Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q3 2025 Earnings Presentation
20 slides from Royal Caribbean Cruises's earnings presentation, Oct 28, 2025
Slide 1: Q3 2025 Earnings Call
OS 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: Q3 by the Numbers
Curacao Q3 BY THE NUMBERS Perfect Day CocoCay, Hideaway Beach Load Factor 112% Net Yield Growth vs. 2024 2.4% (in Constant Currency) NCCx Growth vs. 2024 4.3% (in Constant Currency) PLACE IMAGE Adjusted EBITDA $2.3B HERE +7% vs. 2024 (image must fill the width of this gray box) Adjusted EBITDA Margi
Slide 5: FY 2025 Guidance
FY 2025 Silversea, Silver Ray GUIDANCE APCDs 53.3M Net Yield Growth vs. 2024 3.5% to 4.0% (in Constant Currency) NCCx Growth vs. 2024 (in Constant Currency) Approximately (0.1%) PLACE IMAGE HERE (image must fill the width of Fuel Approximately $1,140M this gray box) D&A $1,705M to $1,715M Net Intere
Slide 6: Expecting 32% Year Over Year Adj. EPS Growth
EXPECTING 32% YEAR OVER Celebrity XCel, Bazaar YEAR ADJ. EPS GROWTH $15.41 - July 2025 Guidance $15.55 Q3 Business Outperformance $0.15 PLACE IMAGE HERE (image must fill the width of Q4 Adverse Weather & Unplanned this gray box) ($0.05) Extension of Labadee Cancellation Q4 Performance $0.02 $15.58 -
Slide 7: Q4 2025 Guidance
Q4 2025 Casa Milá, Spain GUIDANCE APCDs 14M Net Yield Growth vs. 2024 2.2% to 2.7% (in Constant Currency) NCCx Growth vs. 2024 (6.6%) to (6.1%) PLACE IMAGE (in Constant Currency) HERE (image must fill the width of this gray box) Fuel Approximately $286M D&A $445M to $455M Net Interest Expense $245M
Slide 8: While Delivering the Best Vacations Responsibly and Maintaining Solid Investment Grade Metrics
WH I LE Delivering the Best Vacations Responsibly and Maintaining Solid Investment Grade Metrics 8 BY 2027
Slide 9: Our Proven Formula Delivers Long-Term Shareholder Value
OUR PROVEN FORMULA DELIVERS LONG-TERM SHAREHOLDER VALUE Moderate Capacity Growth Moderate Yield Growth Disciplined Cost Control 9 9
Slide 10: Lineup of Game Changing Ships
LINEUPOF GAME CHANGING suips NOASIE? CELEBRITY [AF OF THE CELEBRITY © CELEBRITY SEAS FLOW XCITE SEAS 2025) 2025 2025 [/2026)) 120269) 2027 7 RELAX @| 10
Slide 11: Exclusive Destinations
LABADEE NE. ROYAL BEACH CLUB. SS PARADISE BLAND OS EXCLUSIVE DESTINATIONS 2TO 8 BY 2028 PERFECT DAY wy PERFECT DAY = ws ee aN ate (co @ DOP ORAN : =~ ROYALBEACH CLUB ROYAL BEACH CLUB AT 55 SOUTH tama SANTORINI sa Si cozumet va, @| 1 o8e, ROYAL BEACH CLUB SLELER®
Slide 12: 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 13: 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 14: 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 15: Selected Statistical Information
SELECTED STATISTICAL INFORMATION Quarter Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Passengers Carried 2,466,039 2,310,220 6,961,768 6,404,844 Passenger Cruise Days 15,356,271 14,785,828 43,402,497 41,165,985 APCD 13,698,886 13,316,981 39,299,263 37,836,007 Occupancy 112
Slide 16: Non-GAAP Reconciliation Information
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD were calculated by dividing Gross Margin and Adjusted Gross Margin by APCD, and Adjusted Gross Margin by PCD as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin
Slide 17: Non-GAAP Reconciliation Information
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Margin Yields and Net Yields were calculated by dividing Gross Margin and Adjusted Gross Margin by APCD as follows (in millions, except APCD, PCD and Yields). Certain amounts may not add due to use of rounded numbers; reported Adjusted Gross Marg
Slide 18: Non-GAAP Reconciliation Information
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add due to use of rounded numbers; reported Gross Cruise Costs, Net Cruise Costs,
Slide 19: Non-GAAP Reconciliation Information
NON-GAAP RECONCILIATION INFORMATION (Unaudited) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin were calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add due to use of rounded numbers; reported EBITDA, Adjusted EBITDA, and per APCD and Margin amounts are
Slide 20: Non-GAAP Reconciliation Information
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Earnings per Share were calculated as follows (in millions, except per share data. Certain amounts may not add due to use of rounded numbers; reported Adjusted Net Income att
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