Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q3 2025 Earnings Presentation
26 slides from Carnival's earnings presentation, Sep 29, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Achieves All-Time High Financial Results with Adjusted Net Income of $2B Exceeds Guidance and Raises Full Year 2025 Outlook for the Third Time This Year Third 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, cruise costs without fuel, Adjusted EBITDA, Adjusted Net Income (loss), R
Slide 3: Record Breaking Third Quarter
Record Breaking Third Quarter Record Revenues Record Net Yields Record Adj. EBITDA Record Operating Income Record Customer Deposits All-Time High Quarterly Adj. Net Income of $2B! All delivered on 2.5% lower capacity than 3Q 2024 3
Slide 4: Outperformed Third Quarter June Guidance on Every Measure
Outperformed Third Quarter June Guidance on Every Measure… 3Q 2025 Guidance (Approx. Estimates) Actual Net Yields vs. 2024 3.5% 4.6% Adj. Cruise Costs excl. Fuel per ALBD vs. 2024 7.0% 5.5% Adj. EBITDA $2.9B $3.0B Adj. Net Income $1.8B $2.0B Adj. Earnings Per Share - Diluted $1.30 $1.43 Delivered 13
Slide 5: Taking Up Full Year 2025 Guidance for the Third Time this Year
…Taking Up Full Year 2025 Guidance for the Third Time this Year Full Year 2025 (Approx. estimates) Dec Guidance Mar Guidance Jun Guidance Sep Guidance Net Yields vs. 2024 4.2% 4.7% 5.0% 5.3% Adj. Cruise Costs excl. Fuel per ALBD vs. 2024 3.7% 3.8% 3.6% 3.3% Adj. EBITDA $6.6B $6.7B $6.9B $7.1B Adj. N
Slide 6: Record 3Q Customer Deposits
Record 3Q Customer Deposits Customer Deposits In Billions +$2.2B Structural growth in customer deposits driven by: Booked position at higher prices Optimizing the booking curve 5.5 $6.8 $7.1 Increasing bundled fares with onboard amenities $6.3 $4.9 Increasing pre-cruise onboard sales 3 Q '1 9 3 Q '2
Slide 7: 2026 Bookings Hitting New Historical Highs
2026 Bookings Hitting New Historical Highs Full Year 2026 Booked Position Nearly half of 2026 already on the books Historical high on price for both North America and Europe In-line with prior year record levels on occupancy Alongside unprecedented start to 2027 with record booking volumes during 3Q
Slide 8: Welcomed Star Princess
Welcomed Star Princess Sister To The Sun Princess, Awarded 2024 Mega Ship of the Year by Condé Nast Traveler 8
Slide 9: Debuted Celebration Key, Our Game-Changing Destination
Debuted Celebration Key, Our Game-Changing Destination Opened on time and on budgetThe page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them Nearly 1.5B media impressions at the grand opening alone Nearly half a million guests h
Slide 10: Nearly 3 Million Guests Expect to Visit Celebration Key in 2026
Nearly 3 Million Guests Expect to Visit Celebration Key in 2026 Pier extension opening in Fall 2026 Welcoming 20 Carnival Cruise Line ships leaving from 10 different homeports 1 ship in port virtually every day of the year; 2 ships or more in port 85% of the time
Slide 11: RelaxAway, Half Moon Cay Coming Mid-2026
RelaxAway, Half Moon Cay Coming Mid-2026 Enhanced and Expanded to Feature a Newly Constructed Pier
Slide 12: Unrivaled Footprint of Seven Purpose-Built Caribbean Gems
Unrivaled Footprint of Seven Purpose-Built Caribbean Gems Celebration Key (Expanded Pier – Fall 2026) NCL RCI Princess Cays MSC RCI RelaxAway, Half Moon Cay (New Pier – Mid-2026) Grand Turk RCI Amber Cove Puerta Maya Caribbean Sea NCL Isla Tropicale (formerly known as Mahogany Bay) (Coming 2026 & Th
Slide 13: We Have the Most Assets in and Capacity Dedicated to Alaska
We Have the Most Assets in and Capacity Dedicated to Alaska… Alaska Land-Based Assets Structural Advantages Drives brand preference Achieves yield premium Attracts new-to-cruise guests Most recommended by travel agents 8 Hotels & Lodges 330+ Motorcoaches & ~2.5k hotel rooms Revenue Vehicles 20 Glass
Slide 14: And We Have the Biggest Reach into Europe
…And We Have the Biggest Reach into Europe Germany UK #1 #1 Carnival Corp Market Share Rest of Industry Market Share 60% 57% Position in Region Italy France Spain #2 #2 #2 33% 32% 43% Our leading brands are #1 or #2 in every established cruise market in Europe, with ~1/3 to >1/2 of market share Note
Slide 15: Adding Capacity to Our Highest Returning Brands
Adding Capacity to Our Highest Returning Brands Ship Deliveries Current Orderbook Average of 3 – 4 Ship Deliveries 2018 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 & Beyond Disciplined capacity growth – 1 to 2 ship deliveries expected per year 15
Slide 16: Maintaining Momentum on Our Refinancing and Deleveraging Strategy
Maintaining Momentum on Our Refinancing and Deleveraging Strategy 3Q Financing Activity Highlights Debt by Category Successfully issued two senior unsecured notes: Unsecured Secured €1.0B at 4.125% due 2031 $3.0B at 5.75% due 2032 Entered into a $400M loan $3.1B Combined proceeds from these financin
Slide 17: Credit Rating Upgrades
Our Strong Performance and Deleveraging Continues to be Recognized by Credit Rating Upgrades 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Rated for 1st time Upgrade Fitch BB (Positive) BB+ (Positive) Upgrade Outlook Upgrade Upgrade S&P BB (Stable) BB (Positive) BB+ (Stable) Upgrade Upgrade Upgrade Moody’
Slide 18: Closing in on Investment Grade Leverage Metrics
Closing in on Investment Grade Leverage Metrics Provided Redemption Notice Improving Net Debt to Adj. EBITDA For All Outstanding Convertible Notes 6.7x Using a combination of equity and $500M of cash 4.3x Transaction will be settled on 12/5/2025 3.6x ~3.5x Will result in $600M improvement in net deb
Slide 19: Creating Value for Our Stakeholders and Delivering Unforgettable Vacations to Our Guests
Creating Value for Our Stakeholders and Delivering Unforgettable Vacations to Our Guests Nearly half of the year on the books at historical high prices 2026+ Continuation of successful AIDA Evolution fleetwide modernization initiative 2026 Opened Celebration Key, our Expansions of game changing excl
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
Slide 21: Capacity By Program – 2025
Capacity By Program – 2025 Per Dec Guidance 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% 21
Slide 22: Guidance
‘o Guidance CARNIVAL Eee CORPORATION&PLC. 4Q.2025 ‘Current ‘Year over year change Dollars Netyields Approx. 6 Adjusted cruise costs excluding fuel per ALBD Approx. 5.5% (Cumtencies (USD to 1) 4Q.2025 Full Year 2025 AUD 3 0% $ 08 cAD $ 072 $ 0.72 ALBDs (in millions) (@) EUR s 11s $ 13 GBP $ 1358 132
Slide 23: Reconciliation of Net Yields
Reconciliation of Net Yields 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 — Q3 2025 Earnings Presentation on 6ix