Carnival Plc · LSE:CCL
Carnival — Merger or Acquisition (December 2025)
14 slides from Carnival's merger presentation, Dec 19, 2025
Slide 1: Unifying Our Corporate Structure: One Company. One Global Share Price.
Unifying Our Corporate Structure One Company. One Global Share Price. A Simpler Structure to Reduce Costs and Complexity
Slide 2: Boards of Directors Recommend
Boards of Directors Recommend • Simplifying Carnival Corporation & plc’s corporate structure: ─ Unifying two separate legal entities operating under a dual listed company (DLC) arrangement into one company, Carnival Corporation, with Carnival plc as its wholly owned UK subsidiary ─ Moving from two s
Slide 3: History of Dual Listed Company Arrangement
History of Dual Listed Company Arrangement • Current dual listed company (DLC) arrangement created in 2003 ─ During combination of Carnival Corporation and P&O Princess Cruises plc ─ Enabled Carnival Corporation shareholders to stay invested through Carnival Corporation listing on New York Stock Exc
Slide 4: Expected Benefits of Unification
Expected Benefits of Unification Easier to Understand, Simpler to Operate One company, one share register, single listing and a single global share price; simplified governance and reporting; decreased administrative complexity A Single Share Price A single listing on the New York Stock Exchange ben
Slide 5: Simplifying from Two to One
2026 From To Separate legal structures Two share registers Two different stock exchanges and share prices 2003 Simplifying from Two to One Two listed companies: • Carnival Corporation (NYSE) • Carnival plc (LSE ; NYSE ) One legal structure One share register One stock exchange listing and unified sh
Slide 6: Simplifying the Corporate Structure
Simplifying the Corporate Structure Current Carnival Corporate Structure Post Unification Corporate Structure Carnival plc Shareholders Carnival Corporation Shareholders P&O Princess Special Voting Trust DLC SVC Limited Carnival plc Carnival Corporation Carnival plc Subsidiaries and Assets Carnival
Slide 7: What Stays the Same
What Stays the Same Same business fundamentals including strategy, assets & operations Same Board composition & executive leadership team Same extraordinary guest experience, team member roles & operational excellence Unification Means Same number of shares you hold, in a one - for - one direct exch
Slide 8: Continued Commitment to UK
Continued Commitment to UK • UK remains a vital part of our global business • UK operations will continue unaffected • Significant corporate presence in Southampton • P&O Cruises & Cunard headquarters remain in UK • No changes expected to UK team member roles or employment terms Carnival Corporation
Slide 9: One-for-One Share Exchange
One - for - One Share Exchange • Carnival plc shareholders will receive Carnival Corporation (legally registered in Bermuda) shares on a one - for - one basis ─ No brokerage fees for the exchange • The unification and legal incorporation in Bermuda are expected to preserve key shareholder voting and
Slide 10: Key Changes Following Unification
Key Changes Following Unification Carnival Corp Ltd Post Unification Carnival Today Plc Corp Sarbanes - Oxley Act UK Corporate Governance Code Sarbanes - Oxley Act Governance Regulatory Framework Corporate / Governance Florida (Southampton for UK business) Southampton Florida HQ SEC Securities Laws
Slide 11: Important Dates
APRIL 2026 Shareholder Vote Shareholders vote to approve the unification and legal incorporation in Bermuda; information on when and how shareholders may cast their votes and attend the meetings will be included in the shareholder materials that Carnival Corporation & Carnival plc expect to file wit
Slide 12: Resources
Resources Further information on when and how Carnival Corporation & Carnival plc shareholders may cast their votes and attend the meetings of shareholders will be included in the shareholder materials that Carnival Corporation & Carnival plc expect to file with the SEC and provide to shareholders.
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Slide 14: Important Information for Investors and Stockholders
Important Information for Investors and Stockholders In connection with the proposed unification and redomiciliation transactions, Carnival Corporation plans to file with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S - 4 , containing a Proxy Statement/Prospectus r