Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q4 2025 Earnings Presentation
32 slides from Carnival's earnings presentation, Dec 19, 2025
Slide 1: Achieves Record Full Year Adjusted Net Income
Achieves Record Full Year Adjusted Net Income and Investment Grade Leverage Metrics, Reinstates Dividend Outperforms Guidance Due to Strong Close-In Demand and Effective Cost Management Fourth Quarter 2025 Earnings Presentation 1 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 (loss), R
Slide 3: Strong Finish to a Record-Breaking 2025
Strong Finish to a Record-Breaking 2025 $3.1B Adjusted Net Income Over 13% Adj. ROIC Full Year Record Highest in Nearly 20 Years 1Q 2Q 3Q 4Q FY Record Revenues Record Net Yields Record Adj. EBITDA Record Operating Income Record Customer Deposits 3 3
Slide 4: Outperformed Fourth Quarter September Guidance on Every Measure
Outperformed Fourth Quarter September Guidance on Every Measure 4Q 2025 Guidance Actual Net Yields vs. 2024 4.3% 5.4% Adj. Cruise Costs excl. Fuel per ALBD vs. 2024 3.2% 0.5% Adj. EBITDA $1.34B $1.48B Adj. Net Income $0.30B $0.45B Adj. Earnings Per Share - Diluted $0.23 $0.34 Adj. Net Income nearly
Slide 5: Robust Demand Drove Stellar Performance Throughout the Year
Robust Demand Drove Stellar Performance Throughout the Year Full Year 2025 Dec Guidance Outperformance Actual Net Yields vs. 2024 4.2% 1.4% pts. 5.6% Adj. Cruise Costs excl. Fuel per ALBD vs. 2024 3.7% 1.1% pts. 2.6% Adj. EBITDA $6.6B ~$600M $7.2B Adj. Net Income $2.3B ~$800M $3.1B Adj. Earnings Per
Slide 6: Set Up Well for Another Step Forward in 2026
Set Up Well for Another Step Forward in 2026 FY 2026 Guidance (Approx.) Net Yields vs. 2025 2.5% (3.0% Normalized(1)) Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 3.25% (2.5% Normalized(2)) Adj. EBITDA $7.63B Adj. Net Income $3,450M Adj. Earnings Per Share - Diluted $2.48 Expect double-digit earni
Slide 7: 2026 Bookings Hitting New Historical Highs
2026 Bookings Hitting New Historical Highs Full Year 2026 Booked Position About two-thirds of 2026 already on the books Historical high on price for both North America and Europe Historical high on occupancy Strong booking volumes from Black Friday through Cyber Monday outpacing prior year levels Re
Slide 8: Close-In Demand Remains Strong
Close-In Demand Remains Strong 4Q 2025 Results Record Customer Deposits In Billions +7% Net Yields Onboard Revenue outperform guidance by Per Diems 110 basis points significantly higher YoY $7.2 $6.8 4Q'24 4Q'25 8
Slide 9: Benefitting from Our Strong Diversified Portfolio
Benefitting from Our Strong Diversified Portfolio Source Markets Deployment Caribbean European Brands Germany Mediterranean 4% United States 11% Caribbean UK 14% 8% North American Brands 31% 17% Northern 9% Rest of Europe Europe 56% 8% Australia/NZ 7% 8% 22% 5% Alaska Other Other Australia/NZ Note:
Slide 10: Benefitting from Diversified Sourcing in Caribbean
Benefitting from Diversified Sourcing in Caribbean North American and European Brands 2026 Capacity by Market 31% 26% 29% 31% Caribbean - North American Brands 40% 2% 2% 4% Caribbean - European Brands 11% 31% 43% 33% 31% Europe 15% 4% 5% 7% Alaska 17% 34% 32% 31% 27% Other 14% 1Q 2Q 3Q 4Q Full Year
Slide 11: Welcomed Star Princess
Welcomed Star Princess Sister to the Award-Winning Sun Princess Historic Naming Ceremony in November Ship Godparents Camila and Matthew McConaughey 11 Musical performance from Sheryl Crow 11 11
Slide 12: Recent 2025 Recognition Highlights
Recent 2025 Recognition Highlights Travel Weekly Readers’ Choice Awards -Best Domestic Cruise Line (10th Consecutive Year) -Best Short Itinerary (4th Consecutive Year) Condé Nast Traveler Readers’ Choice Awards -Best Mega Cruise Ship in the United States (Sun Princess) (2nd Consecutive Year) Travel
Slide 13: Building Excitement! – New Carnival Cruise Line Advertising Campaign
Building Excitement! – New Carnival Cruise Line Advertising Campaign “Carnival is Calling” featuring Nick Offerman of Parks and Recreation fame Click on the photo below to view the commercial! 13
Slide 14: Delivering Even Greater Shareholder Value
Delivering Even Greater Shareholder Value The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them 14
Slide 15: Disciplined Newbuild Program
Disciplined Newbuild Program Ship Deliveries Current Orderbook Average of 3 to 4 No ship deliveries for 20 months 2018 - 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 & Beyo Continued focus on same ship yield improvement with limited capacity growth Note: Current Orderbook per December 19,
