentation
27 slides from Carnival's earnings presentation, Mar 21, 2025
Slide 1: Reports Record-Setting First Quarter Operating Results
The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them Reports Record-Setting First Quarter Operating Results Outperforms December Guidance Raises Full Year 2025 Guidance First Quarter 2025 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 (loss), and certain ratios and metri
Slide 3: Record Breaking First Quarter
Record Breaking First Quarter Record Revenues Record Net Yields Record Adj. EBITDA Record Adj. EBITDA per ALBD Record Operating Income Record Customer Deposits 3
Slide 4: Outperformed First Quarter December Guidance On Every Measure
Outperformed First Quarter December Guidance On Every Measure… 1Q 2025 Guidance Actual Net yields vs 2024 Approx. 4.6% 7.3% Adj. cruise costs excl. fuel per ALBD vs 2024 Approx. 3.4% 1.0% Adj. EBITDA Approx. $1.04B $1.20B Adj. net income Approx. $1M $174M Adj. earnings per share - diluted Approx. $0
Slide 5: Taking Up Full Year 2025 Guidance
…Taking Up Full Year 2025 Guidance Full Year 2025 Dec Guidance Mar Guidance Net yields vs 2024 Approx. 4.2% Approx. 4.7% Adj. cruise costs excl. fuel per ALBD vs 2024 Approx. 3.7% Approx. 3.8% Adj. EBITDA Approx. $6.6B Approx. $6.7B Adj. net income Approx. $2,305M Approx. $2,490M Adj. earnings per s
Slide 6: Strength in Demand and Cost Discipline Improving Margins
Strength in Demand and Cost Discipline Improving Margins Operating Income Margin Adj. EBITDA Margin 1Q'19 1Q'24 1Q'25 1Q'19 1Q'24 1Q'25 Operating and Adj. EBITDA margins both improved over 400 bps. vs. 2024 and surpassed 2019 levels Note: Both operating income margin and Adj. EBITDA margin are vs. t
Slide 7: Continuing to Deliver on Our Strategy to Generate Sustained Demand
Continuing to Deliver on Our Strategy to Generate Sustained Demand Booked Position for Remainder of 2025 Historical high on price for each quarter All core programs at higher prices than prior year Vast majority of 2025 on the books Occupancy in line with prior year’s record levels Booking curve con
Slide 8: Driving Increased Consideration for Our Brands
Driving Increased Consideration for Our Brands Costa Toscana Carnival Cruise Line standing out at the Oscars Hosted a live performance at the Sanremo Music Festival Selected for a themed promo honoring stunt performers Among Italy’s most renowned music events Featuring a skydive into a pool onboard
Slide 9: Boosting Awareness for Celebration Key
Boosting Awareness for Celebration KeyTM – Our Game Changing Asset x New Year’s Eve Ball Drop and Super Bowl Generated Over 5 Billion Impressions Across Media Channels New Year’s Eve ball drop in Times Square Flip, Lost in Paradise – Celebration Key Commercial Super Bowl in New Orleans Click the pho
Slide 10: Celebration Key On Track for July 2025 Opening
Celebration KeyTM – Our Game Changing Asset On Track for July 2025 Opening 10
Slide 11: The Idyllic Beach Day – Coming 2H 2026
The Idyllic Beach Day – Coming 2H 2026 11
Slide 12: Continuing to Invest in the Existing Fleet
Continuing to Invest in the Existing Fleet AIDA Evolution Continuing to Invest in the Existing Fleet AIDA Evolution • The first of seven ships has been completed • Largest modernization program in brand’s history designed to deliver meaningful revenue uplift • New bar and dining venues, additional s
Slide 13: Improved Commercial Execution Drives Cruise Consideration and Demand
Our Focus on Improved Commercial Execution Continues to Drive Cruise Consideration and Demand 1Q New-to-Cruise and Repeat Guests grew by multiples of our ~2.5% capacity growth 13
Slide 14: Strategically Managing Capacity Growth
Strategically Managing Capacity Growth Ship Deliveries by Fiscal Year Average of 3 – 4 Average of 1 - 2 Ship Deliveries Expected Ship Deliveries 2018 2018 - 2023 - 2023 2024 2024 2025 2025 2026 2026 2027 2027 2028 2028 2029 2029 & Beyond & Beyond • Our strong demand alongside lower capacity growth s
Slide 15: Continued Growth in Customer Deposits
Continued Growth in Customer Deposits Record Customer Deposits In Billions +$2.4B Structural growth in customer deposits driven by: Booked position at higher prices 5.5 $7.0 $7.3 Optimizing the booking curve $5.7 Increasing bundled fares with onboard amenities $4.9 Increasing pre-cruise onboard sale
Slide 16: Refinanced $5.5B of Debt During 1Q – 20% of Total Debt
Refinanced $5.5B of Debt During 1Q – 20% of Total Debt Facility Details Annualized Interest Expense Savings $2.0B Senior Priority Notes Due 2028 Replaced with $2.0B Senior Unsecured Notes Due 2033 ~$80M Old Rate: 10.375% New Rate: 6.125% Refinanced $1.0B Senior Unsecured Notes Due 2030 Old Rate: 10.
