嘉年华邮轮 2024年度报告

Outperforms guidance due to strong close-in demand and effective cost management MIAMI (December 19, 2025) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced financial results forthe fourth quarter and full year 2025 and provided an outlook for the first quarter and full year 2026. Key Highlights •Full year net income of $2.8 billion with record adjusted net income1of $3.1 billion, up over 60 percent.•Full year record revenues of $26.6 billion on record net yields1(in constant currency), outperforming guidancefor the fourth time in 2025 due to strong close-in demand.•All-time high full year operating income of $4.5 billion, up 25 percent compared to the prior year.•Record full year adjusted EBITDA1of $7.2 billion, up over $1 billion compared to the prior year.•Adjusted return on invested capital1(“ROIC”) exceeds 13 percent.•Net debt to adjusted EBITDA1ratio of 3.4x and recognized by Fitch as investment grade.•Cumulative advanced booked position for 2026 remains in line with 2025 record levels at historical high prices(in constant currency1).•Full year 2026 adjusted net income expected to be $3.5 billion, surpassing record 2025 levels.•Proposes unifying the dual-listed framework to streamline governance and reporting. “2025 was a truly phenomenal year. We set new records across our business, achieved investment grade leverage metrics and,as announced just today, reinstated our dividend. These milestones reflect the collective strength of our cruise line portfolio andconfidence in our long-term future,” said Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein. “Our global team’s relentless focus on delivering amazing guest experiences while executing with discipline enabled us tooutperform guidance for the fourth time this year. We had record full year net yields (in constant currency) and adjusted netincome increased more than 60 percent driven by strong demand that outpaced unit cost increases. The momentum is carryinginto 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth andreturn on invested capital expected to exceed 13.5 percent, closing in on our 20-year high.” “With our strengthened balance sheet, powerful and diverse portfolio of world-class cruise lines and exclusive destinations, weare well positioned to capitalize on a tremendous runway to continue driving yield improvement and exceptional returns. Welook forward to delivering unforgettable happiness to our guests around the world and long-term value for our shareholders, foryears to come,” Weinstein added. Fourth Quarter 2025 Results •Net income of $422 million, or $0.31 diluted EPS, up nearly 40 percent compared to 2024. Adjusted net income of$454 million, or $0.34 adjusted EPS1, up over 140 percent compared to 2024 and outperforming September guidanceby over $150 million led by strong close-in demand and effective cost management.•Record adjusted EBITDA2of $1.5 billion with adjusted EBITDA margins1up nearly 300 basis points year over year.•Record revenues2of $6.3 billion, up nearly $400 million compared to the prior year.◦Gross margin yields were 16 percent higher than 2024.◦Record net yields2(in constant currency) were 5.4 percent higher than 2024 and outperformed Septemberguidance by 1.1 points.•Cruise costs per available lower berth day (“ALBD”) increased 2.2 percent compared to 2024. Adjusted cruise costsexcluding fuel per ALBD1(in constant currency) increased 0.5 percent compared to 2024, 2.7 points better thanSeptember guidance due to effective cost management and the timing of certain expenses between the years.•Fuel consumption per ALBD decreased 5.6 percent compared to the prior year due to the company’s efforts andinvestments to continuously reduce the fuel consumption in its operations.•Record customer deposits2of $7.2 billion surpassed the previous fourth quarter record at November 30, 2024. Bookings “Looking forward, we are well positioned to top 2025’s record yields. We remain at our highest booked occupancy for theupcoming year at about two-thirds booked at higher prices (in constant currency). In fact, we’re at historical high prices (inconstant currency) for both North America and Europe,” Weinstein noted. Over the last three months, we achieved record booking volumes for 2026 and 2027 sailings. In addition, strong bookingvolumes continued from Black Friday through Cyber Monday, even outpacing prior year’s robust levels, which is a favorableindicator for wave season,” Weinstein added. 2026 Outlook For the full year 2026, the company expects: •Adjusted net income up approximately 12 percent compared to record 2025 on less than one percent capacity growth.•Net yields (in constant currency) up approximately 2.5 percent compared to record 2025 levels. Net yields (in constantcurrency) up approximately 3.0 percent after normalizing for the accounting treatment for Carnival Cruise Line’s newloyalty program and the impact of