Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q2 2026 Earnings Presentation
27 slides from Carnival's earnings presentation, Jun 23, 2026
Slide 1: Delivers Record Second Quarter Revenues, Net Yields and Adjusted Net Income
Delivers Record Second Quarter Revenues, Net Yields and Adjusted Net Income Accelerates Shareholder Returns, Surpassing $450M in Stock Repurchases Second 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, and cert
Slide 3: Record-Breaking Second Quarter
Record-Breaking Second Quarter Record Revenues Record Net Yields (12th Consecutive Quarter) Record Adj. EBITDA Record Adj. Net Income Record Customer Deposits 3
Slide 4: Outperformed Second Quarter March Guidance by $100M
Outperformed Second Quarter March Guidance by $100M 2Q 2026 Guidance Actual Net Yields vs. 2025 2.0% 2.2% Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 2.6% 0.1% Adj. EBITDA $1,480M $1,582M Adj. Net Income $470M $569M Adj. Earnings Per Share - Diluted $0.34 $0.41 Note: Net Yields and Adj. Cruise Co
Slide 5: All-Time High Customer Deposits Reflecting Continued Demand Strength
All-Time High Customer Deposits Reflecting Continued Demand Strength Customer Deposits In Billions Booking curve is the furthest out on record +~$0.5 at higher booked prices +~$0.7 Acceleration in pre-cruise onboard revenue $9.0 $8.5 $7.9 $7.3 Customer deposits up 5% in 2Q on flat capacity growth ov
Slide 6: Leveraging Industry-Leading Cost Structure Discipline Despite Minimal Capacity Growth
Leveraging Industry-Leading Cost Structure Discipline Despite Minimal Capacity Growth Second Quarter 2-Yr CAGR YoY Growth 4% Nearly Flat 2% 2% 2023 2025 2023 2025 2025 2026 2025 2026 Adj. Cruise Costs excl. Fuel per ALBD Capacity Adj. Cruise Costs excl. Fuel per ALBD Capacity In Constant Currency In
Slide 7: Managing Fuel Expense the Best Way Possible… By Consuming Less
Managing Fuel Expense the Best Way Possible… By Consuming Less Fuel Tons Consumed per kALBD Second Quarter 38.6 32.4 31.9 29.9 28.2 2019 2023 2024 2025 2026 Cumulative % Change (16%) (17%) (22%) (27%) Reduction in fuel consumption saved us over $200M vs. 2019 and over $80M vs. 2023 in 2Q alone 7
Slide 8: Maintaining Bottom Line Full Year Guidance Despite Impact from Conflict
Maintaining Bottom Line Full Year Guidance Despite Impact from Conflict Full Year 2026 March Guidance June Guidance 3.25% Normalized(1) 2.25% Normalized(1) Net Yields vs. 2025 2.75% 1.75% 2.3% Normalized(2) 1.3% Normalized(2) Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 3.1% 2.4% Adj. EBITDA $7.19
Slide 9: Expecting Record Net Yields in 2H 2026, Strong Demand for 2027 and Beyond
Expecting Record Net Yields in 2H 2026 Strong Demand for 2027 and Beyond Booked position for remainder of 2026 ahead of prior year at historical high prices Bookings taken since 2Q for 2027 and beyond sailings ahead on volume and price Booking curve remains the furthest out on record Well-positioned
Slide 10: Introducing Voyager Class
Introducing Voyager Class Princess Cruises’ Next-Generation and Largest Platform Building on the success of the Sphere Class, featuring the award-winning Sun and Star Princess Three ships scheduled for delivery in 2035, 2038, and 2039 10
Slide 11: Capacity Growth Remains Intentionally Measured
Capacity Growth Remains Intentionally Measured Current Orderbook Carnival Cruise Line AIDA Cruises Princess Cruises 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 - 2039 Expect additional orders over time while remaining committed to one-to-two ship per year cadence Down from three-to-four ship p
Slide 12: Building on the Success of AIDA Evolution Comes Holland America Evolution
Building on the Success of AIDA Evolution Comes… Holland America Evolution Our Next Mid-Life Modernization Program Multiyear investment of over $500M across six Holland America ships Oosterdam will be the first ship to undergo enhancements debuting in the Fall of 2027 Expanding onboard offerings, ad
Slide 13: Paradise Collection
Paradise Collection Leveraging Our Unmatched Destination Portfolio in the Caribbean Amber Cove Puerta Maya Grand Turk Princess Cays Dominican Republic Cozumel Turks & Caicos The Bahamas Expect to welcome over 9M guests in 2027 across our Paradise Collection destinations ~ 90% of North American brand
Slide 14: Pier Extension Completed at Celebration Key
Pier Extension Completed at Celebration Key Now accommodates up to 4 ships and over 13,000 guests on any given day Expected to welcome 3.5M visitors in 2027 14
Slide 15: New Pier Opened at RelaxAway, Half Moon Cay
New Pier Opened at RelaxAway, Half Moon Cay Now accommodates up to 12,000 visitors per day ~25% of Caribbean sailings to visit both Celebration Key and RelaxAway, Half Moon Cay in 2027 15
Slide 16: Debuted Isla Tropicale
Debuted Isla Tropicale Includes new 48,000-square-foot recreational area Feature pool complete with swim-up bar, splash pad and variety of cabanas, daybeds and loungers 16
Slide 17: Building on Our Position of Strength in the Western Caribbean
Building on Our Position of Strength in the Western Caribbean Over 25 Years Spent Establishing Industry-Leading Presence in the Gulf We sail ~1M guests annually and Mobile operate six ships from Galveston, Galveston New Orleans including Carnival Cruise Line’s Tampa newest ship, Carnival Jubilee, wi
Slide 18: We Have the Most Assets in and Capacity Dedicated to Alaska
We Have the Most Assets in and Capacity Dedicated to Alaska Expansion of Denali, Our Most Popular Property, is Currently Underway 20 8 MOST Glass Dome Hotels & Lodges Glacier Bay Rail Cars (~2,500 rooms) Permits 18
Slide 19: Accelerating Shareholder Returns Responsibly
Accelerating Shareholder Returns Responsibly Annualized Dividends Distributed Shares Repurchased Annualized Total Shareholder Returns >$0.8B ~$0.5B $1.3B+ $0.15 per share per quarter Over 17M Shares YTD(1) All while reducing Net Debt to Adj. EBITDA ratio to 3.1x in 2Q 2026, 0.6x improvement from 2Q
Slide 20: 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 20
Slide 21: 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 22: Guidance
Guidance Full Year 2026 Current ‘Constant ‘Current ‘Constant ‘Year over year change Dollars Currency Dollars Currency Net yields ‘Approx. 1.3% Approx. 12% Approx. 3.2% Approx. 1.75% Adjusted cruise costs excluding fvel per ALBD Approx. 2.8% Approx. 2.8% Approx. 3.7% Approx 24% 3Q 2026 Full Year 2026
Slide 23: Reconciliation of Net Yields
Reconciliation of Net Yields 23
Slide 24: Reconciliation of Net Debt and Adjusted EBITDA
Reconciliation of Net Debt and Adjusted EBITDA 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 — Q2 2026 Earnings Presentation on 6ix