Slide 16: Reinvesting to Drive Returns Higher in Our Existing Fleet
Reinvesting to Drive Returns Higher in Our Existing Fleet AIDAluna became the second of seven ships to undergo a complete upgrade AIDAdiva is already delivering higher NPS, ticket premium, and higher onboard revenue Potential to expand program to other brands Improved F&B experience by adding and co
Slide 17: Leaning Into Our Paradise Collection
Leaning Into Our Paradise Collection Amber Cove Puerta Maya G ra n d Tu r k Princess Cays Dominican Republic Cozumel, Mexico Turks and Caicos The Bahamas 17
Slide 18: Benefitting from the Most Assets in Alaska
Benefitting from the Most Assets in and Capacity Dedicated to Alaska 20 8 MOST Glass Dome Hotels & Lodges Glacier Bay Rail Cars (~2,500 rooms) Permits 18
Slide 19: Refinancing Plan Successfully Completed in Under One Year
Refinancing Plan Successfully Completed in Under One Year $19B Over $10B Over $700M reduction of total debt improvement in of debt refinanced in 2025 since the peak in early 2023 Net Interest Expense expected in 2026 vs. 2023 Capital structure simplified, future debt maturities optimized, and financ
Slide 20: Reached Investment Grade Leverage Metrics
Reached Investment Grade Leverage Metrics Growing Adj. EBITDA Improved Net Debt to Adj. EBITDA In Billions $7.6 $7.2 6.7x $6.1 $4.2 4.3x 3.4x <3.0x 2023 2024 2025 2026E 2023 2024 2025 2026E Net Debt ($B) $28.5 $26.6 $24.7 $21.8 Projecting Net Debt to Adj. EBITDA ratio of under 3.0x for 2026 inclusiv
Slide 21: Reached Investment Grade Rating with Fitch
Reached Investment Grade Rating with Fitch and Only One Notch Away with Positive Outlook from S&P 1Q 2025 2Q 2025 3Q 2025 4Q 2025 IG Upgrade Upgrade BB+ (Positive) BBB- (Stable) Outlook Upgrade Upgrade Outlook Upgrade BB (Positive) BB+ (Stable) BB+ (Positive) Upgrade Upgrade Ba3 (Positive) Ba2 (Posi
Slide 22: Embarking on Capital Allocation Strategy
Embarking on Capital Allocation Strategy to Return Even More Value to Shareholders Substantial cash flow generation Dividend reinstated (Initial $0.15 per share) Potential to opportunistically Disciplined capital investments buy back shares (18M shares taken out through calling convertible debt) Str
Slide 23: Recommended Simplification of the Corporate Structure
Recommended Simplification of the Corporate Structure From: Dual Listed Company (DLC) To: Unified Listing Two companies: One company: Carnival Corporation (NYSE) Carnival Corporation (NYSE)(1) Carnival plc (LSE; NYSE) (With Carnival plc as wholly owned UK subsidiary) Two different stock exchanges On
Slide 24: Appendix
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 24
Slide 25: Capacity by Market – 2026
Capacity by Market – 2026 Per Dec Guidance 1Q 2Q 3Q 4Q Full Year Caribbean 51% 34% 26% 31% 35% Northern Europe 11% 16% 23% 17% 17% Mediterranean 5% 15% 20% 17% 14% Australia/New Zealand 7% 6% 3% 5% 5% Alaska 0% 4% 17% 5% 7% Other Programs 26% 25% 11% 25% 22% Total 100% 100% 100% 100% 100% 25
Slide 26: Guidance
Guidance ‘o CARNIVAL CORPORATION&PLC. 1Q 2026 Full Year 2026 ‘Current ‘Constant Current Constant ‘Year over year change Dollars Currency Dollars Currency Net yields “Approx. 5.1% Approx. 1.6% Approx. 3.7% Approx. 2.5% Adjusted cruise costs excluding fuel per ALBD —Approx.9.6% Approx. 5.9% Approx. 4.
Slide 27: Reconciliation of Net Yields
Reconciliation of Net Yields 27
Slide 28: Reconciliation of Adj. EBITDA and Net Debt
Reconciliation of Adj. EBITDA and Net Debt (1) Net debt as of February 2023 to November 2024 is calculated as total debt minus available cash and short-term investments plus minimum cash balance of $300 million. Net debt as of November 28 2025 and subsequent periods is calculated as total debt minus
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 29
Slide 30: 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 31: 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
Slide 32: Additional Information on Recommended Simplification of Corporate Structure
Additional Information on Recommended Simplification of Corporate Structure Important Information for Investors and Stockholders In connection with the proposed unification and redomiciliation transactions, Carnival Corporation plans to file with the SEC a Registration Statement on Form S-4, contain
Carnival Corporation Ltd. Common Shares — Q4 2025 Earnings Presentation on 6ix