Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q2 2025 Earnings Presentation
19 slides from Royal Caribbean Cruises's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Earnings Call
Q2 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 Silver Ray, S.A.L.T. Lab
Slide 4: Q2 by the Numbers
Curacao Dubrovnik Perfect Day CocoCay, Hideaway Beach Q2 BY THE NUMBERS Load Factor 110% Net Yield Growth vs. 2024 5.2% (in Constant Currency) NCCx Growth vs. 2024 2.1% (in Constant Currency) PLACE IMAGE Adjusted EBITDA $1.9B HERE +19% vs. 2024 (image must fill the width of this gray box) Adjusted E
Slide 5: FY 2025 Guidance
Perfect Day CocoCay, StormChaser FY 2025 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 0.3% PLACE IMAGE HERE (image must fill the width of Fuel Approximately $1,143M this gray box) D&A $1,700M to $1,710M N
Slide 6: Expecting Approximately 31% Year Over Year Adj. EPS Growth
Silversea, Antartica EXPECTING APPROXIMATELY 31% YEAR OVER YEAR ADJ. EPS GROWTH April 2025 Guidance $14.55 - $15.55 Q2 2025 business outperformance $0.23 (Excl. $0.10 timing of NCCx) PLACE IMAGE HERE (image must fill the width of Remainder of year outlook this gray box) $0.20 (Lower spend and below
Slide 7: Q3 2025 Guidance
Celebrity Cruises, The Magic Carpet, Santorini Q3 2025 GUIDANCE APCDs 13.7M Net Yield Growth vs. 2024 2.0% to 2.5% (in Constant Currency) NCCx Growth vs. 2024 6.0% to 6.5% PLACE IMAGE HERE (in Constant Currency) (image must fill the width of this gray box) Fuel Approximately $298M D&A $425M to $435M
Slide 8: While Delivering the Best Vacations Responsibly by 2027
WHILE 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: Exciting Lineup of Innovative New Ships
EXCITING LINEUP OF INNOVATIVE NEW SHIPS Star of Celebrity Mein Schiff Legend of Mein Schiff Icon Celebrity Oasis Celebrity the Seas Xcel Relax the Seas Flow 4 River 7 Xcel II 2025 2025 2025 2026 2026 2027 2027 2028 2028
Slide 11: Exclusive Collection of Land Based Experiences
EXCLUSIVE COLLECTION OF LAND BASED EXPERIENCES Perfect Day Royal Beach Club The Southernmost Hotel Royal Beach Club Perfect Day Royal Beach Club At CocoCay Paradise Island Reinforcing Antarctica Fly-Cruise Cozumel Mexico South Pacific 2025 Puerto Williams 2026 2027 2028 OPEN 2025
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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Passengers Carried 2,254,057 2,040,242 4,495,730 4,094,624 Passenger Cruise Days 14,277,894 13,230,448 28,046,226 26,380,157 APCD 12,942,385 12,233,196 25,600,377 24,519,026 Occupancy 110.3 % 108.2
Slide 16: Non-GAAP Reconciliation Information (Unaudited)
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 (Unaudited)
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 18: Non-GAAP Reconciliation Information (Unaudited)
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 19: Non-GAAP Reconciliation Information (Unaudited)
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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