Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q4 2024 Earnings Presentation
26 slides from Carnival's earnings presentation, Dec 20, 2024
Slide 1: Record Full Year Operating Results; Expects 20 Percent Earnings Growth in 2025
The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them Record Full Year Operating Results Expects 20 Percent Earnings Growth in 2025 Expects to Hit 2026 SEA Change EBITDA Target One Year Early Third Quarter 2024 Earnings Pres
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: Strong Finish to a Record Year
Strong Finish to a Record Year FY 2024 Records Revenues Net Per Diems Net Yields Adj. EBITDA Operating Income Operating Cash Flow Customer Deposits 3
Slide 4: Outperformed Fourth Quarter September Guidance On Every Measure
Outperformed Fourth Quarter September Guidance On Every Measure 4Q 2024 Guidance Actual Net yields vs 2023 Approx. 5.0% 6.7% Adj. cruise costs excl. fuel per ALBD vs 2023 Approx. 8.0% 7.4% Adj. EBITDA Approx. $1.14B $1.22B Adj. net income Approx. $60M $186M Adj. earnings per share - diluted Approx.
Slide 5: Robust Demand Drove Stellar Performance Throughout the Year
Robust Demand Drove Stellar Performance Throughout the Year FY 2024 Dec Guidance Actual Outperformance Net yields vs 2023 Approx. 8.5% 11% 2.3% pts. Adj. cruise costs excl. fuel per ALBD vs 2023 Approx. 4.5% 3.5% 1.0% pts. Adj. EBITDA Approx. $5.6B $6.1B $500M Adj. net income Approx. $1.2B $1.9B $70
Slide 6: Poised for Another Step Change in Operating Improvement in 2025
Poised for Another Step Change in Operating Improvement in 2025 FY 2025 Dec Guidance Net yields vs 2024 Approx. 4.2% Adj. cruise costs excl. fuel per ALBD vs 2024 Approx. 3.7% Adj. EBITDA Approx. $6.6B Adj. net income Approx. $2.3B Adj. earnings per share - diluted Approx. $1.70 Expect 20% earnings
Slide 7: 2025 Bookings Hitting New Historical Highs
2025 Bookings Hitting New Historical Highs Improvement in Booked Position vs. Prior Year 2025 Sailings Full Year 2025 Booked Position Occupancy(1) Price(2) Historical high on price Historical high on occupancy Nearly 2/3 of 2025 already on the books All trades at higher prices than prior year All br
Slide 8: Delivered Three Fantastic New Ships in 2024
Delivered Three Fantastic New Ships in 2024 Carnival Jubilee Third of five Excel Class ships for Carnival Cruise Line Queen Anne Cunard’s First New Ship in 14 Years Sun Princess Voted best mega ship in the US by Condé Nast Traveler’s 2024 Readers’ Choice Awards 8
Slide 9: Improved Commercial Execution Continues to Drive Cruise Consideration and Demand
Our Focus on Improved Commercial Execution Continues to Drive Cruise Consideration and Demand The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them New-to-Cruise outpaced Repeaters - both up double digits vs. 2023
Slide 10: Driving Demand Through Advertising and Digital Performance Marketing
Driving Demand Through Advertising and Digital Performance Marketing Percentage Growth in Percentage Growth in Percentage Growth in Web Visits Paid Search Clicks Capacity +~40% +~60% +9% 2019 2024 2019 2024 2019 2024 Digital marketing KPIs are significantly outpacing capacity growth 10
Slide 11: Pre-Cruise Onboard Revenue Continued to Accelerate in 2024
Pre-Cruise Onboard Revenue Continued to Accelerate in 2024… % of Onboard Revenue Sold Pre-Cruise Pre-Cruise Onboard Revenue Per Diem(1) Onboard Revenue Per Diem(1) 2019 2023 2024 2019 2023 2024 2019 2023 2024 …with a runway for further improvement in 2025 and beyond (1) In Constant Dollar to 2019 11
Slide 12: Celebration Key – Our Game Changing Asset
Celebration KeyTM – Our Game Changing Asset The Ultimate Beach Day 12
Slide 13: The Idyllic Beach Day
The Idyllic Beach Day 13
Slide 14: Unrivaled Footprint of Exclusive Destinations in the Caribbean
Unrivaled Footprint of Exclusive Destinations in the Caribbean Many CCL itineraries to feature both – the idyllic and the ultimate beach days 6.5M guests visited our exclusive destinations in 2024, equal to all peers (1) combined (1) Includes Royal Caribbean International, Norwegian Cruise Line, MSC
Slide 15: Strong Bookings Activity Continuing to Drive Growth in Customer Deposits
Strong Bookings Activity Continuing to Drive Growth in Customer Deposits Record Customer Deposits In Billions +$1.9B Structural growth in customer deposits driven by: Strong demand at higher prices 5.5 Lengthening the booking curve $6.8 $6.4 Increasing bundled fares with onboard amenities $4.9 Incre
Slide 16: Proactively Managing Our Debt Profile
Proactively Managing Our Debt Profile Improved Net Debt to Adj. EBITDA 2024 Financing Activity Highlights 6.7x Made debt prepayments of >$3B Repriced ~$2.75B of our secured term loan facilities 4.3x ~3.8x Refinanced $535M unsecured notes due 2026 Upsized the borrowing capacity of revolving credit fa
Slide 17: Closing in Quickly on Our Remaining 2026 Targets
Expect to Hit 2026 SEA Change EBITDA Target One Year Early Closing in Quickly on Our Remaining 2026 Targets Sustainability: >20% Carbon Intensity 50% Increase in Adj. BITDA E 12% Adj. ROIC Reduction per ALBD vs. 2023 In Tons Per Berth Day vs. 2019 $68.60 $68.60 12.0% 11.7% (20%) (19%) $63.90 11.0% (
Slide 18: 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 EBITDA target one year early Achieving our remaining SEA 2025+ Change Targets Taking delivery of one new Ended 2024 with nearly 2/3 ship: Star Princess, sister to the Expansio
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 – 2025
Capacity by Market – 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% Note: The above doesn’t inc
Slide 21: Sustainability Focus Areas
Climate Good Health Action & Well-Being Investing in low- and zero-carbon emission technologies, and SUSTAINABILITY Expanding well-being programs to support employees’ physical & advanced air quality solutions; partnering with others to advance FOCUS AREAS mental health, encourage social connectivit
Slide 22: Guidance
‘o CARNIVAL CORPORATION&PLC. Guidance 19 2025 Full Year 2025 Goldance Fuel consumption in metric tons (in millions) 07 29 (See “Reconciliation of Forecasted Data”) Fuel cost per metric ton consumed (excluding European Union Allowance (“EUA")) $ 616 617 Fuel expense (including EUA expense) (in billio
Slide 23: Reconciliation of Net Yields and Net Per Diems
Reconciliation of Net Yields and Net Per Diems 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
Carnival Corporation Ltd. Common Shares — Q4 2024 Earnings Presentation on 6ix