Carnival Corporation Ltd. · NYSE:CCL
Carnival — Q2 2025 Earnings Presentation
27 slides from Carnival's earnings presentation, Jun 24, 2025
Slide 1: Tops Guidance Achieving Highest-Ever Second Quarter Operating Results
Tops Guidance Achieving Highest-Ever Second Quarter Operating Results Exceeding 2026 SEA Change Financial Targets 18 Months Early Second 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 Second Quarter
Record Breaking Second Quarter Record Revenues Record Net Yields Record Adj. EBITDA Record Adj. EBITDA per ALBD Record Operating Income All-Time High Customer Deposits 3
Slide 4: Outperformed Second Quarter March Guidance On Every Measure
Outperformed Second Quarter March Guidance On Every Measure 2Q 2025 Guidance Actual Net yields vs 2024 Approx. 4.4% 6.4% Adj. cruise costs excl. fuel per ALBD vs 2024 Approx. 5.5% 3.5% Adj. EBITDA Approx. $1.32B $1.51B Adj. net income Approx. $285M $470M Adj. earnings per share - diluted Approx. $0.
Slide 5: Strength In Demand And Cost Discipline Improving Margins
Strength In Demand And Cost Discipline Improving Margins 2Q Margins Adj. EBITDA Margin Operating Income Margin 2019 2024 2025 2019 2024 2025 Highest 2Q margins achieved in nearly 20 years and well above 2019 levels Note: Both Adj. EBITDA and Operating Income margins are calculated based on total rev
Slide 6: Topped 2026 SEA Change Financial Targets And Met Sustainability Target 18 Months Early
Topped 2026 SEA Change Financial Targets And Met Sustainability Target 18 Months Early Sustainability: >20% Carbon 50% Increase in Adj. BITDA E 12% Adj. ROIC Intensity Reduction per ALBD vs. 2023 In Tons Per Berth Day vs. 2019 $70 12.6% $69 12.0% (20%) (20%) +50% +52% (15%) $46 5.3% (1) (1) (1) 2 0
Slide 7: Taking Up Full Year 2025 Guidance For The Second Time This Year
Taking Up Full Year 2025 Guidance For The Second Time This Year Full Year 2025 Dec Guidance Mar Guidance Jun Guidance Net yields vs 2024 Approx 4.2% Approx. 4.7% Approx. 5.0% Adj. cruise costs excl. fuel per ALBD vs 2024 Approx 3.7% Approx. 3.8% Approx. 3.6% Adj. EBITDA Approx. $6.6B Approx. $6.7B A
Slide 8: Continuing To Deliver On Our Strategy To Generate Sustained Demand
Continuing To Deliver On Our Strategy To Generate Sustained Demand Booked Position 93% of 2025 on the books Occupancy for remainder of 2025 second-highest on record at historical high prices Occupancy for 2026 in line with 2025 at historical high prices Elongated advance booking window and limited c
Slide 9: All-Time High Customer Deposits
All-Time High Customer Deposits Customer Deposits In Billions +$2.5B Structural growth in customer deposits driven by: Booked position at higher prices Optimizing the booking curve 5.5 $8.3 $8.5 $7.2 Increasing bundled fares with onboard amenities $6.0 Increasing pre-cruise onboard sales 2 Q '1 9 2
Slide 10: Carnival's Caribbean Gems
Carnival’s 7 Caribbean Gems Featuring Paradise Collection Amber Cove Puerto Maya Grand Turk Princess Cay Dominican Republic Cozumel, Mexico Turks and Caicos The Bahamas
Slide 11: Coming July 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 Coming July 2025
Slide 12: RelaxAway Half Moon Cay
Slide 13: Isla Tropicale
e Isla Tropicale Roatan Pool with Swim Up Bar and Cabanas a 7 Coming 2026 y ” Beach Expansion i «a Private Beach Club ing Thereafter ————
Slide 14: Continuing To Invest In Our Highest Returning Brands
Continuing To Invest In Our Highest Returning Brands Recently ordered two newbuilds for AIDA Cruises for delivery in fiscal 2030 and 2032 AIDAdiva recently completed the AIDA Evolution program with upgrades shown below – the first of seven ships Improved F&B experience by adding and converting exist
Slide 15: Star Princess
Star Princess Sister To The Award-Winning Sun Princess Coming 4Q 2025 15
Slide 16: Carnival Cruise Line Announces "Sunsation Point"
Carnival Cruise Line Announces “Sunsation Point” A New Outdoor Zone Featuring The Most Family Friendly Water Park At Sea First Nighttime Water Park Experience 16
Slide 17: "Carnival Rewards" Launching In June 2026
“Carnival Rewards” Launching In June 2026 Carnival Cruise Line’s New And Improved Loyalty Program Industry first tying loyalty benefits and status to (1) spend on/with Carnival and (2) everyday purchases on Carnival credit card Designed to improve customer engagement, increase customer lifetime valu
Slide 18: Successful Refinancing And Deleveraging Efforts
Successful Refinancing And Deleveraging Efforts Recent Financing Activity Highlights(1) Improved Net Debt to Adj. EBITDA Prepaid $350M of $1.4B 7.625% notes due 2026 and refinanced the remainder with $1.0B of 5.875% senior 4.1x unsecured notes due 2031; results in >$20M net interest expense reductio
Slide 19: Recent Upgrades Leave Us With Only One Notch To Go
Recent Upgrades Leave Us With Only One Notch To Go To Reach Investment Grade Rating With Both S&P And Fitch 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Fitch Rated for 1st time Upgrade BB (Positive) BB+ (Positive) 2-Notch Upgrade Upgrade Outlook Upgrade Upgrade S&P BB- (Stable) BB (Stable) BB (P
Slide 20: Creating Value For Our Stakeholders And Delivering Unforgettable Vacations To Our Guests
Creating Value For Our Stakeholders And Delivering Unforgettable Vacations To Our Guests Increasing net yields through revenue optimization initiatives Continued opportunity in the commercial space Improving margins, cash flows, profits, and ROIC Opportunity to further deleverage 2026+ Taking delive
Slide 21: 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 22: 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% 22
Slide 23: Guidance
‘o Guidance CARNIVAL —— EEE tit CORPORATION&PLC. 3Q.2025 Full Year 2025 Current Constant Current Constant Year over year change Dollars Currency Dollars Currency Net yields ‘Approx. 5.2% Approx.3.5% Approx 5.6% Approx. 5.0% Adjusted cruise costs excluding fuel perALBD Approx. $.9% Approx. 7.0% Appro
Slide 24: Reconciliation Of Net Yields
Reconciliation Of Net Yields 24
Slide 25: Reconciliation Of Non-GAAP Financial Measures
Reconciliation Of Non-GAAP Financial Measures 25
Slide 26: 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 27: 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 — Q2 2025 Earnings Presentation on 6ix