Slide 17: Well-Managed Near Term Maturity Towers and Improving Debt Profile
Well-Managed Near Term Maturity Towers and Improving Debt Profile Maturity Schedule(a) Share of Debt by Category Total Principal Repayments (In Billions) Secured & Senior Priority Guaranteed Debt Unsecured Debt Export Credits Notes Other $31B $2.7 $27B 34% 24% $1.4 $1.1 $0.2 66% 76% $1.3 $0.9 Remain
Slide 18: Ratings Upgrades Reflective of Our Performance
Ratings Upgrades Reflective of Our Performance Outlook Upgrade 2-Notch Upgrade Upgrade Outlook Upgrade S&P B (Positive) BB- (Stable) BB (Stable) BB (Positive) 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Outlook Upgrade Outlook Upgrade Upgrade Upgrade Moody’s B2 (Stable) B2 (Positive) B1
Slide 19: Expect to Hit Both 2026 SEA Change Financial Targets One Year Early
Expect to Hit Both 2026 SEA Change Financial Targets One Year Early And Closing in Quickly on Our Sustainability Target Sustainability: >20% Carbon 50% Increase in Adj. BITDA E 12% Adj. ROIC Intensity Reduction per ALBD vs. 2023 In Tons Per Berth Day vs. 2019 $69.50 $68.60 12.0% 12.0% (~19.5%) (20%)
Slide 20: Creating Value for Our Stakeholders and Delivering Unforgettable Vacations
Creating Value for Our Stakeholders and Delivering Unforgettable Vacations to Our Guests Set to achieve 2026 SEA 2026 Change Financial targets one year early Achieving our SEA Change 2025+ Opening of Celebration Key, Sustainability target our game changing exclusive Expansion of Celebration Key Vast
Slide 21: 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 22: Capacity by Program – 2025
Capacity by Program – 2025 1Q 2Q 3Q 4Q Full Year Caribbean 48% 33% 24% 29% 34% Northern Europe 9% 16% 24% 16% 16% Mediterranean 3% 13% 21% 19% 14% Australia/New Zealand 10% 6% 3% 4% 6% Alaska 0% 4% 16% 4% 6% Other Programs 30% 28% 12% 28% 24% Total 100% 100% 100% 100% 100% 22
Slide 23: Guidance
Guidance Guidance (See “Reconciliation of Forecasted Data”) 2Q 2025 Full Year 2025 Current Constant Current Constant ‘Year over year change Dollars Currency Dollars Currency Net yields Approx. 4.3% Approx.4.4% Approx. 3.9% Approx. 4.7% Adjusted cruise costs excluding fuel perALBD Approx. 5.6% Approx
Slide 24: Reconciliation of Net Yields
Reconciliation of Net Yields 24
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 25
Slide 26: 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 27: 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
Carnival Corporation Ltd. Common Shares — Q1 2025 Earnings Presentation on 6ix